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ChapterTwoTheImpactofGovernmentPolicyandRegulationontheFinancial-ServicesIndustry
KeyTopicsThePrincipalReasonsforBankingandFinancial-ServicesRegulationMajorFinancial-ServicesRegulatorsandLawsTheRiegle-NealandGramm-Leach-Bliley(GLB)ActsTheCheck21,FACT,Patriot,Sarbanes-Oxley,BankruptcyAbuse,FederalDepositInsuranceReform,andFinancial-ServicesRegulatoryReliefActsEmergencyEconomicStabilizationActandtheGlobalCreditCrisis
KeyTopics(continued)FINREGispassedintolawtoavoidseveredisruptioninthefinancialsystemanddealwithsystemicrickSomeKeyRegulatoryIssuesLeftUnresolvedTheCentralBankingSystemOrganizationandStructureoftheFederalReserveSystemandLeadingCentralBanksofEuropeandAsiaFinancial-ServicesIndustryImpactofCentralBankPolicyTools
IntroductionThischapterisdevotedtoastudyofthecomplexregulatoryenvironmentthatgovernmentsaroundtheworldhavecreatedforfinancial-servicefirmsinaneffortto:Safeguardthepublic’ssavingsBringstabilitytothefinancialsystemPreventabuseoffinancial-servicecustomersFinancialinstitutionsmustcontendwithsomeoftheheaviestandmostcomprehensiverulesappliedtoanyindustryRegulationisanuglywordtomanypeopleBurdensomeCostlyDamagingtoinnovationandefficiency
BankingRegulationWhyarebankscloselyregulated?Banksareamongtheleadingrepositoriesofthepublic’ssavingsBanksarecloselywatchedbecauseoftheirpowertocreatemoneyintheformofreadilyspendabledepositsbymakingloansandinvestmentsBankshavealonghistoryofinvolvementwithfederal,state,andlocalgovernmentsIntheUnitedStates,banksareregulatedthroughadualbankingsystemBothfederalandstateauthoritieshavesignificantregulatorypowers
TABLE2–1Banking’sPrincipalRegulatoryAgenciesandTheirResponsibilities
BankingRegulation(continued)OneoftheearliesttheoriesaboutregulationcontendsthatfirmsinregulatedindustriesactuallyseekoutregulationItbringsbenefitsintheformofmonopolisticrentsbecauseregulationsoftenblockentryintotheregulatedindustryAmorerecenttheoryarguesthatregulationscanincreasecustomerconfidence,whichmaycreategreatercustomerloyaltytowardregulatedfirmsThereisanongoingstrugglebetweenregulatedfirmsandtheregulatorsRegulatorydialecticFinancial-servicemanagerswillsearchtofindwaysaroundnewrulesinordertoreducecostsandallowinnovationtooccur
MajorBankingLaws–WhereandWhentheRulesOriginatedNationalCurrencyandBankActs(1863–64)ThefirstmajorfederalgovernmentlawsinU.S.bankingweretheNationalCurrencyandBankActs,passedduringtheCivilWarTheselawssetupasystemforcharteringnewnationalbanksthroughanewlycreatedbureauinsidetheU.S.TreasuryDepartment,theOfficeoftheComptrolleroftheCurrency(OCC)TheComptrollernotonlyassessestheneedforandchartersnewnationalbanksbutalsoregularlyexaminesthoseinstitutions
MajorBankingLaws–WhereandWhentheRulesOriginated(continued)TheFederalReserveAct(1913)Aseriesoffinancialpanicsinthelate19thandearly20thcenturiesledtothecreationoftheFederalReserveSystem(theFed)TheFed’sprincipalrolesaretoserveasalenderoflastresortandtohelpstabilizethefinancialmarketsandtheeconomyTheirmostimportantjobtodayistocontrolmoneyandcreditconditionstopromoteeconomicstability
