Dodd-Frank Wall Street Reform and Consumer Protection Act’’
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Modernizing Financial Services: the Glass-Steagall Act Revisited
MODERNIZING FINANCIAL SERVICES: THE GLASS-STEAGALL ACT REVISITED National Association of Federally-Insured Credit Unions NATIONAL ASSOCIATION OF FEDERALLY-INSURED CREDIT UNIONS | NAFCU.ORG | 1 INTRODUCTION: Since the financial crisis, the credit union industry has experienced significant consolidation in the financial marketplace while the largest banks have reaped record profits and grown in both size and scope. From 2008 to 2017, the National Credit Union Administration (NCUA) chartered only 29 new federal credit unions while, during that same period, 2,528 credit unions closed or merged out of existence. The post-crisis regulatory environment has contributed to this decade-long trend of consolidation, but credit unions have also faced barriers to growth in the form of field of membership rules, capital requirements, and limits on interest rates, among many other restrictions. Accordingly, while it is essential to promote regulatory relief that reduces compliance burdens, credit unions also need modern rules to evolve and grow. Regulatory burden and the pressure to consolidate affects more than just the credit union industry. Community banks have experienced similar declines.1 The lack of new charters among community institutions illustrates the extent to which complex and poorly tailored regulations have put a stranglehold on growth and, by extension, limited consumer financial services. In recognition of these trends and the need for regulatory relief, Congress recently passed the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155). S. 2155 garnered bipartisan support and helped alleviate some burdens associated with reporting under the Home Mortgage Disclosure Act and the NCUA’s member business lending rules, and provided new safe harbors for compliance with federal consumer financial protection laws. -
Page 104 TITLE 12—BANKS and BANKING § 322 Ber Bank Under a State Charter, the Membership of the State Bank in the Federal
§ 322 TITLE 12—BANKS AND BANKING Page 104 ber bank under a State charter, the membership 1950—Act Aug. 17, 1950, inserted second par., permit- of the State bank in the Federal Reserve System ting application for membership in the Federal Reserve shall continue. System by the State bank resulting from a conversion, Any such State bank which on February 25, merger, or consolidation transaction involving a na- 1927, has established and is operating a branch tional bank, except where the national bank merges or consolidates with a State bank already a member of or branches in conformity with the State law, System in which case the membership continues. may retain and operate the same while remain- 1935—Act Aug. 23, 1935, § 338, inserted phrase in third ing or upon becoming a stockholder of such Fed- (formerly second) par. beginning ‘‘except that the ap- eral Reserve bank; but no such State bank may proval of the Board of Governors’’. retain or acquire stock in a Federal Reserve 1934—Act June 16, 1934, inserted third sentence in bank except upon relinquishment of any branch first par. or branches established after February 25, 1927, 1933—Act June 16, 1933, inserted ‘‘including Morris beyond the limits of the city, town, or village in Plan banks and other incorporated banking institu- which the parent bank is situated: Provided, tions engaged in similar business’’ in first par. and in- serted proviso to third (formerly second) par. through however, That nothing herein contained shall ‘‘branches of national banks’’. prevent any State member bank from establish- 1927—Act Feb. -
Section 1 – Truth in Savings/Ncua Part 707
SECTION 1 – TRUTH IN SAVINGS/NCUA PART 707 © 2018 CUNA DEPOSIT ACCOUNT REGULATIONS 1-1 Section 1 – Truth In Savings/NCUA Part 707 Overview Coverage Credit unions are required to disclose to members fees, dividend and inter- Authority est rates, and other terms in connection with an account before an account is The Truth In Savings Act of 1991 opened, upon request, on periodic state- (TISA) was enacted in December 1991. ments, and upon subsequent events. The statute directed the Federal Reserve TISA also establishes rules for pay- Board (FRB) to implement regulations ment of dividends or interest and adver- for all depository institutions except tising rules for deposit accounts. credit unions. It also directed the National Credit Union Administration (NCUA) to issue regulations for state- NCUA Staff Commentary chartered and federally chartered credit On November 8, 1994, NCUA unions “substantially similar” to the issued its Official Staff Interpretation FRB Regulation DD (Reg. DD), taking (Commentary) to the Truth In Savings into account the unique nature of credit Rule (Part 707) incorporating much of unions and the limitations under which the Supplementary information issued they may pay dividends on member with Part 707 and addressing additional accounts. compliance questions. Good-faith compliance with NCUA’s Purpose commentary affords credit unions pro- tections from civil liability penalties. TISA is basically a disclosure law, the purpose of which is to enable consum- ers (credit union members and potential Credit unions members) to make meaningful compari- NCUA’s regulation applies to all sons of deposit accounts among deposi- federal and state-chartered credit tory institutions. -
Concise Encyclopedia of the Great Recession, 2007-2010
THE CONCISE ENCYCLOPEDIA OF THE GREAT RECESSION 2007–2010 Jerry M. Rosenberg The Scarecrow Press, Inc. Lanham • Toronto • Plymouth, UK 2010 Published by Scarecrow Press, Inc. A wholly owned subsidiary of The Rowman & Littlefield Publishing Group, Inc. 4501 Forbes Boulevard, Suite 200, Lanham, Maryland 20706 http://www.scarecrowpress.com Estover Road, Plymouth PL6 7PY, United Kingdom Copyright © 2010 by Jerry M. Rosenberg All rights reserved. No part of this book may be reproduced in any form or by any electronic or mechanical means, including information storage and retrieval systems, without written permission from the publisher, except by a reviewer who may quote passages in a review. British Library Cataloguing in Publication Information Available Library of Congress Cataloging-in-Publication Data Rosenberg, Jerry Martin. The concise encyclopedia of the great recession 2007–2010 / Jerry M. Rosenberg. p. cm. Includes bibliographical references and index. ISBN 978-0-8108-7660-6 (hardback : alk. paper) — ISBN 978-0-8108-7661-3 (pbk. : alk. paper) — ISBN 978-0-8108-7691-0 (ebook) 1. Financial crises—United States—History—21st century—Dictionaries. 2. Recessions—United States—History—21st century—Dictionaries. 3. Financial institutions—United States—History—21st century—Dictionaries. I. Title. HB3743.R67 2010 330.9'051103—dc22 2010004133 ϱ ™ The paper used in this publication meets the minimum requirements of American National Standard for Information Sciences—Permanence of Paper for Printed Library Materials, ANSI/NISO Z39.48-1992. Printed in the United States of America For Ellen Celebrating fifty years of love and adventure. She is my primary motivation. As a lifelong partner, Ellen keeps me spirited and vibrant. -
How Laws and Regulations Affect Credit Unions
C H A P T E R O N E HOW LAWS AND REGULATIONS AFFECT CREDIT UNIONS his chapter covers the chartering, structure, and oversight of federal credit unions, Tincluding a discussion of the Federal Credit Union Act, the various sources of authority issued by the National Credit Union Administration (NCUA), the role of NCUA as insurer, and the role of state regulators. We also briefly discuss federal financial institution legislation and regulation in consumer protection, employment, and other areas of interest to credit union directors. CHARTERING, STRUCTURE, AND OVERSIGHT AUTHORITY Like any other financial institution, credit unions are governed by the laws that allow them to be organized and maintained. The Federal Credit Union Act is the legal founda- tion for federal credit unions. In addition, most states have their own credit union laws, giving credit unions a dual structure for chartering and regulatory oversight. The National Credit Union Administration (NCUA) is the independent agency that exercises regulatory oversight of federal credit unions. NCUA has authority over managing the National Credit Union Share Insurance Fund (NCUSIF) and examining both federal credit unions and federally insured state-chartered credit unions. Individual state credit union acts also name the regulatory agency, establish the agency’s power and authority, establish the form, structure, and powers of state-chartered credit unions, and specify share insurance requirements. 1 Federal Credit Union Act The Federal Credit Union Act is the law that established NCUA. It also defines the basic structure of federal credit unions in such areas as chartering, field of membership, and loan and investment powers. -
OCC Proposed Rule on CRA Evaluation Measure Benchmarks
