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Consumer protection The next step in bank regulation originated with the consumer protection and social concerns that first became prominent in the 1960s and 1970s. At the federal level, legislation has included Truth in Lending, Equal Credit Opportunity,FREE BANKING BOOKS Fair Housing, Fair Credit Billing, Real Estate Settlement Procedures, Home Mortgage Disclosure, Community Reinvestment, and Truth in Savings.{GOOGLEADS}These laws were created to deal with many different facets of consumer banking services and transactions. The primary objectives behind consumer protection laws have been to ensure that financial customers receive equal treatment, consumer credit and deposit terms are disclosed accurately so the FREE BANKING BOOKS PDF public can understand and compare financial products, and consumers are protected from abusive or deceptive practices. These concerns have been magnified by a very rapid expansion in the use of consumer credit since the 1970s. Not only has there been a vast expansion in the variety of consumer credit instruments and lenders, but such funding has also become available to many segments of the population that previously had little access to credit markets. In addition, other consumer FREE BANKING BOOKS DOWNLOAD PDF laws and regulations have become necessary in order to keep up with recent technological advances that have created new ways of offering services to consumers.

Banking deregulation and other developments Much of the regulatory and legislative change in banking during the late 1970s and early 1980s emphasized a more open, competitive banking environment and a more equal treatment of different types of financial institutions. This emphasis reflected the desire of bankers to take advantage of technological developments, meet the growing competition from other financial FREE BANKING STUDY MATERIALS institutions and from foreign banking organizations, and adapt to a new eco-nomic environment. BANKING BOOKS 2017-2018 Examples of legislation with this and other objectives include:

• The International Banking Act of 1978, which placed foreign and domestic banks on an equal footing in the United States with respect to branching, reserve requirements, and other regulations. The act also increased the ability of U.S. banks to compete in international banking.

• The Financial Institutions Regulatory and Interest Rate Control Act of BANKING STUDY MATERAILS 1978, which was aimed at preventing certain financial abuses, but also increased the ability of regulatory agencies to prevent undue concentrations of bank ownership and management through the Change in Bank Control Act and the Depository Institution Management Interlocks Act.

• The Depository Institutions Deregulation and Monetary Control Act of 1980, which sought to place various financial institutions on a more equal and efficient footing. This act equalized reserve requirements across all insured depository institutions; authorized automatic transfer services (ATS), negotiable orders of withdrawal (NOW), and share draft accounts nationwide; phased out interest ceilings on time and savings deposits; EXAM PREPARATION & TUTORING and broadened the investment and lending powers of savings and loan associations and savings banks. In addition, the act introduced explicit pricing of Federal Reserve services, made these services available to all depository institutions, and opened the Federal Reserve’s credit facilities to any depository institution offering transaction accounts or nonpersonal time accounts.

Bank and thrift industry problems in the 1980s Another focus of regulation and legislation FREE DOWNLOAD FOR PDF during the remainder of the 1980s and the early 1990s was financial problems in the bank and thrift industries. Such problems began with high and fluctuating interest rates in the early 1980s and were magnified further by shortcomings in the thrift supervisory and insurance systems. Also playing a key role were sharp economic declines in the agricultural and energy sectors, many real estate markets, and a number of less developed countries with substantial borrowings from U.S. banks. The most severe problems occurred among thrifts, as numerous thrift insolvencies depleted the federal savings and loan insurance fund and necessitated substantial federal funding. In the banking industry, over 1,000 banks failed or required federal assistance during the 1980s, including several major banking organizations. {GOOGLEADS}These failures, along with the level of FDIC insurance reserves thought necessary to cover future failures, brought the bank insurance fund into a deficit position in the early 1990s. As a result of such problems, much of the banking legislation during this period focused on dealing with troubled institutions and strengthening the regulatory framework. Among the bills with these objectives are: