Are Banks Irrelevant?
![handle is hein.journals/blj137 and id is 7 raw text is:
Are Banks Irrelevant?
Timothy D. Naegele'
In this article (and its extensive footnotes), the author revisits briefly Wells
Fargo's problems that have tarnished America's fourth largest and the
world's thirteenth largest bank, with almost $2 trillion in assets-and
created what some have characterized as a rogue and lawless financial
institution, the largest in the United States if not the world. He asks
whether Wells is an anachronism or dinosaur whose time has passed, along
with that of its sister financial institutions. As branches and checks
disappear, and as a branchless and checkless financial system emerges,
what role will traditional banks play in American and global commerce?
Timothy D. Naegele served as counsel to the U.S. Senate Committee on Banking, Housing,
and Urban Affairs (and as counsel to the late Senator Edward W. Brooke of Massachusetts),
1969-1971, where he authored a series of laws that remain in effect to this day. Mr. Naegele,
currently managing partner of Timothy D. Naegele & Associates and a member of the Board of
Editors of THE BANKING LAW JOURNAL, may be reached at tdnaegele.associates@gmail.com.
This article is the seventh in a series of recent articles by the author for THE BANKING LAW
JouRNA that examine important and timely subjects that are of interest to our readers. See (1)
Timothy D. Naegele, Wells Fargo: An American Banking Nightmare, 136 BANKING L. J. 493
(October 2019) (Naegele October 2019) (https://naegeleblog.files.wordpress.com/2019/09/
timothy-d.-naegele.pdf); (2) Timothy D. Naegele, The BrookeAmendmentAnd Section 8 Housing:
Revisited, 136 BANKING L. J. 245 (May 2019) (Naegele May 2019) (https://naegeleblog.files.
wordpress.com/2019/05/timothy-d.-naegele.pdf); (3) Timothy D. Naegele, Standby Letters Of
Credit And Other Bank Guaranties: Revisited, 136 BANKING L. J. 198 (April 2019) (Naegele April
2019) (https://naegeleblog.files.wordpress.com/2019/04/timothy-d.-naegele-standby-letters-of-
credit.pdf); (4) Timothy D. Naegele, The Bank Holding Company Act's Anti-Tying Provision:
Almost 50 Years Later-Part I, 135 BANKING L. J. 315 (June 2018) (Naegele 2018, Part I) and
Timothy D. Naegele, The Bank Holding Company Act's Anti-Tying Provision: Almost 50 Years
Later-Part II, 135 BANKING L. J. 372 (July/August 2018) (Naegele 2018, Part II) [The
combined article, Parts I and II, can be read at https://naegeleblog.files.wordpress.com/2018/
08/timothy-d-naegele-banking-law-journal.pdfl; (5) Timothy D. Naegele, The Bank Holding
Company Act's Anti-Tying Provision: 35 Years Later, 122 BANKING L. J. 195 (Naegele 2005)
(http://www.naegele.com/documents/antitying_3.pdf); and (6) Timothy D. Naegele, The Anti-
Tying Provision: Its Potential Is Still There, 100 BANKING L. J. 138 (1983) (Naegele 1983)
(http://www.naegele.com/articles/antitying.pdf). See also Timothy D. Naegele, Are All Bank
Tie-Ins Illegal? 154 BANKERS MAGAZINE 46 (1971) (Naegele 1971) (http://www.naegele.com/
articles/banktieins.pdf); Timothy D. Naegele, Fed Plan Would Simply Gut Enforcement Of Ban on
Tying, AMERICAN BANKER (January 21, 2005) [see https://naegeleblog.files.wordpress.com/2018/
08/op-1158_56_1.pdf (letter sent by Timothy D. Naegele to each member of the Federal Reserve
Board (Fed) (March 16, 2005), and the AMERICAN BANKER article)]; Timothy D. Naegele
Resume (https://naegeleblog.files.wordpress.com/2019/11/timothy-d.-naegele-resume-20-1-1.
pdf).
3](ViewImageLocal?handle=hein.journals/blj137&div=5&collection=&method=preview&ext=.png&size=3)
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