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In 1909, California passed the Bank Act, creating the State Banking Department. By doing this, California looked to protect depositors and ensure responsible regulation within the banking system. In 1913, the California Legislature enacted the Investment Companies Act, which created the State Corporations Department.
The United States relies on state-level bank supervisors (or "state regulators", e.g. the New York State Department of Financial Services), and at the federal level on a number of agencies involved in the prudential supervision of credit institutions: for banks, the Federal Reserve, Office of the Comptroller of the Currency, and Federal Deposit ...
State-chartered banks are subject to the regulation of the state regulatory agency of the state in which they were chartered. For example, a California state bank that is not a member of the Federal Reserve System would be regulated by both the California Department of Financial Institutions and the FDIC. Likewise, a Nevada state bank that is a ...
Conference of State Bank Supervisors (CSBS) and state-level bank supervisors ; National Association of Insurance Commissioners (NAIC) and state-level insurance supervisors; Uruguay: Central Bank of Uruguay ; Superintendencia de Servicios Financieros (SSF) Uzbekistan: Ministry of Economy and Finance of the Republic of Uzbekistan: Vanuatu
The banking regulators say the tests are needed to assess vulnerabilities in the financial system from climate change-driven catastrophes, be they in the banks' loan portfolios, trading books or ...
Financial regulation is a broad set of policies that apply to the financial sector in most jurisdictions, justified by two main features of finance: systemic risk, which implies that the failure of financial firms involves public interest considerations; and information asymmetry, which justifies curbs on freedom of contract in selected areas ...
Big banks being under fire is nothing new. But recently, the FDIC took a critical look at one practice that Bank of America , JPMorgan Chase , Wells Fargo , and several other banks all use to ...
Trump advisers and potential nominees have also discussed plans to either combine or otherwise restructure the main federal bank regulators: the FDIC, OCC and the Federal Reserve, the WSJ report ...