MajorBankingLaws–WhereandWhentheRulesOriginated(continued)TheBankingActof1933(Glass-Steagall)TheGlass-SteagallActdefinedtheboundariesofcommercialbankingbyprovidingconstraintsthatwereeffectiveformorethan60yearsThislegislationseparatedcommercialbankingfrominvestmentbankingandinsuranceTheFederalDepositInsuranceCorporation(FDIC)wascreatedtoguaranteethepublic’sdepositsuptoastipulatedmaximumamountinordertoenhancepublicconfidenceinthebankingsystemInitially$2,500andtodayitisupto$250,000
MajorBankingLaws–WhereandWhentheRulesOriginated(continued)TheFDICImprovementAct(1991)TheFDICwastheobjectofcriticismduringthe1980sand1990sThislegislationpermittedtheFDICtoborrowfromtheTreasurytoremainsolvent,calledforrisk-basedinsurancepremiums,anddefinedtheactionstobetakenwhendepositoryinstitutionsdidnotmeetcapitalrequirementsPriorto1993,theFDICimposedfixedinsurancepremiumsonalldepositseligibleforinsurancecoverage,regardlessoftheriskinessofanindividualdepositoryinstitution’sbalancesheetThisfixed-feesystemledtoamoralhazardproblem
MajorBankingLaws–WhereandWhentheRulesOriginated(continued)SocialResponsibilityLawsConsumerCreditProtectionAct(knownasTruthinLending)Requiredthatlendersspelloutthecustomer’srightsandresponsibilitiesunderaloanagreementDodd-FrankRegulatoryReformbillEmphasizedprovidingconsumerswithmorecompleteandunderstandablelanguagetoconveyservicepricesandavoidmisleadinginformationEqualCreditOpportunityActIndividualsandfamiliescouldnotbedeniedaloanmerelybecauseoftheirage,sex,race,nationalorigin,orreligiousaffiliation,orbecausetheywererecipientsofpublicwelfare
MajorBankingLaws–WhereandWhentheRulesOriginated(continued)SocialResponsibilityLawsCommunityReinvestmentActProhibitsU.S.banksfromdiscriminatingagainstcustomersresidingwithintheirtradeterritoriesmerelyonthebasisoftheneighborhoodinwhichtheylivedCompetitiveEqualityinBankingActandtheTruthinSavingsActRequirebankstomorefullydisclosetheirservicepoliciesandthetrueratesofreturnofferedonthepublic’ssavingsandthefeesassociatedwithcreditservices
TABLE2–2RegulatorsofU.S.InsuredBanks
MajorBankingLaws–WhereandWhentheRulesOriginated(continued)TheRiegle-NealInterstateBankingLaw(1994)Repealedpreviousprovisionsthatpreventedfull-serviceinterstatebankingnationwideMajorprovisionsoftheRiegle-NealActincluded:AdequatelycapitalizedandmanagedholdingcompaniescanacquirebanksanywhereintheUnitedStatesInterstateholdingcompaniesmayconsolidatetheiraffiliatedbanksacquiredacrossstatelinesintofull-servicebranchofficesNosinglebankingcompanycancontrolmorethan10percentofnationwidedepositsormorethan30percentofdepositsinasinglestate(unlessastatewaivesthislatterrestriction)ForthefirsttimeinU.S.history,Americanbankscouldacceptdepositsandfollowtheircustomersacrossstatelines
MajorBankingLaws–WhereandWhentheRulesOriginated(continued)TheFinancialServicesModernizationAct(TheGramm-Leach-BlileyAct(1999))OneofthemostimportantU.S.bankingstatutessignedintolawOverturnedlong-standingprovisionsoftheGlass-SteagallActandtheBankHoldingCompanyActPermittedbankingcompaniestoaffiliatewithinsuranceandsecuritiesfirmsundercommonownershipSecuritiesandinsurancecompaniescouldformfinancialholdingcompaniesthatcontroloneormorebanksBankswerepermittedtosellinsuranceandsecurityservices,providedtheyconformtostateandfederalrulesThislaw’spurposewastoallowqualifiedU.S.financial-servicecompaniestodiversifytheirserviceofferingsandreducetheiroverallbusinessriskexposure
