Chapter 12-3 Personal Finance

Office of the Comptroller of the Currency (OCC)

Government agency which sets standards and regulations for fiduciary lenders.

Federal Deposit Insurance Corporation (FDIC)

an agency created in 1933 to insure individuals' bank accounts, protecting people against losses due to bank failures

Wall Street Reform and Consumer Protection Act

Also known as the Dodd-Frank Act, after its Democratic sponsors, Connecticut Senator Christopher Dodd and Massachusetts Representative Barney Frank. In an effort to avoid another financial crisis like the Great Recession, the Act updated many federal regulations affecting the financial and banking systems, and created some new agencies such as the Bureau of Consumer Financial Protection.

National Credit Union Administration (NCUA)

An independent federal agency that serves to supervise and regulate federal credit unions. It also provides account insurance for many state-chartered credit unions through the National Credit Union Share Insurance Fund.

Pension Benefit Guaranty Corporation (PBGC)

Set up by ERISA to insure payment of benefits in the event that a private-sector defined benefit pension plan terminates with insufficient funds to pay the benefits.

Securities and Exchange Commission (SEC)

The agency of the U.S. government that oversees U.S. financial markets and accounting standard-setting bodies.

Internal Revenue Service (IRS)

The branch of the U.S. Treasury Department in charge of collecting taxes

Office of Thrift Supervision (OTS)

a government agency that provides supervision of thrift (savings and loan) institutions

Commodity Futures Trading Commission (CFTC)

a government agency that regulates commodity, futures, and options markets

Sarbanes-Oxley

a law that set new and stronger standards for public companies and accounting firms regarding the reporting of financial results of operations

Financial Industry Regulatory Authority (FINRA)

a private, nonprofit organization that regulates firms selling securities in the United States

Oversight

a regulatory agency's supervision of activities to ensure that investors' rights are protected

U.S. Department of the Treasury

primary federal agency responsible for the economic security of the US