Why should banks need to establish formal operating procedures?A．The supervisory authorities require them to do so.B．The shareholders expect a reasonable return on their investment.C．The banks have to keep safe large volume of monetary items raised from a

The World Bank says a large proportion of the poor have no ________ to banks.

A.entry
B.path
C.road
D.access

资料：The data a bank has stored on its servers is more valuable than the gold in its vaults. Banks enjoy a monopoly over data that has helped them get away with poor services and fend off competitors. In Europe, at least, that is all about to change with a new set of regulations, named PSD2.
The rules will compel banks to share data easily with licensed third parties. Bankers in Europe complain that their profits and customer relationships are under threat. However, opening up banks, and the data they store, is good for consumers and competition, New providers will be better placed to offer all sorts of innovative services, such as a one-click option to put unspent monthly income into a pension plan.
Nevertheless, some concerns about PSD2 are legitimate. In particular, it is reasonable to wonder about the privacy and security implications of sensitive financial date being shared with third parties. But banks themselves are hardly invulnerable to cyber attacks （网络攻击）.And the solutions that the European regulators propose to deal with these worries look promising. Third parties that want to use bank data will need to convince national regulators that their data defenses are solid and are subject to annual regulatory inspections.
The gap between writing rules and implementing them is always large. First, consent from customers to provide access to their bank data must be gained explicitly, and the purposes of the data use should be clearly explained. Second, regulators must be very tough both in ensuring that banks open up their infrastructure and in withdrawing the licenses of third parties that break the rules. Third, regulators must also be flexible enough to allow for changes as the market evolves. Since the new entrants will not be licensed to engage in riskier financial activities——such as lending money——it makes sense to regulate them with a lighter touch. But if some Fintech providers do end up becoming systemically important, higher standards of oversight might be necessary.

Which of the following is true in order to successfully implement PSD2？

A.Customers are forced to share their bank data.
B.Banks are required to open up their entire operational system.
C.Regulators should be both tough and flexible.
D.Banks and third parties should be regulated with a light touch.

资料：The data a bank has stored on its servers is more valuable than the gold in its vaults. Banks enjoy a monopoly over data that has helped them get away with poor services and fend off competitors. In Europe, at least, that is all about to change with a new set of regulations, named PSD2.
The rules will compel banks to share data easily with licensed third parties. Bankers in Europe complain that their profits and customer relationships are under threat. However, opening up banks, and the data they store, is good for consumers and competition, New providers will be better placed to offer all sorts of innovative services, such as a one-click option to put unspent monthly income into a pension plan.
Nevertheless, some concerns about PSD2 are legitimate. In particular, it is reasonable to wonder about the privacy and security implications of sensitive financial date being shared with third parties. But banks themselves are hardly invulnerable to cyber attacks （网络攻击）.And the solutions that the European regulators propose to deal with these worries look promising. Third parties that want to use bank data will need to convince national regulators that their data defenses are solid and are subject to annual regulatory inspections.
The gap between writing rules and implementing them is always large. First, consent from customers to provide access to their bank data must be gained explicitly, and the purposes of the data use should be clearly explained. Second, regulators must be very tough both in ensuring that banks open up their infrastructure and in withdrawing the licenses of third parties that break the rules. Third, regulators must also be flexible enough to allow for changes as the market evolves. Since the new entrants will not be licensed to engage in riskier financial activities——such as lending money——it makes sense to regulate them with a lighter touch. But if some Fintech providers do end up becoming systemically important, higher standards of oversight might be necessary.

According to the first two paragraphs, what will banks in Europe be forced to do？

A.To keep clients’ data safe.
B.To close down the poor services.
C.To give up their data monopoly.
D.To disclose their sources of profits.

资料：In the United States of America, banks are categorized into the federally-chartered bank which received their charter from the Office of the Comptroller of the Currency（OCC）; these are referred to as “National Banks”; and also the states-chartered banks which receive their charter from the superintendent to as “State Banks”. Banks are allowed to register either with the federal or the state authority. Let us now look at the organizational structure of Commercial Banks, which include unit banking, group banking and branch banking.
The main characteristic of unit banking is that it can operate only a single full service bank from a single location. Unit banking institutions are not allowed to have branch networks. However, unit banking does not necessarily have to be small. In fact, many unit banks are quite large.
Group banking refers to banking operations conducted by a corporation owning more than one bank. The group banking system usually exists in the states where branch banking is prohibited.
As for branching, it is sometimes referred to “limited branching” or “stateside branching”. Limited branching allows bank to operate branches within geographic territories authorized by the state law. Stateside branching implies that bank branches are allowed to operate anywhere within the state. New York State, California, Florida and some others are stateside branch banking areas which Minnesota, Arkansas, lower and others are limited branching areas.
In the United States, there are also specialized banks including the Edge Act Banks, the international Banking Facility, the bankers’ banks, the saving banks, the savings and loans associations, the credit unions and government owned and the Real Estate Investment Trust （TEIT）.
There are also non-bank financial institutions in the USA, including the securities firms, the leasing and commercial finance companies, the mortgage bankers and the Real Estate Investment Trust （REIT）.
Let us now look at the Federal System. Commonly known as the Federal Reserve Bank or the “Fed”, this is the Central Bank of the United States founded in 1913. It determines the reserve requirement within limits set by the US Congress. The function of the Fed is economic stabilization through the management of the nation’s money supply. The Federal Reserve System comprises a board of governors with 7 members stationed in Washington D.C Reserve Banks, including Boston，New York City, Dallas and San Francisco.
The Federal Reserve Act（FRA）1913 set out the powers of the Fed which, on top of the regular central bank’s objectives, emphasize the following.
i.Managing the monetary system and money supply of the USA;
ii.Providing funds as the lender of last report;
iii.Providing for an efficient cherub clearing system;
iiii.Providing a rigorous banking supervision system.

What is included in the commercial banking system of the USA?（ ）

A.The Fed banks, the State banking and group banking.
B.The Fed banking, the state banking and group banking.
C.Unit banking, group banking and branch banking.
D.Specialized banks, group banking and unit banking.

资料：The data a bank has stored on its servers is more valuable than the gold in its vaults. Banks enjoy a monopoly over data that has helped them get away with poor services and fend off competitors. In Europe, at least, that is all about to change with a new set of regulations, named PSD2.
The rules will compel banks to share data easily with licensed third parties. Bankers in Europe complain that their profits and customer relationships are under threat. However, opening up banks, and the data they store, is good for consumers and competition, New providers will be better placed to offer all sorts of innovative services, such as a one-click option to put unspent monthly income into a pension plan.
Nevertheless, some concerns about PSD2 are legitimate. In particular, it is reasonable to wonder about the privacy and security implications of sensitive financial date being shared with third parties. But banks themselves are hardly invulnerable to cyber attacks （网络攻击）.And the solutions that the European regulators propose to deal with these worries look promising. Third parties that want to use bank data will need to convince national regulators that their data defenses are solid and are subject to annual regulatory inspections.
The gap between writing rules and implementing them is always large. First, consent from customers to provide access to their bank data must be gained explicitly, and the purposes of the data use should be clearly explained. Second, regulators must be very tough both in ensuring that banks open up their infrastructure and in withdrawing the licenses of third parties that break the rules. Third, regulators must also be flexible enough to allow for changes as the market evolves. Since the new entrants will not be licensed to engage in riskier financial activities——such as lending money——it makes sense to regulate them with a lighter touch. But if some Fintech providers do end up becoming systemically important, higher standards of oversight might be necessary.

What is the passage mainly about？

A.Challenges facing European regulators.
B.A new regulation in Europe that opens banks to competition.
C.The solutions to the flawed banking system in Europe.
D.A looming threat to customers' private bank data.

资料：In the United States of America, banks are categorized into the federally-chartered bank which received their charter from the Office of the Comptroller of the Currency（OCC）; these are referred to as “National Banks”; and also the states-chartered banks which receive their charter from the superintendent to as “State Banks”. Banks are allowed to register either with the federal or the state authority. Let us now look at the organizational structure of Commercial Banks, which include unit banking, group banking and branch banking.
The main characteristic of unit banking is that it can operate only a single full service bank from a single location. Unit banking institutions are not allowed to have branch networks. However, unit banking does not necessarily have to be small. In fact, many unit banks are quite large.
Group banking refers to banking operations conducted by a corporation owning more than one bank. The group banking system usually exists in the states where branch banking is prohibited.
As for branching, it is sometimes referred to “limited branching” or “stateside branching”. Limited branching allows bank to operate branches within geographic territories authorized by the state law. Stateside branching implies that bank branches are allowed to operate anywhere within the state. New York State, California, Florida and some others are stateside branch banking areas which Minnesota, Arkansas, lower and others are limited branching areas.
In the United States, there are also specialized banks including the Edge Act Banks, the international Banking Facility, the bankers’ banks, the saving banks, the savings and loans associations, the credit unions and government owned and the Real Estate Investment Trust （TEIT）.
There are also non-bank financial institutions in the USA, including the securities firms, the leasing and commercial finance companies, the mortgage bankers and the Real Estate Investment Trust （REIT）.
Let us now look at the Federal System. Commonly known as the Federal Reserve Bank or the “Fed”, this is the Central Bank of the United States founded in 1913. It determines the reserve requirement within limits set by the US Congress. The function of the Fed is economic stabilization through the management of the nation’s money supply. The Federal Reserve System comprises a board of governors with 7 members stationed in Washington D.C Reserve Banks, including Boston，New York City, Dallas and San Francisco.
The Federal Reserve Act（FRA）1913 set out the powers of the Fed which, on top of the regular central bank’s objectives, emphasize the following.
i.Managing the monetary system and money supply of the USA;
ii.Providing funds as the lender of last report;
iii.Providing for an efficient cherub clearing system;
iiii.Providing a rigorous banking supervision system.

Which of the following is TRUE?（ ）

A.The Fed undertakes banking supervision over banking system in the USA.
B.The savings banks in the USA are authorized to do real estate business by some states’ law.
C.Specialized banks in the USA provide funds as the lender of last resort.
D.Specialized banks in the USA are the same to those in China.

资料：The data a bank has stored on its servers is more valuable than the gold in its vaults. Banks enjoy a monopoly over data that has helped them get away with poor services and fend off competitors. In Europe, at least, that is all about to change with a new set of regulations, named PSD2.
The rules will compel banks to share data easily with licensed third parties. Bankers in Europe complain that their profits and customer relationships are under threat. However, opening up banks, and the data they store, is good for consumers and competition, New providers will be better placed to offer all sorts of innovative services, such as a one-click option to put unspent monthly income into a pension plan.
Nevertheless, some concerns about PSD2 are legitimate. In particular, it is reasonable to wonder about the privacy and security implications of sensitive financial date being shared with third parties. But banks themselves are hardly invulnerable to cyber attacks （网络攻击）.And the solutions that the European regulators propose to deal with these worries look promising. Third parties that want to use bank data will need to convince national regulators that their data defenses are solid and are subject to annual regulatory inspections.
The gap between writing rules and implementing them is always large. First, consent from customers to provide access to their bank data must be gained explicitly, and the purposes of the data use should be clearly explained. Second, regulators must be very tough both in ensuring that banks open up their infrastructure and in withdrawing the licenses of third parties that break the rules. Third, regulators must also be flexible enough to allow for changes as the market evolves. Since the new entrants will not be licensed to engage in riskier financial activities——such as lending money——it makes sense to regulate them with a lighter touch. But if some Fintech providers do end up becoming systemically important, higher standards of oversight might be necessary.

What can be inferred from passage on the effects of PSD2 in the second paragraph？

A.Customers are more likely to enjoy more innovative services.
B.People will no longer go to banks to deposit their money.
C.Service providers do not want to partner with banks.
D.People will receive more pension.

资料：The data a bank has stored on its servers is more valuable than the gold in its vaults. Banks enjoy a monopoly over data that has helped them get away with poor services and fend off competitors. In Europe, at least, that is all about to change with a new set of regulations, named PSD2.
The rules will compel banks to share data easily with licensed third parties. Bankers in Europe complain that their profits and customer relationships are under threat. However, opening up banks, and the data they store, is good for consumers and competition, New providers will be better placed to offer all sorts of innovative services, such as a one-click option to put unspent monthly income into a pension plan.
Nevertheless, some concerns about PSD2 are legitimate. In particular, it is reasonable to wonder about the privacy and security implications of sensitive financial date being shared with third parties. But banks themselves are hardly invulnerable to cyber attacks （网络攻击）.And the solutions that the European regulators propose to deal with these worries look promising. Third parties that want to use bank data will need to convince national regulators that their data defenses are solid and are subject to annual regulatory inspections.
The gap between writing rules and implementing them is always large. First, consent from customers to provide access to their bank data must be gained explicitly, and the purposes of the data use should be clearly explained. Second, regulators must be very tough both in ensuring that banks open up their infrastructure and in withdrawing the licenses of third parties that break the rules. Third, regulators must also be flexible enough to allow for changes as the market evolves. Since the new entrants will not be licensed to engage in riskier financial activities——such as lending money——it makes sense to regulate them with a lighter touch. But if some Fintech providers do end up becoming systemically important, higher standards of oversight might be necessary.

According to paragraph 3, what is the probable reason that privacy concerns about PSD2 are unnecessary？

A.Third parties will have to buy fraud insurance.
B.Regulators have come up with promising solutions.
C.Banks' defense against cyber attacks is strong.
D.Third parties will check clients' data monthly.