Which regulatory body has the authority to impose fines for compliance violations?

The Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) are all regulatory bodies that oversee financial institutions and ensure compliance with banking regulations. Each of these entities has the authority to impose fines for compliance violations within their respective jurisdictions. This includes ensuring that banks adhere to laws designed to protect consumers and maintain the integrity of the financial system.

The OCC regulates national banks and federal savings associations, primarily overseeing their adherence to banking laws and regulations. The Federal Reserve, as the central bank, supervises and regulates bank holding companies and certain state-chartered banks, ensuring they maintain a stable financial environment. The FDIC plays a crucial role in protecting depositors and overseeing state-chartered banks that are not members of the Federal Reserve System. Collectively, these agencies can impose various enforcement actions, including fines, against institutions that fail to comply with regulatory standards.

Regarding the other organizations mentioned, while they may have enforcement capabilities in their own areas—such as the FBI in criminal investigations, the Consumer Financial Protection Bureau focused on consumer finance, and the IRS dealing with tax regulations—they do not have the direct regulatory authority over compliance violations within the banking sector like the OCC, Federal Reserve, and FDIC