78258 Federal Register / Vol. 85, No. 234 / Friday, December 4, 2020 / Proposed Rules (iii) In the case of a law graduate, he eRulemaking Portal, if possible. Please rulemaking action by the following or she has filed a statement that he or use the title ‘‘Community Reinvestment method: she is appearing under the supervision Act Regulations’’ to facilitate the • Viewing Comments Electronically— of a licensed attorney or accredited organization and distribution of the Regulations.gov Classic or representative and that he or she is comments. You may submit comments Regulations.gov Beta: appearing without direct or indirect by any of the following methods: Regulations.gov Classic: Go to https:// remuneration from the alien he or she • Federal eRulemaking Portal— www.regulations.gov/. Enter ‘‘Docket ID represents; Regulations.gov Classic or OCC–2020–0025’’ in the Search box and (iv) An attorney or accredited Regulations.gov Beta click ‘‘Search.’’ Click on ‘‘Open Docket representative physically accompanies Regulations.gov Classic: Go to https:// Folder’’ on the right side of the screen. the law student or law graduate who is www.regulations.gov/. Enter ‘‘Docket ID Comments and supporting materials can appearing. The accompanying attorney OCC 2020–0025’’ in the Search Box and be viewed and filtered by clicking on or accredited representative must be click ‘‘Search.’’ Click on ‘‘Comment ‘‘View all documents and comments in authorized to practice before EOIR and Now’’ to submit public comments. For this docket’’ and then using the filtering be prepared to proceed with the case at help with submitting effective tools on the left side of the screen. -
Policy Issues Related to Credit Union Lending
Policy Issues Related to Credit Union Lending ,name redacted, Specialist in Financial Economics November 18, 2015 Congressional Research Service 7-.... www.crs.gov R43167 Policy Issues Related to Credit Union Lending Summary Credit unions make loans to their members, to other credit unions, and to corporate credit unions that provide financial services to individual credit unions. There are statutory restrictions on their business lending activities, which the credit union industry has long advocated should be lifted. Specific restrictions on business lending include an aggregate limit on an individual credit union’s member business loan balances and on the amount that can be loaned to one member. Industry spokespersons have argued that easing the restrictions on member business lending could increase the available pool of credit for small businesses. Credit unions also lack sources of capital beyond retained earnings, and alternative supplemental capital sources would allow them to increase their lending while remaining in compliance with safety and soundness regulatory requirements. Community bankers, who often compete with credit unions, argue that policies such as raising the business lending cap would allow credit unions to expand beyond their congressionally mandated mission and could pose a threat to financial stability. Members of the 114th Congress have introduced legislation that would allow credit unions to expand their lending activities. H.R. 989, the Capital Access for Small Business and Jobs Act, was introduced and referred to the House Committee on Financial Services on February 13, 2015. H.R. 989 would redefine net worth for credit unions to include additional sources of supplemental capital. In addition, H.R. -
LON-MOW036PUIB-680 Payments Regulation Paper Ami Patel
Financial Services THE REGULATION OF TRADITIONAL AND ALTERNATIVE ELECTRONIC PAYMENTS THE CASE FOR A LEVEL PLAYING FIELD AUTHORS Tony Hayes Ross Frisbie First published December 2011 Note: While this paper assesses a number of laws and regulations, it is not intended to constitute legal advice (even to lawyers, a number of regulations and provisions are subject to interpretation). As such, this paper reflects our perspectives and represents a diligent effort to draw attention to issues that are likely to increase in importance over time. CONTENTS 1. EXECUTIVE SUMMARY .............................................................................................1 2. WHY THE REGULATORY TREATMENT OF PAYMENTS MATTERS NOW .....................5 3. OVERVIEW OF ALTERNATIVE ELECTRONIC PAYMENTS ...............................................................................................................7 3.1. DEFINITIONS .................................................................................................7 3.2. MARKET SIZE .................................................................................................8 3.3. TAXONOMY..................................................................................................12 4. NOTABLE CHANGES TO PAYMENTS LAW AND REGULATION, 2008-2011 .......................................................................................19 4.1. OVERDRAFT CHANGES (REG E) ...................................................................19 4.2. THE CREDIT CARD ACT ................................................................................22 -
Should the Glass-Steagall Act Be Reinstated?
