Date of Award


Document Type


Degree Name

Doctor of Juridical Science (SJD)


The subprime mortgage crisis occurred in the United States in 2008, which struck the U.S. economy tremendously, and moreover, the world’s economy. In response to the crisis, the U.S. government enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Act, however, focused mainly on enhancing regulatory systems rather than considering how the Act affected small-scale financial institutions, including thrifts, which play a major role in the U.S. local housing development industry.

In addition, the Act did not accord with the principles of the Government Accountability Office, and left certain regulatory measures intact, including the Qualified Thrift Lending test. Under this new regime, thrifts may face difficulty maintaining their businesses because of the heavy burden of complying with stringent and inappropriate regulations that were passed following the Act.

In addition to the problematic issues facing the U.S., Korean savings banks have also been meeting difficulties since the Korean Savings Bank Crisis of 2010, which resulted in the failure of twenty-five percent of total savings banks and cost more than $26 billion with more than 100,000 victims. Even though the Korean government tried to solve the problems facing the savings bank industry after the crisis, savings banks have still been struggling to operate successfully. This lack of improvement is in part due to deficiencies in the financial regulatory system, such as lenient and insufficient regulations.

This dissertation analyzes how the Dodd-Frank Act adversely affects the thrift industry with intensified regulations, and then offers suggestions on how to create more efficient regulations for the thrift industry. This dissertation also studies how the Korean savings bank industry can overcome its current trouble by analyzing the similarities between the savings bank crisis and two U.S. experiences,the Savings & Loans Association Crisis of the 1980s, and the Mortgage Crisis of 2008, and by researching what can be learned from the experiences.


Awarded Best Dissertation Defense of 2015