MajorBankingLaws–WhereandWhentheRulesOriginated(continued)TheUSAPatriotActMadeaseriesofamendmentstotheBankSecrecyActPassedoriginallyin1970tocombatmoneylaunderingRequiresthatfinancial-serviceprovidersestablishtheidentityofcustomersopeningnewaccountsorholdingaccountswhosetermsarechangedUsuallyaccomplishedbyaskingforadriver’slicenseorotheracceptablepictureIDandobtainingthesocialsecuritynumberofthecustomerServiceprovidersarerequiredtocheckthecustomer’sIDagainstagovernment-suppliedlistofterroristorganizationsandreportanysuspiciousactivityinacustomer’saccount
The21stCenturyUshersinanArrayofNewLawsandRegulations–FINREG,TheBaselAgreement,andOtherRulesAroundtheGlobeTheFACTActof2003TheCheckClearingforthe21stCenturyAct(Check21Act)TheBankruptcyAbusePreventionandConsumerProtectionActof2005TheFederalDepositInsuranceReformActof2005TheEmergencyEconomicStabilizationActof2008TheCreditCardAccountability,Responsibility,andDisclosureActof2009TheDodd-FrankWallStreetReformandConsumerProtectionActof2009(FINREG)BaselIandII,andBaselIII
The21stCenturyUshersinanArrayofNewLawsandRegulations–FINREG,TheBaselAgreement,andOtherRulesAroundtheGlobe(continued)UnresolvedRegulatoryIssuesWhatshouldwedoabouttheregulatorysafetynetsetuptoprotectsmalldepositorsfromloss,usuallythroughgovernment-sponsoreddepositinsurance?Canwetrainregulatorstobeasgoodastheyneedtobeinamorecomplexfinancialmarketplace?Withthefinancial-servicesindustryconsolidatingandconvergingintofewer,butbigger,firms,canwegetbywithfewerregulators?Canwesimplifythecurrentregulatorystructureandbringgreaterefficiencytothetask?Asfinancialfirmsreachtheirarmsaroundtheglobe,whatnationornationsshouldregulatetheiractivities?
TheRegulationofNonbankFinancial-ServiceFirmsCompetingwithBanksCreditUnionsNationalCreditUnionAdministration(NCUA)SavingsandLoansandSavingsBanks(“Thrifts”)State-charteredassociationsaresupervisedandexaminedbystateboardsorcommissionsFederallycharteredsavingsassociationsfallunderthejurisdictionoftheOfficeofThriftSupervisionTheDodd-FrankActmergedtheOfficeofThriftSupervisionwiththeOfficeoftheComptrolleroftheCurrencysothatthriftinstitutionsandnationalbankswouldhavethesameregulatoryagencyatthefederallevelMoneyMarketFundsSecuritiesandExchangeCommission(SEC)
TheRegulationofNonbankFinancial-ServiceFirmsCompetingwithBanks(continued)LifeandProperty/CasualtyInsuranceCompaniesStateinsurancecommissionsRecentlythefederalgovernmenthasbecomesomewhatmoreinvolvedininsuranceWheninsurersformholdingcompaniestoacquirecommercialandinvestmentbanksorotherfederallyregulatedfinancialbusinesses,theymaycomeundertheFederalReserve’sreviewUndertheDodd-FrankAct,anewfederalinsuranceofficewassetuptohelpreducethesystemicriskcausedbyinnovative,butsometimeshighlyrisky,activitiesofthelargestinsurers(suchasAIG)andpreventdisruptiveinsurancefailures
TheRegulationofNonbankFinancial-ServiceFirmsCompetingwithBanks(continued)FinanceCompaniesRegulatedatthestategovernmentlevelformanydecadesThedepthofstateregulationvariesacrosstheUnitedStatesMoststatesfocusuponthetypesandcontentsofloanagreementstheyofferthepublic,theinterestratestheycharge(withsomestatessettingmaximumloanrates),andthemethodstheyusetorepossesspropertyortorecoverfundsfromdelinquentborrowersRelativelylightstateregulationhasledtoarecentexplosioninthenumberofsmall-loancompaniesThepassageoftheDodd-FrankActin2010causedmanytocloseasthemaximuminterestratesthattheseentitiescouldchargewasdrasticallyreduced
TheRegulationofNonbankFinancial-ServiceFirmsCompetingwithBanks(continued)MutualFundsTheU.S.SecuritiesandExchangeCommission(SEC)requiresthesebusinessestoregisterwiththatagency,submitperiodicfinancialreports,andprovideinvestorswithaprospectusthatrevealsthefinancialcondition,recentperformance,andobjectivesofeachfundSecurityBrokersandDealersandInvestmentBanksAcombinationoffederalandstatesupervisionappliestothesetradersinfinancialinstrumentswhobuyandsellsecurities,underwritenewsecurityissues,andgivefinancialadviceThechieffederalregulatoristheSECRequiresthesefirmstosubmitperiodicreports,limitsthevolumeofdebttheytakeon,andinvestigatesinsidertradingpractices
TheRegulationofNonbankFinancial-ServiceFirmsCompetingwithBanks(continued)HedgeFunds,PrivateEquityFunds,andVentureCapitalCompaniesSomeofthemostlightlyregulatedofallfinancialinstitutionsTheSECintheUnitedStateshasbroadoversightoftheinformationthesefirmsprovidetothepublicwhentheychoosetosellsecuritiesintheopenmarketthatareaccessibletosmallinvestorsRegulationinthissectorisvirtuallyinvisible,inpartbecauseitisrelativelynewandbecauseitnormallydoesnotseekoutmanyfundsfromsmallinvestorsTheDodd-FrankActof2010callsforgreaterseparationbetweencommercialbanksandtheseriskierprivateinvestors
TheCentralBankingSystem:ItsImpactontheDecisionsandPoliciesofFinancialInstitutionsThecentralbankoftheUnitedStatesistheFederalReserveSystem(theFed)Acentralbank’sprimaryjobismonetarypolicyInvolvesmakingsurethesupplyandcostofmoneyandcreditfromthefinancialsystemcontributetothenation’seconomicgoalsBycontrollingthegrowthofmoneyandcredit,theFedandothercentralbanksaroundtheglobetrytoensurethattheeconomygrowsatanadequaterate,unemploymentiskeptlow,andinflationishelddownTheFedisfreetopursuethesegoalsbecauseitdoesnotdependonthegovernmentforitsfundingPassesalongmostofitsearningstotheU.S.Treasury
TheCentralBankingSystem:ItsImpactontheDecisionsandPoliciesofFinancialInstitutions(continued)TheEuropeanUnionalsohaveacentralbank–theEuropeanCentralBank(ECB)ItisrelativelyfreeandindependentofgovernmentalcontrolasitpursuesitsmaingoalofavoidinginflationIncontrast,theBankofJapan(BOJ),thePeople’sBankofChina(PBC),andcentralbanksinotherpartsofAsiaappeartobeunderclosecontroloftheirgovernmentsSeveralofthesecountrieshaveexperiencedhigherinflationrates,volatilecurrencyprices,andothersignificanteconomicproblemsinrecentyearsRecentresearchsuggeststhatmoreindependentcentralbankshavebeenabletocomeclosertotheirnation’sdesiredlevelofeconomicperformance(particularlybettercontrolofinflation)
TheCentralBankingSystem:ItsImpactontheDecisionsandPoliciesofFinancialInstitutions(continued)OrganizationalStructureoftheFederalReserveSystemBoardofGovernorsThisgoverningbodymustcontainnomorethansevenpersons,eachselectedbythepresidentoftheUnitedStatesandconfirmedbytheSenatefortermsnotexceeding14yearsTheboardchairmanandvicechairmanareappointedbythepresidentfromamongcurrentboardmembers,eachforfour-yearterms(thoughtheseappointmentsmayberenewed)Theboardregulatesandsupervisestheactivitiesofthe12districtReservebanksandtheirbranchofficesItsetsreserverequirements,approvesallchangesinthediscount(loan)ratespostedbythe12Reservebanks,andtakestheleadinthesystemindeterminingopenmarketpolicy
