Government Entities and Regulatory Bodies

Question 1

Basel Committee on Banking Supervision (BCBS)

Answer 1

A standards-setting body that operates under the Bank for International Settlements and provides a forum for regular cooperation on banking supervisory matters.

Question 2

Board of Governors

Answer 2

The controlling entity for the US Federal Reserve System (the Fed). The Fed has a decentralized structure, consisting of a network of 12 separately incorporated Federal Reserve Banks. The Board of Governors oversees the 12 Reserve Banks and the Federal Open Market Committee (FOMC), which is the body responsible for coordinating the Federal Reserve’s monetary policy.

Question 3

Clearing House Interbank Payments System (CHIPS)

Answer 3

A large-dollar funds transfer network operated by The Clearing House Payments Company, a bank-owned US company.

Question 4

Commercial Book-Entry System (CBES)

Answer 4

A multi-tiered, automated system for purchasing, holding, and transferring marketable treasury securities. An entity of the US Federal Reserve, the CBES exists as a delivery system that provides for the simultaneous transfer of securities against the settlement of funds. Securities owners (or their brokers on their behalf) receive interest and redemption payments wired directly to their linked accounts. The CBES is also known as the Treasury / Reserve Automated Debt Entry System, or TRADES

Question 5

Commodity Futures Trading Commission (CFTC)

Answer 5

An independent US government agency with the mandate to regulate commodity futures and option markets in the US

Question 6

Consumer Financial Protection Bureau (CFPB)

Answer 6

An independent consumer protection entity within the US Federal Reserve that was created as part of the Dodd-Frank Act of 2010

Question 7

Depository Trust & Clearing Corporation (DTCC)

Answer 7

An investment-industry-owned corporation that works through its subsidiaries to provide clearing, settlement, and information services for equities, corporate and municipal bonds, government and mortgage-based securities, money market instruments, and over-the-counter derivatives. It was formed in 1999 as a holding company to combine the Depository Trust Company (DTC) and the National Securities Clearing Corporation (NSCC), both of which are now subsidiaries of the DTCC.