The Financial Institutions Emergency Acquisitions Amendments of 1986: Hearings Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, Ninety-ninth Congress, Second Session, on S. 2372 ... May 13 and 14, 1986U.S. Government Printing Office, 1986 - 204 pages |
Other editions - View all
Common terms and phrases
affiliates agencies assets authority bank failures bank holding company bank or banks bank regulators bank supervisor bank's banking and commerce banking laws banking system banks in danger believe bidders bill capital Chairman charter close the nonbank Coldwell Banker commercial banks Committee concerns Congress consumer banks Corporation danger of closing deal depositors discount window DOYLE eligible emergency acquisition expand failing bank failing institution federal bank Federal Deposit Insurance Federal Reserve Board Federal Reserve System full-service banks Garn Garn-St Germain Act Glass-Steagall Act Holding Company Act IBAA insurance fund interstate banking intrastate involved Jake Garn Kenmore appliances limited loans MALARKEY merger metropolitan statistical areas million National Bank nonbank bank loophole out-of-state acquirer out-of-State bank payments system permit potential problem purchase regulatory Sears Savings Bank SEIDMAN Senator GORTON Senator GRAMM Senator PROXMIRE subparagraph subsidiaries sunset provision threshold thrifts tion transactions troubled bank troubled institutions VOLCKER
Popular passages
Page 165 - To exercise by its board of directors, or duly authorized officers or agents, subject to law, all such incidental powers as shall be necessary to carry on the business of banking; by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt...
Page 122 - System, be assessed against such bank and, when so assessed, shall be paid by such bank. In the event of the refusal to give any information requested in the course of the examination of any such affiliate, or in the event of the refusal to permit such examination, or in the event of the refusal to pay any expense so assessed, the...
Page 165 - The object of the restrictions was obviously threefold. It was to keep the capital of the banks flowing in the daily channels of commerce ; to deter them from embarking in hazardous real estate speculations, and to prevent the accumulation of large masses of such property in their hands, to be held, as it were, in mortmain.
Page 174 - authority is given in the act to transact such a banking business as is specified, and all incidental powers necessary to carry it on are granted. These powers are such as are required to meet all...
Page 168 - Left unchecked, the trend toward the combining of banking and business could lead to the formation of a relatively small number of power centers dominating the American economy. This must not be permitted to happen; it would be bad for banking, bad for business, and bad for borrowers and consumers. The strength of our economic system is rooted in diversity and free competition; the strength of our banking system depends largely on its independence. Banking must not dominate commerce or be dominated...
Page 122 - Board made pursuant thereto, it shall be within the power of the board after hearing to require such bank to surrender its stock in the Federal reserve bank and to forfeit all rights and privileges of membership. The Federal Reserve Board may restore membership upon due proof of compliance with the conditions imposed by this section.
Page 167 - Such a combination involves the lending of depositors' money, whereas other types of business enterprise, not connected with banking, do not involve this element of trusteeship.
Page 173 - Report of the Joint Committee of the Senate and Assembly of the State of New York, appointed to investigate the affairs of Life Insurance Companies.
Page 167 - It is not the committee's contention that bank holding companies are evil of themselves. However, because of the importance of the banking system to the national economy, adequate safeguards should be provided against undue concentration of control of banking activities. The dangers accompanying monopoly in this field are Earticularly undesirable in view of the significant part played by anking hi our present national economy.
Page 107 - In determining whether a particular activity is a proper incident to banking or managing or controlling banks the Board shall consider whether its performance by an affiliate of a holding company can reasonably be expected to produce benefits to the public, such as greater convenience, increased competition, or gains in efficiency, that outweigh possible adverse effects, such as undue concentration of resources, decreased or unfair competition, conflicts of interests, or unsound banking practices.