Historical Milestones: 1966 - 2003

1968

Consumer Credit Protection (Truth-in-Lending) Act is passed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs.

1974 OCC establishes a consumer affairs division.

1974-75

Study by accounting firm of Haskins and Sells recommends that OCC focus its supervision on troubled banks rather than all banks equally.

1974-1977
Congress passes a succession of consumer protection laws, including the: Fair Credit Billing Act Equal Credit Opportunity Act Real Estate Settlement Procedures Act Home Mortgage Disclosure Act Consumer Leasing Act Community Reinvestment Act 1978 Financial Institutions Regulatory and Interest Rate Control Act gives bank regulators the ability to prevent concentrations of bank ownership and management.
Federal Financial Institutions Examination Council is established to provide uniform bank supervision.

1981-1989

Collapse of oil prices in the southeastern United States and of real estate values in New England leads to hundreds of bank failures and severe strains on the OCC examining force.

1989

In response to the 1980s banking crisis, Congress passes the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). This act replaces the Federal Home Loan Bank Board with the Office of Thrift Supervision and provides pay parity among federal financial regulatory agencies.

1995

U.S. Supreme Court rules in NationsBank of North Carolina, N.A. v. Variable Annuity Life Ins. Co. that the powers clause of 12 USC 24(Seventh) is a broad grant of power to engage in the business of banking, which is not limited to the five enumerated powers of the National Bank Act.

1999

Financial Services Modernization Act of 1999 (Gramm–Leach–Bliley Act) expands the range of permissible bank products and services.