Overview
The ability of an economy to create credit is essential to its efficient operation. The banking system is at the heart of this capacity and represents a key systemic source of risk within the economy, a fact demonstrated by the banking failures that led to the Great Depression. As such, banking is typically a very heavily regulated industry.
Primary Regulators
In the United States, banking law is administered through a number of Congressionally approved agencies. (see Adminstrative Law)
- Office of the Comptroller of the Currency
- Federal Reserve Board
- Federal Deposit Insurance Corporation
- Financial Stability Oversight Council
- Consumer Financial Protectin Bureau