Banking Laws

This Committee offers attorneys of diverse professional backgrounds opportunities to educate themselves and update their knowledge, as well as to exchange ideas and discuss issues regarding the representation of financial institutions. The Committee also provides it members a unique opportunity to interact with regulators through discussions at Committee meetings and programs, by developing positions on pending regulatory proposals and through participation in the Committee's courses which involve the regulators as faculty and as students. Most importantly, the Committee provides a network of attorneys across the professional spectrum with whom to interact professionally. The Committee consists of subcommittees and task forces that incorporate a range of financial and regulatory law disciplines: mergers and acquisitions, loan workouts, all types of lending, retail banking, insurance services, capital markets activities, trust and investment services, payments services and electronic banking. There are subcommittees dealing with the issues of specific segments of the financial services industry: financial and bank holding companies, savings institutions, community banks. Finally, there are subcommittees and task forces dealing with major issues in financial institutions, including regulatory restructuring, compliance and examination, privacy, enforcement issues, international matters, legislation and troubled banks.

Regulation A -- relates to extensions of credit by Federal Reserve Banks to depository institutions and others. It establishes rules under which Federal Reserve Banks may extend credit to depository institutions and others.

Regulation B -- prohibits creditor practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract); to the fact that all or part of the applicant's income derives from a public assistance program; or to the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The regulation also requires creditors to notify applicants of action taken on their applications; to report credit history in the names of both spouses on an account; to retain records of credit applications; to collect information about the applicant's race and other personal characteristics in applications for certain dwelling-related loans; and to provide applicants with copies of appraisal reports used in connection with credit transactions.

Regulation C -- implements the Home Mortgage Disclosure Act, which is intended to provide the public with loan data that can be used to help determine whether financial institutions are serving the housing needs of their communities; to assist public officials in distributing public-sector investments so as to attract private investment to areas where it is needed; and to assist in identifying possible discriminatory lending patterns and enforcing antidiscrimination statutes. Requires certain lenders to complete Loan Application Registers to track home purchase loans, home improvement loans and refinancings.

Regulation D -- relates to reserves that depository institutions are required to maintain. It also provides guidance on NOW account eligibility, MMDA and savings account transfer restrictions, and early withdrawal penalties.

Regulation E -- protects individual consumers engaging in electronic fund transfers and.carries out the purposes of the Electronic Fund Transfer Act, which establishes the basic rights, liabilities, and responsibilities of EFT consumers of financial institutions that offer these services.