The Gramm-Leach-Bliley Act of 1999 set the stage for improved delivery of financial products, enhancing the competitiveness of U.S. companies in global markets. Consumers will reap the benefits of this more efficient regulatory structure, encouraging further innovation in financial services products and the means by which they are delivered.

There is good news and bad news for financial holding companies under the law. The good news is that fee income from cross-selling opportunities may rise as a result of streamlined product delivery through multiple channels. The bad news is that liability risk increases where delivery is streamlined not only through multiple channels but also through multichannel employees.

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