What are the regulations surrounding banking?

Banking in Virginia is regulated by the state government and the federal government. In the state, the State Corporation Commission (SCC) regulates charters and examinations of financial institutions. There are also regulations that apply to both the state-chartered and federally-chartered institutions, such as those that require banks to be properly capitalized, carry out independent audits, maintain reserves, file reports, record transactions, and protect customer assets. At the federal level, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) are responsible for regulating all national banks with deposits insured by the FDIC. They also set rules and regulations such as minimum capital requirements, asset requirements, and consumer protection regulations. In addition, the Consumer Financial Protection Bureau (CFPB) sets regulations for banking institutions that offer lending services, such as mortgage lending, credit card services, student loans, and other financial services. These regulations include restrictions on the risks that banks can take, rules about the types of fees and interest they can charge, and new consumer protection rules. In conclusion, banking in Virginia is regulated by both state and federal laws. The State Corporation Commission is responsible for the oversight of state-chartered banks, while the FDIC and OCC are responsible for national banks. Lastly, the CFPB sets regulations for banks offering lending services.

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What are the regulations surrounding banking?

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