Advanced search Help
Searching for terms: EXACT: "Perkins, David W." in: author
Clear all search criteria
Only 2/3! You are seeing results from the Public Collection, not the complete Full Collection. Sign in to search everything (see eligibility).
-
Libra: A Facebook-led Cryptocurrency Initiative [October 21, 2019]
From the Document: "On June 18, 2019, Facebook announced that, with 28 other members, it had founded the 'Libra Association', which planned to launch a new cryptocurrency, called 'Libra'. The association released a white paper that outlined the characteristics of Libra and described its goal of creating a cryptocurrency that would overcome some of the challenges faced by other cryptocurrencies and deliver the possible benefits of the technology on a large scale. President Trump and Treasury Secretary Mnuchin raised concerns about the Libra project, as did several Members of Congress during Senate Banking Committee and House Financial Services hearings, although some Members were more welcoming of efforts to advance financial innovation. The House Financial Services Committee majority has drafted legislation that would effectively block the Libra project. Internationally, the G-7 finance ministers and central bank governors agreed that Libra raises 'serious regulatory and systemic concerns, as well as wider policy issues, which both need to be addressed before such projects can be implemented.' Subsequently and reportedly in part due to the level of official scrutiny of the project, several prominent members, such as eBay, Mastercard, PayPal, and Visa, withdrew from the Libra Association."
Library of Congress. Congressional Research Service
Perkins, David W.; Nelson, Rebecca M.
2019-10-21
-
U.S. Payment System Policy Issues: Faster Payments and Innovation [September 23, 2019]
From the Document: "This report examines technological innovation in payment systems generally and particular policy issues as a result of retail (i.e., point of sale) payment innovation. The report also discusses wholesale payment, clearing, and settlement systems that send payment messages between banks and transfer funds, including the 'real-time payments' service being introduced by the Federal Reserve. This report includes an Appendix that describes interbank payment, clearing, and settlement systems related to U.S. payments."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Perkins, David W.; Labonte, Marc
2019-09-23
-
Over the Line: Asset Thresholds in Bank Regulation [May 3, 2021]
From the Introduction: "This report provides an overview of asset thresholds that determine the regulatory treatment of banks. It begins with a background on the rationale and costs of bank regulation tailoring generally and then examines the strengths and weaknesses of a system that uses asset thresholds as the predominant tailoring criteria. It then describes a number of specific thresholds and the changes in regulatory treatment that occur when banks cross them. The report concludes with an outlook of how market forces and trends are affecting bank asset size."
Library of Congress. Congressional Research Service
Labonte, Marc; Perkins, David W.; Hoskins, Sean M.
2021-05-03
-
Third Treasury Report on Regulatory Relief: Asset Management and Insurance [November 30, 2017]
"On October 26, 2017, the Department of the Treasury issued a report, 'A Financial System That Creates Economic Opportunities: Asset Management and Insurance,' which examines the regulation of those industries. It is the third in a series of reports written in accordance with Executive Order 13772 issued by President Donald Trump on February 3, 2017, which directs the Secretary of the Treasury to report on how the financial system is regulated and how regulation could be improved. The report examines asset management and insurance and makes recommendations for changes to how they are regulated. The recommendations are generally aimed at providing regulatory relief and achieving certain stated goals: appropriately addressing systemic risk and firm solvency, increasing the efficiency of regulation, appropriately engaging in international regulatory forums and bodies, and promoting economic growth and informed choices. This Insight briefly examines the report and selected recommendations made in it."
