What federal law governs banks?
Laws & Regulations Overview
The Office of the Comptroller of the Currency (OCC) is an independent bureau of the U.S. Department of the Treasury. The OCC charters, regulates, and supervises all national banks, federal savings associations, and federal branches and agencies of foreign banks.
- Five Important U.S. Banking Laws.
- National Bank Act of 1864.
- Federal Reserve Act of 1913.
- Glass-Steagall Act of 1933.
- Bank Secrecy Act of 1970.
- Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
- The Bottom Line.
U.S. banking regulation addresses privacy, disclosure, fraud prevention, anti-money laundering, anti-terrorism, anti-usury lending, and the promotion of lending to lower-income populations. Some individual cities also enact their own financial regulation laws (for example, defining what constitutes usurious lending).
The Banking Act of 1935 gave the Board of Governors control over other tools of monetary policy. The act authorized the Board to set reserve requirements and interest rates for deposits at member banks. The act also provided the Board with additional authority over discount rates in each Federal Reserve district.
The Federal Reserve directly supervises state-chartered banks that choose to become members as well as foreign banking offices and Edge Act corporations. The Federal Reserve is also the primary supervisor and regulator of bank holding companies and financial holding companies.
You can submit your complaint or inquiry online at the FDIC Information and Support Center at https://ask.fdic.gov/fdicinformationandsupportcenter/s/. Alternatively, you can submit a complaint via mail to the Consumer Response Unit at 1100 Walnut Street, Box#11, Kansas City, MO 64106.
Banks and bank accounts are regulated by both state and federal statutes.
The Federal Reserve shares supervisory and regulatory responsibility for domestic banks with the OCC and the FDIC at the federal level, and with individual state banking departments at the state level.
Federal Reserve Board - The Federal Reserve Board supervises state-chartered banks that are members of the Federal Reserve System. Visit the Consumer Information page for assistance.
What is the USA Patriot Act and banking?
Section 326 of the USA Patriot Act requires all financial institutions to obtain, verify & record information that identifies each person who opens an account or changes an existing account. This federal requirement applies to all customers.
Bank regulation—two distinct types
There are two broad classes of regulation that affect banks: safety and soundness regulation and consumer protection regulation.
The Code of Federal Regulations Title 12 contains the codified Federal laws and regulations that are in effect as of the date of the publication pertaining to banks, banking, credit unions, farm credit, mortgages, consumer financial protection and other related financial matters.
Under sections 66 and 66A of the Banking Act 1959 (the Banking Act), it is an offence for a person to use or assume in Australia certain restricted words and expressions in relation to a financial business, except where the Australian Prudential Regulation Authority (APRA) has granted a consent or exemption, or where a ...
The purpose of the Bank Protection Act of 1968 (BPA) is to discourage robberies, burglaries and larcenies committed against financial institutions.
The most far reaching Wall Street reform in history, Dodd-Frank will prevent the excessive risk-taking that led to the financial crisis. The law also provides common-sense protections for American families, creating new consumer watchdog to prevent mortgage companies and pay-day lenders from exploiting consumers.
The Federal Trade Commission enforces a variety of antitrust and consumer protection laws affecting virtually every area of commerce, with some exceptions concerning banks, insurance companies, non-profits, transportation and communications common carriers, air carriers, and some other entities.
The Federal Reserve System is not "owned" by anyone. The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation's central bank. The Board of Governors in Washington, D.C., is an agency of the federal government and reports to and is directly accountable to the Congress.
When a bank fails, the FDIC or a state regulatory agency takes over and either sells or dissolves the bank. Most banks in the US are insured by the FDIC, which provides coverage up to $250,000 per depositor, per FDIC bank, per ownership category.
If contacting your bank directly does not help, visit the Consumer Financial Protection Bureau (CFPB) complaint page to: See which specific banking and credit services and products you can complain about through the CFPB.
How do I complain about US bank ethics?
Use the Ethics Line (usbank.ethicspoint.com). Available 24/7, the Ethics Line is a confidential resource provided by an independent third party. Report your concern by phone or online. – The Ethics Line uses no method to identify callers or website visitors.
We'll send your complaint directly to the company so it can review the issues in your complaint. If we find that another government agency would be better able to assist, we will send your complaint to them and let you know.
The responsibility for banking fraud lies with both the bank and the customer. Banks are responsible for ensuring the security of customers' financial data and accounts. They should have strong security systems and protocols in place to protect customers' accounts from fraud and theft.
What is Regulation Y? Regulation Y governs the corporate practices of bank holding companies and certain practices of state-member banks. Regulation Y also describes transactions for which bank holding companies must seek and receive the Federal Reserve's approval.
Cease and desist orders are typically the most severe and can be issued either with or without consent.
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