In: Operations Management
Explain the role of each of these agencies mentioned in class: FDIC, OCC, Federal Reserve.
FDIC:
Federal Deposit Insurance Corporation (FDIC) provide insurance to the financial industry so that they can perform their task in most efficient manner with the assurance from government who is lender of last resort for them and has the capacity to protect them from failing in the common interest of economy, investors and financial industry and maintain stability and public confidence in the financial industry.
OCC:
The Office of the Comptroller of the Currency (OCC) is an administrating body of the federal banking system which regulates and supervises national banks, federal savings associations, federal branches and agencies of foreign banks having operation USA. Their primary goal is to ensure the safe and sound operations of national banks and federal savings associations. They also have the responsibility of providing fair access to financial services, fair customer treatment and their compliance with rules and regulations.
Federal Reserve:
Federal Reserve System is banking regulatory authorities. It also makes Federal Reserve policy; the main objective of Federal Reserve policy is a stable economy with sustainable economic growth and stability into prices and interest rates. The tools the Federal Reserve uses in regulating the economy are followings –