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A major provision of the Gramm-Leach-Bliley Act (GLBA), enacted in 1999, is the repeal of the Glass-Steagall Act's barriers separating commercial banking, investment banking, and insurance services. This legislation allows financial institutions to offer a combination of these services, promoting competition and efficiency in the financial sector. Additionally, the GLBA emphasizes consumer privacy by requiring financial institutions to disclose their information-sharing practices and to protect customers' personal financial information.

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