What is the relationship between the Banking Department and the federal bank supervisory agencies?
The New York State Banking Department regulates only New York State-chartered financial institutions. Some banks choose to operate under a state charter, and some elect to operate under a federal charter. Federal regulators include the Office of the Comptroller of the Currency (OCC), which regulates all nationally chartered financial institutions. For example, banks that have N.A. (National Association) in their title are nationally chartered financial institutions. The Federal Reserve Bank (FRB) regulates those state-chartered institutions that are members of the Federal Reserve System. The Federal Deposit Insurance Corporation (FDIC) regulates non-FRB member state-chartered banks and state-chartered thrift institutions, and the Office of Thrift Supervision (OTS) regulates federally chartered Thrift institutions, as well as all Savings and Loan Associations. All state-chartered banks are regulated simultaneously by the Banking Department and one of the above agencies, and the Departme
