I think the bank was claiming something like Hebrew National's "we answer to a higher authority." That is, they would be more friendly, transparent, and helpful than other banks. Maybe they would keep the borrower from getting a loan that could not be repaid.
Alan Law Office of Alan Leigh Armstrong 18652 Florida St., Suite 225 Huntington Beach CA 92648-6006 714 375 1147 faz 714 782 6007 a...@alanarmstrong.com Serving the family and small business since 1984 On May 10, 2010, at 2:51 PM, Vance R. Koven wrote: > I don't see any particular connection to religion at all here. Everybody > seems to be saying they were in compliance with banking regulations, the > securities laws and anything else they've been charged with violating. If > there is going to be a claim that being a "religious" bank means they don't > have to abide by whatever lending criteria the law establishes (and if they > were out of compliance, I'd like to know what Fannie Mae and Freddie Mac's > excuse was), it would strike me as both a "last refuge of a scoundrel" issue > and a possible estoppel issue if they didn't make any exemption claims when > obtaining their banking licenses (I don't know what regulations would apply > to the borrower--there are already cases that hold a bank loan is not a > securities transaction to which Rule 10b-5 would apply). > > There are, however, religious banks, in the sense of banks that apply > religious law to their products, chiefly Islamic banks that structure > products around the interest prohibition. Of course, Western banks also deal > in such products for clients to whom the religious prohibitions matter. > However, the NYT article doesn't suggest that Integrity was claiming a > Christian loan is one that doesn't need to be repaid. > > Vance > > On Mon, May 10, 2010 at 2:30 PM, <hamilto...@aol.com> wrote: > Sounds like religious insurance. They typically argue they should not have > to abide by regulations and they discriminate on the basis of religion in > hiring and in choosing customers > > As I remember there is a religious exemption for religious insurers in the > health care law. > > Marci > Sent from my Verizon Wireless BlackBerry > > -----Original Message----- > From: "Volokh, Eugene" <vol...@law.ucla.edu> > Date: Mon, 10 May 2010 11:13:12 > To: 'Law & Religion issues for Law Academics'<religionlaw@lists.ucla.edu> > Subject: RE: Faith Base Banking > > _______________________________________________ > To post, send message to Religionlaw@lists.ucla.edu > To subscribe, unsubscribe, change options, or get password, see > http://lists.ucla.edu/cgi-bin/mailman/listinfo/religionlaw > > Please note that messages sent to this large list cannot be viewed as > private. Anyone can subscribe to the list and read messages that are posted; > people can read the Web archives; and list members can (rightly or wrongly) > forward the messages to others. > > _______________________________________________ > To post, send message to Religionlaw@lists.ucla.edu > To subscribe, unsubscribe, change options, or get password, see > http://lists.ucla.edu/cgi-bin/mailman/listinfo/religionlaw > > Please note that messages sent to this large list cannot be viewed as > private. Anyone can subscribe to the list and read messages that are posted; > people can read the Web archives; and list members can (rightly or wrongly) > forward the messages to others. > > > > -- > Vance R. Koven > Boston, MA USA > vrko...@world.std.com > _______________________________________________ > To post, send message to Religionlaw@lists.ucla.edu > To subscribe, unsubscribe, change options, or get password, see > http://lists.ucla.edu/cgi-bin/mailman/listinfo/religionlaw > > Please note that messages sent to this large list cannot be viewed as > private. Anyone can subscribe to the list and read messages that are posted; > people can read the Web archives; and list members can (rightly or wrongly) > forward the messages to others.
_______________________________________________ To post, send message to Religionlaw@lists.ucla.edu To subscribe, unsubscribe, change options, or get password, see http://lists.ucla.edu/cgi-bin/mailman/listinfo/religionlaw Please note that messages sent to this large list cannot be viewed as private. Anyone can subscribe to the list and read messages that are posted; people can read the Web archives; and list members can (rightly or wrongly) forward the messages to others.
