Question

In 1999, the ___________________ law repealed existing laws so that banks, investment companies, and other financial services companies could merge. It also required privacy protections for consumer information. The Health Insurance Portability and Accountability Act (HIPAA) The Gramm-Leach-Bliley Act (GLBA) The Federal Information Security Management Act (FISMA) The Sarbanes-Oxley (SOX) Act

Answer 1

The correct answer is letter "B": The Gramm-Leach-Bliley Act (GLBA).

Step-by-step explanation:

The Gramm-Leach-Bliley Act (GLBA) is a regulation passed by the U.S. Congress in 1999 aiming to update the financial industry. The GLBA targeted mainly to allow banks and financial institutions to join forces through mergers, dismissing the Glass-Steagall Act of 1933 created to avoid bank mergers after the crisis of 1929.

The GLBA also mandated that financial institutions must provide their clients with the option to allow third parties to have access to their sensitive information -name and bank accounts- or not.

Answer 2

Answer: The correct answer is "The Gramm-Leach-Bliley Act (GLBA)".

Explanation: In 1999, the The Gramm-Leach-Bliley Act (GLBA) law repealed existing laws so that banks, investment companies, and other financial services companies could merge. It also required privacy protections for consumer information.

This law better known as the law of modernization of financial services, through this law the main barriers of the banking, securities or insurance companies that prohibited the combination of these types of businesses were eliminated.