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For example, a national bank generally must limit its total outstanding loans and credits to any single borrower to no more than 15% of the bank's total capital and surplus. [15] [full citation needed] Some state banking regulations also contain similar lending limits applicable to state-chartered banks. [16]
In 2001, Bank of America became the first bank to top 3 million online banking customers, more than 20% of its customer base. [11] In comparison, larger national institutions, such as Citigroup claimed 2.2 million online relationships globally, while J.P. Morgan Chase estimated it had more than 750,000 online banking customers.
For example, financial institutions that are regulated under the act only include institutions that are "significantly engaged in financial activities." [ 18 ] The act also provides an opt-in rule instead of opt-out which allows consumers more control over the situations in which financial institutions can handle information without consent. [ 18 ]
U.S. banking regulations address privacy, disclosure, fraud prevention, anti-money laundering, anti-terrorism, anti-usury lending, and the promotion of lending to lower-income populations. Some individual cities also enact their own financial regulation laws (for example, defining what constitutes usurious lending). [5]
For example, the United States Code omitted 12 U.S.C. § 92 for decades, apparently because it was thought to have been repealed. In its 1993 ruling in U.S. National Bank of Oregon v. Independent Insurance Agents of America, the Supreme Court ruled that § 92 was still valid law. [14]
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The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector.CFPB's jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, for-profit colleges, and other financial companies operating in the ...
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