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23-770: (Redirected from Finance Board ) Board of Finance or Finance Board may refer to: Federal Housing Finance Board in the United States Campaign Finance Board of New York City in the United States Local boards of finance throughout New England in the United States Board of Finance of imperial China between the Tang and Qing dynasties See also [ edit ] Ministry of Finance Topics referred to by

46-694: A five-member board. Four board members were appointed by the President for seven-year terms, and the fifth member was either the Secretary of Housing and Urban Development or the Secretary's designee. The FHFB was entirely funded by fees assessed to Federal Home Bank Loans, and did not directly receive taxpayer funds. The FHFB was established by the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) in

69-505: Is different from Wikidata All article disambiguation pages All disambiguation pages Federal Housing Finance Board The FHFB managed the nation's Federal Home Loan Banks (FHLBs). The eleven regional FHLBs are privately held government sponsored enterprises that ensure the supply of funds to local lenders that, in turn, finance loans for home mortgages. The FHFB was headquartered in Washington, D.C. , and led by

92-671: The Federal Reserve Act established a central bank , the Federal Reserve , to issue American currency. The OCC's role shifted to bank examination and regulation, though it retained "currency" as part of its name. In response to the growing power of local banks, the OCC insisted on deregulating national banks in order to compete, which was realized in the McFadden Act of 1927 . In 1937, the OCC signed an agreement with

115-1032: The Federal Reserve Board of Governors , and the Consumer Financial Protection Bureau (CFPB) as of July 21, 2011. Office of the Comptroller of the Currency The Office of the Comptroller of the Currency ( OCC ) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter , regulate , and supervise all national banks and federal thrift institutions and

138-591: The United States Department of the Treasury and is headed by the Comptroller of the Currency, appointed to a five-year term by the President with the consent of the U.S. Senate . The OCC pursues a number of main objectives: The OCC participates in interagency activities in order to maintain the integrity of the federal banking system. By monitoring capital , asset quality , management , earnings, liquidity , sensitivity to market risk , information technology , consumer compliance , and community reinvestment ,

161-590: The United States Supreme Court validated the preemption of state regulations by the OCC, ruling that the OCC, not the states, has the authority to subject national banks to "general supervision" and "oversight": State regulators cannot interfere with the business of banking by subjecting national banks or their OCC-licensed operating subsidiaries to multiple audits and surveillance under rival oversight regimes. In Cuomo v. Clearing House Association, L. L. C. 557 U.S. 519 (2009),

184-979: The Consumer Financial Protection Bureau, Financial Crimes Enforcement Network , the Office of Foreign Asset Control, the Federal Bureau of Investigation , the U.S. Department of Justice , and the Department of Homeland Security . The Comptroller serves as a director of the Neighborhood Reinvestment Corporation , and the Federal Deposit Insurance Corporation and member of the Financial Stability Oversight Council and

207-506: The Court clarified its decision in Watters , stating that federal banking regulations did not preempt the ability of states to enforce their own fair-lending laws, as " 'general supervision and control' and 'oversight' are worlds apart from law enforcement", and therefore states retain law enforcement powers but have restricted "visitorial" powers over national banks (i.e., the right to examine

230-790: The FHFB and the Office of Federal Housing Enterprise Oversight (OFHEO) with the Federal Housing Finance Agency (FHFA). The FHFB's existence ceased on July 30, 2009. As a result of the late-2000s recession , section 312 of the Dodd-Frank Wall Street Reform and Consumer Protection Act mandated merger of OTS with the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC),

253-623: The Federal Financial Institutions Examination Council. In 2003, the OCC proposed regulations to preempt virtually all state banking and financial services laws for national banks and their diverse range of non-bank, corporate operating subsidiaries. Despite opposition from the National Conference of State Legislatures , the OCC's regulations went into effect. In Watters v. Wachovia Bank, N.A. 550 U.S. 1 (2007),

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276-553: The Federal Reserve and the Federal Deposit Insurance Corporation to standardize the regulation of banks between the agencies. In the 1960s, 21st Comptroller James J. Saxon passed a number of controversial regulations, including one which allowed national banks to underwrite revenue bonds for the governments of states and municipalities. Many of these were later overturned in court. However, some reforms, like creating international banking and economics units and strengthening

