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The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was created by the Banking Act of 1933, enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation, and bank runs were common. The insurance limit was initially US$2,500 per ownership category, and this has been increased several times over the years. Since the enactment of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010, the FDIC insures deposits in member banks up to $250,000 per ownership category. FDIC insurance is backed by the full faith and credit of the government of the United States, and according to the FDIC, "since its start in 1933 no depositor has ever lost a penny of FDIC-insured funds".
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.
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.
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The Swaps Regulatory Improvement Act is a bill that would amend the Dodd–Frank Wall Street Reform and Consumer Protection Act. The Swaps Regulatory Improvement Act would improve the ability of banks to use swaps as a tool for hedging risk. If Dodd-Frank is not amended, non-bank institutions will have to do many of the swap trades instead. H.R. 992 passed the House during the 113th United States Congress.
The H.R. 3329 is a bill that would direct the Federal Reserve to revise certain regulations related to small bank holding companies (BHCs). Current regulations allow BHCs with assets of less than $500 million that satisfy other tests to incur higher amounts of debt than larger institutions in order to acquire other banks. H.R. 3329 would apply the less-stringent standard to more BHCs by raising the asset limit to $1 billion, and the bill would also allow savings and loan holding companies to qualify.
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.
References
- ↑ Joe Rauch. UPDATE 1-Senator blasts Visa, MasterCard on antitrust fears Reuters. May 27, 2010. Accessed May 29, 2010.
- ↑ Sewell Chan. Now On Deck: Financial Regulatory Reform The New York Times. March 20, 2010. Accessed May 29, 2010.
- ↑ "Banking magazine ranks Alpine Bank in top 20," Steamboat Pilot News, 29 June, 2008
- ↑ "Small banks spent $820K lobbying in 1Q," Associated Press/Forbes, 17 June, 2008 [ dead link ]
- ↑ "ICBA". Bloomberg News . Retrieved June 16, 2019.
- ↑ Victoria McGrane. Credit unions, banks join forces for now Politico. July 10, 2008. Accessed May 29, 2010.
- ↑ Daniel Wagner, Stevenson Jacobs. New financial rules might not prevent next crisis Associated Press. May 23, 2010. Accessed May 29, 2010.
- 1 2 Fine, Camden R. (8 November 2013). "ICBA Letter of Support for H.R. 3329" (PDF). Independent Community Bankers of America. Archived from the original (PDF) on 6 May 2014. Retrieved 6 May 2014.
- 1 2 3 "CBO - H.R. 3329". Congressional Budget Office. 21 February 2014. Retrieved 4 May 2014.
- ↑ Cristina Marcos; Ramsey Cox (6 May 2014). "Tuesday: House reforms Dodd-Frank, Senate debates energy bill". The Hill. Retrieved 6 May 2014.