TheCentralBankingSystem:ItsImpactontheDecisionsandPoliciesofFinancialInstitutions(continued)OrganizationalStructureoftheFederalReserveSystemFederalOpenMarketCommittee(FOMC)TheFederalReserveBoardmembersmakeupamajorityofthevotingmembersoftheFOMCTheothervotingmembersare5ofthe12FederalReservebankpresidents,whoeachserveoneyearinfillingtheremainingfiveofficialvotingseatsontheFOMCExceptforthepresidentoftheNewYorkFederalReserveBank,whoisapermanentvotingmemberPrimarytaskistosetpoliciesthatguidetheconductofopenmarketoperationsThebuyingandsellingofsecuritiesbytheFederalReservebanks
TheCentralBankingSystem:ItsImpactontheDecisionsandPoliciesofFinancialInstitutions(continued)OrganizationalStructureoftheFederalReserveSystemThereare12districtscontainedintheFederalReserveSystem,withaFederalReserveBankcharteredineachdistrictKeyservicesthattheFederalReservebanksoffertodepositoryinstitutionsintheirdistricts:IssuingwiretransfersoffundsbetweendepositoryinstitutionsSafe-keepingsecuritiesownedbydepositoryinstitutionsandtheircustomersIssuingnewsecuritiesfromtheU.S.TreasuryandselectedotherfederalagenciesMakingloanstoqualifieddepositoryinstitutionsthroughthe“DiscountWindow”
TheCentralBankingSystem:ItsImpactontheDecisionsandPoliciesofFinancialInstitutions(continued)OrganizationalStructureoftheFederalReserveSystemKeyservicesthattheFederalReservebanksoffertodepositoryinstitutionsintheirdistricts:DispensingsuppliesofcurrencyandcoinClearingandcollectingchecksandothercashitemsProvidinginformationtokeepfinancial-firmmanagersandthepublicinformedaboutdevelopmentsaffectingthewelfareoftheirinstitutionsAllbankscharteredbytheComptrolleroftheCurrency(nationalbanks)andthosefewstatebankswillingtoconformtotheFed’ssupervisionandregulationaredesignatedmemberbanksMemberinstitutionsmustpurchasestock(upto6percentoftheirpaid-incapitalandsurplus)inthedistrictReservebankandsubmittocomprehensiveexaminations
TheCentralBankingSystem:ItsImpactontheDecisionsandPoliciesofFinancialInstitutions(continued)TheCentralBank’sPrincipalTask:MakingandImplementingMonetaryPolicyAcentralbank’sprincipalfunctionistoconductmoneyandcreditpolicytopromotesustainablegrowthintheeconomyandavoidsevereinflationTopursuetheseimportantobjectives,mostcentralbanksuseavarietyoftoolstoaffectthelegalreservesofthebankingsystem,theinterestrateschargedonloansmadeinthefinancialsystem,andrelativecurrencyvaluesintheglobalforeignexchangemarketsToinfluencethebehavioroflegalreserves,interestrates,andcurrencyvalues,centralbanksusuallyemployoneormoreofthreemaintools:openmarketoperations,thediscountrateonloanstoqualifiedfinancialinstitutions,andlegalreserverequirementsonvariousbankliabilities
TheCentralBankingSystem:ItsImpactontheDecisionsandPoliciesofFinancialInstitutions(continued)TheOpenMarketPolicyToolofCentralBankingOpenmarketoperations(OMO)havebecometheprincipaltoolofcentralbankmonetarypolicyIntheUnitedStates,OMOinvolvesthebuyingandsellingofU.S.Treasurybills,bonds,andnotesandselectedfederalagencysecuritiesThesetransactionsareconductedbetweentheFed’stradingdeskandselectedprimarydealerswhomeettheFed’squalificationsOMOisconsideredtobethemostimportantpolicytoolformanycentralbanksbecauseitcanbeusedeverydayand,ifamistakeismadeorconditionschange,itseffectscanbequicklyreversed
