FDIC and OCC Host ‘Partnering with CDFIs and Financial Institutions to Meet the Capital and Credit Needs of BIPOC Small Businesses’ in Texas (2024)

FAQs

Who does the FDIC protect and regulate banks and affiliates? ›

In addition to its role as insurer, the FDIC is the primary federal regulator of federally insured state-chartered banks that are not members of the Federal Reserve System. The FDIC carries out its mission through three major programs: insurance, supervision, and receivership management.

State Banks

The Federal Deposit Insurance Corporation supervises state-chartered banks that are not members of the Federal Reserve System and State-chartered savings associations. The FDIC also insures deposits in banks and savings associations in the event of bank failure.

Banks compete with credit unions, financing companies, investment banks, insurance companies and many other financial services providers. While some claim that banks are becoming obsolete, banks still serve vital economic goals.

Bank: A financial institution and business that accepts deposits, makes loans, and handles other financial transactions.

The FDIC is the primary federal regulator for state-chartered banks that are not members of the Federal Reserve System. The Office of the Comptroller of the Currency (OCC) is the primary federal regulator for all national banks.

The OCC ensures that national banks and federal savings associations operate in a safe and sound manner, provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations.

About the FDIC. The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nation's financial system.

The Board of Directors of the FDIC manages operations to fulfill the agency's mission. Each member of the five-person Board is appointed by the President and confirmed by the Senate.

​Banks, Credit Unions and Savings Institutions operate under federal or state charters. Their deposits, up to $250,000, are insured by one of two federal agencies: the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA).

The most common types of financial institutions include banks, credit unions, insurance companies, and investment companies. These entities offer various products and services for individual and commercial clients, such as deposits, loans, investments, and currency exchange.

What types of financial institutions do not accept deposits? ›

Some financial institutions provide certain banking services but do not accept deposits. These nondepository financial institutions include insurance companies, pension funds, brokerage firms, and finance companies.

Explanation: Depository financial institutions are defined as the institutions that accept deposits from customers or provide loans to customers. The facility in which money is deposited for security or storage and an institution that accepts deposits in currency such as commercial banks are referred to as depository.

FDIC deposit insurance protects your money in deposit accounts at FDIC-insured banks in the event of a bank failure. Since the FDIC was founded in 1933, no depositor has lost a penny of FDIC-insured funds.

In addition to safety and soundness examinations, the FDIC compliance examinations evaluate the quality and effectiveness of an institution's compliance risk management program as it pertains to third-party arrangements, and reviews these operations to ensure that the products, services, and activities of a third party ...

The OCC charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks.