The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was created by the Banking Act of 1933,enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation,and bank runs were common. The insurance limit was initially US$2,500 per ownership category,and this has been increased several times over the years. Since the enactment of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010,the FDIC insures deposits in member banks up to $250,000 per ownership category. FDIC insurance is backed by the full faith and credit of the government of the United States,and according to the FDIC,"since its start in 1933 no depositor has ever lost a penny of FDIC-insured funds".
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.
Financial regulation is a form of regulation or supervision,which subjects financial institutions to certain requirements,restrictions and guidelines,aiming to maintain the stability and integrity of the financial system. This may be handled by either a government or non-government organization. Financial regulation has also influenced the structure of banking sectors by increasing the variety of financial products available. Financial regulation forms one of three legal categories which constitutes the content of financial law,the other two being market practices and case law.
The term national bank generally refers to a bank that operates across and within a nation state or country,but its usage varies by country. In some cases it operates as the government's reserve bank,while in others the name is used for commercial banks.
The Community Reinvestment Act is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities,including low- and moderate-income neighborhoods. Congress passed the Act in 1977 to reduce discriminatory credit practices against low-income neighborhoods,a practice known as redlining.
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.
The Federal Home Loan Banks are 11 U.S. government-sponsored banks that provide liquidity to financial institutions to support housing finance and community investment.
The Office of Thrift Supervision (OTS) was a United States federal agency under the Department of the Treasury that chartered,supervised,and regulated all federally chartered and state-chartered savings banks and savings and loans associations. It was created in 1989 as a renamed version of the Federal Home Loan Bank Board,another federal agency. Like other U.S. federal bank regulators,it was paid by the banks it regulated. The OTS was initially seen as an aggressive regulator,but was later lax. Declining revenues and staff led the OTS to market itself to companies as a lax regulator in order to get revenue.
Federal savings associations,in the United States,are institutions chartered by the Office of Thrift Supervision which is now administered by Office of the Comptroller of the Currency after the agencies merged. Institutions chartered by the OTS are still regulated according to the rules and regulations of Federal Savings Banks. Mortgages issued by Federal Savings Banks are pursuant to the provisions of the Home Owners' Loan Act,a U.S. federal statute. Although the activities of federal thrifts were once confined primarily to taking deposits from consumers and making residential mortgage loans,federal thrifts are now authorized to offer a wide range of financial products and services.
The Federal Financial Institutions Examination Council (FFIEC) is a formal U.S. government interagency body composed of five banking regulators that is "empowered to prescribe uniform principles,standards,and report forms to promote uniformity in the supervision of financial institutions". It also oversees real estate appraisal in the United States. Its regulations are contained in title 12 of the Code of Federal Regulations.
The Federal Housing Finance Board (FHFB) was an independent agency of the United States government established in 1989 in the aftermath of the savings and loan crisis to take over management of the Federal Home Loan Banks from the Federal Home Loan Bank Board (FHLBB),and was superseded by the Federal Housing Finance Agency (FHFA) in 2008.
The Consumer Bankers Association (CBA) is a U.S. trade organization representing financial institutions offering retail lending products and services. It was originally founded in 1919 as the National Morris Plan Bankers Association and changed its name to the Consumer Bankers Association in 1947.
Bank regulation in the United States is highly fragmented compared with other G10 countries,where most countries have only one bank regulator. In the U.S.,banking is regulated at both the federal and state level. Depending on the type of charter a banking organization has and on its organizational structure,it may be subject to numerous federal and state banking regulations. Apart from the bank regulatory agencies the U.S. maintains separate securities,commodities,and insurance regulatory agencies at the federal and state level,unlike Japan and the United Kingdom. Bank examiners are generally employed to supervise banks and to ensure compliance with regulations.
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.
A bank examiner is a financial professional who has the task of making sure that banks and savings and loan associations are operating legally and safely,in accordance with the bank regulations imposed on these institutions by the chartering level of government. In the United States,they may conduct supervision on behalf of a U.S. government agency,the Federal Reserve System,a state banking authority,or for the financial institutions themselves as internal auditors. The main duties of a bank examiner are to ensure that a bank's operations are legal and can provide financial stability. A bank examiner will also review financial statements,evaluate the level of risk associated with loans,and assess the management of a bank.
Thomas James Curry is an American government official who served as the 30th Comptroller of the Currency of the United States from April 9,2012,until May 5,2017. Prior to becoming Comptroller of the Currency,Curry served as a Director of the Federal Deposit Insurance Corporation (FDIC) and as the chairman of the NeighborWorks America Board of Directors. He was born in Greenwich,Connecticut and raised in Stamford,Connecticut.
Joseph M. Otting is an American businessman and government official. He served as the 31st Comptroller of the Currency from November 27,2017 to May 29,2020.
Fintech,a portmanteau of "financial technology",refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. Artificial intelligence,blockchain,cloud computing,and big data are regarded as the "ABCD" of fintech. The use of smartphones for mobile banking,investing,borrowing services,and cryptocurrency are examples of technologies designed to make financial services more accessible to the general public. Fintech companies consist of both startups and established financial institutions and technology companies trying to replace or enhance the usage of financial services provided by existing financial companies.
Brian P. Brooks is an American lawyer,banker,entrepreneur,technologist,and former government official. He served as Acting Comptroller of the Currency from May 29,2020,succeeding the 31st Comptroller of the Currency Joseph Otting,until January 14,2021. Brooks was nominated twice by President Donald Trump for a five-year term as Comptroller of the Currency,once during the 116th Congress,and once in the 117th Congress.
Saule Tarikhovna Omarova is a Kazakh-American attorney,academic,and public policy advisor. She was the nominee for comptroller of the currency before her nomination was withdrawn at her request on December 7,2021.
