The Tennessee Department of Financial Institutions (TDFI) is a Cabinet-level agency within Tennessee state government, currently led by Greg Gonzales, Commissioner of Financial Institutions. The department is responsible for regulating Tennessee's banking system, including state-chartered banks and credit unions, and handling consumer complaints involving state regulated financial institutions. The department is divided into the Administrative/Legal Division, Bank Division, Compliance Division, Consumer Resources Division, and the Credit Union Division - each of which is led by an Assistant Commissioner.
The Banking Department, created in 1913, was headed by the Superintendent of Banks when it was first established, ten years later credit unions were added to its responsibilities. Over the next eighty-five years, the department made a final name change and increased regulatory responsibilities to cover trust companies, licensed business and industrial development corporations (BIDCOs), industrial loan and thrift offices, insurance premium finance companies, mortgage companies, check cashers, deferred presentment services companies, money transmitters, and title loan companies.
Financial institutions, sometimes called banking institutions, are business entities that provide services as intermediaries for different types of financial monetary transactions. Broadly speaking, there are three major types of financial institutions:
Depository institutions – deposit-taking institutions that accept and manage deposits and make loans, including banks, building societies, credit unions, trust companies, and mortgage loan companies;
Contractual institutions – insurance companies and pension funds
Investment institutions – investment banks, underwriters, and other different types of financial entities managing investments.
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.
Banking in Australia is dominated by four major banks: Commonwealth Bank, Westpac, Australia & New Zealand Banking Group and National Australia Bank. There are several smaller banks with a presence throughout the country, and a large number of other financial institutions, such as credit unions, building societies and mutual banks, which provide limited banking-type services and are described as authorised deposit-taking institutions (ADIs). Many large foreign banks have a presence, but few have a retail banking presence. The central bank is the Reserve Bank of Australia (RBA). The Australian government’s Financial Claims Scheme (FCS) guarantees deposits up to $250,000 per account-holder per ADI in the event of the ADI failing.
The Tennessee Commissioner of Financial Institutions is the head of Tennessee's Department of Financial Institutions, which is responsible for regulating the bank system of that U.S. state. The Commissioner is appointed by the governor of Tennessee and is a member of the governor's Cabinet, which meets at least once per month, or more often to the governor's liking. Originally, a Banking Department had been created in 1913, led by a Superintendent of Banks, and then ten years later credit unions were added to the Department's responsibilities.
The Financial Consumer Agency of Canada (FCAC) is an agency of the Government of Canada that enforces consumer protection legislation, regulations and industry commitments by federally regulated financial entities. It also provides programs and information to help consumers understand their rights and responsibilities when dealing with financial institutions and promotes financial literacy.
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.
China's banking sector had ¥319.7 trillion RMB in assets at the end of 2020. The "big four/five" state-owned commercial banks are the Bank of China, the China Construction Bank, the Industrial and Commercial Bank of China, and the Agricultural Bank of China, all of which are among the largest banks in the world as of 2018. The Bank of Communications is sometimes included. Other notable big and also the largest banks in the world are China Merchants Bank and Ping An Bank.
The Illinois Department of Financial and Professional Regulation (IDFPR) is the Illinois state government code department that through its operational components, the Division of Banking, Division of Financial Institutions, Division of Professional Regulation, and Division of Real Estate, oversees the regulation and licensure of banks and financial institutions, real estate businesses and professionals, and various licensed professions, and is charged with enforcing standards of professional practice and protecting the rights of Illinois residents in their transactions with regulated industries.
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.
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
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.
The Oklahoma State Banking Department (OSBD) is an agency of the state of Oklahoma. The Banking Department is responsible for regulating Oklahoma's banking system, including state-chartered banks, credit unions, savings and loan associations, and trust companies, as well as [(money transmitters)] and money order companies. The department also handles consumer complaints involving state-regulated financial institutions.
The New Jersey Department of Banking and Insurance (DOBI) is one of 15 principal departments in New Jersey government. The department's mission is to regulate the banking, insurance and real estate industries in a professional and timely manner that protects and educates consumers and promotes the growth, financial stability and efficiency of these industries. The Commissioner of DOBI is Marlene Caride.
This article details the history of banking in the United States. Banking in the United States is regulated by both the federal and state governments.
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.
The California Department of Financial Protection and Innovation (DFPI), formerly the Department of Business Oversight (DBO), regulates a variety of financial services, businesses, products, and professionals. The department operates under the California Business, Consumer Services and Housing Agency.
The Colorado Department of Regulatory Agencies (DORA) is the principal department of the Colorado state government responsible for professional licensing and consumer protection.
Washington State Department of Financial Institutions is an agency of the State of Washington charged with regulating financial institutions including banks, and prevention of financial fraud such as bank fraud, credit card fraud and payday loan issues. It is authorized by Revised Code of Washington (RCW) Title 43, Chapter 320.
The Wisconsin Department of Financial Institutions (DFI) is an agency of the Wisconsin state government responsible for state regulation of financial institutions and educating the public about financial issues.
The New Hampshire Banking Department is a state agency of the U.S. state of New Hampshire, headquartered in Concord. The department supervises all state-chartered financial institutions including commercial banks, merchant banks, and credit unions. As of June 2020, there were 61 charted institutions with a total of 329 branches in the state. The department has three divisions: Banking and Trust Division, Consumer Credit Division, and Office of the Legal Counsel.
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