Financial Services Oversight

Council (Treasury, Fed, NBS,

CFPA, SEC, CFTC, FDIC and
FHFA)

Fannie Mae, Freddie Mac, Protect consumers across the

Financial and bank holding
companies and all firms posing and Federal Home Loan Banks financial sector from unfair,
deceptive, and abusive practices
systemic risk (Tier 1 FHCs)
Fed

Federal Housing
Finance Agency

Consumer Financial
Protection Agency

Credit Unions

National Credit Union

Administration
State credit union regulators

Fed is the umbrella or consolidated regulator when subsidiaries include a commercial (savings) bank
National banks

Primary/
secondary
functional
regulator

NBS
FDIC

Federal
branch
NBS
Host country
regulator

State commercial Hedge funds, private Insurance companies

and savings banks
equity funds and
venture capital funds
State bank
regulators
FDIC
Fed--state member
commercial banks
Foreign
branch
Fed
Host country
regulator

page 25 of 29

Figure 4 Proposed U.S. regulatory regime.

Source: Authors.

SEC

50 State insurance
regulators plus
District of Columbia
and Puerto Rico
ONI (oversight)

Justice Department
Assesses effects of mergers and
acquisitions on competition

Federal courts
Ultimate decider of banking,
securities, and insurance
products

Securities
brokers/dealers
FINRA
SEC
CFTC
State securities
regulators

Other financial companies,

including mortgage
companies and brokers
Fed
State licensing
(if needed)
U.S. Treasury
for some products

Notes:
CFPA: Consumer Financial Protection Agency
CFTC: Commodity Futures Trading Commission
FDIC: Federal Deposit Insurance Corporation
Fed: Federal Reserve
FHFA: Federal Housing Finance Agency
FINRA: Financial Industry Regulatory Authority
GSEs: Government Sponsored Enterprises
NBS: National Bank Supervisor
ONI: Office of National Insurance
SEC: Securities and Exchange Commission

Bank Regulation in the United States

CESifo Economic Studies, 2009

Identify emerging systemic

risks and improve interagency
cooperation