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McFadden Act
The McFadden Act is a United States federal law, named after Louis Thomas McFadden, member of the United States House of Representatives and Chairman of the United States House Committee on Banking and Currency, enacted in 1927 from recommendations made by former Comptroller of the Currency Henry May Dawes. The Act sought to give national banks competitive equality with state-chartered banks by letting national banks branch to the extent permitted by state law. The McFadden Act specifically prohibited interstate branching by allowing each national bank to branch only within the state in which it is situated. Although the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 Riegel-Neal Act of 1994 repealed this provision of the McFadden Act, it specified that state ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Federal Law
The law of the United States comprises many levels of codified and uncodified forms of law, of which the most important is the nation's Constitution, which prescribes the foundation of the federal government of the United States, as well as various civil liberties. The Constitution sets out the boundaries of federal law, which consists of Acts of Congress, treaties ratified by the Senate, regulations promulgated by the executive branch, and case law originating from the federal judiciary. The United States Code is the official compilation and codification of general and permanent federal statutory law. Federal law and treaties, so long as they are in accordance with the Constitution, preempt conflicting state and territorial laws in the 50 U.S. states and in the territories. However, the scope of federal preemption is limited because the scope of federal power is not universal. In the dual sovereign system of American federalism (actually tripartite because of the prese ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Louis Thomas McFadden
Louis Thomas McFadden (July 25, 1876 – October 1, 1936) was a Republican member of the United States House of Representatives from Pennsylvania, serving from 1915 to 1935. A banker by trade, he was the chief sponsor of the 1927 McFadden Act, which rechartered the Federal Reserve System in perpetuity, liberalized branch banking for national banks and increased competition between member and non-member banks. He is known for his antisemitic conspiracy theories, which eventually saw him lose his seat in the House of Representatives. Early life McFadden was born in Granville Center, Granville Township, Bradford County, Pennsylvania. He graduated from Warner's Commercial College (currently known as the Elmira Business Institute) in Elmira, New York. In 1892, he entered the employ of the First National Bank in Canton, Pennsylvania. In 1899, he was elected cashier; he became its president on January 11, 1916 and served until 1925. McFadden served as treasurer of the Pennsylvan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States House Of Representatives
The United States House of Representatives, often referred to as the House of Representatives, the U.S. House, or simply the House, is the lower chamber of the United States Congress, with the Senate being the upper chamber. Together they comprise the national bicameral legislature of the United States. The House's composition was established by Article One of the United States Constitution. The House is composed of representatives who, pursuant to the Uniform Congressional District Act, sit in single member congressional districts allocated to each state on a basis of population as measured by the United States Census, with each district having one representative, provided that each state is entitled to at least one. Since its inception in 1789, all representatives have been directly elected, although universal suffrage did not come to effect until after the passage of the 19th Amendment and the Civil Rights Movement. Since 1913, the number of voting representat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States House Committee On Banking And Currency
United may refer to: Places * United, Pennsylvania, an unincorporated community * United, West Virginia, an unincorporated community Arts and entertainment Films * ''United'' (2003 film), a Norwegian film * ''United'' (2011 film), a BBC Two film Literature * ''United!'' (novel), a 1973 children's novel by Michael Hardcastle Music * United (band), Japanese thrash metal band formed in 1981 Albums * ''United'' (Commodores album), 1986 * ''United'' (Dream Evil album), 2006 * ''United'' (Marvin Gaye and Tammi Terrell album), 1967 * ''United'' (Marian Gold album), 1996 * ''United'' (Phoenix album), 2000 * ''United'' (Woody Shaw album), 1981 Songs * "United" (Judas Priest song), 1980 * "United" (Prince Ital Joe and Marky Mark song), 1994 * "United" (Robbie Williams song), 2000 * "United", a song by Danish duo Nik & Jay featuring Lisa Rowe Television * ''United'' (TV series), a 1990 BBC Two documentary series * ''United!'', a soap opera that aired on BBC One from 1965- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Comptroller Of The Currency
The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and thrift institutions and the federally licensed branches and agencies of foreign banks in the United States. The acting Comptroller of the Currency is Michael J. Hsu, who took office on May 10, 2021. Duties and functions Headquartered in Washington, D.C., it has four district offices located in New York City, Chicago, Dallas and Denver. It has an additional 92 operating locations throughout the United States. It is an independent bureau of the United States Department of the Treasury and is headed by the Comptroller of the Currency, appointed to a five-year term by the President with the consent of the Senate. The OCC pursues a number of main objectives: * to ensure the safety and soundness of the national banking system; * to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Henry May Dawes
Henry May Dawes (April 22, 1877 – September 29, 1952) was an American businessman and banker from a prominent Ohio family. He served as a United States Comptroller of the Currency from 1923 to 1924 and also worked as an executive in the oil industry. Dawes was born in Marietta, Ohio, the youngest son of American Civil War brevet Brigadier General Rufus R. Dawes and great-great-grandson of American Revolution hero William Dawes. His brothers Charles, Rufus, and Beman also gained national and international prominence in politics and business. Henry M. Dawes graduated from Marietta College and entered business. He married Helen Moore Curtis of Coshocton, Ohio in 1905. Dawes was an Illinois banker and businessman when he was named Comptroller by President Warren G. Harding in 1923. Although he held office for only 19 months, Dawes carried out a nationwide effort to gather recommendations from national bank officials and other experts for changes in the banking laws. With th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Branch (banking)