Library of Congress. Congressional Research Service
Perkins, David W.; Webel, Baird
2017-11-30
-
Bank Systemic Risk Regulation: The $50 Billion Threshold in the Dodd-Frank Act [December 6, 2017]
"The 2007-2009 financial crisis highlighted the problem of 'too big to fail' financial institutions-- the concept that the failure of a large financial firm could trigger financial instability, which in several cases prompted extraordinary federal assistance to prevent their failure. This report focuses on one pillar of the Dodd-Frank Act's (P.L. 111-203) response to addressing financial stability and ending too big to fail: a new enhanced prudential regulatory regime that applies to all banks with more than $50 billion in assets and to certain other financial institutions. Under this regime, the Federal Reserve is required to apply a number of safety and soundness requirements to large banks that are more stringent than those applied to smaller banks. [...] This report also examines the question of which banks are systemically important. However, examining the banks above and slightly below the threshold does not reveal any natural cut off points that divide bank organizations into two groups that clearly present substantively different risks to systemic stability. This is because the size differences between each bank and those nearest to it are incremental and because banks vary across numerous characteristics."
Library of Congress. Congressional Research Service
Labonte, Marc; Perkins, David W.
2017-12-06
-
$50 Billion Threshold in the Dodd- Frank Act: Key Findings [December 14, 2017]
"This Insight presents the key findings from the newly issued CRS Report R45036, Bank Systemic Risk Regulation: The $50 Billion Threshold in the Dodd-Frank Act. [...] The 2007-2009 financial crisis highlighted the problem of 'too big to fail' (TBTF) financial institutions--the concept that the failure of a large financial firm could trigger financial instability, which in several cases prompted extraordinary federal assistance to prevent their failure. One pillar of the Dodd-Frank Act's (P.L. 111-203's) response to addressing financial stability and ending TBTF was a new enhanced prudential regulatory regime that applies to all banks with more than $50 billion in assets and to certain other financial institutions. Under this regime, the Federal Reserve is required to apply a number of safety and soundness requirements to large banks that are more stringent than those applied to smaller banks."
Library of Congress. Congressional Research Service
Labonte, Marc; Perkins, David W.
2017-12-14
-
Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) and Selected Policy Issues [January 10, 2018]
"This report summarizes S. 2155 and highlights major policy proposals of the bill, as reported by committee. Most changes proposed by S. 2155, as reported, can be grouped into one of four issue areas: (1) mortgage lending, (2) regulatory relief for community banks, (3) credit reporting, and (4) regulatory relief for large banks. The report provides background on each policy area, describes the S. 2155 provisions that make changes in these areas, and examines the prominent policy issues related to those changes. In its final section, this report also provides an overview of provisions that do not necessarily relate directly to these four topics. This report also includes a contact list of CRS [Congressional Research Service] experts on topics addressed by S. 2155, and in the Appendix it summarizes various exemption thresholds created or raised by S. 2155."
Library of Congress. Congressional Research Service
Perkins, David W.; Getter, Darryl E.; Labonte, Marc . . .
2018-01-10
-
Cryptocurrency: The Economics of Money and Selected Policy Issues [December 7, 2018]
"In 2008, an unknown computer programmer or group of programmers using the pseudonym Satoshi Nakamoto created a computer platform that would allow users to make valid transfers of digital representations of value. The system, called Bitcoin, is the first known cryptocurrency. A cryptocurrency is digital money in an electronic payment system in which payments are validated by a decentralized network of system users and cryptographic protocols instead of by a centralized intermediary (such as a bank). Since 2009, cryptocurrencies have gone from little-known, niche technological curiosities to rapidly proliferating financial instruments that are the subject of intense public interest. Recently, they have been incorporated into a variety of other financial transactions and products. For example, cryptocurrencies have been sold to investors to raise funding through initial coin offerings (ICOs), and the terms of certain derivatives are now based on cryptocurrencies. Some government central banks have examined the possibility of issuing cryptocurrencies or other digital currency. Media coverage of cryptocurrencies has been widespread, and various observers have characterized cryptocurrencies as either the future of monetary and payment systems that will displace government-backed currencies or a fad with little real value."
Library of Congress. Congressional Research Service
Perkins, David W.
