The report, requested by current and former Republican members of the House of Representatives' House Financial Services Committee, was intended to review the financial regulatory structure and any related impacts of fragmentation or overlap, and to provide suggestions to Congress to alleviate certain fragmentation and overlap by federal agencies overseeing depository institutions
, among others.
(1) IN GENERAL--Except as provided in paragraph (2), and subject to the recommendations and modifications of the Council under subsection (g), the appropriate Federal banking agencies shall, through a rulemaking under subsection (g), jointly prohibit an insured depository institution
, a company that controls, directly or indirectly, an insured depository institution
or is treated as a bank holding company for purposes of the Bank Holding Company Act of 1956 (12 U.S.C.
In contrast, the total number of offices of FDIC-insured depository institutions
increased almost 20 percent, from 80,958 in 1995 to 97,261 in 2007.
Also, the act's increased flexibility in setting reserve requirements would allow the Federal Reserve to reduce the regulatory burden on depository institutions
The depository institution
may not extend credit on the condition that the consumer buy an insurance product or annuity from that institution or any of its affiliates.
A nonmember depository institution
may have a separate clearing balance deposit account of a Federal Reserve Bank if it satisfies its required reserves via a pass-through contract with another eligible depository institution
* Maintaining the Federal Reserve Board's authority to impose consolidated capital standards as a safeguard on bank holding companies whose subsidiary insured depository institutions
constitute their principal business.
Associated operates the third largest depository institution
in the market, controlling deposits of $141.1 million, which represent approximately 8.7 percent of market deposits.
As of the reporting date, the depository institutions
have little or no information about recent loss events.
From the end of 1985 to 2001, the number of federally insured depository institutions
' offices (the sum of banking offices and savings institution offices) increased slightly from 82,417 to 86,516.
(9) The Board has carefully reviewed the competitive effects of the proposal in this banking market in light of all the facts of record, including the number of competitors that would remain in the market, the relative shares of total deposits in depository institutions
in the market ("market deposits") controlled by Citizens Bank and First National Bank, (10) the concentration level of market deposits and the increase in this level as measured by the Herfindahl-Hirschman Index ("HHI") under the Department of Justice Merger Guidelines ("DOJ Guidelines"), (11) and other characteristics of the market.
The Federal Reserve Board approved on February 28, 2005, the Federal Reserve Banks' proposal to stop providing services to depository institutions
for the collection and processing of definitive municipal securities.
These three components are: Risk Management (R); Financial Condition (F); and potential Impact (I) of the parent company and nondepository subsidiaries on the subsidiary depository institutions
. A fourth rating, Depository Institution
(D), mirrors the primary regulator's assessment of the subsidiary depository institutions
As provided in the CRA, the Board has evaluated the convenience and needs factor in light of examination by the appropriate federal supervisor of the CRA performance record of the relevant insured depository institution
. An institution's most recent CRA performance evaluation is a particularly important consideration in the applications process because it represents a detailed, on-site evaluation of the institution's overall record of performance under the CRA by its appropriate federal supervisor.