Accessible Version

Lessons from the History of the U.S. Regulatory Perimeter, Accessible Data

Figure 1. The Federal Financial Regulatory Perimeter, 1791-2021

Figure 1, an animation, displays statutory definitions of regulated entities and activities on a horizontal spectrum of regulatory oversight and a vertical spectrum of the applicable regulator(s) ranging from 1791 to 2021. It displays the proliferation of regulatory categories over time, beginning with one at the start of the range and over 400 at the end, as well as the acceleration in the number of categories starting in the final years of the 20th century and the first years of the 21st. The horizontal spectrum of regulatory oversight ranges from the "Prudential Zone" on the left side of the figure, then, progressing rightward, to the "Functional Zone" and "No Man's Land," and, at the right side of the figure, the "Commercial Zone." The vertical spectrum of applicable regulators includes "State" regulators at the bottom-left of the chart, then, moving upward, "FHLBB," "OTS," "Other," "FDIC," and "FRB," and, at the top-left of the figure, the "OCC." Certain of these applicable regulators do not exist during certain years (e.g., the "FHLBB" does not appear in the figure until 1932, the year of its creation). The number and placement of statutory definitions changes over the course of the animation. Some of the statutory definitions exist in multiple zones during certain years of the animation.

The beginning of the animation opens with the appearance of a white bubble in the upper-left corner of the animation. This bubble represents the single relevant statutory definition in 1791. The year "1791" is displayed in the top-left of the animation. Within this bubble is the relevant statutory definition; in this instance, "bank." As the animation progress, the year in the top-left of the animation plot progresses forward according to when statutes with relevant statutory definitions were passed at the federal level. As a result, the movement of time is not continual; for example, the animation jumps from 1791 to 1864, then to 1876. As the year changes in the top-left of the animation, various bubbles appear that represent new relevant statutory definitions. These bubbles are placed within the area of the plot that corresponds with their regulatory oversight and regulator(s), as described in the preceding explanatory text. As time progresses, more and more bubbles, representing relevant statutory definitions, appear in the plot; bubbles that represent retired statutory definitions disappear from the plot. These bubbles vary in size throughout the animation. At the end of the animation, the top-left of the plot reads "2021," representing the last year for which we have assessed relevant statutory definitions. At this point, there are more bubbles than at any other time on the animation plot and the plot is almost completely filled with relevant statutory definitions. Many bubbles are not contained within a single regulatory oversight zone, and instead straddle different regulatory oversight zones, representing that these statutory definitions are subject to varying degrees of oversight depending on context. Because there are so many bubbles, many are difficult to read.

Item Definitions:

  1. "bank" (1791): An Act to incorporate the subscribers to the Bank of the United States, Ch. 1-10 (Feb. 25, 1791), § 1.
  2. "national associations for carrying on the business of banking" (1864): An Act to provide a National Currency, secured by a Pledge of United States Bonds, and to provide for the Circulation and Redemption thereof, Ch. 38-106 (June 3, 1864), §§ 5, 44.
  3. "national banking association" (1876): An Act authorizing the appointment of receivers of national banks, and for other purposes, Ch. 44-156 (June 30, 1876), § 1.
  4. "savings banks" (1876): Id. § 6.
  5. "savings and trust companies" (1876): Id.
  6. "national currency association" (1908): Aldrich-Vreeland Act, Pub. L. No. 60-169, § 1, 35 Stat. 546 (May 30, 1908).
  7. "regular depositories of public money" (1908): Id. § 15, 35 Stat. 546, 552.
  8. "postal savings depository offices" (1910): An Act To establish postal savings depositories for depositing savings at interest with the security of the Government for repayment thereof, and for other purposes, Pub. L. No. 61-268, § 1, 36 Stat. 814 (June 25, 1910).
  9. "trust companies doing a banking business" (1910): Id. § 9, 36 Stat. 814, 17.
  10. "bank" (1913): Federal Reserve Act, Pub. L. No. 63-43, § 1, 38 Stat. 251 (Dec. 23, 1913).
  11. "State bank" (1913): Id.; see also § 9, 38 Stat. 251, 59.
  12. "State banking association" (1913): Id.
  13. "State trust company" (1913): Id.
  14. "national bank"/"national banking association" (1913): Id.
  15. "member bank" (1913): Id.
  16. "nonmember bank" (1913): Id.
  17. "foreign branch" of national bank (1913): Id. § 25, 38 Stat. 251, 74.
  18. "[State] trust company" (1916): Federal Farm Loan Act, Pub. L. No. 64-158, § 15, 39 Stat. 360, 373 (July 17, 1916).
  19. "[State] mortgage company" (1916): Id.
  20. "[State] savings institution" (1916): Id.
  21. Edge Act corporation (1919): Edge Act, Pub. L. No. 66-106, § 1, 41 Stat. 378 (Dec. 24, 1919).
  22. "foreign branches or agencies" (Edge Act) (1919): Id. 41 Stat. 378, 380.
  23. "bank or banking institution, principally engaged in foreign business" (1919): Id. 41 Stat. 378, 383.
  24. "District bank" (1927): McFadden Act, Pub. L. No. 69-639, § 1, 44 Stat. 1224 (Feb. 25, 1927).
  25. "branch bank, branch office, branch agency, additional office, or any branch place of business…at which deposits are received, or checks paid, or money lent" (1927): Id. § 6, 44 Stat. 1224, 28.
  26. "cooperative associations" (1929): Agricultural Marketing Act, Pub. L. No. 71-10, § 7, 46 Stat. 11, 14 (June 15, 1929).
  27. "stabilization corporations" (1929): Id. § 9, 46 Stat. 11, 15.
  28. "clearing house associations" (1929): Id. § 10, 46 Stat. 11, 15.
  29. "regional agricultural credit corporation" (1932): Emergency Relief and Construction Act, Pub. L. No. 72-302, § 201(e), 47 Stat. 709, 713 (July 21, 1932).
  30. recipient of emergency loans ("any individual, partnership, or corporation") (1932): Id. § 210, 47 Stat. 709, 715.
  31. "building and loan association" (1932): Id.
  32. "insurance company" (1932): Id.
  33. "mortgage loan company" (1932): Id.
  34. "credit union" (1932): Id.