Katerina Schmidt Should Glass-Steagall Be Reinstated? LLM RESEARCH PAPER lAWS 524: International Finacial Law FACULTY OF LAW 2016 Laws 524 300387466 Schmidt CONTENTS Abstract ................................................................................................................................................... 2 Word length ......................................................................................................................................... 2 Subjects and Topics ............................................................................................................................. 2 Introduction............................................................................................................................................. 3 I Difference Between Commercial and Investment Banking ................................................................... 3 A Commercial Banks ........................................................................................................................... 4 B Investment Banks ............................................................................................................................. 5 II Glass-Steagall Act ............................................................................................................................... 6 III Reversing Glass-Steagall or the Gramm-Leach-Bliley Act.............................................................. 10 A Changes instituted Gramm-Leach-Bliley Act ............................................................................... -
170 the Cost of Implementing Consumer Financial Regulations: an Analysis of Experience with the Truth in Savings Act
170 The Cost of Implementing Consumer Financial Regulations: An Analysis of Experience with the Truth in Savings Act Gregory Elliehausen and Barbara R. Lowery Staff, Board of Governors The staff members of the Board of Governors of The following paper, is summarized in the the Federal Reserve System and of the Federal Bulletin for December 1997. The analyses and Reserve Banks undertake studies that cover a conclusions set forth are those of the author and wide range of economic and financial subjects. do not necessarily indicate concurrence by the From time to time the studies that are of general Board of Governors, the Federal Reserve Banks, interest are published in the Staff Studies series or members of their staffs. and summarized in the Federal Reserve Bulletin. Board of Governors of the Federal Reserve System Washington, DC 20551 December 1997 The Cost of Implementing Consumer Financial Regulations: An Analysis of Experience with the Truth in Savings Act The Truth in Savings Act, like many other federal regulations: (1) its respondents represented the consumer protection laws concerning financial population of banks and savings institutions services, is primarily a disclosure statute. It man- better than did the respondents to previous surveys dates that financial institutions disclose certain of costs, (2) it collected data while the regulation information about the terms of deposit accounts was being implemented, resulting in a more in specific forms and at specific times. Although accurate picture of the effects of the law than many banks provided disclosures of account terms would have been possible had the data been before the act was passed in 1991, most did not collected retrospectively, and (3) it permitted completely satisfy the requirements of the regula- a more comprehensive analysis of costs because tion (Regulation DD) adopted by the Federal it obtained information on the nature of the Reserve Board in September 1992 to implement cost-generating efforts needed to comply with the law. -
The Dodd-Frank Wall Street Reform and Consumer Protection Act: Background and Summary
The Dodd-Frank Wall Street Reform and Consumer Protection Act: Background and Summary Baird Webel, Coordinator Specialist in Financial Economics April 21, 2017 Congressional Research Service 7-5700 www.crs.gov R41350 The Dodd-Frank Wall Street Reform and Consumer Protection Act Summary Beginning in 2007, U.S. financial conditions deteriorated, leading to the near-collapse of the U.S. financial system in September 2008. Major commercial banks, insurers, government-sponsored enterprises, and investment banks either failed or required hundreds of billions in federal support to continue functioning. Households were hit hard by drops in the prices of real estate and financial assets, and by a sharp rise in unemployment. Congress responded to the crisis by enacting the most comprehensive financial reform legislation since the 1930s. Then-Treasury Secretary Timothy Geithner issued a reform plan in the summer of 2009 that served as a template for legislation in both the House and Senate. After significant congressional revisions, President Obama signed H.R. 4173, now titled the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203), into law on July 21, 2010. Perhaps the major issue in the financial reform legislation was how to address the systemic fragility revealed by the crisis. The Dodd-Frank Act created a new regulatory umbrella group chaired by the Treasury Secretary—the Financial Stability Oversight Council (FSOC)—with authority to designate certain financial firms as systemically important and subjecting them and all banks with more than $50 billion in assets to heightened prudential regulation. Financial firms were also subjected to a special resolution process (called “Orderly Liquidation Authority”) similar to that used in the past to address failing depository institutions following a finding that their failure would pose systemic risk. -
The Dodd-Frank Wall Street Reform and Consumer Protection Act Makes Significant Changes to Federal Regulation of the U.S
A Report from the Economic Research Service United States Department www.ers.usda.gov of Agriculture The Dodd-Frank Wall Street AIS-89 Reform and Consumer November 2010 Protection Act Changes to the Regulation of Derivatives and Their Impact on Agribusiness Michael K. Adjemian, [email protected] Gerald E. Plato, [email protected] Abstract The Dodd-Frank Wall Street Reform and Consumer Protection Act makes significant changes to Federal regulation of the U.S. over-the-counter (OTC) derivatives markets. Contents With the goals of improving market transparency and reducing systemic default risk, the act calls for swaps to be centrally cleared and traded on an exchange or execution Introduction ..........................2 facility and for dealers and major participants that trade these derivatives to be subject Derivatives Markets .............3 to collateral requirements. Although the act exempts certain types of swaps and traders Derivatives in U.S. from these clearing, collateral, and trading venue requirements in order to preserve Agriculture ........................7 market efficiency, all swaps will be subject to new recordkeeping and reporting rules. Important Dodd-Frank Reforms In this article, we review some important features of the new law and discuss their for Agribusiness ...............8 potential impact on agribusiness, much of which will depend on how the rules are Regulation of Swaps ........8 written and implemented by regulators. Clearing and Collateral Requirements ...............10 Keywords: financial reform law,