What regulatory agencies are responsible for regulating banks?
Among its many duties, the Federal Reserve supervises state-chartered, Federal Reserve-member banks. If your bank has the word ‘state’ in it, that’s a state-chartered bank, and, if it were a member of the Fed, the Federal Reserve would regulate it. There are about 900 Fed-regulated banks in the country out of approximately 6,700 state-chartered banks. The remaining 5,800 are regulated by the Federal Deposit Insurance Corporation (FDIC). I’ll get to the FDIC in a moment. The Fed also regulates bank holding companies which own the stock of subsidiaries, including banks. Bank holding companies are of all sizes; they can hold or own just one bank, hold multiple banks in more than one state and can own insurance companies and have foreign subsidiaries. There are approximately 5,000 bank holding companies in the U.S. The Federal Reserve also supervises the foreign activities of member banks as well as the U.S. activities of foreign banks. In addition, the Federal Reserve also ensures complia
Related Questions
- What legislation and/or regulatory bodies are responsible for regulating the relationship between landlord and tenant in South Korea?
- What 2 federal agencies are responsible for supervising and regulating depository institutions that are not commercial banks?
- What agencies are responsible for oversight and regulating hazardous materials in transport?