  35. Federal Home Loan Bank member (1932): Federal Home Loan Bank Act, Pub. L. No. 72-304, § 2, 47 Stat. 725 (July 22, 1932).
  36. "cooperative bank" (1932): Id.
  37. "homestead association" (1932): Id.
  38. "nonmember borrower" (FHLB) (1932): Id. § 4, 47 Stat. 726.
  39. "issuer" (Sec. Act of 1933) (1933): Securities Act of 1933, Pub. L. No. 73-22, § 2, 48 Stat. 74-75 (May 27, 1933).
  40. "underwriter" (Sec. Act of 1933) (1933): Id.
  41. "dealer" (Sec. Ex. Act, 1933) (1933): Id.
  42. "trustees" of foreign securities (1933): Id. § 203, 48 Stat. 74, 93.
  43. "financial agents" (1933): Id.
  44. "dealers in foreign securities" (1933): Id.
  45. "Federal savings and loan association" (1933): Home Owners' Loan Act, Pub. L. No. 73-43, §§ 1, 5, 48 Stat. 128, 129, 132 (June 13, 1933).
  46. "affiliate" (Banking Act of 1933) (1933): Banking Act of 1933, Pub. L. No. 73-66, § 1, 48 Stat. 162 (June 16, 1933).
  47. "holding company affiliate" (bank) (1933): Id. § 1, 48 Stat. 162, 163.
  48. "Morris Plan banks" (1933): Id. § 5(a), 48 Stat. 162, 164.
  49. "mutual savings bank" (1933): Id. § 5(c), 48 Stat. 162, 165.
  50. "[FDIC] nonmember bank" (1933): Id. § 8, 48 Stat. 162, 169.
  51. "correspondent bank" (1933): Id. § 32, 48 Stat. 162, 194.
  52. "facility" (of exchange) (1934): Securities Exchange Act of 1934, Pub. L. No. 73-291, § 3(a), 48 Stat. 881, 882 (June 6, 1934).
  53. "member" (of exchange) (1934): Id. § 3(a), 48 Stat. 881, 883.
  54. "broker" (1934): Id.
  55. "dealer" (§ Ex. Act. of 1934) (1934): Id.
  56. "bank" (§ Ex. Act. of 1934) (1934): Id.
  57. "issuer" (§ Ex. Act. of 1934) (1934): Id.
  58. "national securities exchange" (1934): Id. § 6(a), 48 Stat. 881, 885.
  59. "foreign securities exchanges" (1934): Id. § 30(a), 48 Stat. 881, 904 (heading).
  60. "national mortgage associations" (1934): National Housing Act, Pub. L. No. 73-479, § 301, 48 Stat. 1246, 1252 (June 27, 1934).
  61. "insured institution" (Nat'l. Housing Act) (1934): Id. § 401, 48 Stat. 1246, 1255.
  62. "Federal credit union" (1934): Federal Credit Union Act, Pub. L. No. 73-467, § 2, 48 Stat. 1216 (June 26, 1934).
  63. "state nonmember bank" (insured) (1935): Banking Act of 1935, Pub. L. No. 74-305, § 101, 49 Stat. 684, 685 (Aug. 23, 1935).
  64. "national member bank" (1935): Id.
  65. "national nonmember bank" (insured) (1935): Id.
  66. "insured bank" (1935): Id.
  67. "noninsured bank" (1935): Id.
  68. "affiliate" (Fed. Res. Act) (1935): Id. § 301, 49 Stat. 684, 707.
  69. "member of a contract market" (1936): Commodity Exchange Act, Pub. L. No. 74-675, § 3, 49 Stat. 1491 (June 15, 1936).
  70. "futures commission merchant" (1936): Id.
  71. "floor broker" (1936): Id.
  72. "national securities association" (1938): Securities Exchange Act Amendments of 1938, § 1, Pub. L. No. 75-719, 52 Stat. 1070 (June 25, 1938).
  73. "affiliated securities association" (1938): Id.
  74. member broker (of association) (1938): Id. 52 Stat. 1070, 1074.
  75. member dealer (of association) (1938): Id.
  76. nonmember broker (of association) (1938): Id.
  77. nonmember dealer (of association) (1938): Id.
  78. "affiliated company" (Inv. Co. Act, Inv. Adv. Act) (1940): Investment Company Act and Investment Advisers Act, Pub. L. No. 76-768, § 2(a), 54 Stat. 789, 791 (Aug. 22, 1940).
  79. "affiliated person" (Inv. Co. Act, Inv. Adv. Act) (1940): Id.
  80. "bank" (Inv. Co. Act, Inv. Adv. Act) (1940): Id.
  81. "broker" (Inv. Co. Act) (1940): Id.
  82. "company" (Inv. Co. Act, Inv. Adv. Act) (1940): Id.
  83. "dealer" (Inv. Co. Act, Inv. Adv. Act) (1940): Id. 54 Stat. 789, 792.
  84. "employees' security company" (1940): Id.
  85. "exchange" (Inv. Co. Act, Inv. Adv. Act) (1940): Id.
  86. "insurance company" (Inv. Co. Act, Inv. Adv. Act) (1940): Id. 54 Stat. 789, 793.
  87. "investment adviser" (Inv. Co. Act) (1940): Id.
  88. "investment banker" (1940): Id.
  89. "issuer" (Inv. Co. Act) (1940): Id.
  90. "principal underwriter" (Inv. Co. Act) (1940): Id. 54 Stat. 789, 794.
  91. "promoter" (1940): Id.
  92. "underwriter" (Inv. Co. Act) (1940): Id. 54 Stat. 789, 795.
  93. "investment company" (1940): Id. § 3(a), 54 Stat. 789, 797.
  94. "face-amount certificate company" (1940): Id. § 4, 54 Stat. 789, 799.
  95. "unit investment trust" (1940): Id.
  96. "management company" (1940): Id.
  97. "open-end company" (1940): Id. § 5(a), 54 Stat. 789, 800.
  98. "closed-end company" (1940): Id.
  99. "diversified company" (1940): Id.
  100. "non-diversified company" (1940): Id.
  101. "unregistered investment company" (1940): Id. § 7(a), 54 Stat. 789, 802.
  102. "depositor" (of underwriter) (1940): Id. 54 Stat. 789, 803.
