Sample Essay

Third, safety and soundness legislation designed to prevent bank failures is unlikely to be dismantled. Indeed, this legislation could be expanded if a rash of bank failures occurred again. There may also be changes in approach if the largely untested remedial legislation of the 1990s – depositor preference and prompt corrective action – prove counterproductive when tested.

Fourth, US banks will continue to be subject to a legislative regime that has certain quasi-utility aspects relating to service to communities. The Community Reinvestment Act is unlikely to be dismantled. A particular legislative focus will be protection of the privacy of bank customers’ financial dealings and condition.

Fifth, even though the present technology/information revolution is likely to have a more far-reaching impact on mankind than the industrial revolution, it is questionable whether US banking law will be able to change with sufficient rapidity to accommodate adequately this modern business revolution. A banking law that was developed in part to serve the horse-and– buggy era and in part to serve the automobile age is inadequate for the computer age. Nonetheless, the legislative approach in the US has been consistently reactive rather than proactive, merely codifying market developments.

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