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Appropriate Federal Financial Supervisory Agency [Banks & Banking]
Understanding the Appropriate Federal Financial Supervisory Agency [Banks & Banking]
Definition & Meaning
The term "appropriate Federal financial supervisory agency" refers to specific federal entities responsible for overseeing and regulating different types of banks and financial institutions in the United States. The agencies include:
The Comptroller of the Currency, which supervises national banks.
The Board of Governors of the Federal Reserve System, which oversees state-chartered banks that are members of the Federal Reserve System and bank holding companies.
The Federal Deposit Insurance Corporation (FDIC), which regulates state-chartered banks and savings banks that are not members of the Federal Reserve System and whose deposits are insured by the FDIC.
The Director of the Office of Thrift Supervision, which supervises savings associations and savings and loan holding companies whose deposits are insured by the FDIC.
Table of content
Legal Use & context
This term is commonly used in the context of banking and financial regulation. It is relevant for legal professionals, financial institutions, and consumers who need to understand which agency is responsible for overseeing a particular bank or financial entity. Legal areas impacted include banking law and financial compliance, where users may need to complete forms or follow procedures related to financial transactions or regulatory compliance. Users can utilize US Legal Forms to access templates and resources tailored to these needs.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A national bank is regulated by the Comptroller of the Currency, which ensures that the bank follows federal banking laws and maintains financial stability.
Example 2: A state-chartered bank that is a member of the Federal Reserve System is overseen by the Board of Governors, which monitors its compliance with monetary policy and banking regulations.
Relevant laws & statutes
The primary statute defining the term "appropriate Federal financial supervisory agency" is 12 USCS § 2902. This statute outlines the roles and responsibilities of the various federal agencies in relation to different types of financial institutions.
Comparison with related terms
Term
Definition
Key Differences
Comptroller of the Currency
Agency that regulates national banks.
Focuses specifically on national banks, unlike other agencies that may oversee state-chartered banks.
Federal Reserve
Central banking system of the U.S. that regulates member banks.
Oversees monetary policy and member banks, while the FDIC focuses on deposit insurance.
Federal Deposit Insurance Corporation (FDIC)
Agency that insures deposits at banks and savings associations.
Primarily concerned with deposit insurance and bank stability, while other agencies focus on broader regulatory oversight.
Common misunderstandings
What to do if this term applies to you
If you are involved with a bank or financial institution, it is important to understand which federal agency oversees it. If you need to comply with regulations or complete necessary forms, consider using US Legal Forms for templates that can help you navigate the process. For complex issues, consulting with a legal professional may be advisable.
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