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13 Bull. Sec. Corp. Banking & Bus. L. 1 (1975-1976)

handle is hein.journals/txjbus13 and id is 1 raw text is: OF THE SECTION ON CORPORATION, BANKING & BUSINESS LAW Vol. 13 November,1975 No. I ABOUT THE BULLETIN The Information Committee is planning to publish the Bulletin quarterly during the current year. We hope to make the issues as useful and informative as possible for the entire membership of the Section. It is our hope to provide some guidance to the mem- bers of the Section during the year as to recent developments in the areas of law covered by the Section. In pursuing this goal, certain committee members who deal regularly in each of the principal areas of interest in the Section have volunteered to prepare quarterly narra- tives of recent developments. In addition, the Bulletin will this year continue its listing of law review articles. Although this issue is devoted entirely to recent developments and the articles list- ing, the Committee hopes in the future to have articles of use to practicing lawyers contributed for publication. It is the hope of the Committee that any member of the Section who feels able to make such a contribution will do so. Inquiries, comments, suggestions and proposed articles should be directed to the chairman of the Information Committee, D. M. Lynn. RECENT DEVELOPMENTS IN BANKING LAW By Hubert D. Johnson FINANCIAL INSTITUTIONS AND THE NATION'S ECONOMY (FINE)- DISCUSSION PRINCIPLES BY THE HOUSE COMMITTEE ON BANKING, CURRENCY AND HOUSING The report of the House Committee on Banking, Currency and Housing in November of 1975 is described as a part of the FINE Study process. It is preliminary to hearings to be held on the principles referred to in the report. It is likely that independent bankers and many others may react to this report as not being so fine. To merely list some of the principles discussed is sufficient to reveal the almost revolutionary changes that will be considered at the hearings. At this point we will mention some of the major principles that will be discussed at the hearings. Title I of the FINE Discussion Principles deals with the topic of Depository In- stitutions. The suggestion is that banks and thrift institutions be dealt with by a coordi- nated approach including revision of terminology to refer to all of them as depository institutions. Federally chartered savings and loan associations could convert to a na- tional bank charter provided capital and other requirements were met. A mutual savings and loan association could convert to a stock savings and loan charter under regulations similar to those regulations by the Federal Reserve Board. Each of these permitted conversions would be supervised by the Federal Depository Institutions Commission, a new regulatory agency which would draw together the activities of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Federal Home Loan Bank System, the National Credit Union Administration and the regulatory and supervisory functions of the Federal Reserve System. All Regulation Q ceiling rates and the prohibition against paying interest on demand deposits would be removed by the direction of the Federal Depository Institutions Com- mission. Savings and loan associations, credit unions and mutual savings banks will also be permitted to issue demand deposits and other third party transfer arrangements. Savings and loan associations, mutual savings banks and credit unions would be permit- ted to engage in expanded consumer lending including the issuance of credit cards and the establishment of revolving lines of credit. They would also be allowed to make in- terim construction loans not tied to permanent financing.

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