  103. "trustee" (of underwriter) (1940): Id.
  104. "regular broker" (1940): Id. § 10(a), 54 Stat. 789, 806.
  105. "custodian" (of registered mgmt. co. securities) (1940): Id. § 17(e), 54 Stat. 789, 816.
  106. "broker" (Inv. Adv. Act) (1940): Id. § 202(a), 54 Stat. 789, 848.
  107. "investment adviser" (Inv. Adv. Act) (1940): Id. (see also "affiliated persons of an investment adviser, id. § 10(a), 54 Stat. 789, 806).
  108. "underwriter" (Inv. Adv. Act) (1940): Id. 54 Stat. 789, 849.
  109. "State bank" (FDI Act) (1950): Federal Deposit Insurance Act, Pub. L. No. 81-797, § 1, 64 Stat. 873 (Sep. 21, 1950).
  110. "State member bank" (FDI Act) (1950): Id.
  111. "District bank" (1950): Id.
  112. "national member bank" (1950): Id. 64 Stat. 873, 874.
  113. "national nonmember bank" (1950): Id.
  114. "new bank" (1950): Id.
  115. "savings bank" (1950): Id.
  116. "bank holding company" (1956): Bank Holding Company Act, Pub. L. No. 84-511, § 2(a), 70 Stat. 133 (May 9, 1956).
  117. "company" (BHC Act) (1956): Id.
  118. "bank" (BHC Act) (1956): Id.
  119. "subsidiary" (BHC Act) (1956): Id. 70 Stat. 133, 134.
  120. "successor" (1956): Id.
  121. "nonbanking organization" (1956): Id. § 4(a), 70 Stat. 133, 135.
  122. "qualified bank holding company" (1956): Id. § 10(a), 70 Stat. 133, 139, 145.
  123. "holding company" (National Housing Act) (1959): An Act to promote and preserve local management of savings and loan associations by protecting them against encroachment by holding companies, Pub. L. No. 86-374, § 1, 73 Stat. 691, 691-92 (Sep. 23, 1959).
  124. "bank service corporation" (1962): Bank Service Corporation Act, Pub. L. No. 87-856, § 1, 76 Stat. 1132 (Oct. 23, 1962).
  125. "person associated with a broker or dealer" (1964): Securities Act Amendments of 1964, Pub. L. No. 88-467, § 2, 78 Stat. 565 (Aug. 20, 1964).
  126. "person associated with a member" (of national securities exchange) (1964): Id.
  127. "organization" (TILA) (1968): Consumer Credit Protection Act [Truth in Lending Act], Pub. L. No. 90-321, § 103, 82 Stat. 146, 147 (May 29, 1968).
  128. "person" (TILA) (1968): Id.
  129. "creditor" (TILA) (1968): Id.
  130. "uninsured institution" (Nat'l. Housing Act) (1968): Savings and Loan Holding Company Amendments, Pub. L. No. 90-255, § 2, 82 Stat. 5, 6 (Feb. 14, 1968).
  131. "company" (Nat'l. Housing Act) (1968): Id.
  132. "savings and loan holding company" (1968): Id.
  133. "multiple savings and loan holding company" (1968): Id.
  134. "diversified savings and loan holding company" (1968): Id.
  135. "subsidiary" (Nat'l. Housing Act) (1968): Id.
  136. "affiliate" (Nat'l. Housing Act) (1968): Id.
  137. "uninsured banks or uninsured institutions of any type" (BSA) (1970): Bank Secrecy Act &c, Pub. L. No. 91-508, § 122, 84 Stat. 1114, 1116 (Oct. 26, 1970).
  138. "financial institution" (BSA) (1970): Id. § 203, 84 Stat. 1114, 1119.
  139. "financial agency" (BSA) (1970): Id.
  140. "card issuer" (BSA) (1970): Id. § 501, 84 Stat. 1114, 1126.
  141. "consumer reporting agency" (1970): Id. § 603, 84 Stat. 1114, 1129.
  142. "self-regulatory organization" (1970): Securities Investor Protection Act of 1970, Pub. L. No. 91-598, § 9, 84 Stat. 1636, 1654 (Dec. 30, 1970).
  143. "thrift institutions' bank" (1970): Bank Holding Company Amendments Act of 1970, Pub. L. No. 91-607, § 101, 84 Stat. 1760, 1761 (Dec. 31, 1970).
  144. "thrift institution" (BHC Act) (1970): Id. 84 Stat. 1760, 1763.
  145. "card issuer" (TILA) (1974): Depository Institutions Amendments of 1974, Pub. L. No. 93-495, § 410, 88 Stat. 1500, 1519 (Oct. 28, 1974).
  146. "state lending agencies" (1974): Id. § 412, 88 Stat. 1500, 1519.
  147. "banking organization" (ECOA) (1974): Id. § 602, 88 Stat. 1500, 1525.
  148. "business association" (ECOA) (1974): Id.
  149. "financial organization" (ECOA) (1974): Id.
  150. "title company" (1974): Real Estate Settlement Practices Act, Pub. L. No. 93-533, § 3, 88 Stat. 1724, 1725 (Dec. 22, 1974).
  151. "cooperative bank" (RESPA) (1974): Id. § 11(a), 88 Stat. 1724, 1730.
  152. "depository institution" (HMDA) (1975): An Act to extend the authority for the flexible regulation of interest rates on deposits and share accounts in depository institutions, to extend the National Commission on Electronic Fund Transfers, and to provide for home mortgage disclosure [Home Mortgage Disclosure Act], Pub. L. No. 94-200, § 303, 89 Stat. 1124, 1125 (Dec. 31, 1975).
  153. "consumer lessor" (1976): Consumer Leasing Act of 1976, Pub. L. No. 94-240, § 3, 90 Stat. 257 (Mar. 23, 1976).
  154. "regulated financial institution" (1977): Community Reinvestment Act, Pub. L. No. 95-128, § 802, 91 Stat. 1111, 1147 (Oct. 12, 1977).
  155. "deposit facility" (1977): Id.
  156. "branch" (of FBO) (1978): International Banking Act, Pub. L. No. 95-369, § 1(b), 92 Stat. 607 (Sep. 17, 1978).
  157. "Federal branch" (of FBO) (1978): Id.
