Rethinking Banking Regulations for the 21st Century

By Tim Schofer

Many of today’s banking regulations came into being since the 1970’s. During this time, they’ve patched and bandaged but it’s not enough. What we really need to do is start over again, from scratch. If we were building a banking system today, what would some of our consumer regulations look like?

Regulatory Agencies
Prior to deregulation of the financial industry in the 1970s and 1980s, there was some justification for separate supervision of banks, thrifts, and credit unions. But in the 21st century, do we still need five separate Federal agencies, which together have now developed another hierarchy, the FFIEC?

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