Bank Regulators, BankProspector Reports

Welcome to this week’s Weekly Q & A, where we answer member questions.

Here’s a question that came in this week: 

Outside of the FDIC, who else regulates the banks? 

First, let me just cover what’s inside BankProspector and some of the stuff we teach in the training course here, and we’ll lay out that structure. 

The FDIC, the Federal Deposit Insurance Corporation, is one regulator. There’s another regulator called the OCC or the Office of the Comptroller of the Currency. And then there’s another one called the NCUA, which is the National Credit Union Administration.

And then additionally, for state-chartered banks, there are also state regulators in each state. If you’re looking for the reporting and the way the reporting flows, the banks report individually to the FFIEC (Federal Financial Institutions Examination Council). 

Then from the FFIEC, they distribute the information over to the FDIC, and then on a separate panel is the NCUA or the National Credit Union Administration, where all the credit unions report. You may also find that you additionally have state regulators for those things.

I’m not sure the nature of the question or what we’re trying to get as a result, but I wanted to answer it here for you. 

All of the data you need, everything you need to know about non-performing loans and REO, all goes through one of two places.

And that goes into the NCUA (National Credit Union Administration). They then produce reports, which we then pull in automatically and push into BankProspector. 

Then there’s the FFIEC, where banks connect electronically to the FFIEC. Our system also connects electronically to the FFIEC, and then we pull that data out before it even gets to the FDIC.

So, when you are looking at BankProspector reports, you are getting information usually 45 to 60 days before it’s available on the FDIC website. Our data on BankProspector is the most up-to-date that is available anywhere, and we ensure that through our technology programmatically. 

And we have a huge update coming out – we’re still targeting the end of this month. It’s going to make BankProspector so much better to use. And I can’t wait to release it. 

Thanks for being a member. Thanks for submitting a question this week. And I can’t wait to hear more of your questions as we get into the fall here and things really get rolling as we head into the close of this year, which is traditionally the time when lots of sales happen.

Thanks again for being a member, and we’ll talk to you next week.