National bank regulation of commercial bank Term Paper

National bank regulation of commercial bank - Term Paper Example Nevertheless, every banking institution come under the regulatory fold either under a state government of federal body. The regulations are enforced in many respects and cover many aspects. The Federal Reserve The Federal Reserve, the Fed, can be called as banker's bank and a regulator of majority of commercial banks and financial institutions and also country's money manager. The Federal Reserve is the United States central bank. This is the biggest regulatory body of the nation. All national and commercial banks take cue from the Fed in their day to day activities. The Fed's mandates aims at promoting sustainable growth, stability of prices, high levels of employment, and maintain the purchasing power of the dollar keeping moderate long-term interest rates. In the U.S, the term ‘National bank’ has a clear definition: those who come under the purview of the National Bank Act. They are supervised by the Office of Comptroller of the currency (OCC), under US Treasury Depar tment. Banks forms under this act are required to follow the designation â€Å"National Association† or in short â€Å"N.A.† in their title so as to indicate their affiliation with the governing body. Many banks however are regulated by the state governments under respective state laws. Deposits of National and State banks are insured by the FDIC, known as Federal Deposit Insurance Corporation. It should be noted that banking regulations in US are not governed by a single body unlike UK or Japan. The U.S banking sector works under the highly-regulated environments in the world. Some of them can be listed as anti-money laundering, anti-usury lending, fraud prevention, promotion of lending to lower-income population, disclosures and many more. It will be worthwhile to have a look at some of the regulations that are in force to regulate the various aspects of national or commercial banks. Anti-Money Laundering and Anti-terrorism Certain acts are promulgated to control mon ey laundering activities which are stated as per the following. (Regulations) The Bank Secrecy Act This act has been formulated keeping in mind money laundering aspects where in all national or commercial establishments are required to assist government agencies. Banks under this act keep necessary records that are necessary to detect the suspicious activities of the transactions exceeding $10,000 on aggregate daily basis. (Regulations) USA Patriot Act This act necessitates banks to place limits on new accounts until the identity of account holder is verified. (Regulations) Deposit Account Insurance Regulation It was Glass–Steagall Act who paved the way for Federal Deposit Insurance Corporation (FDIC) for insuring deposits at commercial banks. In 1933, U.S was the first country to implement insurance for deposit holders to protect the depositors from bankruptcy of the banks. (Regulations) Regulation D or Withdrawal Limits Federal Reserve has put a limit on number of withdrawa ls and transfers from any saving or money market account. This regulation is applicable to all U.S banking institutions who offer such accounts. The limit is placed at six for all outgoing transactions through any method. Lending Regulations Regulation Z or the Truth in Lending Act (TILA) of 1968 is meant for consumer credits that informs the standard interest rate

Hagia Sophia and Pantheon Essay Example | Topics and Well Written Essays - 2500 words

Hagia Sophia and Pantheon - Essay Example However, I was pleasantly surprised by the Apse mosaics within the building that depicted Biblical scenes. Mosaic art gained appreciation in my mind when I observed the Apse mosaics closely when previously mosaic art held no beauty for me. The most important feature in the interior of the building that appealed to my eye was the dome that rests on four concave triangular pendentives. It is because of these pendentives that the rectangular base is transformed to a circular dome as the building rises. One would expect the pendentives to serve only the practical purpose but when I observed the structure of these pendentives, it allowed me to appreciate the beauty of the architecture. The pendentives are both awe-inspiring as well as practical. Even without the pendentives, the beauty of the dome will still be maintained due to the presence of the forty windows that the architects of the original dome envisioned when creating the dome. The presence of these windows has allowed for a good play of light within the internal structure. I feel that without the dome, Hagia Sophia would not have gained such popularity among modern artists and architects. Pantheon is a building located in Rome, Italy that recounts the brilliance of Roman art and architecture in this age. The Pantheon served as a temple for the Romans and featured all the Roman Gods at different points of the building. The building is a treat in itself and observing the building from the front, with its Corinthian columns, I failed to envision the dome within the building despite having read extensive literature on the building. However, the east of side of the building prominently displays the rotunda. When entering into the building through the Corinthian columns, I felt that I was entering history. The high columns further strengthened these feelings as I realized that I was entering something majestic. This was a place where our ancestors prayed for successful lives, healthy sons and good produce. Howev er, looking at the building, I did not believe that this building was as old as the Roman age, given its condition despite the years. The most beautiful aspect of the building for me was the dome and the oculus in the interior of the building. Standing directly beneath the oculus and looking up gives one a feeling of being engulfed in the majesty of Roman architecture. Pantheon for me was Roman architecture in its prime. The vaulted arches of the dome have inspired many architects since they have been created but none have been able to match the brilliance of the Pantheon. It is not just the arches that catch the eye of the viewer. The architects of Pantheon have also been able to play with light using the circular structure of the dome. However, they have done this by using the top of the dome. The oculus allows light to shine on part of the vaulted arches and through the direction of the light, the Romans were also able to tell time. Combining the practical aspect with the beauty of the building is one of the most beautiful arts of the Romans . Reflection Assignment: Islamic Advancements and Achievements Muslim advancement in mathematics and architecture inspired many other cultures that came in contact with it. One of them was Renaissance culture that took good advantage of the Muslim presence in Spain to learn from one the most developed cultures of that