Which bank regulatory agency has the sole regulatory authority over bank holding companies?

Question

Quizplus · Accepted Answer

The Federal Reserve System has the sole regulatory authority over bank holding companies, as established by the Bank Holding Company Act of 1956. This act was passed to address concerns about monopolistic practices and risks to the stability of the banking system posed by the increasing concentration of banking assets in the hands of a few large holding companies. The Federal Reserve has the power to approve or deny applications for bank holding companies, and to set conditions on their activities and investments to ensure the safety and soundness of the banking system as a whole.

Which Bank Regulatory Agency Has the Sole Regulatory Authority Over