Jump to content
Main menu
Main menu
move to sidebar
hide
Navigation
Main page
Recent changes
Random page
Help about MediaWiki
Special pages
Niidae Wiki
Search
Search
Appearance
Create account
Log in
Personal tools
Create account
Log in
Pages for logged out editors
learn more
Contributions
Talk
Editing
Banking in the United States
(section)
Page
Discussion
English
Read
Edit
View history
Tools
Tools
move to sidebar
hide
Actions
Read
Edit
View history
General
What links here
Related changes
Page information
Appearance
move to sidebar
hide
Warning:
You are not logged in. Your IP address will be publicly visible if you make any edits. If you
log in
or
create an account
, your edits will be attributed to your username, along with other benefits.
Anti-spam check. Do
not
fill this in!
==Regulatory agencies== {{main|Bank regulation in the United States}} [[File:Total banks in the United States.webp|thumb|260px|{{Center|'''Total banks in the United States'''<ref>{{cite web | url=https://banks.data.fdic.gov/explore/historical/?displayFields=STNAME%2CTOTAL%2CBRANCHES%2CNew_Char&selectedEndDate=2023&selectedReport=CBS&selectedStartDate=1934&selectedStates=0&sortField=YEAR&sortOrder=desc | title=BankFind Suite }}</ref>}} {{legend-line|#BECCEA solid 4px|New chartered banks (right)}} {{legend|#61D836|Total [[Banking in the United States#Bank classification|charters]] (left)|outline=#1DB100}} {{legend|#929292|Total [[Branch (banking)|branches]] (left)|outline=#5E5E5E}} ]] While most countries have only one bank regulator, in the U.S., banking is regulated at both the federal and state levels<ref name=":1">Sotto (2014), p. 191</ref> in an arrangement known as a '''dual banking system'''.<ref>{{cite book |last1=Comptroller of the Currency |first1=Administrator of National Banks |title=National Banks and The Dual Banking System |date=September 2003 |url=https://www.occ.treas.gov/publications-and-resources/publications/banker-education/files/pub-national-banks-and-the-dual-banking-system.pdf}}</ref> Depending on its type of charter and organizational structure, a banking organization may be subject to numerous federal and state banking regulations. Unlike Switzerland and the United Kingdom (where regulatory authority over the banking, securities and insurance industries is combined into one single financial service agency), the U.S. maintains separate securities, commodities, and insurance regulatory agencies—separate from the bank regulatory agencies—at the federal and state levels.<ref name="fsa">{{cite book|url=http://www.fsa.go.jp/en/about/pamphlet.pdf|title=Financial Services Agency|date=September 1, 2013|publisher=[[Government of Japan]] [[Financial Services Agency]]|access-date=2014-02-20}}</ref> U.S. banking regulations address privacy, disclosure, fraud prevention, anti-money laundering, anti-terrorism, anti-[[usury]] lending, and the promotion of lending to lower-income populations. Some individual cities also enact their own [[financial regulation]] laws (for example, defining what constitutes usurious lending).<ref name=":1" /><!-- Do not copy and paste content from Bank regulation in the United States, there is a {{MA}} link to it. This section should just be a brief overview of its content. --> ===Federal Reserve System=== {{main|Federal Reserve}} [[File:Member Federal Reserve System plaque.png|thumb|The [[Federal Reserve System|Federal Reserve]] is the [[central bank]] of the United States.]] The [[central bank]]ing system of the United States, called the [[Federal Reserve System]], was created in 1913 by the enactment of the [[Federal Reserve Act]], largely in response to a series of financial panics, particularly a severe [[Panic of 1907|panic in 1907]].<ref name="mnglass">{{cite web|url=https://www.minneapolisfed.org/pubs/region/88-08/reg888a.cfm|title=Born of a panic: Forming the Federal Reserve System|date=August 1, 1988|publisher=[[Federal Reserve Bank of Minneapolis]]|access-date=May 18, 2016|archive-url=https://web.archive.org/web/20080516102508/http://minneapolisfed.org/pubs/region/88-08/reg888a.cfm|archive-date=May 16, 2008|url-status=dead|df=mdy-all}}</ref><ref name="initial">{{cite book|url=https://mises.org/Books/historyofmoney.pdf|title=A History of Money and Banking in the United States: The Colonial Era to World War II|last=Rothbard|first=Murray|publisher=Ludwig von Mises Institute|year=2002|isbn=0-945466-33-1|location=[[Auburn, Alabama]]|pages=36–37|quote=Just before the founding of the Federal Reserve, the nation was plagued with [[financial crises]]. At times, these crises led to 'panics', in which people raced to their banks to withdraw their deposits. A particularly severe panic in 1907 resulted in bank runs that wreaked havoc on the fragile banking system and ultimately led Congress in 1913 to write the Federal Reserve Act. Initially created to address these banking panics, the Federal Reserve is now charged with a number of broader responsibilities, including fostering a sound banking system and a healthy economy.