The GLB Act generally prohibits a depository institution controlled by a financial holding company from engaging in cross-marketing activities with a nonfinancial company that is owned by the same financial holding company under the GLB Act’s merchant banking or insurance company investment authorities.
However, the GLB Act currently permits a depository institution subsidiary of a financial holding company, with Board approval, to engage in limited crossmarketing activities through statement stuffers and Internet websites with nonfinancial companies that are held under the act’s insurance company investment authority (but not the act’s merchant banking authority).