Word: nonbanks
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Dates: during 1980-1989
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...only one- fourth that of all Europe, about half that of Great Britain and roughly equal to that of the Netherlands. Nor was it any more one-sided than that of the Dutch. Neither Japan nor any other country imminently threatens to gain economic control over the U.S., whose nonbank multinational corporations have assets totaling well over $5 trillion...
...automakers' financial forays have alarmed traditional bankers, who complain that they are unfairly hobbled by federal laws and regulations. For example, the law generally restricts interstate branching by banks. But nonbank competitors, such as GM and Ford, can offer loans anywhere they please. Says Donald Senterfitt, president of the American Bankers Association: "We are living in a financial-services world that is half slave and half free, and the banks are the slaves." His solution: speed up banking deregulation...
...spread of financial institutions that function very much as real banks do. These companies have been able to circumvent the law because they do not fit the legal definition of a bank: an institution that takes deposits that can be withdrawn on demand and makes commercial loans. Known as "nonbank banks," the newcomers generally take deposits or make loans, but do not do both. About 80 of these limited-service banks have sprung up across...
...banks to set up branch offices outside their home state, major institutions have exploited technicalities to spread like kudzu across the landscape. Citicorp now operates 980 offices in 41 states. Comptroller of the Currency Conover gave the movement a boost this month by approving permits for 83 so-called nonbank banks. These are institutions that can take deposits and provide all other financial services except making commercial loans. Banks have also tried to boost their share of the mortgage market by acquiring thrift institutions, the traditional source of home loans. Last January Citicorp, for example, bought Chicago's troubled...
...Boston have become serious challengers to such pension-fund giants as Prudential Insurance, Equitable Life Assurance Society and Citibank. One example of the trend: General Motors plans to reduce the portion of its $17 billion of pension funds handled by banks. The company says it will hire more nonbank managers to improve its funds' performance...