  158. "foreign bank" (1978): Id.
  159. "commercial lending company" (of FBO) (1978): Id.
  160. "state agency" (of FBO) (1978): Id.
  161. "state branch" (of FBO) (1978): Id. 92 Stat. 607, 608.
  162. "foreign-owned banking institutions" (1978): Id. § 3(a), 92 Stat. 607, 608.
  163. "representative office" (of FBO) (1978): Id. § 10, 92 Stat. 607, 624.
  164. "depository institution" (§ 19(b), Fed. Res. Act) (1980)
  165. "bank" (§ 19(b), Fed. Res. Act) (1980)
  166. "lender" (mortgages, Title V, Dep. Inst. Dereg. and Mon. Control Act) (1980)
  167. "depository institution" (mortgages, Title V, Dep. Inst. Dereg. And Mon. Control Act) (1980): Depository Institutions Deregulation and Monetary Control Act of 1980, Pub. L. No. 96-221, § 102-3, 94 Stat. 132, 133 (Mar. 31, 1980).
  168. "bankers' banks" (1980): Id. § 710, 94 Stat. 132, 189.
  169. "domestic financial institution" (1980): Id. § 901, 94 Stat. 132, 192.
  170. "insured Federal savings bank" (1982): Garn-St. Germain Depository Institutions Act of 1982, Pub. L. No. 97-320, § 113, 96 Stat. 1469 , 1473 (Oct. 15, 1982).
  171. "insured State nonmember bank" (1982): Id.
  172. "association" (1982): Id. § 114, 96 Stat. 1469, 1475.
  173. "insured depository institution" (Nat'l. Housing Act) (1982): Id. §§ 116, 123, 96 Stat. 1469, 1478, 1484.
  174. "in-State depository institution" (1982): Id.
  175. "in-State holding company" (1982): Id.
  176. "Federal stock savings and loan association" (1982): Id. § 121, 96 Stat. 1469, 1479-80.
  177. "Federal stock savings bank" (1982): Id.
  178. "Federal stock savings institutions" (1982): Id.
  179. "domestic building and loan association" (1982): Id. § 334, 96 Stat. 1469, 1504.
  180. "lender" (due-on-sale preemption, Garn-St. Germain Act) (1982): Id. § 341, 96 Stat. 1469, 1505.
  181. "bankers' banks" (1982): Id. § 404, 96 Stat. 1469, 1511.
  182. "bank" (tying, § 106, BHC Act of 1970) (1982): Id. § 428(c), 96 Stat. 1469, 1526.
  183. "subsidiary" (Fed. Res. Act) (1982): Id. § 410, 96 Stat. 1469, 1516.
  184. "bank" (Fed. Res. Act, § 23A) (1982): Id.
  185. "industrial bank" (1982): Id. § 703(a), 96 Stat. 1469, 1538.
  186. "depository institution" (Bank Serv. Corp. Act) (1982): Id. § 709, 96 Stat. 1469, 1541.
  187. "housing creditor" (alternative mortgage transactions) (1982): Id. § 803, 96 Stat. 1469, 1545-46.
  188. "government securities broker" (1986): Government Securities Act of 1986, Pub. L. No. 99-571, § 101, 100 Stat. 3208, 3216-17 (Oct. 28, 1986).
  189. "government securities dealer" (1986): Id.
  190. "person associated with a government securities broker or government securities dealer" (1986): Id.
  191. "financial institution" (SEA of 1934) (1986): Id.
  192. "registered broker or dealer" (Gov't. Sec. Act of 1986) (1986): Id.
  193. "depository institution" (Gov't. Sec. Act of 1986) (1986): Id. § 101, 100 Stat. 3208, 3223-24.
  194. "affiliate" (BHC Act) (1987): Competitive Equality Banking Act of 1987, Pub. L. No. 100-86, § 101, 101 Stat. 552, 557 (Aug. 10, 1987).
  195. "savings bank holding company" (1987): Id.
  196. "qualified savings bank" (1987): Id.
  197. "thrift institutions' bank" (1987): Id. § 101, 101 Stat. 552, 562.
  198. "primary dealer" (1987): Id. § 101, 101 Stat. 552, 559.
  199. "principal underwriter" (Fed. Res. Act) (1987): Id. § 102, 101 Stat. 552, 565.
  200. "foreign savings and loan holding company" (1987): Id. § 104, 101 Stat. 552, 570.
  201. "interim savings institution" (1987): Id. § 107, 101 Stat. 552, 577.
  202. "mutual holding company" (1987): Id. § 107¸ 101 Stat. 552, 579.
  203. "mutual institution" (1987): Id.
  204. "freestanding state-chartered banks" (1987): Id. § 201, 101 Stat. 552, 583.
  205. "state chartered, federally insured thrifts" (1987): Id. § 402, 101 Stat. 552, 611.
  206. "minority association" (HOLA) (1987): Id. § 404, 101 Stat. 552, 611.
  207. "minority institution" (HOLA) (1987): Id. § 404, 101 Stat. 552, 612.
  208. "underutilized thrift institution" (1987): Id. § 412, 101 Stat. 552, 620.
  209. "underutilized minority thrift institution" (1987): Id.
  210. "affiliated insured bank" (1987): Id. § 502, 101 Stat. 552, 627.
  211. "bridge banks" (1987): Id. § 503, 101 Stat. 552, 629.
  212. "out-of-state bank" (1987): Id. § 503, 101 Stat. 552, 631.
  213. "out-of-state holding company" (FDI Act) (1987): Id. § 503, 101 Stat. 552, 632.
  214. "new bank" (1987): Id.
  215. "check clearinghouse association" (1987): Id. § 602, 101 Stat. 552, 636.
  216. "local originating depository institution" (1987): Id.
  217. "originating depository institution" (1987): Id. § 602, 101 Stat. 552, 637.
  218. "receiving depository institution" (1987): Id.
  219. "electronic clearinghouse" (1987): Id. § 602, 101 Stat. 552, 649.
  220. "person associated with a transfer agent" (1987): Securities Exchange Commission Authorization Act of 1987, Pub. L. No. 100-181, § 306, 101 Stat. 1249, 1254 (Dec. 4, 1987).
  221. "clearing agency" (1987): Id. § 321, 101 Stat. 1249, 1257.
