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1、McGraw-HillIrwinCopyright2013byTheMcGraw-HillCompaniesInc.Allrightsreserved.ChapterTwoTheImpactofGovernmentPolicyandRegulationontheFinancial-ServicesIndustryMcGraw-HillIrwinBankManagementandFinancialServices7e2008TheMcGraw-HillCompaniesInc.AllRightsReserved.2-2KeyTopicsThePrincipalReasonsforBankinga
2、ndFinancial-ServicesRegulationMajorFinancial-ServicesRegulatorsandLawsTheRiegle-NealandGramm-Leach-Bliley(GLB)ActsTheCheck21FACTPatriotSarbanes-OxleyBankruptcyAbuseFederalDepositInsuranceReandFinancial-ServicesRegulatoryReliefActsEmergencyEconomicStabilizationActandtheGlobalCreditCrisisMcGraw-HillIr
3、winBankManagementandFinancialServices7e2008TheMcGraw-HillCompaniesInc.AllRightsReserved.2-3KeyTopics(continued)FINREGispassedintolawtoavoidseveredisruptioninthefinancialsystemanddealwithsystemicrickSomeKeyRegulatoryIssuesLeftUnresolvedTheCentralBankingSystemOrganizationandStructureoftheFederalReserv
4、eSystemandLeadingCentralBanksofEuropeandAsiaFinancial-ServicesIndustryImpactofCentralBankPolicyToolsMcGraw-HillIrwinBankManagementandFinancialServices7e2008TheMcGraw-HillCompaniesInc.AllRightsReserved.2-4IntroductionThischapterisdevotedtoastudyofthecomplexregulatoryenvironmentthatgovernmentsaroundth
5、eworldhavecreatedforfinancial-servicefirmsinaneffortto:SafeguardthepublicssavingsBringstabilitytothefinancialsystemPreventabuseoffinancial-servicecustomersFinancialinstitutionsmustcontendwithsomeoftheheaviestandmostcomprehensiverulesappliedtoanyindustryRegulationisanuglywordtomanypeopleBurdensomeCos
6、tlyDamagingtoinnovationandefficiencyMcGraw-HillIrwinBankManagementandFinancialServices7e2008TheMcGraw-HillCompaniesInc.AllRightsReserved.2-5BankingRegulationWhyarebankscloselyregulatedBanksareamongtheleadingrepositoriesofthepublicssavingsBanksarecloselywatchedbecauseoftheirpowertocreatemoneyintheofr
7、eadilyspendabledepositsbymakingloansandinvestmentsBankshavealonghistoryofinvolvementwithfederalstateandlocalgovernmentsIntheUnitedStatesbanksareregulatedthroughadualbankingsystemBothfederalandstateauthoritieshavesignificantregulatorypowersMcGraw-HillIrwinBankManagementandFinancialServices7e2008TheMc
8、Graw-HillCompaniesInc.AllRightsReserved.2-6TABLE21BankingsPrincipalRegulatoryAgenciesandTheirResponsibilitiesMcGraw-HillIrwinBankManagementandFinancialServices7e2008TheMcGraw-HillCompaniesInc.AllRightsReserved.2-7RegulationTheoriesOneoftheearliesttheoriesaboutregulationcontendsthatfirmsinregulatedin
9、dustriesactuallyseekoutregulationItbringsbenefitsintheofmonopolisticrentsbecauseregulationsoftenblockentryintotheregulatedindustryAmorerecenttheoryarguesthatregulationscanincreasecustomerconfidencewhichmaycreategreatercustomerloyaltytowardregulatedfirmsThereisanongoingstrugglebetweenregulatedfirmsan
10、dtheregulatorsRegulatorydialecticFinancial-servicemanagerswillsearchtofindwaysaroundnewrulesinordertoreducecostsandallowinnovationtooccurMcGraw-HillIrwinBankManagementandFinancialServices7e2008TheMcGraw-HillCompaniesInc.AllRightsReserved.2-8MajorBankingLawsWhereandWhentheRulesOriginatedNationalCurre
11、ncyandBankActs(186364)ThefirstmajorfederalgovernmentlawsinU.S.bankingweretheNationalCurrencyandBankActspassedduringtheCivilWarTheselawssetupasystemforcharteringnewnationalbanksthroughanewlycreatedbureauinsidetheU.S.TreasuryDepartmenttheOfficeoftheComptrolleroftheCurrency(OCC)TheComptrollernotonlyass
12、essestheneedforandchartersnewnationalbanksbutalsoregularlyexaminesthoseinstitutionsMcGraw-HillIrwinBankManagementandFinancialServices7e2008TheMcGraw-HillCompaniesInc.AllRightsReserved.2-9MajorBankingLawsWhereandWhentheRulesOriginated(continued)TheFederalReserveAct(1913)Aseriesoffinancialpanicsinthel
13、ate19thandearly20thcenturiesledtothecreationoftheFederalReserveSystem(theFed)TheFedsprincipalrolesaretoserveasalenderoflastresortandtohelpstabilizethefinancialmarketsandtheeconomyTheirmostimportantjobtodayistocontrolmoneyandcreditconditionstopromoteeconomicstabilityMcGraw-HillIrwinBankManagementandF
14、inancialServices7e2008TheMcGraw-HillCompaniesInc.AllRightsReserved.2-10MajorBankingLawsWhereandWhentheRulesOriginated(continued)TheBankingActof1933(Glass-Steagall)TheGlass-SteagallActdefinedtheboundariesofcommercialbankingbyprovidingconstraintsthatwereeffectiveorethan60yearsThislegislationseparatedc
15、ommercialbankingfrominvestmentbankingandinsuranceTheFederalDepositInsuranceCorporation(FDIC)wascreatedtoguaranteethepublicsdepositsuptoastipulatedmaximumamountinordertoenhancepublicconfidenceinthebankingsystemInitially$2500andtodayitisupto$250000McGraw-HillIrwinBankManagementandFinancialServices7e20
16、08TheMcGraw-HillCompaniesInc.AllRightsReserved.2-11MajorBankingLawsWhereandWhentheRulesOriginated(continued)TheFDICImprovementAct(1991)TheFDICwastheobjectofcriticismduringthe1980sand1990sThislegislationpermittedtheFDICtoborrowfromtheTreasurytoremainsolventcalledforrisk-basedinsurancepremiumsanddefinedtheactionstobetakenwhendepositoryinstitutionsdidnotmeetcapitalrequirementsPriorto1993theFDICimposedfixedinsurancepremiumsonallde
