Do you need to talk with the Fed or another banking regulator? This short list can help you decide.
The Federal Reserve is the primary federal supervisor of state-chartered banks that have chosen to join the Federal Reserve System. The Fed also supervises all bank holding companies, which in many cases have subsidiary banks supervised by other agencies. In addition, the Federal Reserve fosters payment and settlement system safety and efficiency. The Fed is not a licensing agency, however.
Looking for something outside of our scope? Consider engaging other banking regulators working with fintech firms and their partners.
Consumer Financial Protection Bureau (CFPB)
The CFPB is a single point of accountability for enforcing federal consumer laws and protecting consumers in the financial marketplace.
Federal Deposit Insurance Corporation (FDIC)
The FDIC insures bank deposits and serves as the primary safety and soundness and consumer protection regulator for institutions that are not members of the Federal Reserve System. Contact the FDIC to learn about information and regulations which may affect how your firm works with banks the FDIC supervises.
Office of the Comptroller of the Currency (OCC)
The OCC charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks. Contact the OCC to learn about information and regulations which may affect how your firm works with a national bank.
State Banking Agencies
Each state has a department or agency responsible for licensing and supervising state-chartered banks, and in many cases lending companies, money transmitters and other nonbank financial companies. The Conference of State Bank Supervisors (CSBS) is the nationwide organization of the state banking agencies. Its Vision 2020 initiatives aim to streamline licensing and harmonize supervision of nonbank financial firms across states.
Commodity Futures Trading Commission (CFTC)
The CFTC regulates the futures and swaps markets, including energy, metals, and various financial products. The mission of the CFTC is to foster open, transparent, competitive, and financially sound markets. While the CFTC is not a banking regulator, fintech companies can communicate with the CFTC and receive help understanding the CFTC’s approach to oversight via the agency’s LabCFTC hub.
Please note this list is not meant to be comprehensive. Other regulators sometimes exercise oversight of specific activities undertaken by banks (e.g., securities regulators, the Department of Labor, etc.).