  222. "transfer agent" (1987): Id.
  223. "municipal securities dealer" (1987): Id.
  224. "insured depository institution" (FDI Act) (1989): Financial Institutions Reform, Recovery and Enforcement Act of 1989, Pub. L. No. 101-73, § 201, 103 Stat. 183, 187 (Aug. 9, 1989).
  225. "savings association" (FDI Act) (1989): Id. § 204, 103 Stat. 183, 190.
  226. "Federal savings association" (FDI Act) (1989): Id.
  227. "State savings association" (1989): Id.
  228. "depository institution" (FDI Act) (1989): Id. § 204, 103 Stat. 183, 191 (see also criminal provisions related to "institution-affiliated party," id. § 901, 103 Stat. 183, 446).
  229. "Federal depository institution" (FDI Act) (1989): Id.
  230. "State depository institution" (1989): Id.
  231. "institution-affiliated party" (1989): Id. § 204, 103 Stat. 183, 193.
  232. "depository institution holding company" (1989): Id.
  233. "subsidiary" (FDI Act) (1989): Id.
  234. "insured savings association" (FDI Act) (1989): Id. § 205, 103 Stat. 183, 194.
  235. "interim Federal savings association" (1989): Id. § 205, 103 Stat. 183, 196.
  236. "commonly controlled depository institution" (1989): Id. § 206, 103 Stat. 183, 201, 205.
  237. "uninsured institution" (FDI Act) (1989): Id. (see heading).
  238. "minority bank" (FDI Act) (1989): Id. § 217, 103 Stat. 183, 257.
  239. "qualified affiliate" (sec. inv.) (1989): Id. § 222, 103 Stat. 183, 269.
  240. "deposit broker" (1989): Id. § 224, 103 Stat. 183, 274.
  241. "troubled institution" (1989): Id. § 224, 103 Stat. 183, 275.
  242. "savings association" (HOLA) (1989): Id. § 301, 103 Stat. 183, 277-78.
  243. "Federal savings association" (HOLA) (1989): Id.
  244. "District association" (1989): Id. § 301, 103 Stat. 183, 315.
  245. "specialized savings association serving transient military personnel" (1989): Id. § 301, 103 Stat. 183, 346.
  246. "Puerto Rico savings associations" (1989): Id. § 301, 103 Stat. 183, 349.
  247. "Virgin Islands savings associations" (1989): Id.
  248. "minority depository institution" (FIRREA) (1989): Id. § 307, 103 Stat. 183, 354 (see also "minority financial institution," id. § 308, 103 Stat. 183, 353-54).
  249. "clearinghouses" (1989): Id. § 308, 103 Stat. 183, 380.
  250. "independent auditor" (1989): Id. § 931, 103 Stat. 183, 493.
  251. "state-licensed appraiser" (1989): Id. § 1114, 103 Stat. 183, 514-15.
  252. "state appraiser certifying and licensing agency" (1989): Id. § 1121, 103 Stat. 183, 517-18.
  253. "low-income credit union" (1989): Id. § 1204, 103 Stat. 183, 521.
  254. "women's bank" (1989): Id.
  255. "person participating in an offering of a penny stock" (1990): Penny Stock Reform Act of 1990, Pub. L. No. 101-429, § 504, 104 Stat. 953 (Oct. 15, 1990).
  256. "large trader" (1990): Securities Markets Reform Act of 1990, Pub. L. No. 101-432, § 3, 104 Stat. 963, 966 (Oct. 16, 1990)
  257. "Bank Insurance Fund members" (1991): Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. No. 102-242, § 105, 105 Stat. 2236, 2239 (Dec. 19, 1991).
  258. "small institutions" (1991): Id. § 111, 105 Stat. 2236, 2241.
  259. "government-controlled institutions" (1991): Id. (see heading).
  260. "insured branch" (1991): Id. § 111, 105 Stat. 2236, 2242.
  261. "large insured depository institution" (1991) Id. § 111, 105 Stat. 2236, 2244 (see heading).
  262. "undercapitalized depository institution" (1991): Id. § 142, 105 Stat. 2236, 2281.
  263. "private deposit insurers" (1991): Id. § 151, 105 Stat. 2236, 2282-83.
  264. "depository institution" (private deposit insurance, FDICIA) (1991): Id. § 151, 105 Stat. 2236, 2283.
  265. "affiliate" (of FBO) (1991): Id. § 202, 105 Stat. 2236, 2291.
  266. "office" (of FBO) (1991): Id.
  267. "financial institution" (stock loan reporting, § 7(j)(9), FDI Act) (1991): Id. § 204, 105 Stat. 2236, 2293.
  268. "community development bank" (1991): Id. § 234, 105 Stat. 2236, 2315-17.
  269. "broker or dealer" (payment system risk, Title IV, FDICIA) (1991): Id. § 402, 105 Stat. 2236, 2372-73.
  270. "clearing organization" (payment system risk, Title IV, FDICIA) (1991): Id.
  271. "failed financial institution" (payment system risk, Title IV, FDICIA) (1991): Id.
  272. "failed member" (payment system risk, Title IV, FDICIA) (1991): Id.
  273. "financial institution" (payment system risk, Title IV, FDICIA) (1991): Id.
  274. "futures commission merchant" (payment system risk, Title IV, FDICIA) (1991): Id.
  275. "member" (of clearing organization, payment system risk, Title IV, FDICIA) (1991): Id.
  276. "community development financial institution" (1994): Riegle Community Development and Regulatory Improvement Act of 1994, Pub. L. No. 103-325, § 103, 108 Stat. 2160, 2164 (Sep. 23, 1994)
  277. "insured community development financial institution" (1994): Id.
  278. "subsidiary" (of CDFI) (1994): Id.
  279. "financial institution" (small bus. cap. access, Sub. B, Riegle Comm. Dev. Act) (1994): Id. § 252, 108 Stat. 2160, 2205.
  280. "money transmitting business" (1994): Id. § 408, 108 Stat. 2160, 2249.
  281. "agents of money transmitting business" (1994): Id. § 408, 108 Stat. 2160, 2251.
  282. "casinos" (1994): Id. § 409, 108 Stat. 2160, 2252.
  283. "regulated lending institution" (flood ins.) (1994): Id. § 511, 108 Stat. 2160, 2257.
