Banking Laws

Paper Summary:

This paper discusses the banking system and looks at how safe the banking system really is. The paper explores the laws that govern these institutions in order to see if they are stringent enough to protect most consumers who utilize the banking system today. The paper begins with a brief history of the banking sector, from ancient basic banks to the modern day corporate structures which are more common. The paper then examines each of the major banking laws in place supposedly for the protection of the consumers.

From the Paper:

"So if banking and finance laws have been passed to protect investors and bank customers, is the banking system safer? Maybe, but because your money is in their vaults, the banks may have a measure of undue influence over you that you're not even aware exists. Undue influence is defined as "the domination of one party by the other in order to influence their judgment." (Granger) With undue influence, there is no specific incident or single threat that occurs. "The common law developed the doctrine of duress to define the limits of legitimate persuasion...equity developed undue influence to extend the reach of the law to other unacceptable means of persuasion.""

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