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BANKING IN THE US

Banking in the United States is regulated by both the federal and state governments. The five
largest banks in the United States at December 31, 2011 were JPMorgan Chase, Bank of
America, Citigroup, Wells Fargo, and Goldman Sachs. In December 2011, the five largest banks'
assets were equal to 56 percent of the U.S. economy, compared with 43 percent five years
earlier.

The U.S. finance industry comprised only 10% of total non-farm business profits in 1947, but it
grew to 50% by 2010. Over the same period, finance industry income as a proportion of GDP
rose from 2.5% to 7.5%, and the finance industry's proportion of all corporate income rose from
10% to 20%. The mean earnings per employee hour in finance relative to all other sectors has
closely mirrored the share of total U.S. income earned by the top 1% income earners since
1930. The mean salary in New York City's finance industry rose from $80,000 in 1981 to
$360,000 in 2011, while average New York City salaries rose from $40,000 to $70,000. In 1988,
there were about 12,500 U.S. banks with less than $300 million in deposits, and about 900 with
more deposits, but by 2012, there were only 4,200 banks with less than $300 million in deposits
in the U.S., and over 1,800 with more. American banking is closely linked to the UK; in 2014, the
biggest US banks held almost 70 percent of their on and off-balance sheet assets there.

Bank regulation in the United States is highly fragmented compared with other G10 countries.
While most of these countries have only one bank regulator, in the U.S., banking is regulated at
both the federal and state level. Depending on its type of charter and organizational structure, a
banking organization may be subject to numerous federal and state banking regulations. Unlike
Japan and the United Kingdom (where regulatory authority over the banking, securities and
insurance industries is combined into one single financial-service agency), the U.S. maintains
separate securities, commodities, and insurance regulatory agencies—separate from the bank
regulatory agencies—at the federal and state level.

U.S. banking regulation addresses privacy, disclosure, fraud prevention, anti-money laundering,
anti-terrorism, anti-usury lending, and the promotion of lending to lower-income populations.
Some individual cities also enact their own financial regulation laws (for example, defining what
constitutes usurious lending).

Since the enactment of the Federal Deposit Insurance Corporation Improvement Act of 1989
(FDICIA), all commercial banks that accept deposits are required to obtain FDIC insurance and to
have a primary federal regulator (the Fed for state banks that are members of the Federal
Reserve System, the FDIC for "nonmember" state banks, and the Office of the Controller of the
Currency for all National Banks and Federal Savings Banks (FSB)).

Federal credit unions are regulated by National Credit Union Administration (NCUA).
The central banking system of the United States, called the Federal Reserve system, was created
in 1913 by the enactment of the Federal Reserve Act, largely in response to a series of financial
panics, particularly a severe panic in 1907. Over time, the roles and responsibilities of the
Federal Reserve System have expanded and its structure has evolved. Events such as the Great
Depression were major factors leading to changes in the system. Its duties today, according to
official Federal Reserve documentation, are to conduct the nation's monetary policy, supervise
and regulate banking institutions, maintain the stability of the financial system and provide
financial services to depository institutions, the U.S. government, and foreign official
institutions.

The Federal Reserve System's structure is composed of the presidentially appointed Board of
Governors (or Federal Reserve Board), the Federal Open Market Committee (FOMC), twelve
regional Federal Reserve Banks located in major cities throughout the nation, numerous
privately owned U.S. member banks and various advisory councils. The FOMC is the committee
responsible for setting monetary policy and consists of all seven members of the Board of
Governors and the twelve regional bank presidents, though only five bank presidents vote at
any given time. The responsibilities of the central bank are divided into several separate and
independent parts, some private and some public. The result is a structure that is considered
unique among central banks. It is also unusual in that an entity outside of the central bank,
namely the United States Department of the Treasury, creates the currency used.

According to the Board of Governors, the Federal Reserve is independent within government in
that "its decisions do not have to be ratified by the President or anyone else in the executive or
legislative branch of government." However, its authority is derived from the U.S. Congress and
is subject to congressional oversight. Additionally, the members of the Board of Governors,
including its chairman and vice-chairman, are chosen by the President and confirmed by
Congress. The government also exercises some control over the Federal Reserve by appointing
and setting the salaries of the system's highest-level employees. Thus the Federal Reserve has
both private and public aspects. The U.S. Government receives all of the system's annual
profits, after a statutory dividend of 6% on member banks' capital investment is paid, and an
account surplus is maintained. In 2010, the Federal Reserve made a profit of $82 billion and
transferred $79 billion to the U.S. Treasury.
BANKING IN THE US

Test 1

Fill in the gaps using the following words: named deposited accounts customers
savings transaction interest passbook bank rate quarter aside
whereas every for

For _________ that want to put money_________, banks provide savings ________ which pay
interest on the funds _____.The procedure for opening ____________ accounts is the same as
_______ a checking account. Regular savings accounts pay__________ at a slightly
lower_________ than passbook accounts. Passbook accounts are so ________ because each
________ affecting the account is recorded by the __________ teller in a small account register
or ____________. Passbook accounts pay interest only on the _____________ (every three
months), _________ regular savings accounts pay interest ___________ month.

Test 2

Match the definitions to the correct banking institution:

a. Are mostly carring out retail banking operations;


b. Although specialized in mortgage lending, are moving into retail banking;
c. Are thrift institutins that may be granted state or federal charters;
d. do not take deposits and are supervised by the Securities and Exchange Commission, having
bought brokers’ seats on Wall Street.

CREDIT UNIONS COMMERCIAL BANKS

INVESTMENT BANKS SAVINGS &LOANS

Test 3

Translate the following words and idioms into Romanian:

-clearing house; branch; subsidiary;underwriting; mortgage loan; drawer; drawee;penalty


charges;to comply with; to secure a loan; vault;chattel.
KEY

Test 1

For customers that want to put money aside, banks provide savings accounts which pay interest on the
funds deposited.The procedure for opening savings accounts is the same as for a checking account.
Regular savings accounts pay interest at a slightly lower rate than passbook accounts. Passbook accounts
are so named because each transaction affecting the account is recorded by the bank teller in a small
account register or passbook. Passbook accounts pay interest only on the quarter (every three months),
whereas regular savings accounts pay interest every month.

Test 2

CREDIT UNIONS-c COMMERCIAL BANKS-a

INVESTMENT BANKS-d SAVINGS &LOANS-b

Test 3

clearing house=casa de compensare; branch=sucursala; subsidiary=filiala ;underwriting=activitate de


subscriere; mortgage loan=imprumut ipotecar; drawer=tragator; drawee=tras;penalty charges=penalitati
;to comply with=a respecta; to secure a loan=a garanta un imprumut; vault=seif;chattel=bunuri mobile.