What regulatory body oversees banking institutions in the U.S.?

The Office of the Comptroller of the Currency (OCC) plays a central role in overseeing banking institutions in the U.S., particularly those that are national banks and federal savings associations. Established to ensure the safety and soundness of the national banking system, the OCC regulates and supervises banks to ensure they operate in a safe manner and comply with banking laws and regulations. This includes enforcing consumer protection laws and ensuring that institutions adhere to sound banking practices.

While other regulatory bodies, such as the Federal Reserve, the FDIC, and the CFPB, also have significant roles in the banking sector, their focus varies. The Federal Reserve primarily manages monetary policy and oversees bank holding companies, while the FDIC insures deposits and oversees state-chartered banks that are not members of the Federal Reserve System. The CFPB is focused on consumer protection in the financial sector but does not directly oversee banking institutions. This differentiation illustrates the specific mandate and functions of the OCC as the correct answer in this context.