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U.S. Regulators Interactions with Global Banks

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U.S. Regulators Interactions with Global Banks


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Global banks are closely related to several bodies. The SEC and Fed work very closely with large global banks. The OCC, FINRA and FDIC work with these banks, however have a more targeted relationship. The FFIEC is a body, but does not regulate the bank. The SEC is responsible for protecting investors and maintaining orderly markets. The Fed sets monetary policy and examines, supervises and regulates. The OCC ensures safety and soundness and examines, supervises and regulates. The FDIC ensures deposits and examines and supervises. FINRA protects investors and writes and enforces rules. The FFIEC is a formal interagency body, which sets principles, standards and report forms.

The SEC is a federal agency which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets in the United States. In addition to the 1934 Act that created it, the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes-Oxley Act of 2002 and other statutes.

The Fed is the central banking system of the United States. Its duties today, according to official Federal Reserve documentation, are to conduct the nation's monetary policy, supervise and regulate banking institutions, maintain the stability of the financial system and provide financial services to depository institutions, the U.S. government, and foreign official institutions. The task of the Federal Reserve System is to maintain employment, keep prices stable, and keep interest rates at a moderate level by regulating monetary policy.

The OCC is a US federal agency established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States.

FINRA is a non-governmental organization that performs financial regulation of member brokerage firms and exchange markets. FINRA’s mission is to protect America’s investors by making sure the securities industry operates fairly and honestly. FINRA has regulatory oversight over all securities firms that do business with the public, plus those offering professional training, testing and licensing of registered persons, arbitration and mediation, and market regulation by contract for the stock exchanges.

The FDIC is a United States government corporation which provides deposit insurance, which guarantees the safety of deposits in member banks. Insured institutions are required to place signs at their place of business stating that "deposits are backed by the full faith and credit of the United States Government." Since the start of FDIC insurance on January 1, 1934, no depositor has lost any insured funds as a result of a failure.

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