2018-12-07
-
Potential Decline of Cash Usage and Related Implications [May 10, 2019]
From the Summary: "If the relative benefits and costs of cash and the various other payment methods evolve in such a way that cash is significantly displaced as a commonly accepted form of payment, that evolution could have a number of effects, both positive and negative, on the economy and society. Proponents of reducing cash usage (or even eliminating it all together and becoming a 'cashless society') argue that doing so will generate important benefits, including potentially improved efficiency of the payment system, a reduction of crime, and less constrained monetary policy. Proponents of maintaining cash as a payment option argue that significant reductions in cash usage and acceptance would further marginalize people with limited access to the financial system, increase the financial system's vulnerability to cyberattack, and reduce personal privacy. Based on their assessment of the magnitude of these benefits and costs and the likelihood that market forces will displace cash as a payment system, policymakers may choose to encourage or discourage this trend."
Library of Congress. Congressional Research Service
Perkins, David W.
2019-05-10
-
CARES Act (P.L. 116-136): Provisions Designed to Help Banks and Credit Unions [Updated January 11, 2021]
From the Document: "The economic effects of the coronavirus (COVID-19) pandemic may cause numerous borrowers to miss loan repayments, potentially leading to distress at banks and credit unions. Because of the importance of those institutions to the economy, regulators have implemented 'safety and soundness' regulations, including lending, capital, and liquidity rules. Regulators also require the institutions to report financial information. As part of Congress's response to COVID-19, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136) includes four sections--4011, 4012, 4013, and 4014--that temporarily relax some of the regulations banks face. Section 4016 expands access to the Central Liquidity Facility (CLF), which is a liquidity facility for credit unions that is administered by at the National Credit Union Administration. This Insight examines those sections."
Library of Congress. Congressional Research Service
Perkins, David W.; Gnanarajah, Raj; Getter, Darryl E.
2021-01-11
-
CARES Act Bank and Credit Union Relief: Expirations and Extensions Under P.L. 116-260 [January 11, 2021]
From the Document: "The economic effects of the Coronavirus Disease 2019 (COVID-19) pandemic may cause numerous borrowers to miss loan repayments, potentially leading to distress at banks and credit unions. As part of Congress's response, Division A of the CARES [Coronavirus Aid, Relief, and Economic Security] Act (P.L. 116-136) included six sections--4008, 4011, 4012, 4013, 4014, and 4016--that either temporarily relaxed regulations facing banks and credit unions or provided regulators additional temporary authorities to support those institutions and their lending. [...] This Insight identifies which provisions were extended by the Consolidated Appropriations Act, 2021 (P.L. 116-260); which provisions expired; and the possible implications of those extensions and expirations. As enacted, the CARES Act provisions would have expired on the earlier of (1) the termination date of the COVID-19 national emergency declared by the President on March 13, 2020, under the National Emergencies Act (P.L. 94-412) or (2) the end of 2020. P.L. 116-260, Division N, Sections 540 and 541, extended the expiration date of CARES Act Sections 4013, 4014, and 4016 until the earlier of the emergency termination date or the end of 2021. The act did not extend Sections 4008, 4011, and 4012, and they expired on December 31, 2020."
Library of Congress. Congressional Research Service
Perkins, David W.; Getter, Darryl E.; Gnanarajah, Raj
2021-01-11
-
Bank and Credit Union Regulators' Response to COVID-19 [Updated April 20, 2020]
From the Document: "Once it became clear that the coronavirus (COVID-19) outbreak would have serious financial ramifications, the federal agencies that regulate banks and credit unions--the Federal Reserve, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and Consumer Financial Protection Bureau (CFPB) (collectively referred to as the bank regulators), and the National Credit Union Administration (NCUA)--responded using existing authorities in two broad ways: [1] taking measures to encourage banks to work with customers affected by COVID-19; and [2] making adjustments to bank regulation."
Library of Congress. Congressional Research Service
Scott, Andrew P.; Perkins, David W.
