Who is regulated by fdic

It may be a credit union, state-regulated bank, or other type of institution. Visit their Consumer Assistance Center for information and assistance regarding credit unions.

State banks are also supervised by state banking regulators. Visit the Conference of State Bank Supervisors website for links to state banking departments. The FDIC also offers a directory of financial institutions that provides the primary regulator and other useful information. Contact Us. Home Who Regulates My Bank? The Federal Reserve supervises and regulates many large banking institutions because it is the federal regulator for bank holding companies BHCs.

This supervision enables banks to compete and provide efficient banking and financial services. Its mission statement verifies it is to "ensure that national banks and federal savings associations operate in a safe and sound manner, provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations.

Coverage extends to individual retirement accounts IRAs , but only the parts that fit the type of accounts listed previously. Joint accounts, revocable and irrevocable trust accounts, and employee benefit plans are covered, as are corporate, partnership, and unincorporated association accounts. FDIC insurance does not cover products such as mutual funds, annuities, life insurance policies, stocks, or bonds.

The contents of safe-deposit boxes are also not included in FDIC coverage. Cashier's checks and money orders issued by the failed bank remain fully covered by the FDIC.

The OTS was similar to the OCC except that it regulated federal savings associations, also known as thrifts or savings and loans. The Commodity Futures Trading Commission CFTC was created in as an independent authority to regulate commodity futures and options and other related derivatives markets and to provide for competitive and efficient market trading. FINRA oversees all firms that are in the securities business with the public.

It is also responsible for training financial services professionals, licensing and testing agents, and overseeing the mediation and arbitration processes for disputes between customers and brokers.

State bank regulators operate similarly to the OCC, but at the state level for state-chartered banks. State regulators monitor, review and oversee how the insurance industry conducts business in their states. Their duties include protecting consumers, conducting criminal investigations and enforcing legal actions. They also provide licensing and authority certificates, which require applicants to submit details of their operations. For a directory of specific state agencies visit www. In New York, the DFS regulates both financial firms and insurers, while in other states separate regulators monitor each industry separately.

They provide registrations for investment advisors who are not required to register with the SEC and enforce legal actions with those advisors. The SEC acts independently of the U. Its regulatory coverage includes the U. It also regulates investment advisors who are not covered by the state regulatory agencies. The SEC consists of six divisions and 24 offices. The six divisions and their respective roles are:. The SEC is allowed to bring only civil actions, either in federal court or before an administrative judge.

Criminal cases fall under the jurisdiction of law enforcement agencies within the Department of Justice; however, the SEC often works closely with such agencies to provide evidence and assist with court proceedings. All of these government agencies seek to regulate and protect those who participate in the respective industries they govern.

Their areas of coverage often overlap; but while their policies may vary, federal agencies usually supersede state agencies. However, this does not mean that state agencies wield less power, as their responsibilities and authorities are far-reaching.

Understanding the regulation of the banking, securities and insurance industry can be confusing. While most people will never deal directly with these agencies, they will affect their lives at some time. This is especially true of the Federal Reserve, which has a strong hand in influencing liquidity, interest rates and credit markets. Office of the Comptroller of the Currency. Federal Deposit Insurance Corporation. Department of the Treasury. Commodity Futures Trading Commission.

Financial Industry Regulatory Authority. Securities and Exchange Commission. Checking Accounts. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page. These choices will be signaled globally to our partners and will not affect browsing data.

We and our partners process data to: Actively scan device characteristics for identification. I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. Central Banks.