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Economic Perspectives, Vol. 29, 3rd, No. 3, August 2005
Switching primary federal regulators: Is it beneficial for U.S. banks?
In the United States, commercial banks can select among three primary federal regulators. A bank chooses a chartering agency and decides whether it will be a Federal Reserve System (Fed) member, thereby selecting its regulatory authority. A nationally chartered bank is regulated by the Office of the Comptroller of the Currency (OCC). If it is a Fed member, a state-chartered bank has the Fed as its primary federal regulator; otherwise, it is overseen by the Federal Deposit Insurance Company (FDIC).1 By choosing its charter and deciding whether to be a Fed member, a bank effectively selects its regulator.

Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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