  284. "out-of-state bank" (1994): Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Pub. L. No. 103-328, § 101, 108 Stat. 2338, 2342-43 (Sep. 29, 1994).
  285. "out-of-state bank holding company" (branching, Riegle-Neal Act) (1994): Id.
  286. "de novo branch" (1994): Id. § 101, 108 Stat. 2338, 2353.
  287. "state branch or agency" (of FBO) (1994): Id. § 104, 108 Stat. 2338, 2354.
  288. "subsidiary commercial lending company" (of FBO) (1994): Id.
  289. "interstate bank" (branch closure notice) (1994): Id. § 106, 108 Stat. 2338, 2358.
  290. "uninsured branch" (of FBO) (1994): Id. § 107, 108 Stat. 2338, 2360.
  291. "insured banks in U.S. territories" (1994): Id.
  292. "shell branches" (1994): Id.
  293. "interstate branch" (1994): Id. § 109, 108 Stat. 2338, 2364.
  294. "domestic branch" (1994): Id. § 110, 108 Stat. 2338, 2364.
  295. "financial holding company" (1999): Gramm-Leach-Bliley Act, Pub. L. No. 106-102, § 103, 113 Stat. 1338, 1342 (Nov. 12, 1999).
  296. "insurance company" (BHC Act) (1999): Id. § 103, 113 Stat. 1338, 1351.
  297. "affiliate" (GLB Act) (1999): Id. § 104, 113 Stat. 1338, 1358.
  298. "insurer" (GLB Act) (1999): Id.
  299. "limited purpose bank" (1999): Id. § 107, 113 Stat. 1338, 1359.
  300. "limited purpose credit card banks" (1999): Id. § 107, 113 Stat. 1338, 1361.
  301. "functionally regulated subsidiary" (1999): Id. § 111, 113 Stat. 1338, 1364, 1366.
  302. "functionally regulated affiliate" (1999): Id. § 112, 113 Stat. 1338, 1367-68.
  303. "financial subsidiaries of national banks" (1999): Id. § 121, 113 Stat. 1338, 1373, 1378.
  304. "financial agency subsidiary" (1999): Id. § 121, 113 Stat. 1338, 1374 (see heading).
  305. "third-party brokerage" (1999): Id. § 201, 113 Stat. 1338, 1385.
  306. "carrying broker" (1999): Id. § 201, 113 Stat. 1338, 1389.
  307. "[bank] affiliated investment company" (1999): Id. § 212, 113 Stat. 1338, 1396 (see also "bank investment company," id. § 211, 113 Stat. 1338, 1396).
  308. "investment bank holding company" (1999): Id. § 231, 113 Stat. 1338, 1402, 1406.
  309. "supervised investment bank holding company" (1999): Id.
  310. "insurance affiliate" (1999): Id. § 302, 113 Stat. 1338, 1409.
  311. "insurance subsidiary" (1999): Id.
  312. "insurance licensee" (1999): Id. § 315, 113 Stat. 1338, 1421.
  313. "institution" (mutual ins. redomestication) (1999): Id.
  314. "mutual insurer" (1999): Id.
  315. "redomesticated insurer" (1999): Id.
  316. "redomesticating insurer" (1999): Id.
  317. "insurance producer" (GLB Act) (1999): Id. § 336, 113 Stat. 1338, 1433.
  318. "secondary market institutions" (privacy, Title V, GLB Act) (1999): Id. § 509, 113 Stat. 1338, 1443-45.
  319. "affiliate" (privacy, Title V, GLB Act) (1999): Id.
  320. "financial institution" (privacy, Subtitle B, GLB Act) (1999): Id. (see also id. § 527, 113 Stat. 1338, 1449).
  321. "community financial institution" (FHLB membership) (1999): Id. § 602, 113 Stat. 1338, 1450.
  322. "board of trade" (2000): Commodity Futures Modernization Act, Pub. L. No. 106-554, § 101, 114 Stat. 2763A-365, 2763A-366 (Dec. 21, 2000) (see also Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, § 738, 124 Stat. 1376, 1726 (July 21, 2010) ("foreign board of trade").
  323. "derivatives clearing organization" (2000): Id.
  324. "electronic trading facility" (2000): Id.
  325. "eligible commercial entity" (2000): Id.
  326. "eligible contract participant" (2000): Id.
  327. "financial institution" (CEA) (2000): Id.
  328. "member of a contract market" (2000): Id. § 738, 114 Stat. 2763A-365, 2763A-372.
  329. "member of a derivatives transaction execution facility" (2000): Id.
  330. "organized exchange" (2000): Id. § 738, 114 Stat. 2763A-365, 2763A-374.
  331. "registered entity" (2000): Id.
  332. "trading facility" (2000): Id. § 738, 114 Stat. 2763A-365, 2763A-375.
  333. "multilateral clearing organization" (2000): Id. § 112, 114 Stat. 2763A-365, 2763A-391.
  334. "clearing organization" (CEA) (2000): Id.
  335. "clearing bank" (resolution, CEA) (2000): Id.
  336. "bank" (Legal Certainty for Bank Products Act of 2000) (2000): Id. § 402, 114 Stat. 2763A-365, 2763A-457.
  337. "public accounting firm" (2002): Sarbanes-Oxley Act of 2002, Pub. L. No. 107-204, § 2, 116 Stat. 745, 747 (July 30, 2002) (see also "registered public accounting firm," Id. at 748).
  338. "person associated with a public accounting firm" (2002): Id.
  339. "foreign public accounting firm" (2002): Id. § 106, 116 Stat. 745, 764.
  340. "credit rating agencies" (2002): Id. § 702, 116 Stat. 745, 787.
  341. "card issuer" (FATCA) (2003): Fair and Accurate Credit Transactions Act of 2003, Pub. L. No. 108-159, § 111, 117 Stat. 1952, 1954 (Dec. 4, 2003).
  342. "financial institution" (FATCA) (2003): Id. § 111, 117 Stat. 1952, 1955.
  343. "reseller" (FATCA) (2003): Id.
  344. "nationwide specialty consumer reporting agency" (2003): Id.
  345. "debt collector" (2003): Id. § 155, 117 Stat. 1952, 1967.
