Final answer:
The Gramm-Leach-Bliley Act (GLBA) of 1999 repealed parts of Glass-Steagall, allowed institutions to offer both banking and investment services, and set new privacy and data protection standards for consumer financial information.
Step-by-step explanation:
The Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, is a federal law that was enacted in response to the evolving financial services market. The GLBA repealed provisions of the Glass-Steagall Banking Act, particularly those that prohibited a single institution from offering both commercial banking and investment services. Significantly, the GLBA introduced new measures to protect consumers' personal financial information. It required financial institutions to develop privacy notices and to establish safeguards for handling client data, supplementing earlier protections under the Fair Credit Reporting Act of 1970 and the Privacy Act of 1974. These changes allowed for greater integration across financial service sectors while aiming to protect consumer privacy and data. The law played a part in later financial events, including the 2008 crisis, which led to further regulations such as the Dodd-Frank Act. The GLBA continues to influence how financial institutions manage consumer information and structure their operations.