Despite Deregulation, Banks Tightly Limited in Using Money / Says American Bankers Association Advisor

By Wolfe, Lou Anne | THE JOURNAL RECORD, February 13, 1986 | Go to article overview

Despite Deregulation, Banks Tightly Limited in Using Money / Says American Bankers Association Advisor


Wolfe, Lou Anne, THE JOURNAL RECORD


Banks have been deregulated on one side of the balance sheet, but they are still tightly regulated as to what they can use their money for. The industry is pushing for the ability to offer expanded services to avoid referring customers to the competition across the street.

So said Andrew C. Hove, Jr., traveling banking advisor for the American Bankers Association, on a recent trip to Oklahoma City.

"We're essentially talking about the public using banks as one-stop financial institutions on a competitive basis. We have not been able to offer services to allow customers to purchase insurance,real estate, or stocks and bonds from banks. Many of our competitors are doing that," added Hove, who is chairman and chief executive officer of Minden Exchange Bank & Trust Co. of Minden, Neb.

Banks need the expanded ability, he said, to offset the cost of deregulation of interest rates on deposits. The proposal rests in the hands of Congress, where Senate Banking, Housing and Urban Affairs Committee Chairman Jake Garn, R-Utah, has admitted that legislation has had difficulty keeping up with rapid changes in the industry.

Garn and his counterpart, House Banking, Finance and Urban Affairs Committee Chairman Fernand J. St Germain, D-R.I., have not seen eye-to-eye on the proposal, and house-senate conference committeesin the past have failed to reach agreement on expanded powers for banks, Hove said.

Recent Supreme Court rulings upholding the interstate establishment of "nonbank banks" by financial services companies have drawn promises of congressional action by both committee chairmen.

A nonbank bank is defined as one that may accept demand deposits or make commercial loans, but may not offer both.

Hove said that while both chairmen have favored closing the nonbank loophole in the past, they have clashed because of Garn's desire to team the expansion of bank powers with the nonbank provision. …

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