Gramm-Leach-Bliley
Financial Services Modernization Act

The legal definition (as found in Gramm-Leach-Bliley Act, Title V, Sec 509) is any institution the business of which is engaging in financial activities as described in section 4(k) of the Bank Holding Company Act of 1956.

Specific categories of business affected include:
- Lending, exchanging, transferring, investing for others, or safeguarding money or securities.

- Insuring, guaranteeing, or indemnifying against loss, harm, damage, illness, disability, or death, or providing and issuing annuities,   and acting as principal, agent, or broker for purposes of the foregoing, in any State.

- Providing financial, investment, or economic advisory services.

- Issuing or selling instruments representing interests in pools of assets permissible for a bank to hold directly.