Some of it was re-instated with Dodd-Frank but ultimately I think it was insufficient, a return to Glass-Steagall would be a more ideal world for banking but will probably never happen in America as it stands today.
Banks are some of the most highly regulated entities in our entire economy. They can't do really anything without asking for permission or following exact steps spelled out in FDIC/OCC/Fed rules.
And yet, when they crashed the world economy in 2008, instead of being broken up, or laws enacted to make what they did impossible we bailed them out.
The US government was very quick to save the banks who caused the problem, and today they're even bigger. While people who were conned by the lenders were left on the hook.
This is why I said "meaningful regulation". Having lots of petty laws you have to comply with isn't meaningful regulation. Preventing them from being arbiters of the economy would be meaningful. Breaking them up such that even half of them failing wouldn't tank the economy would be meaningful.
>They can't do really anything without asking for permission or following exact steps spelled out in FDIC/OCC/Fed rules.
If that's true, how were they able to invent "financial instruments" on the fly to contain whole tranches of sub prime mortages, which their pet rating agencies then gave AAA ratings? How were they able to bet against their clients? And insure these things they knew to be garbage, and then profit from that too? Why did Eric Holder declare them "Too Big to Prosecute" (https://www.huffpost.com/entry/eric-holder-banks-too-big_n_2...)?
That whole debacle proves that "can't do really anything without asking for permission or following exact steps spelled out in FDIC/OCC/Fed rules" is flatly false.
We're worse off in terms of Too Big to Fail / Prosecute today than we were in 2007 too.
This is simply untrue. Marcus is a fully licensed online-only bank, they have no physical branches whatsoever and everything is done through their website:
There's also Green Dot Bank which is what Apple Pay uses among other mobile payment systems. They technically have a single physical branch but you don't ever need to visit it in order to open a savings/checking account with them:
