As you are aware, the U.S. banking supervisory system is composed of a large number of regulatory agencies. The Federal Reserve has argued against the creation of a single regulatory body outside the central bank, given the valuable information that the supervisory process provides to us in maintaining financial-market stability.
However, compelling arguments have been made regarding efficiencies created by housing the entire financial supervisory apparatus under one roof. In the case of developing countries, a central consideration is the structure and character of the government itself.