Beyond the SEC: other key regulators

The Commodity Futures Trading Commission regulates the trading of futures, which are contracts to sell or buy commodities in the future at a set price. Futures trading includes the practice of selling derivatives — commodities with fluctuating values dependent on an underlying contract such as oil or corn — a hot topic in the recent financial crisis. At www.cftc.gov the commission maintains case status reports on legal cases brought against specific traders as well as a searchable tool for finding industry filing reports.

Banking Regulators

There are several bank regulators within the federal system: The Federal Reserve; the Office of Comptroller of Currency; the Federal Deposit Insurance Corporation; National Credit Union Administration; and the Office of Thrift Supervision. Which agency regulates a bank depends on the bank’s type and size. Each state also has its own entity that regulates banks.

· Federal Deposit Insurance Corporation

The FDIC regulates state-chartered commercial banks and insures the deposits, currently up to $250,000, of account holders. At www.fdic.gov, the FDIC maintains searchable databases of enforcement actions against banks as well as insider trading filings by bank executives. The FDIC makes available information about banks that have been seized by state regulators and those that have been closed. There is also an outward link to the Federal Financial Institutions Examination Council’s searchable database of “call reports,” which contain information about a bank’s financial stability. Like the other regulatory agencies, FDIC also makes available its regulations and policies. Since it plays some role in the regulation of all types of depository institutions by insuring them, it typically houses the most information on the most entities.

· Federal Reserve Board

The Federal Reserve is the central bank for the U. S. monetary system. In addition to setting broad monetary policies — primarily through the control of interest rates — the Federal Reserve regulates the overseas activities of U.S. banks and bank holding companies generally. These are the state-chartered banks that are not part of the FDIC. At www.federalreserve.org, information about specific bank enforcement actions can be found under the “Banking Information & Regulation” section. The site also contains information about Federal Reserve efforts to effect policy change in government.

The Board of Governors of the Federal Reserve is based in Washington, D.C., and performs most of these regulatory functions. There are also 12 regional Federal Reserve banks across the country, each of which has some degree of specialized role and knowledge. These banks are not considered government agencies, and thus are not subject to the Freedom of Information Act. However, the Federal Reserve Board in Washington is an agency subject to FOIA.

· Office of the Comptroller of Currency

The Treasury Department’s Office of the Comptroller of Currency regulates nationally chartered banks and federal branches of foreign banks within the United States. At www.occ.treas.gov the agency maintains a searchable database of enforcement actions against banks under the “Enforcement Actions” portion of the “Legal and Regulatory” section. Like the Federal Reserve site, the OCC page also includes a great deal of information about banking policy and regulations. The page also links to the FDIC’s beneficial ownership database (http://www2.fdic.gov/efr/) where one can search for records of insider trading of bank executives.

· National Credit Union Administration

As the name suggests, the National Credit Union Administration regulates credit unions. It functions similarly to the FDIC, insuring deposits at the credit unions it covers, currently up to $250,000. At www.ncua.gov, the agency provides links to “letters of understanding and agreement” between NCUA and specific credit unions, and administrative orders. Reporters can also search financial performance reports of specific institutions, which like the call reports at the FDIC provides a look at the credit union’s balance sheet.

· Office of Thrift Supervision

The Treasury Department’s Office of Thrift Supervision is the regulatory agency for federal savings banks and for federal savings and loans. It was created in the wake of the savings and loans scandals of the 1980s, when lax regulation and deregulation led to speculation in the housing market, insider transactions and risky loans being made on deposits. Now, because of the greatly reduced number of thrifts, this may be eliminated by Congress as part of the financial services industry regulatory reforms. At www.ots.treas.gov you can search savings and loans by name and find enforcement actions as well as balance sheets.

Small Business Administration

The SBA, an independent government agency that helps small businesses with lending programs and training, has public documents on file that provide a wealth of information. Many businesses are registered and have profiles in the Central Contractor Registration as part of their receipt of SBA funds. Sometimes there is information on a business’s major clients and revenue.