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- W248750800 abstract "Are we serious? Banks turning in their charters to become an Edward D. Jones or a Household Finance? Yes, in fact several overseas banks are said to be considering debanking their U.S. operations, and a couple of small domestic banks have already done so, as described in the cover story. Flukes? Possibly, but consider: * At one superregional bank, traditional banking accounts for just 37% of revenues. Where does the rest come from? Consumer finance, and mortgage banking primarily, neither of which requires a bank charter. * Consumer deposit growth has been virtually flat for three years whereas growth of investment products has soared. * Commercial paper has eroded corporate lending, while securitization has transformed mortgage lending and to some extent credit card lending. Will small business lending be next? True, banks play a role in securitization, but the point is, securitized loans are not dependent on deposits for funding. Investment products will never totally replace deposits. Many individuals and small businesses value and want federal deposit insurance. Also, demand deposit accounts are likely to remain the primary transactional vehicle for the foreseeable future. Yet at the same time, more people are willing to keep their excess funds in uninsured accounts than ever before. Could banks prosper if left with mostly small-balance transaction accounts? With sufficient volume and electronic delivery, perhaps some could, but not the majority. It's true that over the last two to three years bank lending has been highly profitable, thanks to rich spreads and low loan losses. Indeed, banks' share of total financial assets may have gained back some ground on the strength of surging lending. Furthermore, it is quite likely some banks may be able to continue operating as more or less traditional full-service banks, because their customers value that. Still, long-term trends clearly are eroding the ability of banks to compete. So what to do? Two avenues of action suggest themselves: 1. Convincing Washington that substantial reform of banking laws is vital to reversing the long-term decline of the industry in terms of its share of financial assets, and 2. taking steps to ensure your own institution's continued growth. Although it didn't look too hopeful as of mid December, it is possible some sort of Glass-Steagall reform bill without an insurance moratorium, and some sort of regulatory reform bill could pass this session. …" @default.
- W248750800 created "2016-06-24" @default.
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- W248750800 date "1996-01-01" @default.
- W248750800 modified "2023-09-26" @default.
- W248750800 title "Debanking?(foregoing Bank Charter for Financial services)(Column)" @default.
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