WASHINGTON - A year after enactment, the Gramm-Leach-Bliley Act has hardly transformed the financial services landscape.

Rather than unleashing a wave of mergers among banks, brokers, and insurers, the law has flooded the industry with new regulations, including customer data protections. "We thought we'd be doing a lot of cross-industry mergers," said Ronald R. Glancz, a partner in the Venable law firm here. "Instead, we're writing a lot of privacy notices."

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