Banks are complicated, and especially in this age of too-big-to-fail, they often house a number of thorny practices under one roof – practices that, as we learned the hard way in the fall of 2008, can be difficult to regulate.
When the Dodd-Frank Act was passed a year ago, lawmakers and citizens hoped it would usher in a more robust and effective system of oversight. The law created several new regulatory agencies to deal with the challenges of keeping the most complex financial industry in the world in check. These intricately named agencies include the Financial Stability Oversight Council and Consumer Financial Protection Bureau and join a lineup that already boasts the Office of Thrift Supervision and Bureau of Competition.
The convoluted system was made more so, and today it can be nearly impossible to keep track of who exactly is overseeing what.
To help decode this web of oversight, The Fiscal Times created this infographic, “Who’s Watching the Banks,” to illustrate which agencies – and which agencies within agencies – keep an eye on which aspects of the financial industry.