Guide to Banking Labor Laws

by Andrea

Banks and bank accounts are regulated  both by the state and federal statutory law. Bank accounts may be established by national and state chartered banks and savings associations. These are all regulated by the law under which they were established. Until the early 1980’s interest rates on bank accounts were regulated and controlled by the national government. A ceiling existed on interest rates for savings accounts. Interest payments on demand deposit accounts were generally prohibited. Banks were also prohibited from offering money market accounts. The Depository Institutions Deregulation Act of 1980 (DIDRA) eliminated the interest rate controls on savings accounts.