From the course: Digital Banking Fundamentals
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Regulatory bodies in digital banking
From the course: Digital Banking Fundamentals
Regulatory bodies in digital banking
- [Narrator] In this module, we will discuss which federal regulatory bodies are responsible for regulating financial institutions to include digital banking in the United States. Regulatory bodies ensure that digital banks operate responsibly and follow the same rules and regulations as traditional banks. Digital banks in the United States are regulated to ensure consumer protection, maintain financial stability, prevent money laundering and fraud, promote fair competition, and safeguard the overall integrity of the financial system. The regulations help to establish a level playing field for both to additional banks and digital banks, ensuring that they operate in a safe and sound manner. There are three primary federal regulatory bodies for financial institutions in the United States. They are the Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and the Federal Reserve System.
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