Statement no.107 federal displacement of state laws: Fair Credit Reporting and interstate branching
- Publisher
- Springer
- Year
- 1996
- Tongue
- English
- Weight
- 74 KB
- Volume
- 10
- Category
- Article
- ISSN
- 0920-8550
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✦ Synopsis
Financial services in the United States are increasing being offered on an integrated national scale. This is a result of both technological and economic changes. This trend raises conflicts between federal and state regulation. The Shadow Financial Regulatory Committee is concerned that local regulations could impede the efficient delivery of some financial services. In some cases, state and local laws should be replaced by federal law.
Recent developments have made this a matter of current concern in two matters currently before the Congress: amendments to the Fair Credit Reporting Act, and interstate branching.
Committee's Policy Statement 63 (December 10, 1990). The likelihood of imminent interstate branching calls for a reassessment of existing law with respect to the application of state law and regulation to the branches of out-of-state banks. Examples of such state laws relate to loan collateralization, usury ceilings, powers, community reinvestment, and taxation.