GLBA

This stands for the Gramm–Leach–Bliley Act (GLBA). This act was implemented to remove the fear from persons who have or is going to invest in smaller financial companies who are merging with larger organizations, and to explain their practices of information-sharing with customers and protecting critical data.

Most of the banking and insurance companies opted for this act, and the reason was that inpiduals invest more when an organization is doing well, but they invest into their savings accounts when the economy take a turn for the worse. With the help of this act, they were able to perform both savings and investments at the same financial institution, which would be able to do well in both good and poor economic situations. 

Prior to this act, most of the organizations were already providing both savings and investment opportunities to their customers.