Download or read book The Economic Impact of Eliminating Preemption of State Consumer Protection Laws written by Joseph R. Mason and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In July 2009, the Obama Administration proposed legislation that would create a Consumer Financial Protection Agency. Among other items, the proposed legislation would eliminate federal preemption of state consumer protection laws, which would encourage states to reintroduce a scattering of local rules and regulations. The legislation is an outgrowth of a recent - though largely non-economic - literature linking preemption to all that ails the U.S. banking industry, including the subprime mortgage crisis. Since the National Bank Act of 1864, U.S. banks and their customers have benefited enormously from the preemption of state and local rules. Uniform, national regulatory standards have allowed banks to issue a consistent set of terms for mortgages, credit cards, and business loans. Literature focusing on the politics of preemption, rather than on the economic effects, largely misses the efficiency gains from standardizing regulatory policy. By encouraging competition between banks, uniform standards lead to lower costs of credit and greater capital availability. In this paper, we examine from an economic perspective why uniform national standards were originally needed in the U.S. banking industry, and continue to be so. The most significant preemption decisions made by the Office of the Comptroller of the Currency over the last two decades have enhanced competition among banks and thwarted price controls, increasing overall economic efficiency. Preemption has been used to open markets, expand access to banking services such as ATMs, democratize credit, and simplify regulatory compliance. Accordingly, placing barriers to preemption would raise bank operating costs and restrict bank operations, hurt customers, and suppress economic growth.

Download or read book Managing Risk in the Financial System written by John Raymond LaBrosse and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 529 pages. Available in PDF, EPUB and Kindle. Book excerpt: Incisive, authoritative and thoughtful, this important and timely collection of papers exploring the unresolved issues left by the recent global financial turmoil, will undoubtedly shape the policy responses to come. Interdisciplinary in approach and wide-ranging in jurisdictional scope, it draws together influential commentators, practitioners and regulators, to create a new milestone in the search for the fundamentals of a more stable global financial system.? - Eva Lomnicka, King?s College London, UK ?This book contains a large number of chapters, nearly 30 in all, by acknowledged experts on various aspects of the recent financial crisis. Whichever aspect of this crisis that may interest you, such as bank taxes, deposit insurance, TBTF and how to respond, cross-border issues, and many, many others, you will find chapters that are both authoritative and stimulating in this collection. The editors are to be congratulated not only in their selection of authors but also in the speed with which they have taken them from conference presentation to book chapter.? - Charles Goodhart, London School of Economics, UK Managing Risk in the Financial System makes important and timely contributions to our knowledge and understanding of banking law, financial institution restructuring and related considerations, through the production of an innovative, international and interdisciplinary set of contributions which link law and policy issues surrounding systemic risk and crisis management. The recent financial crisis has exposed both the banking industry and financial system safety net players in many countries to a considerable level of distress as well as economic and reputational damage. These circumstances have heightened the need for policymakers to consider remedial measures under a broad umbrella that encompass inter alia prompt corrective actions, early closure of distressed entities, deposit insurance, bail-outs, state-aid, bank resolution and restructuring techniques. These essays provide an important contribution to research in this area, at a crucial time in the debate around the future financial industry. Contributors

Download or read book Plastic Capitalism written by Sean H. Vanatta and published by Yale University Press. This book was released on 2024-05-21 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: How bankers created the modern consumer credit economy and destroyed financial stability in the process American households are awash in expensive credit card debt. But where did all this debt come from? In this history of the rise of postwar American finance, Sean H. Vanatta shows how bankers created our credit card economy and, with it, the indebted nation we know today. America's consumer debt machine was not inevitable. In the years after World War II, state and federal regulations ensured that many Americans enjoyed safe banks and inexpensive credit. Bankers, though, grew restless amid restrictive rules that made profits scarce. They experimented with new services and new technologies. They settled on credit cards, and in the 1960s mailed out reams of high-interest plastic to build a debt industry from scratch. In the 1960s and '70s consumers fought back, using federal and state policy to make credit cards safer and more affordable. But bankers found ways to work around local rules. Beginning in 1980, Citibank and its peers relocated their card plans to South Dakota and Delaware, states with the weakest consumer regulations, creating "on-shore" financial havens and drawing consumers into an exploitative credit economy over which they had little control. We live in the world these bankers made.

Download or read book Complying with the telemarketing sales rule written by and published by . This book was released on 2004 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Report on Personnel Management written by President's Private Sector Survey on Cost Control (U.S.) and published by . This book was released on 1983 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Federal Credit Union Act written by and published by . This book was released on 1980 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Federal Preemption of State Usury Ceilings written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Consumer Affairs and Coinage and published by . This book was released on 1982 with total page 764 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Review of the National Bank Preemption Rules written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2005 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Regulatory Restructuring written by United States. Congress. House. Committee on Financial Services and published by . This book was released on 2009 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Credit Deregulation and Availability Act of 1981 written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Financial Institutions and published by . This book was released on 1981 with total page 748 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Riegle Community Development and Regulatory Improvement Act of 1994 written by United States and published by . This book was released on 1994 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Regulation Q and Related Measures written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Financial Institutions Supervision, Regulation and Insurance and published by . This book was released on 1980 with total page 1026 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Interstate Banking and Insurance Activities of National Banks written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 1994 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Gramm Leach Bliley Act written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 1999 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Reauthorization of the Commodity Futures Trading Commission written by United States. Congress. Senate. Committee on Agriculture, Nutrition, and Forestry. Subcommittee on Agricultural Research and General Legislation and published by . This book was released on 1978 with total page 1598 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Nutrition Labeling and Information written by United States. Congress. Senate. Committee on Agriculture, Nutrition, and Forestry. Subcommittee on Nutrition and published by . This book was released on 1978 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Nutrition education in medical schools written by United States. Congress. Senate. Committee on Agriculture, Nutrition, and Forestry. Subcommittee on Nutrition and published by . This book was released on 1978 with total page 550 pages. Available in PDF, EPUB and Kindle. Book excerpt: