What is the Bank Holding Company Supervision Act?

The Bank Holding Company Supervision Act is a federal law that was passed in 1956 with the intention of controlling and regulating the expansion of bank holding companies in the United States. According to the Act, a bank holding company is any company that owns one or more banks and has a significant influence or control over the activities of a bank. Under the Bank Holding Company Supervision Act, any bank holding company operating in Oregon must first obtain approval from the Federal Deposit Insurance Corporation (FDIC) before engaging in any activity or operating any subsidiary company. Additionally, the Act requires that the FDIC approve any expansion plans that a bank holding company may have, such as the establishment of new banks or the acquisition of existing ones. The Bank Holding Company Supervision Act seeks to protect the interests of consumers and depositors by ensuring that bank holding companies are well-regulated and operated in a safe and sound manner. This law also gives the FDIC the authority to inspect the operations of bank holding companies to ensure compliance with federal banking laws. In Oregon, bank holding companies are additionally regulated by the Oregon Department of Financial Institutions (ODFI). The ODFI is tasked with ensuring that any bank holding company operating in the state is properly supervised and that it is meeting the requirements of the Bank Holding Company Supervision Act.

Related FAQs

What is the Garnishment Bank Act?
What is the National Bank Act?
What is the Debt Collection Improvement Act?
What is the Fair Debt Collection Practices Act?
What is the Unlawful Internet Gambling Enforcement Act?
What is the International Banking Act?
What are the U.S. banking laws?
What is FDIC insurance?
What are some common banking laws?
What is the Monetary Control Act?

What is the Bank Holding Company Supervision Act?

Related FAQs

Related Blog Posts