Search results
Results From The WOW.Com Content Network
The Equal Credit Opportunity Act (ECOA) of 1974, implemented by Regulation B, requires creditors which regularly extend credit to customers—including banks, retailers, finance companies, and bank-card companies—to evaluate candidates on creditworthiness alone, rather than other factors such as race, color, religion, national origin, or sex ...
The Depository Institutions Deregulation and Monetary Control Act of 1980 (H.R. 4986, Pub. L. 96–221) (often abbreviated DIDMCA or MCA) is a United States federal financial statute passed in 1980 and signed by President Jimmy Carter on March 31. [1]
The Act was the most significant change to U.S. banking regulations since Dodd–Frank. [ 5 ] [ 7 ] [ 8 ] Barney Frank , leading co-sponsor of Dodd-Frank, said parts of the original law were a mistake and supported the legislation.
The government also repealed or implemented several laws that limited the regulation of the banking industry, such as the repeal of the Glass-Steagall Act and implementation of the Commodity Futures Modernization Act of 2000. The former allowed depository and investment banks to merge while the latter limited the regulation of financial ...
Compliance with bank regulations is verified by personnel known as bank examiners. The objectives of bank regulation, and the emphasis, vary between jurisdictions. The most common objectives are: prudential—to reduce the level of risk to which bank creditors are exposed (i.e. to protect depositors) [7]
The U.S. House banking committee's incoming chair said on Friday he would seek to remove "calcification" and reduce regulations in the sector when the next Congress convenes in January, showing an ...
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s. It established the Resolution Trust Corporation to close hundreds of insolvent thrifts and provided funds to pay out insurance to their depositors.
The resulting Competitive Equality Banking Act was signed on August 11, 1987, giving FSLIC $10.8 billion through sale of bonds via an off-balance sheet government entity. [69] [70] It also required thrift supervisors not to close thrifts that had equity ratios of more than 0.5 percent which met rather lax business viability criteria. [71]