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I think the first sentence can carry a lot more of the weight of explanation than you grant. There was a suspicion of big banks, which result in one particular
by nirimda 3y ago
I think the first sentence can carry a lot more of the weight of explanation than you grant. There was a suspicion of big banks, which result in one particular law. But it also probably related in other rules and other behaviors.
- chrisco255 3y agoWhen was the last time they were in effect and at what scale? A century ago? More than enough time for consolidation to happen. In practice, competition flourished due to the lack of restrictions on unique offerings, which allowed banks to compete for different market segments and industries (i.e. car loans vs mortgages). Another major factor is probably the existence of the 50 states themselves, which differ dramatically in real estate laws and consumer lending laws, allowing local banks to specialize and gain a niche but also expand to other states without restrictions.