This edition incorporates developments in bank and financial
services legislation and regulation that have occurred through June
2021, including the Trump administration's regulatory initiatives
in respect of the Dodd-Frank Act. The sixth edition organizes the
chapters into three thematic Parts to help focus classroom
discussion. Part One surveys the depository bank business model,
the dual banking system, and its layered regulatory structure,
including the role of financial holding companies, bank
subsidiaries, and nonbank affiliates active across financial
markets. The materials emphasize that though the majority of
depository institutions are thrifts, credit unions, and community
banks, consolidation and conglomeration have left the lion's share
of bank assets in the hands of a few large banking organizations
that dominate national and global markets, presenting unique
regulatory challenges. Part Two focuses on prudential supervision
of banks and their holding companies, which reflects the
distinctive demands created by deposit-taking, credit creation, and
liquidity intermediation. Post-crisis reforms have dramatically
changed this aspect of regulation. The materials emphasize the
different ways in which banks finance their activities, including
by accepting insured deposits, borrowing at market rates from
wholesale lenders, using government funds available only to banks,
and raising equity capital from investors. The discussion makes
clear how, in addition to meeting market capital requirements that
apply to all businesses, banks contend with complex regulatory
standards that encourage liquidity, limit leverage, and promote the
ability to absorb unexpected losses. Part Three surveys the range
of specialized financial services performed by banks and their
holding companies beyond their depository functions. The materials
illustrate how banks underwrite debt and equity securities, manage
investment portfolios, advise investors, make markets for financial
products, act as both principal and agent in derivative
transactions (including credit default swaps and interest rate
derivatives such as options, futures, and forwards), and provide
fiduciary services as trustees, including by managing retirement
and collective investment funds, offering custody for financial
assets, and competing with mutual funds. The book pays special
attention to consumer lending -- through mortgage finance,
educational debt, and credit card loans -- an area that has grown
in importance due to the CFPB. To avoid the need for students to
buy additional books, this edition comes with a digital statutory
supplement containing links to relevant statutes and regulations
for each chapter. The supplement also includes an expanded
Student's Guide to banking law statutes and regulations, which lets
students convert the original section numbers of major statutes
into their codified sections in the United States Code.
General
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