The Legislation Trail- How did we get here?

11/12/1999

Financial Services Modernization Act 1999 Gramm-Leach-Bliley Act

Summary of Bill

Community Reinvestment Act Amendments in Gramm-Leach

Summary of Provisions

These are the provisions that give the amended Community Reinvestment Act that give it teeth:

CRA Compliance Check

• The Federal Reserve may not permit a company to form a financial holding company if any of its banks or S&Ls did not receive at least a satisfactory rating in its most recent CRA exam.
• No bank or financial holding company may commence new activities authorized under the Gramm-Leach Act if any bank, or bank affiliate of a financial holding company, received less than satasfactory rating at its most recent CRA exam.