From the course: The ABCs of the Banking and Insurance Business: AML, KYC, the NAIC, IFRS, and More
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Key banking regulations
From the course: The ABCs of the Banking and Insurance Business: AML, KYC, the NAIC, IFRS, and More
Key banking regulations
- [Instructor] There are key regulations that shape the US banking industry. These regulations are designed to maintain financial stability, protect consumers, and manage risk. By understanding them, you'll gain insight into how they impact day-to-day banking operations, and long-term risk management. Let's begin with a few foundational regulations. First, we have the 1950 Federal Deposit Insurance Act, which governs deposit insurance. It ensures customer deposits, up to $250,000, are protected by the full faith and power of the US government. This helps to instill confidence in the banking system. The 1968 Truth in Lending Act is an important regulation you'll also likely encounter. This law ensures transparency by requiring banks to disclose key terms and costs associated with loans. It's vital for maintaining trust and avoiding compliance issues. Next is the Bank Secrecy Act, or BSA passed in 1970. This law requires financial institutions to help detect and prevent money laundering…
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