Handbook of International Banking
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Handbook of International Banking

Edited by Andrew W. Mullineux and Victor Murinde

The Handbook of International Banking provides a clearly accessible source of reference material, covering the main developments that reveal how the internationalization and globalization of banking have developed over recent decades to the present, and analyses the creation of a new global financial architecture.
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Chapter 21: US Banking Regulation: Practice and Trends

Joseph J. Norton and Christopher D. Olive


Joseph J. Norton and Christopher D. Olive 1 INTRODUCTION The purpose of this chapter is twofold: first to explore briefly a series of selective trends generally impacting upon the shape and face of banking and bank regulation in the United States; and second to focus on three of the more specific and complex bank regulatory trends in the US banking industry as it enters the twenty-first century with respect to bank-HLIs (that is, highly leveraged institutions) relationships, OTC (that is, over-the-counter) derivatives, and banking organization activities following the most recent enactment of the new federal Gramm–Leach–Bliley Modernization Act of 1999 (‘GLBA’) (FRB, 2000). As to the selective general trends, these will be touched upon in Section 2 and will include (i) the consolidation of banking groups and institutions, (ii) the rise of financial conglomerates, (iii) the redefining of ‘banking business’ resulting from the rapid technological and product innovations impacting financial markets and services, (iv) the search for a role for community banking institutions, and (v) the protection of the individual users. Section 3 turns to the specific and more complex bank regulatory trends by reviewing defining regulatory reports issued by the President’s Working Group on Financial Markets (‘Working Group’). The first Working Group Report addressed, among other things, banking organization failures regarding counterparty credit risk management arising from the long-term capital management (LTCM) episode of August–September 1998. The second Working Group Report addressed the OTC derivatives markets, in particular revisions to...

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