Annual Report 2012 - ffiec

THE FEDERAL FINANCIAL INSTITUTION REGULATORY
AGENCIES AND THEIR SUPERVISED INSTITUTIONS
The FRB, FDIC, OCC, and NCUA
have primary federal supervisory
jurisdiction over 14,189 domestically
chartered banks, savings
associations, and federally insured
credit unions. On December 31,
2012, these financial institutions
held total assets of just over $17.6
trillion. The FRB has primary federal
supervisory responsibility for
commercial bank holding companies
(BHCs) and, as of July 21,
2011, for savings and loan holding
companies (SLHCs).
Three banking agencies on the
Council have authority to oversee
the operations of U.S. branches
and agencies of foreign banks. The
International Banking Act of 1978
(IBA) authorizes the OCC to license
federal branches and agencies of
foreign banks and permits U.S.
branches that accept only wholesale
deposits to apply for insurance
with the FDIC. According to the
Federal Deposit Insurance Corporation
Improvement Act of 1991
(FDICIA), foreign banks that wish
to operate insured entities in the
United States and accept retail
deposits must organize under
separate U.S. charters. Existing
insured retail branches may continue
to operate as branches. The
IBA also subjects those U.S. offices
of foreign banks to many provisions
of the Federal Reserve Act
and the Bank Holding Company
Act. The IBA gives primary examining
authority to the OCC, FDIC,
and various state authorities for
the offices within their jurisdictions.
The IBA also gives the FRB
residual examining authority over
all U.S. banking operations of foreign
banks. The Dodd-Frank Act
provides statutory authority to the
CFPB to conduct examinations of
insured depository entities with
total assets over $10 billion and
their affiliates (in addition to certain
nonbank entities) to ensure
consumer financial products and
services conform to certain federal
consumer financial laws.