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Nondeposit Deposits And The Future Of Bank Regulation, Jonathan R. Macey, Geoffrey P. Miller
Nondeposit Deposits And The Future Of Bank Regulation, Jonathan R. Macey, Geoffrey P. Miller
Michigan Law Review
We argue in this paper that the nation has already entered with a vengeance into the era of nondeposit deposit banking. The traditional bank deposit against which reserves must be held and deposit insurance paid is suffering encroachment from a wide variety of competitive instruments and arrangements, all of which, to one degree or another - often to a substantial degree - serve a function economically similar to that of the checking account at a depository institution.
The legal system may respond to these developments by attempting to bring nondeposit deposits under regulation, as it has done with other banking …