|author-link=Murray Rothbard|access-date=2014-02-20}}</ref> Over time, the roles and responsibilities of the Federal Reserve System have expanded and its structure has evolved.<ref name="initial2">{{cite book|title=A History of Money and Banking in the United States: The Colonial Era to World War II|last=Rothbard|first=Murray|quote=It was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role in banking and the economy has expanded.}}</ref> Events such as the [[Great Depression]] were major factors leading to changes in the system.<ref name="patrick">{{cite book|title=Reform of the Federal Reserve System in the Early 1930s: The Politics of Money and Banking|last=Patrick|first=Sue C.|publisher=Garland Press|year=1993|isbn=978-0-8153-0970-3}}</ref> Its duties today, according to official Federal Reserve documentation, are to conduct the nation's monetary policy, supervise and regulate banking institutions, maintain the stability of the financial system and provide financial services to [[depository institution]]s, the [[U.S. government]], and foreign official institutions.<ref name="mission">{{cite web|url=http://www.federalreserve.gov/generalinfo/mission/default.htm|title=Mission|date=November 6, 2009|publisher=Board of Governors of the Federal Reserve System|access-date=2014-02-20}}</ref><!-- Do not copy and paste content from Federal Reserve system, there is a {{MA}} link to it. This section should just be a brief overview of its content. --> ===Federal Deposit Insurance Corporation=== {{main|Federal Deposit Insurance Corporation}}The Federal Deposit Insurance Corporation (FDIC) is a [[:Government-owned corporation#United States|United States government corporation]] created by the [[Glass–Steagall Act]] of 1933. It provides [[deposit insurance]], which guarantees the safety of deposits in member banks, up to $250,000 per [[deposit account|depositor]] per bank. {{As of|2010|11|18|df=US}}, the FDIC insured deposits at 6,800 institutions.<ref name="fdic press release">{{cite web|url=http://www2.fdic.gov/idasp/index.asp|title=Institution Directory|date=February 11, 2014|publisher=FDIC|access-date=2014-02-20|archive-url=https://web.archive.org/web/20111113074521/http://www2.fdic.gov/IDASP/index.asp|archive-date=November 13, 2011|url-status=dead|df=mdy-all}}</ref> The FDIC also examines and supervises certain financial institutions for safety and soundness, performs certain consumer-protection functions, and manages banks in receivership (failed banks). Since the start of FDIC insurance on January 1, 1934, no depositor has lost any insured funds as a result of a bank failure.<ref name="who">{{cite web|url=http://www.fdic.gov/about/learn/symbol/|title=FDIC: Who is the FDIC?|date=January 18, 2013|publisher=FDIC|access-date=2014-02-20}}</ref><!-- Do not copy and paste content from Federal Deposit Insurance Corporation, there is a {{MA}} link to it. This section should just be a brief overview of its content. --> ===Office of the Comptroller of the Currency=== {{main|Office of the Comptroller of the Currency}} The Office of the Comptroller of the Currency (OCC) is a U.S. federal agency established by the [[National Currency Act of 1863]] and serves to charter, regulate, and supervise all [[National bank (United States)|national bank]]s and the federal branches and agencies of foreign banks in the United States. The current comptroller of the currency is [[Rodney E. Hood]], who took office on February 10, 2025.<ref name="comptroller">{{cite web|url=http://www.occ.gov/about/what-we-do/mission/index-about.html|title=OCC: About the OCC|publisher=Department of the Treasury|access-date=2014-02-20}}</ref><!-- Do not copy and paste content from Office of the Comptroller of the Currency, there is a {{MA}} link to it. This section should just be a brief overview of its content. --> ===Office of Thrift Supervision=== {{main|Office of Thrift Supervision}} The Office of Thrift Supervision is a [[List of United States federal agencies|U.S. federal agency]] under the Department of the Treasury. It was created in 1989 as a renamed version of another federal agency (that was faulted for its role in the [[Savings and loan crisis]]).<ref name=":1" /> Like other U.S. federal bank regulators, it is paid by the banks it regulates. On July 21, 2011, the Office of Thrift Supervision became part of the Office of the Comptroller of the Currency.<ref name=":1" /><!-- Do not copy and paste content from Office of Thrift Supervision, there is a {{MA}} link to it. This section should just be a brief overview of its content. --> ===Consumer Financial Protection Bureau=== {{main|Consumer Financial Protection Bureau}}
Summary:
Please note that all contributions to Niidae Wiki may be edited, altered, or removed by other contributors. If you do not want your writing to be edited mercilessly, then do not submit it here.
You are also promising us that you wrote this yourself, or copied it from a public domain or similar free resource (see
Encyclopedia:Copyrights
for details).
Do not submit copyrighted work without permission!
Cancel
Editing help
(opens in new window)
Search
Search
Editing
Banking in the United States
(section)
Add topic