Depository Institutions Deregulation and Monetary Control Act: Difference between revisions

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This provision is correct but I do not have the citation. I know this from my CTP certification and the book, Essentials of Treasury Mangement by the AFP.
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* It allowed [[credit union]]s and [[savings and loan]]s to offer [[checkable deposit]]s.
* It allowed [[credit union]]s and [[savings and loan]]s to offer [[checkable deposit]]s.
* Allowed institutions to charge any interest rates they choose.<ref name="Minton">Michelle Minton, [http://cei.org/cei_files/fm/active/0/Michelle%20Minton%20-%20CRA%20-%20FINAL_WEB.pdf The Community Reinvestment Act’s Harmful Legacy, How It Hampers Access to Credit], [[Competitive Enterprise Institute]], No. 132, March 20, 2008.</ref><ref name="Atlas Dreier">John Atlas and Peter Dreier, [http://www.prospect.org/cs/articles?article=the_conservative_origins_of_the_subprime_mortgage_crisis The Conservative Origins of the Sub-Prime Mortgage Crisis], [[The American Prospect]], December 18, 2007.</ref>
* Allowed institutions to charge any interest rates they choose.<ref name="Minton">Michelle Minton, [http://cei.org/cei_files/fm/active/0/Michelle%20Minton%20-%20CRA%20-%20FINAL_WEB.pdf The Community Reinvestment Act’s Harmful Legacy, How It Hampers Access to Credit], [[Competitive Enterprise Institute]], No. 132, March 20, 2008.</ref><ref name="Atlas Dreier">John Atlas and Peter Dreier, [http://www.prospect.org/cs/articles?article=the_conservative_origins_of_the_subprime_mortgage_crisis The Conservative Origins of the Sub-Prime Mortgage Crisis], [[The American Prospect]], December 18, 2007.</ref>
* Required banks be charged Fed Float for use of funds received before clearing between depository institutions.


==References==
==References==

Revision as of 19:19, 12 August 2010

The Depository Institutions Deregulation and Monetary Control Act, a United States federal financial statute law passed in 1980, gave the Federal Reserve greater control over non-member banks.

  • It forced all banks to abide by the Fed's rules.
  • It allowed banks to merge.
  • It removed the power of the Federal Reserve Board of Governors under the Glass-Steagall Act and Regulation Q to set the interest rates of savings accounts.
  • It raised the deposit insurance of US banks and credit unions from $40,000 to $100,000.
  • It allowed credit unions and savings and loans to offer checkable deposits.
  • Allowed institutions to charge any interest rates they choose.[1][2]
  • Required banks be charged Fed Float for use of funds received before clearing between depository institutions.

References

  1. ^ Michelle Minton, The Community Reinvestment Act’s Harmful Legacy, How It Hampers Access to Credit, Competitive Enterprise Institute, No. 132, March 20, 2008.
  2. ^ John Atlas and Peter Dreier, The Conservative Origins of the Sub-Prime Mortgage Crisis, The American Prospect, December 18, 2007.

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