From the course: The ABCs of the Banking and Insurance Business: AML, KYC, the NAIC, IFRS, and More
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Banking regulators: The Fed, OCC, and FDIC
From the course: The ABCs of the Banking and Insurance Business: AML, KYC, the NAIC, IFRS, and More
Banking regulators: The Fed, OCC, and FDIC
- [Narrator] In this video, we'll cover the roles of major US banking regulators: the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation. Understanding these regulators is essential for anyone working in the banking industry, as they influence everything from compliance to daily operations. Let's start with the Federal Reserve, often referred to simply as the Fed. Established in 1913, the Fed serves the central bank of the United States. It has several key responsibilities. It manages monetary policy according to its dual mandate to promote stable prices and maximize employment through long-term interest rates. Second, it also supervises and regulates certain banks and financial institutions to ensure stability and protect consumers. If you work for a bank that's a part of a bank holding company, you'll likely interact with the Fed's supervisory team. Next, we have the Office of the Comptroller of the Currency, or OCC. The OCC…
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