【導(dǎo)讀】LearningObjectives?funds,pensionfunds,insurancepanies,securitydealers.funds.today.Mutualfunds,orinvestmentpanies,direct. highliquidity.funds,moneymarketfunds,indexfunds,quantitydemanded.sharesissued.Theyoffer“doublediscounts”–discounted. ine.

　　

【正文】 and the firms’ risk management systems) ? capital requirements, and ? market discipline. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 60 The Regulation of Nonbank Thrift Institutions ? Credit Unions ? Chartering: National Credit Union Administration (NCUA) / state ? New branches: No approval required ? Mergers amp。 acquisitions: NCUA / state ? Deposit insurance: NCUA Share Insurance Fund / state ? Supervision: NCUA / state ? Depository Institutions Deregulation and Moary Control Act (1980) ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 61 The Regulation of Nonbank Thrift Institutions ? Savings and Loan Associations ? Chartering: Office of Thrift Supervision (OTS) / state ? New branches: OTS / FDIC / state ? Mergers amp。 acquisitions: OTS / FDIC / state ? Deposit insurance: FDIC / state ? Supervision: OTS / state ? Financial Institutions Reform, Recovery and Enforcement Act (1989) ? FDIC Improvement Act (1991) ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 62 The Regulation of Nonbank Thrift Institutions ? Savings Banks ? Chartering: Office of Thrift Supervision (OTS) / state ? New branches: OTS / state ? Mergers amp。 acquisitions: OTS / FDIC / state ? Deposit insurance: FDIC / state ? Supervision: FDIC / state ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 63 The Regulation of Nonbank Thrift Institutions ? Money Market Funds ? Chartering: Securities and Exchange Commission (SEC) ? New branches: No approval required ? Mergers amp。 acquisitions: No approval required ? Deposit insurance: no government insurance ? Supervision: SEC (selected activities) ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 64 The Regulation of Insurance Companies ? While not quite as heavily regulated as mercial banks, insurance intermediaries face tough regulatory rules that are imposed primarily by state insurance missions. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 65 The Regulation of Pension Funds ? Because pension funds have risen rapidly to hold the bulk of the retirement savings of workers, they are heavily regulated by the courts and government agencies today. ? Employee Retirement Ine Security Act (1974) ?Pension Benefit Guaranty Corporation, or “Penny Benny” (a federal agency) ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 66 The Regulation of Finance Companies ? The bulk of regulation of finance panies is at the state level and focuses principally upon the making of consumer loans. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 67 The Regulation of Investment Companies ? Investment panies or mutual funds are regulated predominantly by the federal government in the . ? Securities and Exchange Commission ? Investment Company and Investment Advisers Acts (1940) ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 68 Trends in The Regulation of Financial Institutions ? Regulation seeks to promote the safety and stability of financial institutions in order to preserve the confidence of the public and avoid institutional failures. ? However, regulation can bee a costly burden that significantly increases the operating costs of financial institutions and limits the cleansing effects of failure and petition. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 69 Trends in The Regulation of Financial Institutions ? Increasingly, ? market discipline is playing a bigger role, ? regulators are cooperating more (because the distinctions between the financial institutions are blurring), ? the focus of regulation is moving away from control over the services offered and geographic expansion to controlling risk taking, and ? there is increasing attention to public disclosure. ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 70 Money and Capital Markets in Cyberspace ? The government missions and agencies that regulate financial institutions have bee increasingly visible on the world wide web: ? ? ? ? ? ? ? ? ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 71 Chapter Review ? The Reasons Behind the Regulation of Financial Institutions ? Do Regulations Benefit or Harm Financial Institutions? ? The Regulation of Commercial Banks ? The Federal Reserve System ? The Comptroller of the Currency ? Federal Deposit Insurance Corporation ? State Banking Commissions ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 72 Chapter Review ? The Regulation of Commercial Banks … continued ? Regulations Controlling the Geographic Expansion of Banks ? Regulation of the Services Banks Can Offer ? The Rise of Disclosure Laws in Banking ? The Growing Importance of Capital Regulation in Banking ? The Unfinished Agenda for Banking Regulation ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 73 Chapter Review ? The Regulation of Nonbank Thrift Institutions ? Credit Unions ? Savings and Loan Associations ? Savings Banks ? Money Market Funds ? The Regulation of Insurance Companies ? The Regulation of Pension Funds ? The Regulation of Finance Companies ? 2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 74 Chapter Review ? The Regulation of Investment Companies ? An Overview of Trends in the Regulation of Financial Institutions