Question

Name and briefly describe the responsibilities of each of the following agencies: FDIC, NCUA, and OCC.

a) FDIC: Bank supervision, NCUA: Credit union regulation, OCC: Monetary policy
b) FDIC: Deposit insurance, NCUA: Credit union regulation, OCC: Bank supervision
c) FDIC: Monetary policy, NCUA: Bank supervision, OCC: Credit union regulation
d) FDIC: Bank supervision, NCUA: Monetary policy, OCC: Deposit insurance

Answer 1

The FDIC provides deposit insurance, the NCUA regulates credit unions, and the OCC is responsible for the supervision of national banks and savings and loan institutions.

Step-by-step explanation:

The correct option that describes the responsibilities of each of the following agencies: FDIC, NCUA, and OCC is:
(b) FDIC: Deposit insurance, NCUA: Credit union regulation, OCC: Bank supervision.

The Federal Deposit Insurance Corporation (FDIC) is responsible for collecting deposit insurance premiums from banks and provides deposit insurance to guarantee the safety of a depositor's accounts up to $250,000 per account.

The National Credit Union Administration (NCUA) is the agency that supervises and regulates credit unions, ensuring the safety and soundness of these nonprofit financial institutions.

The Office of the Comptroller of the Currency (OCC) supervises and regulates national banks and savings and loans institutions. This includes on-site reviews of the largest national banks, as well as foreign banks with branches in the United States, ensuring that they are operating safely and soundly.