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Banking and Finance Law
Are Customers Rights Really Protected?
For many of us, dealing with our banks is a daily occurance. With today's technology, most of us use money access machines and online banking as comfortably as we use our television sets our automobiles. But is our money truly protected? Most of us would say, without a doubt, that it was protected. In fact, most of us have not had major problems when it comes to dealing with our accounts. But, how does the undue influence that our financial institutions have over us shape how we invest our money? In 1996, a woman in London was awarded nearly 80,000 pounds after she and her boyfriend were given bad advice on a property deal by Lloyds Bank. ("Lloyds' Blunder Cost Woman Pounds 10,000 Pay") This is just one story in a string of stories of how banks use their influence to sway our money making decisions in their favor. So how safe is the banking system really and are the laws that govern these insitutions enough to protect most consumers who utilize the banking system today?. Before we take a closer look, let's discuss the history of banking.
Banking is fundamentally the business of dealing in money and instruments of credit. In the past, banks were divergent from other financial institutions by their principal functions of accepting deposits (subject to withdrawal or transfer by check)...
Banks have commonly been catogorized according to their main services. The main categories are commercial banks, (which include national and state-chartered banks), trust companies, stock savings banks, and industrial banks, have traditionally rendered a wide range of services in addition to their primary functions of making loans and investments and handling demand as well as savings and other time deposits. Mutual savings banks accepted only savings and other time deposits, and sold limited types of loans and services. The reality that commercial banks were able to extend or shrink their loans and investments in conformity with changes in reserves and reserve stipulations made them even more distinct from mutual savings banks, where the volume of loans and investments was governed by changes in customers' deposits. Membership in the Federal Deposit Insurance Corporation is mandatory for all Federal Reserve member banks but discretionary for other banks. (Blinder)
The types of financial establishments that have not commonly been dependent on the supervision of state or federal banking controls but have performed one or more of the conventional banking functions are savings and loan associations, mortgage companies, finance companies, insurance companies, credit agencies (owned wholly or in part by the federal…
In the case of United States, Article 9 of the Uniform Commercial Code provides for practically all types of security agreements for owned property that are both for own use as also for commercial purposes. This type of agreements includes fixtures which mean personal property that is attached to the property, and the ready example can be a water heater. This does not include other liens taken on the property
English Right of Set-Off and Combination in the Circumstance of Insolvency The right of combination and set-off, as developed under English law offer a number of safeguards to banks and creditors in general. These rights were expanded under the principles that they were necessary to effect substantial justice and that they would stimulate economic growth and trade. In the following paper, I suggest that the judicial application of these rights
Banking Budget Analysis Opportunity Bank Budget Analysis Opportunity Bank is a convenient store for other professional banks. Essentially, it takes the stance that all people reserve the right to bank as they please and deserve an opportunity to do. This then provides them a greater sense of opportunity for each and every individual that walks in the doors. Opportunity Bank helps provide credit to those most in need, and thus believes that
Banking Fees and Morality Integrating Values: The Legal, Moral, and Social Responsibility of the Government, the Banks, and the Consumers Legal Section Statement of Relevant Legal Principles and Rules of Law Application of Law to Topic and Legal Analysis Ethics Section Utilitarian Ethical Analysis Kantian Ethical Analysis Additional Ethical Analysis Social Responsibility Section Introduction to B. Definition of term "Social Responsibility" Application of Social Responsibility Banking fees in one form or another have existed in the United States hundreds of years, however the
Final rules will determine the effective date. In response to a request by ABA and other trade associations, on November 24, 2004, the banking agencies and the Federal Trade Commission wrote that institutions do not have to comply with those FACTA provisions which must be implemented by rulemaking until after adoption of final rules. Those provisions include those related to: risk-based pricing notices; affiliate marketing; medical information sharing; red
Banking and WikiLeaks WikiLeaks is a global non-profit media association that distributes acquiescence of otherwise unavailable documents from nameless sources and leaks. Its website, which was started in 2006, is run by The Sunshine Press (WikiLeaks, 2011). In 2010, the director of WikiLeaks, Julian Assange, said that he planned to take down a main American bank and make known a network of dishonesty with a collection of data from an executive's