National banks State commercial and savings banks

Hedge funds, private equity funds and

venture capital funds

Insurance companies Securities brokers/dealers

Other financial companies, including mortgage

companies and brokers

Fed

NBS FDIC

State bank regulators FDIC Fed--state member commercial banks

SEC FINRA SEC CFTC State securities regulators

Fed State licensing (if needed) U.S. Treasury for some products

Financial and bank holding companies and all firms posing

systemic risk (Tier 1 FHCs)

NBS Host country regulator

Fed Host country regulator

Federal branch

Foreign branch

Fed is the umbrella or consolidated regulator when subsidiaries include a commercial (savings) bank

Primary/secondaryfunctionalregulator

Notes:CFPA: Consumer Financial Protection Agency CFTC: Commodity Futures Trading CommissionFDIC: Federal Deposit Insurance CorporationFed: Federal ReserveFHFA: Federal Housing Finance AgencyFINRA: Financial Industry Regulatory Authority GSEs: Government Sponsored Enterprises NBS: National Bank SupervisorONI: Office of National InsuranceSEC: Securities and Exchange Commission

Federal Housing Finance Agency

Fannie Mae, Freddie Mac, and Federal Home Loan Banks

Justice Department Assesses effects of mergers and acquisitions on competition

Federal courts Ultimate decider of banking, securities, and insurance products

Consumer Financial Protection Agency

Financial Services Oversight Council (Treasury, Fed, NBS, CFPA, SEC, CFTC, FDIC and FHFA)

50 State insurance regulators plus District of Columbia and Puerto Rico ONI (oversight)

Identify emerging systemic risks and improve interagency

cooperation

Protect consumers across the financial sector from unfair,

deceptive, and abusive practices

National Credit Union Administration State credit union regulators

Credit Unions

Figure 4 Proposed U.S. regulatory regime.Source: Authors.

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