GLBA, known as the Gramm-Leach-Bliley Act, (aka the Financial Services Modernization Act) repealed the long-standing Glass-Steagall Act which barred banks from providing investment and insurance services. GLBA, now allows banks, Investment security houses and insurance companies to merge, thus spurring competition among these services.
GLBA compliance regulations include the Financial Privacy Rule and the Safeguards rule, which help protects customer data security and privacy, including threats from pretesting. GLBA compliance among banks and insurance companies is mandatory.
The Federal Financial Institutions Examination Council (FFIEC) is charged with providing specific guidelines for evaluation institutions for compliance with GLBA (among other things). Enforcement falls to five agencies, the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision (OTS).