Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 1 of 1
Full-Text Articles in Law
Insider Loans: How Restricted Is The Banker?, Patricia A. Murphy
Insider Loans: How Restricted Is The Banker?, Patricia A. Murphy
Fordham Urban Law Journal
This article examines the Federal Institutions Regulatory and Interest Rate Control Act of 1978 ("FIRA"), bank reform legislation that imposed stricter controls on insider lending transactions that Congress had seen as one of the primary threats to the successful operations of banks. It highlights the differences between state and federally chartered banks, illustrating that state chartered banks are not subject to federal banking provisions unless they become a member of the Federal Reserve System. It argues that FIRA provides the safeguards necessary to control bank insider abuses by imposing a myriad of lending limitations and reporting mechanisms. It discusses and …