TheCentralBankingSystem:ItsImpactontheDecisionsandPoliciesofFinancialInstitutions(continued)TheOpenMarketPolicyToolofCentralBankingCentralbanksalesofsecuritiestendtodecreasethegrowthofdepositsandloanswithinthefinancialsystemInterestratestendtoriseIncontrast,centralbankpurchasesofsecuritiestendtoincreasethegrowthofdepositsandloansInterestratestendtofallTheFOMCtargetsthefederalfundsrateattachedtoovernightloansofreservesbetweendepositoryinstitutionsinordertoachievetheFed’smonetarypolicygoalsInthehopethatchangesinthefederalfundsratewillspreadtootherinterestratesintheeconomy
EXHIBIT2–1LeadingPrimaryDealersAuthorizedtoTradeSecuritieswiththeFederalReserveinordertoAssistwithMonetaryPolicy(April2010)
EXHIBIT2–2ExampleofaFederalOpenMarketCommittee(FOMC)Statement,SettingaTargetfortheFederalFundsRatetoBeAchievedthroughOpenMarketOperations
TheCentralBankingSystem:ItsImpactontheDecisionsandPoliciesofFinancialInstitutions(continued)OtherCentralBankPolicyToolsManycentralbanksareanimportantsourceofshort-termloansfordepositoryinstitutionsWhentheFedloansreserves,thesupplyoflegalreservesexpandstemporarily,whichmaycauseloansanddepositstoexpandWhenthesediscountwindowloansarerepaid,theborrowinginstitutionslosereservesandmaybeforcedtocurtailthegrowthoftheirdepositsandloansTheloanratechargedbytheFed,thediscountrate,issetbyeachReservebank’sboardofdirectorsandmustbeapprovedbytheFederalReserveBoard
TheCentralBankingSystem:ItsImpactontheDecisionsandPoliciesofFinancialInstitutions(continued)OtherCentralBankPolicyToolsCentralbanksalsooccasionallyusechangesinreserverequirementsasamonetarypolicytoolInstitutionsmustplaceasmallpercentageofeachdollarofdepositsinreserve,eitherintheformofvaultcashorinadepositatthecentralbankRaisingreserverequirementsmeansthatfinancialfirmsmustsetasidemoreofeachincomingdollarofdepositsintorequiredreserves,andlessmoneyisavailabletosupportmakingnewloansOntheotherhand,loweringreserverequirementsreleasesreservesforadditionallendingCentralbanksrarelychangereserverequirementsPowerfulimpact,cannoteasilybereversedandbecausebanksarelessdependentondepositsasasourceoffunds
TheCentralBankingSystem:ItsImpactontheDecisionsandPoliciesofFinancialInstitutions(continued)OtherCentralBankPolicyToolsOneotherimportantpolicytool–moralsuasionThroughthispolicytool,thecentralbanktriestobringpsychologicalpressuretobearonindividualsandinstitutionstoconformtoitspoliciesExamplesofmoralsuasionCentralbankofficialstestifyingbeforelegislativecommitteestoexplainwhatthebankisdoingandwhatitsobjectivesareLettersandphonecallssenttothoseinstitutionsthatseemtobestrayingfromcentralbankpoliciesPressreleasesurgingthepublictocooperatewithcentralbankeffortstostrengthentheeconomy
QuickQuizWhatkeyrolesdoestheFederalReserveSystemperforminthebankingandfinancialsystem?WhatistheprincipaljobperformedbytheFDIC?WhatistheGlass-SteagallAct,andwhywasitimportantinbankinghistory?Howhavebankfailuresinfluencedrecentlegislation?HowandwhywastheDodd-FrankRegulatoryReformActcraftedtoreducesystemicriskinthefinancialsystem,promotefairlending,protectconsumers,andseparatebanksfromkeynonbankfirmsinanefforttorestorepublicconfidence?Whatismonetarypolicy?WhatservicesdoestheFederalReserveprovidetodepositoryinstitutions?
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