Article Abstract:
The US Senate Committee on Banking, Housing, and Urban Affairs' inability to reach a quorum resulted in the failed vote of House Rule 3596, otherwise known as the Torres' bill, on Mar 25, 1992. The committee, however, voted on several amendments which are expected to benefit the credit industry. Passed into law was an ammendment that will facilitate the use of database information by credit bureaus for marketing purposes. Amendments concerning the abolition of federal preemption and the modification of the $8 fee for disclosure, on the other hand, were defeated. The amendment of various credit-related bills in the states of California, Illinois, Kentucky and Maryland are also discussed.
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Article Abstract:
Overregulation is blamed for the failures of savings and loans in Ohio and Maryland. Various regulations dangerously imperil the strength of America's banking system. Citibank, Sears and other large institutions are prevented from competing in various markets by rules, regulations and bureaucracy. Consumers should have the right to decide for themselves what banking services they want. It is hoped that the administration's new appointments to the Federal Reserve Board will help expand consumer choice.
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Article Abstract:
Rules under the Expedited Funds Availability Act (EFA) regarding 'holds' placed on checks deposited with financial institutions took effect Sep 1, 1988. These rules limit maximum holds allowed for local and non-local checks, require disclosure of hold policies and specific holds placed, and changes check endorsement procedures. Details of the new EFA rules are presented.
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