Regarding your three-part series last week on the Gramm-Leach-Bliley Act ["Financial Modernization: One Year On," Nov. 7-9], trying to get one's arms fully around the historic legislative "elephant" one year after enactment is an admirable objective.

Any such attempt is likely to miss a tusk here and a foot there, particularly since the industry's response to the law, other than from Citigroup Inc., remains to some degree in the gestation phase. Further, any suggestion that this elephant has already turned into a mammoth is vastly premature.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.