The National Banking Acts of 1863 and 1864 were two United States federal banking acts that established a system of national banks chartered at the federal level,and created the United States National Banking System. They encouraged development of a national currency backed by bank holdings of U.S. Treasury securities and established the Office of the Comptroller of the Currency as part of the United States Department of the Treasury. The Act shaped today's national banking system and its support of a uniform U.S. banking policy.
In the United States,banking had begun by the 1780s,along with the country's founding. It has developed into a highly influential and complex system of banking and financial services. Anchored by New York City and Wall Street,it is centered on various financial services,such as private banking,asset management,and deposit security.
The Community Reinvestment Act is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities,including low- and moderate-income neighborhoods. Congress passed the Act in 1977 to reduce discriminatory credit practices against low-income neighborhoods,a practice known as redlining.
The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter,regulate,and supervise all national banks and federal thrift institutions and the federally licensed branches and agencies of foreign banks in the United States. The acting Comptroller of the Currency is Michael J. Hsu,who took office on May 10,2021.
Bank of America Home Loans is the mortgage unit of Bank of America. It previously existed as an independent company called Countrywide Financial from 1969 to 2008. In 2008,Bank of America purchased the failing Countrywide Financial for $4.1 billion. In 2006,Countrywide financed 20% of all mortgages in the United States,at a value of about 3.5% of the United States GDP,a proportion greater than any other single mortgage lender.
John D. Hawke Jr. was an American lawyer who served as the United States Under Secretary of the Treasury for Domestic Finance from 1995 to 1998,and was the United States Comptroller of the Currency from 1998 to 2004.
Charles R. Stith is an American businessman,diplomat,former educator,author and politician. He is currently the Chairman of The Pula Group,LLC.,which invests in high value opportunities in Africa. He is the non-executive chairman of the African Presidential Leadership Center,a Johannesburg-based NGO focused on leadership development and tracking economic and political trends in Africa. He established and formerly directed Boston University's African Presidential Center. Prior to this,Stith presented his letter of credence as Ambassador Extraordinary and Plenipotentiary of the United States to the United Republic of Tanzania in September 1998. He served as the Ambassador in the traumatic period after the August 1998 bombing of the United States Embassy in Dar es Salaam. Because of his leadership,the Embassy emerged from the bombing stable,and set a new standard for U.S. embassies promoting U.S. trade and investment in Africa. Stith worked with the Tanzanian government to enable them to become one of the first Sub-Saharan African countries to reach the decision point for debt relief under the enhanced Heavily-Indebted Poor Countries Initiative (HIPC).
The subprime mortgage crisis impact timeline lists dates relevant to the creation of a United States housing bubble and the 2005 housing bubble burst and the subprime mortgage crisis which developed during 2007 and 2008. It includes United States enactment of government laws and regulations,as well as public and private actions which affected the housing industry and related banking and investment activity. It also notes details of important incidents in the United States,such as bankruptcies and takeovers,and information and statistics about relevant trends. For more information on reverberations of this crisis throughout the global financial system see 2007–2008 financial crisis.
Housing prices peaked in early 2005,began declining in 2006.
Government policies and the subprime mortgage crisis covers the United States government policies and its impact on the subprime mortgage crisis of 2007-2009. The U.S. subprime mortgage crisis was a set of events and conditions that led to the 2007–2008 financial crisis and subsequent recession. It was characterized by a rise in subprime mortgage delinquencies and foreclosures,and the resulting decline of securities backed by said mortgages. Several major financial institutions collapsed in September 2008,with significant disruption in the flow of credit to businesses and consumers and the onset of a severe global recession.
Elizabeth McCaul has been a member of the European Central Bank's supervisory board since 2019. She previously served as superintendent of banks for New York state,and as the head of the New York State Banking Department. Before that,McCaul held senior executive positions at Promontory Financial Group,an IBM company.
James Joseph Saxon was the 21st Comptroller of the Currency for the United States Department of the Treasury. He was appointed by President John F. Kennedy in 1961.
Michael S. Barr is an American legal scholar who has been serving as second vice chair of the Federal Reserve for supervision since 2022. From 2009 to 2011,he was assistant secretary of the treasury for financial institutions under President Barack Obama. At the University of Michigan,he has been serving as faculty member since 2001,professor of law since 2006,professor of public policy since 2014.
Promontory Financial Group,a wholly owned subsidiary of IBM,is a global consulting firm that advises clients on a variety of financial services matters,including regulatory issues,compliance,risk management,liquidity,restructuring,acquisitions,due diligence,internal investigations and cyber security.
The 2007–2008 financial crisis,or the global financial crisis (GFC),was the most severe worldwide economic crisis since the Great Depression. Predatory lending in the form of subprime mortgages targeting low-income homebuyers,excessive risk-taking by global financial institutions,a continuous buildup of toxic assets within banks,and the bursting of the United States housing bubble culminated in a "perfect storm",which led to the Great Recession.
The Glass–Steagall Act was a part of the 1933 Banking Act. It placed restrictions on activities that commercial banks and investment banks could do. It effectively separated those activities,so the two types of business could not mix,in order to protect consumer's money from speculative use. The Banking Act of 1935 clarified and otherwise amended Glass–Steagall.
Joseph M. Otting is an American businessman and government official. He served as the 31st Comptroller of the Currency from November 27,2017 to May 29,2020.
Live Oak Bank,a subsidiary of Live Oak Bancshares,Inc.,is an American bank. Headquartered in Wilmington,North Carolina,it serves small business owners in all 50 states and was the leading SBA by dollar volume in 2022.
Keith A. Noreika is an American lawyer who specializes in the regulation of financial institutions. He served as Acting Comptroller of the Currency from May 5,2017,to November 27,2017,following the 30th Comptroller of the Currency,Thomas J. Curry,and preceding the 31st Comptroller of the Currency,Joseph Otting. Noreika rejoined the law firm of Simpson Thacher on January 8,2018. He joined Patomak Global Partners as Executive Vice President and Chairman of its Banking Supervision and Regulation Group on July 5,2022.
Brian P. Brooks is an American lawyer,banker,entrepreneur,technologist,and former government official. He served as Acting Comptroller of the Currency from May 29,2020,succeeding the 31st Comptroller of the Currency Joseph Otting,until January 14,2021. Brooks was nominated twice by President Donald Trump for a five-year term as Comptroller of the Currency,once during the 116th Congress,and once in the 117th Congress.