2020-04-20
-
Bank Exposure to COVID-19 Risks: Business Loans [April 20, 2020]
From the Document: "The COVID-19 (coronavirus) pandemic has caused financial hardship across the country. If COVID-19 causes borrowers to miss loan payments, it could have negative consequences for banks. This Insight examines the exposure banks have to business loan repayments, such as commercial and industrial (C&I) loans and commercial real estate (CRE) loans. [...] The main business of a bank is to make loans and buy securities using funding it raises by taking deposits. A bank earns money largely through borrowers making payment on those loans and securities issuers making payment on securities, along with charging fees for certain services. In addition to accepting deposits, a bank also raises funding by issuing debt (such as bonds) and capital (such as stock). Unlike deposits and debt that place specific payment obligations on a bank, payments on capital can generally be reduced, delayed, or cancelled and the value of capital can be written down. Thus, if incoming payments unexpectedly stop, capital allows a bank to withstand losses to a point. However, if a bank exhausts its capital reserves, it could face financial distress and potentially fail."
Library of Congress. Congressional Research Service
Perkins, David W.; Gnanarajah, Raj
2020-04-20
-
COVID 19: Consumer Loan Forbearance and Other Relief Options [May 14, 2020]
From the Introduction: "A growing number of reported Coronavirus Disease 2019 (COVID-19) cases have been identified in the United States, significantly impacting many communities. As this situation rapidly evolves, the economic impact due to illnesses, quarantines, social distancing, local stay-at-home orders, and other business disruptions will be large. Consequently, many Americans will lose income and face financial hardship due to the impact of the COVID-19 pandemic. [...] This report focuses on policy responses relating to the financial services industry for consumers who may have trouble paying their loan obligations, such as mortgages, student loans, auto loans, and credit cards. 5 First, it provides an overview of loan forbearance and other possible relief options for consumers. Then, the report discusses relevant CARES [Coronavirus Aid, Relief, and Economic Security] Act provisions and federal financial regulatory responses. Lastly, the report describes the impact this pandemic and the proceeding policy responses have had on financial institutions and consumers."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.; Getter, Darryl E.; Gnanarajah, Raj . . .
2020-05-14
-
COVID-19 and the Banking Industry: Risks and Policy Responses [June 18, 2020]
From the Summary: "The Coronavirus Disease 2019 (COVID-19) pandemic has caused widespread economic disruption. Millions of businesses were forced to shut down and unemployment soared. The weakened economic conditions are likely to have implications for the financial system, including for banks and the banking industry. Many bank assets are loans to households and businesses, and banks rely on the inflow of repayments on those loans to make profits and meet their obligations to depositors and creditors. If repayments suddenly decline, banks can become distressed and potentially fail. Bank failures can be especially disruptive to the economy because they remove an important credit source for communities, and the financial system can become unstable if failures are widespread."
Library of Congress. Congressional Research Service
Perkins, David W.; Labonte, Marc; Gnanarajah, Raj . . .
2020-06-18
-
COVID-19 Impact on the Banking Industry: Conditions in the Third Quarter of 2020 [December 23, 2020]
From the Background: "The pandemic has caused businesses to close or limit operations and millions of job losses. Economic downturns threaten bank profitability because more borrowers might miss loan repayments, which can reduce bank income and impose losses. Meanwhile, bank liabilities--the deposits they hold and the debt they owe--obligate banks to make funds available to depositors and creditors. If borrower repayments decline enough, a bank's ability to meet its obligations could become impaired, potentially causing it to fail. In contrast, bank capital--largely equity stock and retained profits from earlier periods--enables a bank to absorb a certain amount of losses without failing. For this reason, bank regulators require banks hold certain amounts of capital (in addition to subjecting them to a variety of safety and soundness regulations) in order to avoid failures. However, if losses are sufficiently large, banks may nevertheless fail, reducing credit available to the economy and potentially destabilizing the financial system. Certain effects of, and bank responses to, economic downturns--such as reduced income and increased credit loss reserves--occur shortly after the onset of economic deterioration. Other effects--such as increased loan delinquency, incurred losses, and reduced capital value--occur after a longer lag (see CRS [Congressional Research Service] Insight IN11501, 'COVID-19 [coronavirus disease 2019] Impact on the Banking Industry: Lag Between Recession and Bank Distress'). Thus far the bank industry is holding up well, but as the pandemic continues to affect the economy, signs of stress may start to emerge."
