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 began by the 1780s along with the country's founding and has developed into 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 namely 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.
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 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.
Franklin National Bank is a bank based in Franklin Square on Long Island,New York. It was once the United States' 20th largest bank. On October 8,1974,it collapsed in obscure circumstances involving Michele Sindona,who was a renowned Mafia-banker and member of the irregular freemasonic lodge,Propaganda Due. It was at the time the largest bank failure in the history of the country.
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.
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.
John G. Heimann was Comptroller of the Currency from 1977 to 1981 having been appointed by President Jimmy Carter and confirmed by the Senate.
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.
Martin J. Gruenberg is an American attorney who serves as the two-time and current chairman,as well as three-time acting chairman,of the U.S. Federal Deposit Insurance Corporation (FDIC).
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.
The Bank of Washington,later named The National Bank of Washington and abbreviated as NBW,was the first bank established in Washington,D.C. After suffering from bank failure in 1990,the bank was acquired by Riggs Bank.
The Banking Act of 1935 passed on August 19,1935 and was signed into law by the president,Franklin D. Roosevelt,on August 23. The Act changed the structure and power distribution in the Federal Reserve System that began with the Banking Act of 1933. The Act contained three titles.
Marshall R. Diggs Sr was a United States Acting Comptroller of the Currency from April,1938 to September,1938.
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.
Jelena McWilliams is a Serbian-American business executive and a former Chairman of the Federal Deposit Insurance Corporation. She was nominated to the position and to the FDIC Board of Directors by President Donald Trump,and the Senate confirmed her appointment on May 24,2018. She was sworn in as Chairman on June 5,2018. Previously,McWilliams was executive vice president and chief legal officer of Fifth Third Bank in Cincinnati,Ohio. She resigned from her position as Chairman of the Board of the FDIC on February 4,2022.
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.
Blake Paulson,a career national bank examiner,was the Acting Comptroller of the Currency. Paulson became Acting Comptroller of the Currency on January 14,2021,upon the resignation of Acting Comptroller of the Currency Brian P. Brooks. As Acting Comptroller of the Currency,Mr. Paulson was the administrator of the federal banking system and chief officer of the Comptroller of the Currency (OCC).
