In the United States,banking had begun by the 1780s,along with the country's founding. It has developed into a highly influential and complex system of banking and financial services. Anchored by New York City and Wall Street,it is centered on various financial services,such as private banking,asset management,and deposit security.
In most legal jurisdictions,a financial institution is required to obtain a banking license before it is legally permitted to carry on a banking business. Besides other requirements,such a business is not permitted to contain in its name words such as bank,insurance,national,etc,unless it holds an appropriate license. Depending on banking regulations,jurisdictions may offer different types of banking licenses,such as:
Standard Chartered plc is a British multinational bank with operations in consumer,corporate and institutional banking,and treasury services. Despite being headquartered in the United Kingdom,it does not conduct retail banking in the UK,and around 90% of its profits come from Asia,Africa,and the Middle East.
The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter,regulate,and supervise all national banks and thrift institutions and the federally licensed branches and agencies of foreign banks in the United States. The acting Comptroller of the Currency is Michael J. Hsu,who took office on May 10,2021.
Banking regulation and supervision refers to a form of financial regulation which subjects banks to certain requirements,restrictions and guidelines,enforced by a financial regulatory authority generally referred to as banking supervisor,with semantic variations across jurisdictions. By and large,banking regulation and supervision aims at ensuring that banks are safe and sound and at fostering market transparency between banks and the individuals and corporations with whom they conduct business.
The Financial Institutions Reform,Recovery,and Enforcement Act of 1989 (FIRREA),is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s.
The Office of the Superintendent of Financial Institutions is an independent agency of the Government of Canada reporting to the Minister of Finance created "to contribute to public confidence in the Canadian financial system". It is the sole regulator of banks,and the primary regulator of insurance companies,trust companies,loan companies and pension plans in Canada.
A branch,banking center or financial center is a retail location where a bank,credit union,or other financial institution offers a wide array of face-to-face and automated services to its customers.
QBE Insurance Group Limited is a general insurance and reinsurance company listed on the Australian Securities Exchange and headquartered in Sydney. The company employs more than 11,700 people in over 27 countries. Across its operations,QBE offers commercial,personal and specialty products and risk management products.
Eric R. Dinallo is a partner and chair of the insurance regulatory practice at Debevoise &Plimpton LLP and a member of the firm's Financial Institutions and White Collar &Regulatory Defense Groups. Formerly Executive Vice President,Chief Legal Counsel at The Guardian Life Insurance Company of America,Inc. Formerly Superintendent of Insurance for New York State,he was nominated by Governor Eliot Spitzer and confirmed by the New York State Senate on April 18,2007,as the 39th Superintendent of the New York State Insurance Department. On May 28,2009,he announced his resignation and subsequently left state government service to become a visiting professor at New York University's Stern School of Business. On August 24,2009,Dinallo announced that he was preparing for a possible campaign for the elected office of New York State Attorney General. He was defeated in the primary on September 14,2010,by Eric T. Schneiderman,who went on to win the office in the general election.
The New York State Insurance Department (NYSID) was the state agency responsible for supervising and regulating all insurance business in New York State. It was regarded in the industry as one of the most state-of-the-art insurance regulatory agencies.
Richard H. Neiman is an American financial advisor and attorney who served as the 43rd Superintendent of Banks of New York,managing the New York State Banking Department.
Collateral Protection Insurance,or CPI,insures property held as collateral for loans made by lending institutions. CPI,also known as force-placed insurance and lender placed insurance,may be classified as single-interest insurance if it protects the interest of the lender,a single party,or as dual-interest insurance coverage if it protects the interest of both the lender and the borrower.
The New York State Banking Department was created by the New York Legislature on April 15,1851,with a chief officer to be known as the Superintendent. The New York State Banking Department was the oldest bank regulatory agency in the United States.
Elizabeth McCaul is a member of the ECB Supervisory Board. McCaul previously served as Superintendent of Banks for the State of New York,the head of the New York State Banking Department and held several senior executive positions at Promontory Financial Group,an IBM company. She founded the New York office of the strategy,risk management,and compliance consulting firm,and most recently served as global head of strategy for Promontory and interim chair of Promontory Financial Group Europe.
The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector. CFPB's jurisdiction includes banks,credit unions,securities firms,payday lenders,mortgage-servicing operations,foreclosure relief services,debt collectors,and other financial companies operating in the United States. Since its founding,the CFPB has used technology tools to monitor how financial entities used social media and algorithms to target consumers.
The New York State Department of Financial Services is the department of the New York state government responsible for regulating financial services and products,including those subject to the New York insurance,banking and financial services laws.
A BitLicense is the common term used for a business license for virtual currency activities,issued by the New York State Department of Financial Services (NYSDFS) under regulations designed for companies. The regulations are limited to activities involving the state of New York or a New York resident. People residing in,located in,having a place of business in,or conducting business in the State of New York count as New York Residents under these regulations. The license was introduced and designed by Benjamin Lawsky,New York's first Superintendent of Financial Services,in July 2014. Chartered entities do not require an explicit BitLicense,but may instead proceed with virtual currency activities via limited purpose trust charters approved by the NYDFS.
Gemini Trust Company,LLC (Gemini) is an American cryptocurrency exchange and custodian bank. It was founded in 2014 by Cameron and Tyler Winklevoss.
Keith A. Noreika is an American lawyer who specializes in the regulation of financial institutions. He served as Acting Comptroller of the Currency from May 5,2017,to November 27,2017,following the 30th Comptroller of the Currency,Thomas J. Curry,and preceding the 31st Comptroller of the Currency,Joseph Otting. Noreika rejoined the law firm of Simpson Thacher on January 8,2018. He joined Patomak Global Partners as Executive Vice President and Chairman of its Banking Supervision and Regulation Group on July 5,2022.
