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Banking Law Keyed to Carnell, 7th Ed.
Board of Governors of the Federal Reserve System v. Dimension Financial Corporation
Citation:
474 U.S. 361 (1986)Facts
In 1984, the Federal Reserve Board amended its Regulation Y to bring “nonbank banks” under its regulatory authority. These institutions had previously avoided regulation by structuring their operations to fall outside the Bank Holding Company Act’s definition of “bank.” The Act defined a bank as an institution that both accepts deposits that the depositor has “a legal right to withdraw on demand” and “engages in the business of making commercial loans.” Nonbank banks typically avoided meeting one of these criteria, either by offering NOW accounts (which technically require prior notice for withdrawals) or by limiting their commercial credit activities to purchasing money market instruments rather than making direct commercial loans. The Board’s amendments redefined “demand deposits” to include deposits that “as a matter of practice” are payable on demand, and expanded “commercial loans” to include “any loan other than a loan to an individual for personal, family, household, or charitable purposes,” including the purchase of money market instruments. The Board justified these changes as necessary to regulate institutions functionally equivalent to banks and to prevent evasion of the Act’s purposes.
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