FINANCIAL SERVICES INDUSTRY REPORT
In 2005, the f
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In 2005, the financial services industry in the United States is in the 24th year of continuing deregulation. At this time, there is a blurring of the functions of the major players in the industry, as well as the presence of many new players. Commercial banks, which were prohibited from dealing in securities by the Securities Exchange Act of 1933, are once again permitted to engage in such activities. Non-bank organizations, such as securities brokers, are permitted to engage in some commercial banking activities. The distinction between commercial banks and thrift institutions has also been blurred. Thrift institutions are now permitted to engage in all retail banking activities, and commercial banks are permitted to engage in activities previously reserved for thrift institutions. The four major sectors of the financial services industry are investment banking, commercial (retail banking), thrift services, and insurance.At the political level, the financial services industry is affected by demands from the federal government in the United States for access to sensitive customer information. While the release of such information is legal in many instances, such release nevertheless is viewed by many bank customers as a breach of confidentiality. Participants in the financial services industry must exercise care to comply with the law, while not engendering consumer wrath through the release of information under governmental pres
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Approximate Word count = 822
Approximate Pages = 3 (250 words per page)
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