  346. "consumer reporting agency" (FATCA) (2003): Id. § 211, 117 Stat. 1952, 1969.
  347. "credit repair organization" (2003): Id. § 312, 117 Stat. 1952, 1992.
  348. "furnisher" (2003): Id.
  349. "depository institution" (IOR, Title II, FSRRA) (2006): Financial Services Regulatory Relief Act of 2006, Pub. L. No. 109351, § 201, 120 Stat. 1966, 1968-69 (Oct. 16, 2006).
  350. "nonfederally insured credit unions" (2006): Id. § 505, 120 Stat. 1966, 1975-76 (see heading).
  351. "relevant depository institution" (removal of affiliated persons) (2006): Id. § 708, 120 Stat. 1966, 1989.
  352. "loan originator" (2008): Housing and Economic Recovery Act of 2008, Pub. L. No. 110-289, § 1503, 122 Stat. 2654, 2811 (July 30, 2008).
  353. "loan processor or underwriter" (2008): Id. § 1503, 122 Stat. 2654, 2812.
  354. "registered loan originator" (2008): Id.
  355. "state-licensed loan originator" (2008): Id.
  356. "new depository institution" (2008): Id. § 1603, 122 Stat. 2654, 2829.
  357. "bridge depository institution" (2008): Id.
  358. "payment settlement entity" (2008): Id. § 3091, 122 Stat. 2654, 2908.
  359. "third party settlement organization" (2008): Id.
  360. "electronic payment facilitators" (2008): Id. § 3091, 122 Stat. 2654, 2909.
  361. "third party payment network" (2008): Id. § 3091, 122 Stat. 2654, 2909-10.
  362. "nonbank financial company " (2010): Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, § 102, 124 Stat. 1376, 1391 (July 21, 2010).
  363. "foreign nonbank financial company" (2010): Id.
  364. "significant nonbank financial company" (2010): Id.
  365. "significant bank holding company" (2010): Id.
  366. "U.S. nonbank financial company" (2010): Id.
  367. "U.S. nonbank financial company supervised by the Board of Governors" (2010): Id.
  368. "intermediate holding company" (2010): Id. § 102, 124 Stat. 1376, 1400.
  369. "company predominantly engaged in financial activities" (2010): Id.
  370. "foreign bank intermediate holding company" (2010): Id. § 174, 124 Stat. 1376, 1441.
  371. "bridge financial company " (2010): Id. § 201, 124 Stat. 1376, 1442, 1496.
  372. "covered broker or dealer" (Title II, Dodd-Frank Act) (2010): Id.
  373. "private fund" (2010): Id. § 402, 124 Stat. 1376, 1570.
  374. "foreign private adviser" (2010): Id.
  375. "hedge fund" (2010): Id. (see heading).
  376. venture capital fund advisers (2010): Id. § 407, 124 Stat. 1376, 1574.
  377. mid-sized private fund advisers (2010): Id. § 408, 124 Stat. 1376, 1575 (see heading).
  378. family offices (2010): Id. § 409, 124 Stat. 1376, 1575.
  379. "admitted insurer" (2010): Id. § 527, 124 Stat. 1376, 1592-94.
  380. "insurer" (2010): Id. §§ 413, 527, 124 Stat. 1376, 1587-88, 1592-94.
  381. "affiliate" (insurance, Title V, Dodd-Frank Act) (2010): Id.
  382. "small insurer" (2010): Id. § 413, 124 Stat. 1376, 1582 (see heading).
  383. "non-United States insurer" (2010): Id. § 413, 124 Stat. 1376, 1587-88.
  384. "United States insurer" (2010): Id.
  385. "financial company" (2010): Id. §§ 151, 622, 124 Stat. 1376, 1412, 1633 (for Office of Financial Research and concentration limit purposes, respectively).
  386. "covered financial company" (orderly liquidation, Title II, DFA) (2010): Id. § 201, 124 Stat. 1376, 1442.
  387. "covered subsidiary" (orderly liquidation, Title II, DFA) (2010): Id.
  388. "insurance company" (orderly liquidation, Title II, DFA) (2010): Id.
  389. "financial institution" (orderly liquidation, Title II, DFA) (2010): Id. § 201, 124 Stat. 1376, 1481.
  390. "financial institution" (commodities, Title VII, DFA) (2010): Id. § 803, 124 Stat. 1376, 1804.
  391. "eligible financial company" (orderly liquidation, Title II, DFA) (2010): Id. § 201, 124 Stat. 1376, 1509.
  392. "exempt commercial purchaser" (of insurance) (2010): Id. § 527, 124 Stat. 1376, 1592.
  393. "nonadmitted insurer" (2010): Id. § 527, 124 Stat. 1376, 1593.
  394. "surplus lines broker" (insurance) (2010): Id. § 527, 124 Stat. 1376, 1594.
  395. "reinsurer" (2010): Id. § 533, 124 Stat. 1376, 1596.
  396. "commercial firm" (2010): Id. § 602, 124 Stat. 1376, 1596-97.
  397. "trust bank" (2010): Id. § 603, 124 Stat. 1376, 1597.
  398. "swaps entity" (2010): Id. § 716, 124 Stat. 1376, 1648.
  399. "grandfathered unitary savings and loan holding company" (2010): Id. § 626, 124 Stat. 1376, 1638.
  400. "associated person of a security-based swap dealer or major security-based swap participant" (2010): Id. § 721, 124 Stat. 1376, 1658.
  401. "associated person of a swap dealer or major swap participant" (2010): Id.
  402. "commodity pool operator" (2010): Id.
  403. "derivatives transaction execution facility" (2010): Id. § 721, 124 Stat. 1376, 1660.
  404. "introducing broker" (2010): Id. § 721, 124 Stat. 1376, 1662.
  405. "major swap participant " (2010): Id. § 721, 124 Stat. 1376, 1663.
  406. "security-based swap dealer" (2010): Id. (see also id. § 761, 124 Stat. 1376, 1758).
  407. "swap data repository" (2010): Id. (see also id. § 728, 124 Stat. 1376, 1697-98).
  408. "swap dealer" (Title VII, DFA) (2010): Id.
  409. "swap execution facility" (2010): Id. (see also id. § 733, 124 Stat. 1376, 1712).
