Banking regulations are also designed to promote safe and sound banking practices by ensuring banks have enough capital to cover their risks, preventing them from engaging in unfair or deceptive practices, and ensuring that consumers have access to information about their rights and options.
Key FRASER resources on Banking and Financial Legislation. This collection brings together U.S. federal law affecting the banking and financial industries.
Laws enacting bank regulation, changes to U.S. currency, and regulation or oversight of the commodity and securities markets are all included. These laws are
Bank Secrecy Act of 1970
This law, which is also known as the Currency and Foreign Transactions Reporting Act, was established to combat money laundering. It requires that businesses "keep records and file reports that are determined to have a high degree of usefulness in criminal, tax, and regulatory matters," according to the Internal Revenue Service. Once filed, those d.
Do federal banking laws preempt state laws?
By statute, and in accordance with judicial interpretation of statutes and the United States Constitution, federal banking statutes (and the regulations and other guidance issued by federal banking regulatory agencies) often preempt state laws regulating certain activities of nationally chartered banking institutions and their subsidiaries
Federal Reserve Act of 1913
Just as the National Bank Act introduced a national banking system, the Federal Reserve Act of 1913 created the Federal Reserve System to oversee it. Commonly referred to as "The Fed," the Federal Reserve's job was to foster economic stability by serving as the country's central bank.Today, the Fed is widely known as the entity that raises and lowe.
Five Important U.S. Banking Laws
The American banking system is governed by a large web of regulatory measures, many going back generations. It would be impossible to succinctly describe every major piece of legislation that helped the U.S. build the system it has today. Still, the following five measures represent some of the most pivotal actions taken by Congress to strengthen t.
Glass-Steagall Act of 1933
Though much of this law has been eliminated in recent decades, the Glass-Steagall Act remains influential. The most important thing it brought to the table that's still around is the Federal Deposit Insurance Corporation (FDIC), an independent federal agency that insures bank deposits in the event that a bank fails. This was a response to the Great.
National Bank Act of 1864
Though actually the second National Bank Act, with a prior version passed one year earlier, the National Bank Act of 1864 marked the first time that the federal government began actively supervising commercial banks. This act created the Office of the Comptroller of the Currency, which was tasked with chartering, vetting, and supervising all nation.
Four provisions of the Banking Act of 1933, separating commercial and investment banking
The Glass–Steagall legislation describes four provisions of the United States Banking Act of 1933 separating commercial and investment banking.
The article 1933 Banking Act describes the entire law, including the legislative history of the provisions covered herein.
Four provisions of the Banking Act of 1933, separating commercial and investment banking
The Glass–Steagall legislation describes four provisions of the United States Banking Act of 1933 separating commercial and investment banking.
The article 1933 Banking Act describes the entire law, including the legislative history of the provisions covered herein.
