Which agency is a federal banking regulator?

• A. Federal Reserve Board
• B. Office of the Comptroller of the Currency (OCC)
• C. Consumer Financial Protection Bureau
• D. Securities and Exchange Commission

Answer: (B)

The agency that regulates national banks and federal savings associations is the Office of the Comptroller of the Currency. Its main job is to charter and supervise national banks, plus federal savings associations, across the United States. Because of this explicit authority, it directly oversees these institutions’ safety and soundness, conducts examinations, and enforces banking laws for nationally chartered banks. The Federal Reserve Board does regulate many banks and systemically important activities, especially for state-chartered banks that are members of the Federal Reserve System and for bank holding companies, but the OCC’s role is the defining federal regulator for national banks. The Consumer Financial Protection Bureau focuses on consumer protection in financial products and services, not on bank supervision, and the Securities and Exchange Commission regulates securities markets and offerings rather than banking operations. So, for the question about a federal banking regulator with a direct chartering and supervisory mandate for national banks, the OCC is the appropriate choice.