First, the act provides for all bank holding companies, including financial holding companies formed under the Gramm-Leach-Bliley Act (GLB Act), to be supervised on a consolidated or group-wide basis by the Federal Reserve.
And second, the act prevents bank holding companies from engaging in general commercial activities and allows bank holding companies that qualify as financial holding companies to engage only in those activities that  BIS Review 40/2007  1  Congress or the Board (in consultation with the Treasury Department, in certain cases) has determined to be financial in nature or incidental or complementary to a financial activity.