Library of Congress. Congressional Research Service
Perkins, David W.; Gnanarajah, Raj
2020-12-23
-
Banking Policy Issues in the 115th Congress [March 7, 2018]
"Banks play a central role in the financial system by connecting borrowers to savers and allocating capital across the economy. As a result, banking is vital to the health and growth of the U.S. economy. In addition, banking is an inherently risky activity involving extending credit and taking on liabilities. Therefore, banking can generate tremendous societal and economic benefits, but banking panics and failures can create devastating losses. Over time, a regulatory system designed to foster the benefits of banking while limiting risks has developed, and both banks and regulation have coevolved as market conditions have changed and different risks have emerged. For these reasons, Congress often considers policies related to the banking industry. Recent years have been a particularly transformative period for banking. The 2008-2009 financial crisis threatened the total collapse of the financial system and the real economy. Many assert only huge and unprecedented government interventions staved off this collapse. Others argue that government interventions were unnecessary or potentially exacerbated the crisis. In addition, many argue the crisis revealed that the financial system was excessively risky and the regulatory system had serious weaknesses."
Library of Congress. Congressional Research Service
Perkins, David W.
2018-03-07
-
Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) and House Legislation: Common Issue Areas [March 26, 2018]
"The Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), sponsored by the Senate Committee on Banking, Housing, and Urban Affairs Chairman Mike Crapo, passed the Senate on March 14, 2018. The bill generally aims to provide regulatory relief to banks, relax mortgage lending and capital formation rules, and provide additional consumer financial protections. The bill addresses a number of policy issues that are also addressed by the Financial CHOICE Act (H.R. 10), which was passed by the House on June 8, 2017, and other House bills that have been passed by the House or otherwise seen legislative action in the 115th Congress. The table below matches the policy issues covered in sections of S. 2155 with sections of H.R. 10 and those other House bills. Note, however, that while the issues addressed in the various pieces of legislation are similar, how the bills address them may differ to varying degrees, some quite significantly."
Library of Congress. Congressional Research Service
Perkins, David W.
2018-03-26
-
Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) and Selected Policy Issues [March 5, 2018]
"The Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) was reported by the Senate Committee on Banking, Housing, and Urban Affairs on December 18, 2017. S. 2155 would modify Dodd-Frank provisions, such as the Volcker Rule (a ban on proprietary trading and certain relationships with investment funds), the qualified mortgage criteria under the Ability-to-Repay Rule, and enhanced regulation for large banks; provide smaller banks with an 'off ramp' from Basel III capital requirements--standards agreed to by national bank regulators as part of an international bank regulatory framework; and make other changes to the regulatory system. Most changes proposed by S. 2155 as reported can be grouped into one of four issue areas: (1) mortgage lending, (2) regulatory relief for 'community' banks, (3) credit reporting, and (4) regulatory relief for large banks."
Library of Congress. Congressional Research Service
Perkins, David W.; Getter, Darryl E.; Labonte, Marc . . .
2018-03-05
-
Orderly Liquidation Authority: Reform Proposals [April 17, 2018]
"The Orderly Liquidation Authority (OLA) was created by Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203; Dodd-Frank) to allow the Federal Deposit Insurance Corporation (FDIC) to resolve certain failing financial institutions whose collapse could threaten the stability of the financial system. Although OLA has never been used, it has become the subject of a number of reform proposals. This Insight briefly describes the OLA and two prominent examples of such proposals."
Library of Congress. Congressional Research Service
Gnanarajah, Raj; Perkins, David W.
2018-04-17
-
Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) and Selected Policy Issues [April 12, 2018]
"The Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) was reported out by the Senate Committee on Banking, Housing, and Urban Affairs on December 18, 2017. It was then passed by the Senate on March 14, 2018, following the inclusion of a manager's amendment that added a number of provisions to the bill as reported.1 S. 2155 is a broad proposal; its six titles would alter certain aspects of the regulation of banks, capital markets, mortgage lending, and credit reporting agencies. Many of the provisions can be categorized as providing regulatory relief to banks and certain companies accessing capital markets. Others are designed to relax mortgage lending rules and provide additional protections to consumers, including protections related to credit reporting, veterans' mortgage refinancing, and student loans."
