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A member bank is a privately owned bank that must buy an amount equal to 3% of its combined capital and surplus of stock in the Reserve Bank within its region of the Federal Reserve System. [17] [18] This stock "may not be sold, traded, or pledged as security for a loan" and all member banks receive a 6% annual dividend. [15]
The original Federal Reserve Act provided starting capital for the Reserve Banks by requiring the participating banks to purchase stock in a Reserve Bank in proportion to their assets. This stock pays a dividend out of the Reserve Bank's earnings but otherwise is quite different from common stock in a private corporation.
Under the United States Bank Holding Company Act, financial and bank holding companies are regulated by the US Federal Reserve. [1] Companies whose elections to be treated as financial holding companies are effective include:
The Federal Reserve is the central bank of the U.S. and is responsible for setting monetary policy and promoting maximum employment, stable prices and financial stability.
Within the Federal Reserve System are 12 districts centered around 12 regional Federal Reserve Banks, each of which carries out the Federal Reserve Board's regulatory responsibilities in its respective district. Credit unions are subject to most bank regulations and are supervised by the National Credit Union Administration.
File photo: Federal Reserve Board Vice Chair for Supervision, Michael Barr, testifies before a Senate Banking, Housing, and Urban Affairs Committee hearing in the wake of recent bank failures, on ...
The list excludes the following three banks listed amongst the 100 largest by the Federal Reserve but not the Federal Financial Institutions Examination Council because they are not holding companies: Zions Bancorporation ($87 billion in assets), Cadence Bank ($48 billion in assets) and Bank OZK ($36 billion in assets). [2]
The FDIC's standard insurance covers up to $250,000 per depositor, per bank, for every account ownership category.