299-671: The OCC is able to determine whether or not the bank is operating safely and soundly, providing fair access and treatment to customers, and complying with all applicable laws and regulations. The OCC was created by Abraham Lincoln to fund the American Civil War but was later transformed into a regulatory agency to instill confidence in the federal banking system, ensure it operates in a safe and sound manner, and treats customers fairly. The OCC regulates and supervises about 1,200 national banks, federally-licensed savings associations, and federally-licensed branches of foreign banks in

322-585: The OCC. The law also reassigned much of the OCC's former compliance mandate to the new Consumer Financial Protection Bureau . It further established the Financial Stability Oversight Council , on which the Comptroller of the Currency sits. As with other uses of the English word " comptroller " there is some ambiguity about the agency's pronunciation. Historically, the word was pronounced identically to "controller," though it

345-641: The United States, accounting for more than two-thirds of the total assets of all U.S. commercial banks (as of September 30, 2020). Other financial regulatory agencies like the OCC include the Federal Deposit Insurance Corporation (of which the Comptroller serves as a director), the Federal Reserve , the Consumer Financial Protection Bureau , and the National Credit Union Administration . The OCC routinely interacts and cooperates with other government agencies, including

368-511: The affairs of a corporation). In July 2007, the OCC launched HelpWithMyBank.gov to assist customers of national banks and provide answers to national banking questions. On July 10, 2020, the OCC announced the launch of Project REACh . REACh stands for Roundtable for Economic Access and Change, and the project brings together leaders from the banking industry, national civil rights organizations, business, and technology to reduce specific barriers that prevent full, equal, and fair participation in

391-663: The aftermath of the savings and loan crisis to take over oversight of the Federal Home Loan Banks (FHLBs or FHLBanks) from the Federal Home Loan Bank Board (FHLBB) while the Office of Thrift Supervision (OTS) took over most other functions of the FHLBB including regulation. As a result of the 2007–2008 financial crisis , the Housing and Economic Recovery Act of 2008 (HERA) replaced

414-473: The federally licensed branches and agencies of foreign banks in the United States. The acting Comptroller of the Currency is Michael J. Hsu , who took office on May 10, 2021. Headquartered in Washington, D.C. , it has four district offices located in New York City, Chicago, Dallas and Denver. It has an additional 92 operating locations throughout the United States. It is an independent bureau of

437-548: The law department, remained after his term. The OCC was involved in the response during and after the financial crisis of 2007–08 , including work with the Troubled Asset Relief Program (TARP), designing stress tests for major banks, and collecting and analyzing data on home mortgage loans. The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 abolished the Office of Thrift Supervision and merged its former oversight functions into

460-557: The nation's economy. During the American Civil War , leaders of the U.S. federal government, including President Abraham Lincoln and Treasury Secretary Salmon P. Chase , drafted plans for a national banking system. These plans were put into action by the National Currency Act of 1863, subsequently amended by the National Bank Act , which created the Office of the Comptroller of the Currency to administer

483-418: The new system. Hugh McCulloch , former president of the state-owned Bank of Indiana, was chosen to be the first Comptroller of the currency. Under the law, banks could apply to the OCC for a charter issued by the federal government. Approved banks would purchase U.S. government bonds , generating cash flow for the government. The bonds would then be deposited with the U.S. Treasury to provide security to back

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506-539: The paper money to be issued by the banks, a new uniform United States currency that could be redeemed for gold or silver at banks around the country. By ensuring the new currency was backed by the government-held bonds, the system gave users greater confidence in the stability of the paper money. By 1868, the OCC had 72 staff, a third of them women. They processed charter applications and distributed currency to national banks. Until 1913, these staff were paid by distance distributed and did not have set salaries. In 1913,

529-428: The same term [REDACTED] This disambiguation page lists articles associated with the title Board of Finance . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Board_of_Finance&oldid=782941500 " Category : Disambiguation pages Hidden categories: Short description

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