Library of Congress. Congressional Research Service
Perkins, David W.; Getter, Darryl E.; Labonte, Marc . . .
2018-04-12
-
Cost-Benefit Analysis and Financial Regulator Rulemaking [April 12, 2017]
"Congress has granted many federal agencies the authority to issue regulations that carry the force of law. This grant of authority raises the issue of how those agencies should be held accountable for the regulations they implement. One method of maintaining accountability is requiring agencies to analyze the potential effects of new regulations-sometimes called 'regulatory analysis' or 'regulatory impact analysis'-before implementing them and making the analyses public during the rulemaking process. An important and commonly performed type of regulatory analysis is a 'cost-benefit analysis' (CBA)-a systematic examination, estimation, and comparison of the economic costs and benefits resulting from the implementation of a new rule. By performing and making public such analyses, an agency demonstrates that it has given reasoned consideration to the necessity and efficacy of a rule and the effects it will have on society. […] This report examines issues related to financial regulators and CBAs, including potential difficulties facing such regulators and methods available to them when preforming a CBA; the analytical requirements the agencies currently face; and the arguments for and against increasing requirements on financial regulators. This report also briefly describes several examples of proposed legislation that would change the requirements facing financial regulators."
Library of Congress. Congressional Research Service
Perkins, David W.; Carey, Maeve P.
2017-04-12
-
Banking Policy Issues in the 115th Congress [May 26, 2017]
"The financial crisis and the ensuing legislative and regulatory responses greatly affected the banking industry. Many new regulations-mandated or authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203) or promulgated under the authority of bank regulators-have been implemented in recent years. In addition, economic and technological trends continue to affect banks. As a result, Congress is faced with many issues related to the bank industry, including issues concerning prudential regulation, consumer protection, "too big to fail" (TBTF) banks, community banks, regulatory agency design and independence, and market and economic trends. For example, the Financial CHOICE Act (H.R. 10) proposes comprehensive reform to the financial regulatory system, and includes provisions related to many of these banking issues."
Library of Congress. Congressional Research Service
Perkins, David W.
2017-05-26
-
Financial Regulation: The Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) [May 14, 2018]
"The Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) was passed by the Senate on March 14, 2018. The bill generally aims to provide regulatory relief to banks, relax mortgage lending rules, relax capital formation regulations, and provide additional consumer protections related to credit reporting and other areas. This Insight briefly highlights major policy proposals. For a more detailed examination, see CRS Report R45073, 'Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) and Selected Policy Issues,' coordinated by David W. Perkins."
Library of Congress. Congressional Research Service
Perkins, David W.
2018-05-14
-
Declining Dynamism in the U.S. Labor Market [June 15, 2016]
"Many observers have noted that certain measures of the U.S. labor market 'dynamism' or 'fluidity'--including job reallocation, worker churn, and geographic labor mobility--have been declining for the past 20 years or more. The ability of U.S. workers to flow between jobs has been a defining feature of the economy since the end of World War II, and a reduction in labor market fluidity could have negative implications for unemployment, wage growth, and productivity. Economists have proposed several possible explanations for the decline in labor market dynamism, but the effect of these potential factors is unclear. […] Decreasing rates of gross job gains and gross job losses are often cited as evidence of a decline in U.S. dynamism. Jobs are continually reallocated across companies and industries, as they are created by new or growing companies and are destroyed in contracting or closing ones. These gross job gains and losses are related to the widely reported net job change. Whereas the net change--the difference between gains and losses--shows how many more or less jobs are available between two time periods, gross gains and gross losses capture additional detail on the creation of new jobs, the loss of existing jobs, and the economy's ability to respond to changing conditions."
Library of Congress. Congressional Research Service
Perkins, David W.
