Who Regulates Whom and How? An Overview of U.S. Financial Regulatory Policy for Banking and Securities Markets Page: 4 of 56
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Who Regulates Whom and How? An Overview of U.S. Financial Regulatory Policy
Contents
Introduction.............................................................................................. 1
Policy Problems in Banking and Securities Markets.................................................... 5
Banks................................................................................................ 5
Markets to Trade Securities, Futures, and Other Contracts........................................ 7
The Shadow Banking System ........................................................................ 9
What Financial Regulators Do ............................................................................ 9
Regulatory Architecture and Categories of Regulation........................................... 10
Regulating Banks, Thrifts, and Credit Unions ......................................................... 15
Safety and Soundness................................................................................ 16
Capital Requirements................................................................................ 17
Asset Management................................................................................. 19
Consumer Protection Compliance.................................................................. 20
Regulators of Firms with Bank Charters........................................................... 20
Office of the Comptroller of the Currency .................................................... 21
Federal Deposit Insurance Corporation........................................................ 21
The Federal Reserve............................................................................. 23
National Credit Union Administration......................................................... 23
Regulating Securities, Derivatives, and Other Contract Markets .................................... 23
Non-Bank Financial Regulators .................................................................... 24
Securities and Exchange Commission......................................................... 24
Commodity Futures Trading Commission .................................................... 26
Federal Housing Finance Agency.............................................................. 27
Consumer Financial Protection Bureau........................................................ 28
Regulatory Umbrella Groups ....................................................................... 28
Financial Stability Oversight Council ......................................................... 28
Federal Financial Institution Examinations Council ......................................... 29
President's Working Group on Financial Markets............................................ 30
Non-Bank Capital Requirements ................................................................... 30
Federal Housing Finance Agency.............................................................. 30
The SEC 's Net Capital Rule .................................................................... 31
CFTC Capital Requirements ................................................................... 32
Foreign Exchange Markets.......................................................................... 32
U. S. Treasury Securities............................................................................. 33
Private Securities Markets........................................................................... 34
Figures
Figure 1. An Example of Regulation of JPMorgan Derivatives Trades ............................... 3
Figure B-1. National Bank............................................................................... 37
Figure B-2. National Bank and Subsidiaries ........................................................... 37
Figure B-3. Bank Holding Company ................................................................... 38
Figure B-4. Financial Holding Company............................................................... 38
Congressional Research Service
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Murphy, Edward V. Who Regulates Whom and How? An Overview of U.S. Financial Regulatory Policy for Banking and Securities Markets, report, May 28, 2013; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc807049/m1/4/: accessed April 18, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.