Banking Department

AAA

DEFINITION of 'Banking Department'

A state-specific regulatory body that oversees the operations of financial institutions within its jurisdiction. The primary responsibility of the banking department is to ensure that the financial system is accessible, stable and safe for all consumers.

INVESTOPEDIA EXPLAINS 'Banking Department'

The state banking department is where many consumers go to file a complaint against a financial institution that is within the banking department's jurisdiction. (Not all banks operating in a state fall within that state's jurisdiction.)

Types of financial institutions that fall under the supervision of the banking department include commercial banks, credit unions, money transmitters and nonbank mortgage lenders.

RELATED TERMS
  1. Commercial Bank

    A financial institution that provides services, such as accepting ...
  2. Credit Union

    Member-owned financial co-operative. These institutions are created ...
  3. Federal Deposit Insurance Corporation ...

    The U.S. corporation insuring deposits in the U.S. against bank ...
  4. Merchant Bank

    A bank that deals mostly in (but is not limited to) international ...
  5. Retail Banking

    Typical mass-market banking in which individual customers use ...
  6. Emergency Banking Act Of 1933

    A bill passed during the administration of former U.S. President ...
Related Articles
  1. The Evolution Of Banking
    Credit & Loans

    The Evolution Of Banking

  2. Bank Failure: Will Your Assets Be Protected?
    Options & Futures

    Bank Failure: Will Your Assets Be Protected?

  3. 5 ATM Scams That Can Break The Bank
    Credit & Loans

    5 ATM Scams That Can Break The Bank

  4. Six Economic Reasons For Hong Kong Independence ...
    Economics

    Six Economic Reasons For Hong Kong Independence ...

comments powered by Disqus
Hot Definitions
  1. Letter Of Credit

    A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. ...
  2. Due Diligence - DD

    1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to ...
  3. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  4. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
  5. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
  6. Ratio Analysis

    Quantitative analysis of information contained in a company’s financial statements. Ratio analysis is based on line items ...
Trading Center