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RegulationoftheBankingSystemandtheFinancialServicesIndustry
2RegulationinBankingTheGlass-SteagallActmadethebankingsectorahighlyregulatedindustryBythe1970s,manybelievedthattheeconomywasoverregulatedledtoaderegulationmovementinmanyindustriesAfterderegulation,someindustriesexperiencedseverestressesandfailuressomeblamedderegulation3RegulationinBankingBythelate1990s,bankshadrecoveredfrompreviousdifficultiesandmaderecordprofitsTheearly2000sprovedtobeamoredifficulttime,butby2004bankshadreboundedfromanydifficulties4WhyRegulate?TherearetwoobjectivesofregulationcompetitionefficiencyThesetwoobjectivesmaybeatoddswithoneanother“freetocompete”“freetofail”5WhyRegulate?Regulationsweredeemednecessarybecausethetrade-offbetweenhighreturnsfornetlendersversussafetyandsoundnessFIsearnhigherreturnsbyassumingmorerisksintheprocessofassessingtheexpectedcostsassociatedwiththeincreasedrisk,theFIwillconsideronlythecoststostockholders,creditors,anddepositorsmayignoreimpactsoneconomyatlarge6EffectsofRegulationRegulationsencouragedspecializationlimitationsonportfolioscompartmentalizedFIsintospecialtiesinsurancecompanieswouldspecializeininsurancebankswouldspecializeinbankingtheselimitationshavefallenandFIshavemovedacrossspecializations1999legislationallowedfullintegrationofbanking,securities,andinsurancefirms7EffectsofRegulationRegulationscanfocusonfinancialproductsorfinancialinstitutionsstocksbonds,andfuturesareregulatedbanks,S&Ls,andinsurancecompaniesareregulatedTheseproductsandinstitutionscanberegulatedbymorethanoneagency8CurrentRegulatoryStructureTheregulatorystructureofthefinancialservicesindustryisinaprocessofongoingchangetheongoingevolutionoftheindustryresultsinnewproductsandservices,technologicalchangesinthedeliveryofservices,andtheglobalizationoffinancialmarketschangesinthesystemalwaysleadtoconcernsabouttheadequacyofregulation9DeregulationintheEarly1980sBanksadaptedtoregulationbydevelopingnewtypesofliabilitiesandcreatingholdingcompaniesAstheseinnovationsweakenedtheeffectivenessofregulations,Congressdecidedtoderegulatethefinancialservicesindustrylandmarklegislationoccurredin1980andagainin198210DeregulationintheEarly1980sDepositoryInstitutionsActandMonetaryControlActof1980(DIDMCA)deregulationRegulationQceilingswerephasedoutassetandliabilitypowersofbanksandthriftswereexpandedmonetarycontrolalldepositoryinstitutionsweresubjecttoreserverequirementsreserverequirementsweretobethesameonparticulardepositsacrossinstitutions11DeregulationintheEarly1980sDepositoryInstitutionsActandMonetaryControlActof1980(DIDMCA)putsomeexplicitpricecompetitionbackintobankingandpermittedcompetitionamongFIsstrengthenedtheeffectivenessoftheregulatoryprocessandexpandedthepowersoftheFed12DeregulationintheEarly1980sGarn-St.GermainDepositoryInstitutionsActof1982
alloweddepositoryinstitutionstooffertwotypesofdepositaccountsdesignedtocompetedirectlywithmoneymarketmutualfundsmoneymarketdepositaccountssuperNOWaccountsthishasledtocompetitionamongandbetweenFIs13InternationalCapitalStandardsUntil1980,bankswerefreetoestablishtheirowncapitalrequirementsIntheearly1980s,regulatorsswitchedtheirfocustostrictercapitalrequirements14InternationalCapitalStandardsIn1988,theU.S.and11othercountriesenteredintotheBaselAccordestablisheduniforminternationalcapitalstandardsforbanksspecifiedtheamountofcapitalthatbanksmustholdrelativetoassets15InternationalCapitalStandardsThestandardwasstricterthanthatimposedonU.S.banksatthetimeandinvolvedrisk-basedcapitalstandardstheamountofcapitalabankwasrequiredtoholdwasbasedonthemeasurableriskinessofitsassetsrelativetoitsliabilitiesmanybankshadtoaltertheirbehaviorasaresultofthisnewstandard16RegulationinResponsetoFinancialCrisisTheFinancialInstitutionsReform,Recovery,andEnforcementAct(FIRREA)wassignedintolawin1989passedinresponsetotheS&Lcrisisofthe1980swasanattempttoincreaseregulationafterthederegulationoftheearly1980s17RegulationinResponsetoFinancialCrisisFinancialInstitutionsReform,Recovery,andEnforcementAct(FIRREA)createdtheSavingsAssociationInsuranceFund(SAIF)whichreplacedFSLICcreatedtheOfficeofThriftSupervision(replacedtheFederalHomeLoanBankBoard)andtheResolutionTrustCorporation(temporary)depositinsurancewasmadeafullfaithandcreditobligationofthefederalgovernment18RegulationinResponsetoFinancialCrisisFinancialInstitutionsReform,Recovery,andEnforcementAct(FIRREA)restrictedtheinvestmentsofS&LsbylimitingcommercialmortgagelendingandphasingoutjunkbondinvestmentsimposedcapitalrequirementsonS&Ls19TighteningUpDepositInsuranceDepositinsuranceleadstomorerisktakingmoralhazardproblemiftheFIlosesfundswhentakinggreaterrisks,thedepositorswillstillgettheirfundsbackCongressrespondedtothisproblembypassingtheFederalDepositInsuranceCorporationImprovementAct(FDICIA)in199120TighteningUpDepositInsuranceFederalDepositInsuranceCorporationImprovementAct(FDICIA)scaledtheinsurancepremiumstotheriskexposureofthebankorthriftlimitedcoverageofregularaccountsto$100,000requiredtheFDICtousetheleastcostlymethodofresolvinganyinsolvencymustcomparethecostsofthepayoffmethodwiththoseofthepurchaseandassumptionmethod21TighteningUpDepositInsuranceFederalDepositInsuranceCorporationImprovementAct(FDICIA)establishedasystemthatratedbanksandthriftsaswell-capitalized,adequatelycapitalized,andundercapitalizedlimitedtheabilityofforeignbankstousecertaincategoriesofdepositsintheU.S.22OutlawingDiscriminatoryLendingPracticesTheoriginalpurposeoftheCommunityReinvestmentActwastwofoldincreasetheavailabilityofcredittoeconomicallydisadvantagedareascorrectallegeddiscriminatorylendingpracticesTheActdidnotgetmuchattentionbecauseitfailedtoprovideameansofenforcementforregulatorstouse23OutlawingDiscriminatoryLendingPracticesBankmergershaveprovidedthatmeansofenforcementindecidingwhetherornottoapproveamerger,thefedassesshowwellthebankismeetingthelendingcriteriaoftheActIn1995,CRAregulationswererevisedmadethemmoreobjectiveandperformance-orientedreducedthecomplianceandreportingcostsforbanks24NationwideBranchingTheInterstateBankingandBranchingEfficiencyAct(IBBEA)of1994eliminatedmostrestrictionsoninterstatebankmergersmadeinterstatebranchingpossibleforthefirsttimesince1927asofJune1997,bankholdingcompanieswereallowedtoconvertmultiplebanksinvariousstatestobranchesofasingleinterstatebank25TheFinalDemiseofGlass-SteagallTheGramm-Leach-BlileyAct(GLBA)waspassedin1999allowscertainbankholdingcompaniestobecertifiedasfinancialholdingcompaniescanengageinabroadarrayoffinancialandnonfinancialactivitiessecuritiesunderwritinganddealing,insuranceagencyandunderwriting,andmerchantbankingotherfinancialactivitiesnonfinancialactivitiesthatarecomplementarytoafinancialactivity26TheFinalDemiseofGlass-SteagallGLBAalsoexpandedpowersofbanksauthorizedtounderwriteandmarketmunicipalrevenuebondsauthorizedtoownorcontrola“financialsubsidiary”ifpriorapprovaloftheOfficeoftheControlleroftheCurrencyisreceivedTheFedwasgiventheultimateresponsibilityforsupervisingfinancialholdingcompanies27TheFinalDemiseofGlass-SteagallTherearetwonewprovisionstotheActtoprotectconsumersATMoperatorsmustpostfeesthatmaybeimposedthereareanumberofnewrequirementsrelatingtothedisclosureoffinancialinformationaboutconsumers28OtherPossibleAreasofReformCriticsremainconcernedaboutthemoralhazardproblemassociatedwithdepositinsurancecouldprivatizedepositinsurancecouldcaporlimitdepositinsurancelowerthe$100,000maximumlimitsystem-widecoverageforanindividualto$100,000makedepositinsuranceoptionalfordepositors29OtherPossibleAreasofReformSomeindividualshavesuggestedconsolidatingandstreamliningtheregulatoryagenciesthepresentsystemcausesduplicationofregulatoryfunctionsandbureaucraticdelaysthepresentsystemiscostlyanddiminishestheeffectivenessandefficiencyofbanksupervision30SummaryofMajorPointsBecausethefailureofadepositoryinstitutionhassystemwiderepercussions,Congresshasenactedlegislationtoregulatethefinancialservicesindustrywiththegoalofavertingsuchafailureasegmentedfinancialservicesindustryresultedinasegmentedregulatorystructure31SummaryofMajorPointsRegulationisbyinstitutionoffinancialproductalldepositoryinstitutionsareregulatedbytheFedwithregardtoreserverequirementsTheFDICalsoregulatedbanksandthriftsthatoptforfederaldepositinsurancemanyotherregulatoryagenciesregulatespecificinstitutionsagenciesalsoregulatespecificfinancialproducts32SummaryofMajorPointsTheDepositoryInstitutionsDeregulationandMonetaryControlActof1980phasedoutRegulationQinterestrateceilingsexpandedtheassetandliabilityoptionsforbanksandthriftsalsoexpandedthepowersoftheFedbyauthorizinguniformanduniversalreserverequirements33SummaryofMajorPointsTheGarn-St.GermainDepositoryInstitutionsActof1982allowedalldepositoryinstitutionstooffermoneymarketdepositaccountsandSuperNOWaccounts34SummaryofMajorPointsTheBaselAccord,anagreementamong12countries,setsuniformcapitalrequirementsforfinancialinstitutionsasaprimaryvehicleofregulationrequirementsarebasedonrisk-adjustedassetsandliabilities35SummaryofMajorPointsTheFinancialInstitutionsReform,Recovery,andEnforcementActof1989attemptedtoresolvetheS&LcrisiscreatedtheOTScreatednewregulationsontheinvestmentsS&LscouldmakeimposedcapitalstandardsonS&Lsmadedepositinsuranceafullfaithandcreditobligationofthefederalgovernment36SummaryofMajorPointsTheFederalDepositInsuranceCorporationImprovementActof1991requiredhigherdepositinsurancepremiumsforbanksorthriftsthatundertakehighlevelsofrisktheFDICwasrequiredto
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