The 1980s have been a decade of change for the financial services industry. The industry has been deregulated geographically and on a productline basis following the passage of the Depository Institutions Deregulation and Monetary Control Act of 1980, the Garn-St Germain Act of 1982, and the Competitive Equality Banking Act of 1987. Several important decisions by the Federal Reserve Board expanded the nonbank powers of bank holding companies to include underwriting municipal revenue bonds, asset-backed securities, and corporate bonds. Following the lowering of geographic barriers by most states, the banking industry has undergone considerable consolidation.