SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Non-Tech : Insurance cos (proposed buy outs, etc. discussion)
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: QuietWon who wrote ()11/27/1999 1:29:00 PM
From: Carey Thompson  Read Replies (1) of 55
 
Review of the Financial Services Bill of November 1999.

On November 12, 1999 President Clinton signed a Financial Services bill removing barriers to mergers between banks, insurers, and brokers. This thread has anticipated this bill all year. I will try to give a balanced review of the bill.

1) Financial Services

* Removes depression-era barriers between, brokers, and
insurers; allowing them to merge and sell each other's products
* Bars companies outside the financial industry from merging with banks, brokers, and insurers

2) Consumer Privacy

* Allows affiliated financial companies to share customers' personal data with each other. Consumers have the right, by written request, to stop the companies from sharing data with firms outside the corporate group
* Makes its a federal crime to misrepresent oneself to obtain someone's financial data
* Gives supremacy to state laws that grant consumers greater privacy protections than the federal bill

3) ATM Surcharges

* Requires bands to disclose ATM surcharges in notices on the machines and on the computer screens before a transaction is made

4) Insurance and Securities Sales by banks

* Requires banks selling insurance and securities to make clear that those products are not federally insured

5) Community Lending by banks

* Says that banks wishing to expand into other areas of financial activity must have a satisfactory rating from examiners on making loans to low-income and minority areas

6) Thrift Charters

* Bars nonfinancial companies from acquiring or starting a federally insured savings and loan
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News