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 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. 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.
Title 12 of the United States Code outlines the role of Banks and Banking in the United States Code.
QBE Insurance Group Limited is an Australian multinational general insurance and reinsurance company headquartered in Sydney,Australia. The company employs around 12,500 people in over 27 countries. Across its operations,QBE offers commercial,personal and specialty products and risk management products.
The American subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the 2007–2008 global financial crisis. The crisis led to a severe economic recession,with millions of people losing their jobs and many businesses going bankrupt. The U.S. government intervened with a series of measures to stabilize the financial system,including the Troubled Asset Relief Program (TARP) and the American Recovery and Reinvestment Act (ARRA).
Eric R. Dinallo is a partner and chair of the insurance regulatory practice at Debevoise &Plimpton LLP and a member of the firm's Financial Institutions and White Collar &Regulatory Defense Groups. Formerly Executive Vice President,Chief Legal Counsel at The Guardian Life Insurance Company of America,Inc. Formerly Superintendent of Insurance for New York State,he was nominated by Governor Eliot Spitzer and confirmed by the New York State Senate on April 18,2007,as the 39th Superintendent of the New York State Insurance Department. On May 28,2009,he announced his resignation and subsequently left state government service to become a visiting professor at New York University's Stern School of Business. On August 24,2009,Dinallo announced that he was preparing for a possible campaign for the elected office of New York State Attorney General. He was defeated in the primary on September 14,2010,by Eric T. Schneiderman,who went on to win the office in the general election.
Regulatory responses to the subprime crisis addresses various actions taken by governments around the world to address the effects of the subprime mortgage crisis.
The New York State Banking Department was created by the New York Legislature on April 15,1851,with a chief officer to be known as the Superintendent. The New York State Banking Department was the oldest bank regulatory agency in the United States.
Elizabeth McCaul is a member of the ECB Supervisory Board. McCaul previously served as Superintendent of Banks for the State of New York,the head of the New York State Banking Department and held several senior executive positions at Promontory Financial Group,an IBM company. She founded the New York office of the strategy,risk management,and compliance consulting firm,and most recently served as global head of strategy for Promontory and interim chair of Promontory Financial Group Europe.
The Subprime mortgage crisis solutions debate discusses various actions and proposals by economists,government officials,journalists,and business leaders to address the subprime mortgage crisis and broader 2007–2008 financial crisis.
The 2010 United States foreclosure crisis,sometimes referred to as Foreclosure-gate or Foreclosuregate,refers to a widespread epidemic of improper foreclosures initiated by large banks and other lenders. The foreclosure crisis was extensively covered by news outlets beginning in October 2010,and several large banks—including Bank of America,JP Morgan,Wells Fargo,and Citigroup—responded by halting their foreclosure proceedings temporarily in some or all states. The foreclosure crisis caused significant investor fear in the U.S. A 2014 study published in the American Journal of Public Health linked the foreclosure crisis to an increase in suicide rates.
Mark Anthony Calabria was the Director of the Federal Housing Finance Agency (FHFA). He was formerly the chief economist for Vice President Mike Pence. President Biden removed him from the FHFA on June 23,2021,following the Supreme Court decision in Collins v. Yellen.
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 Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector. CFPB's jurisdiction includes banks,credit unions,securities firms,payday lenders,mortgage-servicing operations,foreclosure relief services,debt collectors,and other financial companies operating in the United States. Since its founding,the CFPB has used technology tools to monitor how financial entities used social media and algorithms to target consumers.
The New York State Department of Financial Services is the department of the New York state government responsible for regulating financial services and products,including those subject to the New York insurance,banking and financial services laws.
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.
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.
The Dodd–Frank Wall Street Reform and Consumer Protection Act was created as a response to the financial crisis in 2007. Passed in 2010,the act contains a great number of provisions,taking over 848 pages. It targets the sectors of the financial system that were believed to be responsible for the financial crisis,including banks,mortgage lenders,and credit rating agencies. Ostensibly aimed at reducing the instability that led to the crash,the act has the power to force these institutions to reduce their risk and increase their reserve capital.
