By Kenneth Spong
This ebook covers many alternative features of banking legislation. between those are the fundamental reasons of banking legislation within the usa, the old improvement of our regulatory process, the elemental powers of banks and financial institution maintaining businesses, and the constitution and basic authority of the financial institution supervisory firms. a huge part of the e-book additionally covers the person laws that aid guard depositors and advertise financial balance, foster a good and aggressive economic system, and supply patron safety. a last bankruptcy offers destiny traits in banking and financial institution rules. moreover, Banking rules: Its reasons, Implementation, and results summarizes the 1994 federal laws, which supplies a brand new framework for interstate banking and branching and simplifies components of the regulatory strategy. This ebook is meant to be a easy advisor and reference resource on banking and financial institution legislation that may be of curiosity to most of the people, bankers, and banking supervisors. as well as delivering a resource of data on our financial institution supervisory strategy, this e-book makes an attempt to teach the demanding situations that bankers and regulators face in conserving a legitimate and leading edge economic climate.
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Extra info for Banking Regulation: Its Purposes, Implementation, and Effects (5th edition)
Congress did not extend the Bank Holding Company Act to companies owning a single bank in 1956, since such companies were generally small, local organizations. qxd 12/21/00 4:50 PM Page 27 History of Banking Regulation 27 legally perform, as well as a few nonfinancial activities far removed from banking. By the end of 1970, a third of all commercial banking deposits were controlled by one-bank holding companies. To place these companies under federal supervision and control their nonbanking activities, Congress amended the Bank Holding Company Act in 1970 to give the Federal Reserve System authority over the formation and operation of one-bank holding companies.
S. bank deposits. qxd 12/21/00 56 4:43 PM Page 56 BANKING REGULATION agency. It is managed by five directors, one of whom is the Comptroller of the Currency, another is the director of the Office of Thrift Supervision, and three others are appointed by the President for a term of six years. One of the appointed members is designated by the President as chairman of the FDIC for a five-year term. , and the FDIC has eight regional supervisory offices. Although the FDIC supervises a large number of banks, its main function is to insure deposits at commercial banks and thrift institutions.
In drafting the 1956 act, Congress had several purposes in mind, some of which were also reflected in the 1970 amendments: 8 Tax benefits for holding companies arise because the dividends received by the holding company from a subsidiary bank may be eliminated in computing consolidated taxable income. With individual ownership, however, bank dividends would be taxed at the stockholder’s personal tax rate. The corporate tax benefit for closely held bank holding companies was made possible by Revenue Ruling 71-531 of the Internal Revenue Service.