State or federal agency that is a financial institution's principal supervisory agency. It is usually the same agency that issued a bank or thrift institution's operating Charter. Banks and other depository financial institutions must file quarterly statements of income and condition, known as call reports, with their primary regulator, and submit books and records to periodic Bank Examination.
The Comptroller of the Currency regulates national banks; the Federal Reserve Board regulates bank holding companies and state chartered banks that are members of the Federal Reserve System. Savings and loan associations and federal savings banks are supervised by the Office of Thrift Supervision, and state chartered banks and savings banks by state banking departments. See also Dual Banking; Functional Regulation; Report of Condition.