2016-06-15
-
COVID-19 Impact on the Banking Industry: Conditions at the End of 2020 [March 17, 2021]
From the Document: "Although bank regulation is designed to allow banks to withstand some amount of unexpected losses, the economic ramifications of the Coronavirus Disease 2019 (COVID-19) pandemic could result in enough borrowers missing loan payments to cause distress for banks [hyperlink]. The Federal Deposit Insurance Corporation (FDIC) releases comprehensive data on bank condition and income quarterly, and it recently released the 'Quarterly Banking Profile: Fourth Quarter 2020' [hyperlink], which reports aggregate data from all 5,001 FDIC-insured institutions as of December 31, 2020. This Insight presents certain bank industry statistics as of the end of 2020 and examines how the pandemic might be affecting the industry."
Library of Congress. Congressional Research Service
Perkins, David W.; Gnanarajah, Raj
2021-03-17
-
Fintech: Overview of Innovative Financial Technology and Selected Policy Issues [April 28, 2020]
From the Summary: "Advances in technology allow for innovation in the ways businesses and individuals perform financial activities. The development of financial technology--commonly referred to as 'fintech'-- is the subject of great interest for the public and policymakers. Fintech innovations could potentially improve the efficiency of the financial system and financial outcomes for businesses and consumers. However, the new technology could pose certain risks, potentially leading to unanticipated financial losses or other harmful outcomes. Policymakers designed many of the financial laws and regulations intended to foster innovation and mitigate risks before the most recent technological changes. This raises questions concerning whether the existing legal and regulatory frameworks, when applied to fintech, effectively protect against harm without unduly hindering beneficial technologies' development."
Library of Congress. Congressional Research Service
Perkins, David W.; Cooper, Cheryl R.; Getter, Darryl E. . . .
2020-04-28
-
Banking Policy Issues in the 116th Congress [Updated February 21, 2019]
From the Introduction: "Banks play a central role in the financial system by connecting borrowers to savers and allocating available funds across the economy. As a result, banking is vital to the U.S. economy's health and growth. Nevertheless, banking is an inherently risky activity involving extending credit and undertaking liabilities. Therefore, banking can generate tremendous societal and economic benefits, but banking panics and failures can create devastating losses. Over time, a regulatory system designed to foster the benefits of banking while limiting risks has developed, and both banks and regulation have coevolved as market conditions have changed and different risks have emerged. For these reasons, Congress often considers policies related to the banking industry."
Library of Congress. Congressional Research Service
Perkins, David W.; Cooper, Cheryl R.; Getter, Darryl E. . . .
2019-02-21
-
COVID-19-Related Impact on the Banking Industry: Conditions in the First Quarter 2021 [September 9, 2021]
From the Document: "Although bank regulation is designed to allow banks to withstand some amount of unexpected losses, some worry that the economic ramifications of the COVID-19 [coronavirus disease 2019] pandemic could result in enough borrowers missing loan payments to cause distress for banks [hyperlink]. This Insight presents certain bank industry statistics for the first quarter 2021 and examines how the pandemic might be affecting the industry."
Library of Congress. Congressional Research Service
Gnanarajah, Raj; Perkins, David W.
2021-09-09
-
Title IV Provisions of the CARES Act (P.L. 116-136) [April 2, 2020]
From the Document: "Economic conditions have deteriorated rapidly in the past few weeks, as the Coronavirus Disease 2019 (COVID-19) pandemic has caused many businesses and public institutions to limit or close their operations, increasing financial hardship for many Americans due to layoffs or time off of work due to illness. COVID-19's effect on the airline industry has been one of many areas of interest for Congress. On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law as P.L. 116-136. The act contains a number of provisions aimed broadly at stabilizing the economy and helping affected households and businesses. Specifically, Title IV of the CARES Act grants funds to industries affected by the virus and new authorities to the regulators and agencies responsible for those industries, waives requirements for industries to meet certain regulatory requirements, and provides added oversight and consumer protections, each on a temporary basis."
Library of Congress. Congressional Research Service
Scott, Andrew P.; Cecire, Michael H.; Cooper, Cheryl R. . . .
2020-04-02
