Understanding the Federal Depository Institutions Regulatory Agency
Definition & meaning
The term "Federal depository institutions regulatory agency" refers to specific agencies responsible for overseeing insured depository institutions and credit unions in the United States. These agencies ensure compliance with federal regulations and protect consumers' interests. The term includes:
- The appropriate Federal banking agency for insured depository institutions without a conservator or receiver.
- The National Credit Union Administration for insured credit unions, including those under conservatorship.
- The Resolution Trust Corporation for insured depository institutions under its conservatorship or receivership.
- The Federal Deposit Insurance Corporation for insured depository institutions it oversees as conservator or receiver.
Legal use & context
This term is commonly used in financial regulation and banking law. It applies to various legal contexts, including compliance, consumer protection, and insolvency proceedings. Users may encounter this term when dealing with banking institutions, credit unions, or during financial disputes. Legal forms related to banking regulations and consumer rights may be available through platforms like US Legal Forms.
Real-world examples
Here are a couple of examples of abatement:
Example 1: A community bank that is insured by the Federal Deposit Insurance Corporation (FDIC) will be regulated by the FDIC, ensuring it meets federal banking standards.
Example 2: An insured credit union facing financial difficulties may be placed under the supervision of the National Credit Union Administration (hypothetical example).
Relevant laws & statutes
Key statutes related to this term include:
- Federal Deposit Insurance Act (12 U.S.C. § 1811 et seq.)
- National Credit Union Administration Act (12 U.S.C. § 1751 et seq.)