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Business Divisions From The Perspective Of The U.S. Banking System , Carl Felsenfeld, Genci Bilali
Business Divisions From The Perspective Of The U.S. Banking System , Carl Felsenfeld, Genci Bilali
Faculty Scholarship
The Bank Holding Company Act of 1956 ("Act"),' as amended, most recently in 1999 by the Gramm-Leach-Bliley Act ("GLB") divides all economic activity into five groups. These groups are: 1) banking, 2) activities closely related to and a proper incident to banking; 3) activities of a financial nature; 4) activities complimentary to those of a financial nature; and 5) activities not of a financial nature. This article will explore these five groups of activities separately. The policies behind the divisions will be analyzed and questioned whether they serve the policies behind the Act. This article will also question whether the …
Financial Holding Company Liability After Gramm-Leach-Bliley, Eric J. Gouvin
Financial Holding Company Liability After Gramm-Leach-Bliley, Eric J. Gouvin
Faculty Scholarship
This Article examines the extent to which financial holding companies formed under the Gramm-Leach-Bliley Act (GLB Act) will bear the costs of the failure of their bank subsidiaries. Pre-GLB Act banking law provided numerous ways to impose liability on bank holding companies for bank failure. The GLB Act itself added some provisions dealing with holding company liability, providing protections for receivers of failed institutions and adding ammunition to the regulators' "source of strength" theory for imposing liability on bank holding companies, and, by extension, on financial holding companies. But despite tinkering at the edges, the GLB Act did not provide …