Which of the Following Is False

Multiple Choice

Which of the following is false?

A) The Gramm-Leach-Bliley Act (GLBA) authorized virtually nationwide branching.
B) The Gramm-Leach-Bliley Act (GLBA) authorized the creation of financial holding companies.
C) To become a financial holding company, a bank holding company must file a declaration with the Fed that all of their depository institution subsidiaries are well capitalized and well managed and in compliance with the Community Reinvestment Act.
D) The Fed has ultimate regulatory responsibility for financial holding companies.