How is banking law regulated?
Banking law in Delaware is regulated by a variety of sources. The Delaware General Corporation Law of 1967 and the Delaware Banking Code of 1972 are two important pieces of legislation that set the standard for banks in the state. On a federal level, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency are the primary regulators of banks operating within the state. The Delaware General Corporation Law, or DGCL, sets out the rules and regulations for the formation of banking and financial institutions in Delaware. This law also encourages banks to make sound and prudent financial decisions as well as ensure their compliance with state and federal laws. The Delaware Banking Code, in turn, establishes the rules and regulations for the supervision of banks operating in the state. The code covers such important topics as capitalization, asset and liability management, safety and soundness guidelines, loan limits, and the maintenance and disclosure of customer accounts. It also requires banks to maintain records, investigate consumer complaints, and submit audited financial statements every year. Finally, federal regulators such as the FDIC and the Comptroller of the Currency enforce banking laws, providing additional oversight of banks operating in Delaware. The FDIC is responsible for examining and insuring deposits in federally insured banks, while the Comptroller of the Currency enforces the Bank Holding Company Act and conducts regular inspections of banks. In sum, banking law in Delaware is regulated by a variety of state and federal laws and regulations. These regulations ensure the safety and soundness of banks operating in the state and protect customers from fraudulent activity.
Related FAQs
What is the Fair Credit Billing Act?What is the National Bank Act?
What is the Fair and Accurate Credit Transactions Act?
What is the Consumer Leasing Act?
What is the Cash Management Improvement Act?
What is the Consumer Financial Protection Bureau?
What is the Fair Debt Collection Practices Act?
What is the Debt Collection Improvement Act?
What is the Federal Deposit Insurance Corporation Improvement Act?
What is the Expedited Funds Availability Act?
Related Blog Posts
What is Banking Law? – Understanding the Basics of the Financial System Legal Framework - July 31, 2023New Developments in Banking Regulations: What You Need to Know - August 7, 2023
Understanding Regulatory Compliance for Banking Institutions - August 14, 2023
Exploring Current Trends in Banking Law - August 21, 2023
Banking Litigation: What You Need to Know - August 28, 2023