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.
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.
John C. Dugan is an American attorney who served as the 29th comptroller of the currency from August 2005 to August 14,2010. He has since worked as the chairman of Citigroup.
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.
All regulated financial institutions in the United States are required to file periodic financial and other information with their respective regulators and other parties. For banks in the U.S.,one of the key reports required to be filed is the quarterly Consolidated Report of Condition and Income,generally referred to as the call report or RC report. Specifically,every National Bank,State Member Bank and insured Nonmember Bank is required by the Federal Financial Institutions Examination Council (FFIEC) to file a call report as of the close of business on the last day of each calendar quarter,i.e. the report date. The specific reporting requirements depend upon the size of the bank and whether or not it has any foreign offices. Call reports are due no later than 30 days after the end of each calendar quarter. Revisions may be made without prejudice up to 30 days after the initial filing period. Form FFIEC 031 is used for banks with both domestic (U.S.) and foreign (non-U.S.) offices;Forms FFIEC 041 and 051 is for banks with domestic (U.S.) offices only.
Southeast Banking Corporation was a bank holding company based in Miami,Florida. On Friday,September 19,1991,during the savings and loan crisis,Southeast failed and was seized by the Office of the Comptroller of the Currency. It was placed into the receivership of the Federal Deposit Insurance Corporation (FDIC),who sold almost all of Southeast's assets to First Union. The bank failure is notable since it is one of the first instances of the FDIC liquidating a bank using loss sharing provisions. As a result of several mergers over the next two decades,most of what was once Southeast is now part of Wells Fargo.
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.
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.
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).
Deborah "Debbie" Matz is an American civil servant who served as the 8th Chairman of the National Credit Union Administration.
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 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.
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.
Michael J. Hsu is an American civil servant who is the Acting Comptroller of the Currency. Prior to this role,Hsu served as an associate director in the Division of Supervision and Regulation at the Federal Reserve Board of Governors.
