Makes it illegal to obtain financial information from a bank through deceptive means. Financial services regulators will develop and enforce privacy rules. The Federal Reserve and Treasury will have joint oversight to determine new financial activities of financial service holding companies. Operating Subsidiaries National banks can expand into most new financial areas through direct operating subsidiaries. Insurance underwriting, merchant banking, and real estate development and real estate investment must be conducted in holding company affiliates.
Thrifts Restricts the chartering and transferring of so-called unitary thrift holding companies.
No new unitary thrifts by nonfinancial companies will be allowed and current thrifts cannot be sold to commercial firms. SEC Jurisdiction Securities and Exchange Commission will regulate the securities activities of banks while working with the Federal Reserve on determining authority over future hybrid products combining both banking and securities elements. CRA Large banks will have to have a satisfactory CRA rating before affiliating with insurance companies or securities firms. Less frequent reviews are required for small banks. Financial firms and community groups must disclose certain CRA agreements and provide annual reports.