A branch, banking center or financial center is a retail location where a bank, credit union, or other financial institution (including a brokerage firm) offers a wide array of face-to-face and automated services to its customers. History and description During the 3rd century banks in Persia (now Iran) and in other territories started to issue letters of credit known as Sakks, basically checks in today’s language, that could be traded in cooperative houses or offices throughout the Persian territories. In the period from 1100-1300 banking started to expand across Europe and banks began opening ‘branches’ in remote, foreign locations to support international trade. In 1327, Avignon in France had 43 branches of Italian banking houses alone. The practice of opening satellite branches was popularized in the early 20th century by Amadeo Giannini, then head of the Bank of America. Historically, branches were housed in imposing buildings, often in a neoclassical style of arch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Riegle-Neal Interstate Banking And Branching Efficiency Act Of 1994
The Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 BBEAamended the laws governing federally chartered banks in order to restore the laws' competitiveness with the recently relaxed laws governing ''state''-chartered banks. The goal was the return to a balance between the benefits of a state bank charter versus a federal bank charter. Among other notable changes, the Act stipulated that a federally chartered bank wishing to expand must first undergo a review of its Community Reinvestment Act compliance. Expansion of the Community Reinvestment Act Three sections of the IBBEA address and expand the Community Reinvestment Act The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, ''et seq.'') is a United States federal law designed to encourage commercial banks and savings associations to hel .... In section 107 ("EQUALIZING COMPETITIVE OPPORTUNITIES FOR UNITED STATES AND FOREIGN BANK ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Norwest Corporation
Norwest Corporation was a banking and financial services company based in Minneapolis, Minnesota, United States. In 1998, it merged with Wells Fargo & Co. and since that time has operated under the Wells Fargo name. History Early formation The earliest roots of the company are with the Northwestern National Bank established in Minneapolis in 1872. Early Minneapolis business and political leaders Dorilus Morrison and Henry T. Welles were the bank's first two presidents. Initially the bank was heavily supported by the Northern Pacific Railroad, but as the city and region grew the bank's deposits and assets grew in kind. Between 1872 and 1892 the bank's deposits increased from $50,000 to $3 million. Between 1892 and 1902 deposits more than tripled to more than $10 million. Great Depression and Banco During the generally prosperous 1920s, the nation's agricultural sector did not share in the good times. Many smaller banks that had overextended credit to farmers ran into ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
First Bank System
First Bank System was a Minneapolis, Minnesota-based regional bank holding company that operated from 1864 to 1997. What was once First Bank forms the core of today's U.S. Bancorp; First Bank merged with the old U.S. Bancorp in 1997 and took the U.S. Bancorp name. History First Bank's earliest direct corporate ancestor, First National Bank of Minneapolis, was founded in 1864 and received its charter in 1865. That bank, in turn, grew out of private banking house Sidel, Wolford and Co. On August 23, 1929, First National of Minneapolis merged with First National Bank of St. Paul (founded in 1864 out of private banking house Parker, Paine and Co.) to form the First Bank Stock Corporation. The two banks jointly acquired the stock in 32 other banks in Minnesota, North and South Dakota and Montana.Alternate Link via |
First Interstate Bancorp
First Interstate Bancorp was a bank holding company based in the United States that was taken over in 1996 by Wells Fargo. Headquartered in Los Angeles, it was the nation's eighth largest banking company. The name (along with the company logo) has continued to be used in the banking world after the merger by First Interstate BancSystem who had been using the name under a franchise agreement since 1984. History In 1928, Amadeo Giannini, born in California to Italian immigrant parents, formed a holding company, the Transamerica Corporation, to consolidate his existing financial ventures, which began business with $1.1 billion in assets and both banking and non-banking activities. From the 1930s through the mid-1950s, Transamerica made a number of acquisitions of banks and other financial corporations throughout the western United States, creating the framework for the later First Interstate system. In 1953, regulators succeeded in forcing the separation of Transamerica Corporatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Holding Company Act Of 1956
The Bank Holding Company Act of 1956 (, ''et seq.'') is a United States Act of Congress that regulates the actions of bank holding companies. The original law (subsequently amended), specified that the Federal Reserve Board of Governors must approve the establishment of a bank holding company and that bank holding companies headquartered in one state are banned from acquiring a bank in another state. The law was implemented, in part, to regulate and control banks that had formed bank holding companies to own both banking and non-banking businesses. The law generally prohibited a bank holding company from engaging in most non-banking activities or acquiring voting securities of certain companies that are not banks. The interstate restrictions of the Bank Holding Company act were repealed by the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (IBBEA). The IBBEA allowed interstate mergers between "adequately capitalized and managed banks, subject to concentrat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