  410. "financial entity" (Title VII, DFA) (2010): Id. § 723, 124 Stat. 1376, 1679 (see also id. § 763, 124 Stat. 1376, 1765).
  411. "large swap trader" (2010): Id. § 730, 124 Stat. 1376, 1702.
  412. "special entities" (Title VII, DFA) (2010): Id. § 731, 124 Stat. 1376, 1708.
  413. "contract market" (2010): Id. § 735, 124 Stat. 1376, 1718 (but see Commodity Futures Modernization Act, Pub. L. No. 106-554, § 252, 114 Stat. 2763A-365, 2763A-445 (Dec. 21, 2000)).
  414. multilateral clearing organizations (2010): Id. § 740, 124 Stat. 1376, 1729.
  415. "security-based swap data repository" (2010): Id. § 761, 124 Stat. 1376, 1758.
  416. "security-based swap execution facility" (2010): Id. (see also id. § 763, 124 Stat. 1376, 1769-70).
  417. "large trader" (Title VII, DFA) (2010): Id. § 763, 124 Stat. 1376, 1779.
  418. "designated clearing entity" (2010): Id. § 803, 124 Stat. 1376, 1804.
  419. "designated financial market utility" (2010): Id.
  420. "financial market utility" (2010): Id. § 803, 124 Stat. 1376, 1805.
  421. "systemically important financial market utilities" (2010): Id. § 805, 124 Stat. 1376, 1809.
  422. service providers (to FMUs) (2010): Id. § 807, 124 Stat. 1376, 1814.
  423. "financial planners" (2010): Id. § 919C, 124 Stat. 1376, 1839.
  424. Subsidiary (of NRSRO) (2010): Id. § 931, 124 Stat. 1376, 1872.
  425. "controlled company" (2010): Id. § 952, 124 Stat. 1376, 1903.
  426. "municipal advisor" (2010): Id. § 975, 124 Stat. 1376, 1916.
  427. "nondepository covered persons" (CFPB) (2010): Id. § 1024, 124 Stat. 1376, 1987.
  428. "person regulated by the CFTC" (2010): Id. § 1002, 124 Stat. 1376, 1955-56.
  429. "person regulated by the SEC" (2010): Id.
  430. "person that performs income tax preparation activities for consumers" (2010): Id. § 1027, 124 Stat. 1376, 1998.
  431. "person regulated by a State insurance regulator" (2010): Id. § 1027, 124 Stat. 1376, 2000.
  432. "motor vehicle dealer" (2010): Id. § 1029, 124 Stat. 1376, 2004.
  433. "remittance transfer provider" (2010): Id. § 1073, 124 Stat. 1376, 2065.
  434. "payment card network" (2010): Id. § 1075, 124 Stat. 1376, 2072, 2074.
  435. "issuer" (payment cards, DFA) (2010): Id.
  436. "exchange facilitators" (2010): Id. § 1079, 124 Stat. 1376, 2079.
  437. "federally insured depository institution" (2010): Id. § 1203, 124 Stat. 1376, 2130.
  438. "mortgage originator" (2010): Id. § 1401, 124 Stat. 1376, 2137.
  439. "fee appraiser" (TILA) (2010): Id. § 1472, 124 Stat. 1376, 2189.
  440. "appraisal management companies" (2010): Id. § 1473, 124 Stat. 1376, 2191.
  441. "third party providers of appraisal management services" (2010): Id.
  442. "resource extraction issuer" (2010): Id. § 1504, 124 Stat. 1376, 2220.
  443. "affiliate" (CFPB, Title X, Dodd-Frank Act) (2010): Id. § 1002, 124 Stat. 1376, 1955.
  444. "regulated foreign subsidiary" (2014): Insurance Capital Standards Clarification Act of 2014, Pub. L. No. 113-279, § 2, 128 Stat. 3017 (Dec. 18, 2014).
  445. "regulated foreign affiliate" (2014): Id.
  446. small bank holding company (2014): An Act to enhance the ability of community financial institutions to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes, Pub. L. No. 113-250, § 1, 128 Stat. 2886 (Dec. 18, 2014).
  447. "qualifying community bank" (for CBLR) (2018): Economic Growth, Regulatory Relief, and Consumer Protection Act, Pub. L. No. 115-174, § 201, 132 Stat. 1296, 1306 (May 24, 2018).
  448. "agent institution" (for reciprocal deposits) (2018): Id. § 202, 132 Stat. 1296, 1307-08.
  449. "deposit placement network" (2018): Id.
  450. "network member bank" (2018): Id.
  451. "small public housing agency" (2018): Id. § 209, 132 Stat. 1296, 1313.
  452. "financial institution" (online banking enrollment, EGRRCPA) (2018): Id. § 213, 132 Stat. 1296, 1319.
  453. "covered financial institution" (disclosure-related immunity, EGRRCPA) (2018): Id. § 303, 132 Stat. 1296, 1336.
  454. "insurance agency" (2018): Id.
  455. "insurance producer" (EGRRCPA) (2018): Id.
  456. "investment adviser representative" (2018): Id.
  457. "registered representative" (2018): Id.
  458. "qualifying venture capital fund" (2018): Id. § 504, 132 Stat. 1296, 1362.
  459. "covered institution" (TILA safe harbor, Title I, EGRRCPA) (2018): Id. § 101, 132 Stat. 1296, 1297-98.
  460. "covered insured depository institution" (reciprocal deposits, Title II, EGRRCPA) (2018): Id. § 202, 132 Stat. 1296, 1308.
  461. "covered savings association" (HOLA, Title II, EGRRCPA) (2018): Id. § 206, 132 Stat. 1296, 1310.
  462. "grandfathered covered savings association" (2018): Id.

Return to text

Figure 2. Regulatory Categories by Year of Introduction

Figure 2, derived from the same information as Figure 1, depicts the number of new regulatory categories introduced in U.S. statute from 1791 to 2021. This columnar chart has almost nothing visible for its first two-thirds, until the early 1900s, when a few sparing blue bars begin to be visible. More spikes follow, particularly in the 1930s, and then another gap until the 1970s. Further spikes follow, with the largest in the late 1990s and 2010, coinciding with the passage of the Gramm-Leach-Bliley and Dodd-Frank Acts, respectively.

Return to text

Last Update: October 15, 2021