The National Banking Acts of 1863 and 1864 were two United States federal banking acts that established a system of national banks chartered at the federal level, and created the United States National Banking System. They encouraged development of a national currency backed by bank holdings of U.S. Treasury securities and established the Office of the Comptroller of the Currency as part of the United States Department of the Treasury. The Act shaped today's national banking system and its support of a uniform U.S. banking policy.
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.
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.
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.
Basel II is the second of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision. It is now extended and partially superseded by Basel III.
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.
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 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 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.
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.
Eugene A. "Gene" Ludwig is an American business leader and expert on banking regulation, risk management, and fiscal policy. From 1993 to 1998 he served as Comptroller of the Currency.
Cuomo v. Clearing House Association, L.L.C., 557 U.S. 519 (2009), was a case decided by the United States Supreme Court. In a 5–4 decision, the court determined that a federal banking regulation did not pre-empt the ability of states to enforce their own fair-lending laws. The Court determined that the Office of the Comptroller of the Currency is the sole regulator of national banks but it does not have the authority under the National Bank Act to pre-empt state law enforcement against national banks.
The Office of the Commissioner of Financial Institutions of Puerto Rico—in Spanish: Oficina del Comisionado de Instituciones Financieras (OCIF)—is an office of the Department of Treasury of Puerto Rico that supervises and regulates Puerto Rico's financial sector to ensure its safety and soundness, as well as to oversee a strict adherence to all applicable laws and regulations. The OCIF as a regulatory body is similar in function to the State Banking Departments found in the 50 states. However, Puerto Rico being a commonwealth territory, its functions and legal enforcement are more broad as it is empowered to issue banking licenses under Puerto Rico law which are not under direct federal supervision, such as International Banking Entities and International Finance Entities. The OCIF follows examination guidance issued by the Federal Financial Institutions Examination Council (FFIEC), a formal interagency body empowered to prescribe uniform principles for the examination of financial institutions in the U.S., including institutions regulated by the Federal Reserve Board of Governors and the Office of the Comptroller of the Currency (OCC). Ángel Luis Rosas Collazo served as its first commissioner.
The Financial Stability Oversight Council (FSOC) is a United States federal government organization, established by Title I of the Dodd–Frank Wall Street Reform and Consumer Protection Act, which was signed into law by President Barack Obama on July 21, 2010. The Office of Financial Research is intended to provide support to the council.
John G. Walsh is an American economist who was the acting Comptroller of the Currency from 2010 until 2012. He had been Chief of Staff and Public Affairs at the office since October 2005 and became interim Comptroller on August 15, 2010, following John Dugan. He ceased being interim Comptroller with the April 9, 2012 swearing-in of Thomas J. Curry as the 30th Comptroller of the Currency.
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.
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.
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.
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.
In the United States, a national bank is an ordinary private bank operating within the federal government's regulatory structure, which usually but not always operates in multiple U.S. states, and is under the supervision of the Office of the Comptroller of the Currency. Depending on the matter, it also may have to comply with some U.S. state regulations. It is legally required to be a member of the Federal Reserve System. A national bank in the U.S. is distinguished from a state bank, whose permit or charter is granted by one of the U.S. states, and can only do business in that state.
