Download or read book Industrial Loan Companies banks and the Separation of Banking and Commerce written by William D. Jackson and published by . This book was released on 2005 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Industrial Loan Companies Banks and the Separation of Banking and Commerce written by and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Industrial Loan Companies (ILCs) are state-chartered and state-regulated depository institutions. The Federal Deposit Insurance Corporation (FDIC) may insure them. Their owners include nonfinancial companies that cannot own ("hold" stock of) a bank under the Bank Holding Company Act (i.e., to be a bank or financial holding company). Their primary federal regulator is not the Federal Reserve, which regulates bank holding companies, but the FDIC. While prominent large ILCs include subsidiaries of securities firms, their owners also include automotive and retailing companies. The ILC form reflects a persistent tendency to combine the financing of a business with its operations, standard in many countries, especially Germany and Japan, but in disfavor in America. ILCs, therefore, have developed against a long U.S. two-way tradition of the separation of banking and commerce. (1) Ownership interests that nonfinancial firms may have in banks are generally 25% or less. (2) Banks may generally hold only nominal amounts of corporate stock. ILCs evoke two major policy concerns. First, should Congress grant ILCs powers that would allow them to be nationwide banks while in competition with community banks? Second, could the combination of state and FDIC regulation provide oversight comparable to that for nationwide banks, especially for bank holding companies? The interest shown by Wal-Mart in controlling an ILC with nationwide potential has heightened interest in these issues. The 108th Congress considered these issues in two bills that passed the House. H.R. 758 would have allowed ILCs to provide business checking accounts, while H.R. 1375 would have allowed ILCs to open branches nationwide. These measures could have transformed ILCs into a parallel banking system regulated primarily by a few states, growing into large institutions with commercial ownership. In 2005, Wal-Mart announced that it was again applying for an ILC charter. (DaimlerChrysler did likewise later in the year). In the 109th Congress, H.R. 1224, allowing business checking accounts, passed the House on May 24, 2005, in a way preventing ILCs owned by nonfinancial businesses from becoming more bank-like. H.R. 3882 independently seeks to make any company that controls an ILC become a financial holding company (as defined above.).The House Financial Services Committee voted out H.R. 3505, a regulatory relief measure, on November 16. This bill would restrict ILCs from opening branches on an interstate, national, basis. This report analyzes the controversy by: (1) providing a historical overview of the separation of banking and commerce; (2) examining the nature of ILCs and their regulation; and (3) identifying and analyzing the relevant legislation in Congress. This report will be updated as events warrant.
Download or read book Industrial Loan Companies banks and the Separation of Banking and Commerce written by N. Eric Weiss and published by . This book was released on 2006 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Examining the Regulation and Supervision of Industrial Loan Companies written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2010 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book H R 698 written by United States. Congress. House. Committee on Financial Services and published by . This book was released on 2007 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Financial Services Revolution written by Catherine England and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Chapter 5, William Shughart also considers the part that politics played in banking legislation during the 1930s, but he looks at the banking legislation passed in the United States. Shughart draws par ticular attention to the provisions in the Banking Act of 1933 that required the separation of commercial and investment banking activ ities. Applying a public choice analysis, Shughart asks who gained from the provisions, and he concludes that the commercial banking industry, the investment banking industry, and the U. S. Treasury Department can all be said to have benefited in the years immedi ately following the passage of the act. Richard Timberlake, in his comment, extends Shughart's analysis to show how the federal gov ernment manipulated the monetary policy of the 1930s for its own benefit. The history of the regulation of the savings and loan industry is the subject of Chapter 6. James Barth and Martin Regalia examine the way in which regulation of the industry has evolved since the first savings and loan was established in the 1830s. They conclude that the stated purpose of regulation appears to have changed, even while the regulations themselves often have not. Barth and Regalia provide some important insights into the contribution of thrift regu lation to the current problems facing the indusb-y as well as some suggestions about the direction reform should-and should not take.
Download or read book Industrial Loan Corporations written by Richard J. Hillman and published by DIANE Publishing. This book was released on 2006-02 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Separation of Commercial and Investment Banking written by George J. Benston and published by Springer. This book was released on 1990-06-18 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: The latest in a series of studies in banking and international finance. This book deals with all aspects of the Glass-Steagall Act, and the relationship between the commercial banks and the investment banks.
Download or read book Industrial Loan Corporations recent asset growth and commercial interest highlight differences in regulatory authority report to the Honorable James A Leach House of Representatives written by and published by DIANE Publishing. This book was released on with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Separation of Banking and Commerce in the United States written by Bernard Shull and published by . This book was released on 1999 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book ILC s a Review of Charter Ownership and Supervision Issues written by United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit and published by . This book was released on 2007 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Structure and regulation of financial firms and holding companies written by United States. Congress. House. Committee on Government Operations. Commerce, Consumer, and Monetary Affairs Subcommittee and published by . This book was released on 1986 with total page 616 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Morris Plan of Industrial Banking written by Peter W. Herzog and published by . This book was released on 1928 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book ILC sa review of charter ownership and supervision issues hearing written by and published by DIANE Publishing. This book was released on with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Structure and Regulation of Financial Firms and Holding Companies December 17 and 18 1986 written by United States. Congress. House. Committee on Government Operations. Commerce, Consumer, and Monetary Affairs Subcommittee and published by . This book was released on 1987 with total page 616 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book American Commercial Banking Structure and Small Business Lending written by Donald T. Savage and published by . This book was released on 1981 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Industrial Loan Companies written by Apanard Angkinand and published by . This book was released on 2012 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt:
