But why do both the federal and state governments regulate banks, and why do three federal government agencies have bank supervisory responsibilities? And, I hesitate to even ask, why there are separate federal and state supervisors for thrift institutions and credit unions?
Just in case even the questions confused you, let me step back and outline the structure of the bank supervisory system in the United States. If you want to open a bank in the United States, you must get permission - that is, a charter - from a government agency.