Depository Institutions Deregulation and Monetary Control Act

Depository Institutions Deregulation and Monetary Control Act

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.

External links

v · d · eFederal Reserve System
Federal Open Market Committee · Chairman of the Federal Reserve · Federal Reserve Bank
Banknotes
Reports
Federal funds
History
Aldrich–Vreeland Act · Federal Reserve Act · Depository Institutions Deregulation and Monetary Control Act · History of central banking in the United States
v · d · eBank regulation in the United States
Fair debt collection
Federal authorities
Major federal legislation
Category (Category)
Federal Reserve Board
regulations
Extensions of Credit by Federal Reserve Banks (Reg A)
Equal Credit Opportunity (Reg B)
Home Mortgage Disclosure (Reg C)
Reserve Requirements for Depository Institutions (Reg D)
Electronic Fund Transfer (Reg E)
Limitations on Interbank Liabilities (Reg F)
International Banking Operations (Reg K)
Consumer Leasing (Reg M)
Loans to Insiders (Reg O)
Privacy of Consumer Financial Information (Reg P)
Prohibition Against the Paying of Interest on Demand Deposits (Reg Q)
Credit by Brokers and Dealers (Reg T)
Credit by Banks and Persons Other Than Brokers or Dealers for the Purpose of Purchasing or Carrying Margin Stock (Reg U)
Transactions Between Member Banks and Their Affiliates (Reg W)
Borrowers of Securities Credit (Reg X)
Truth in Lending (Reg Z)
Unfair or Deceptive Acts or Practices (Reg AA)
Community Reinvestment (Reg BB)
Availability of Funds and Collection of Checks (Reg CC)
Truth in Savings (Reg DD)
Types of bank charter
State authorities
Florida • New York • Oklahoma • Pennsylvania • Tennessee
Terms
Call report • Thrift Financial Report • CAMELS ratings • CAMEL rating system
Other topics



Wikimedia Foundation. 2010.

Игры ⚽ Нужно сделать НИР?

Look at other dictionaries:

  • Depository Institutions Deregulation And Monetary Control Act — (DIDMCA)  1980 federal legislation that drastically changed banking rules, including gradual elimination of interest rate ceilings and restrictions on stock brokerage firms offering checking accounts. Among bankers it is referred to as the “1980… …   American business jargon

  • Depository Institutions Deregulation and Monetary Control Act — The 1980 federal legislation that ended the regulation of the banking industry. Bloomberg Financial Dictionary …   Financial and business terms

  • Depository Institutions Deregulation Committee – DIDC — A six member committee established by the Depository Institutions Deregulation and Monetary Control Act of 1980, which had the primary purpose of phasing out interest rate ceilings on deposit accounts by 1986. The six members of the Committee… …   Investment dictionary

  • Monetary Control Act — Title 1 of a two title act passed in 1980 that represented the first significant reform in the banking industry since the Great Depression. One of the major highlights of the Monetary Control Act was the deregulation of interest rates paid by… …   Investment dictionary

  • Deregulation — Part of a series on Capitalism Concepts …   Wikipedia

  • Monetary Policy Report to the Congress — The Monetary Policy Report to the Congress is a semi annual report prepared by the Board of Governors of the Federal Reserve and presented to the Congress of the United States. The Chairman of the Board of Governors is called on to offer oral… …   Wikipedia

  • Savings and loan crisis — The savings and loan crisis of the 1980s and 1990s (commonly referred to as the S L crisis) was the failure of 747 savings and loan associations (S Ls) in the United States. The ultimate cost of the crisis is estimated to have totaled around… …   Wikipedia

  • Glass-Steagall Act — The Glass Steagall Act of 1933 established the Federal Deposit Insurance Corporation (FDIC) in the United States and included banking reforms, some of which were designed to control speculation. [cite web… …   Wikipedia

  • Savings and loan association — A savings and loan association, also known as a thrift, is a financial institution that specializes in accepting savings deposits and making mortgage loans. The term is mainly used in the United States; similar institutions in the United Kingdom …   Wikipedia

  • Federal Reserve Act — Full title An Act To provide for the establishment of Federal reserve banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for… …   Wikipedia

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”