Historical review of “umbrella supervision” by the Board of Governors of the Federal Reserve System

Mark B. Greenlee

No 807, Working Papers (Old Series) from Federal Reserve Bank of Cleveland

Abstract: The article reviews legislative history and supervisory practices related to bank holding companies with a view toward understanding what Congress meant by referring to the Board of Governors of the Federal Reserve System as the ?umbrella supervisor? in the Gramm-Leach-Bliley Act. The first part of the article looks at the historical development of bank holding company law and regulation, which laid the foundation for the current practice of umbrella supervision. The second part of the article provides answers to questions related to the Board?s current role as umbrella supervisor: What does ?umbrella supervision? mean, and is it different from ?consolidated supervision?? How does the GLB Act limit the Board's authority and practice and when did the Board obtain all of the legal authority to allow it to practice umbrella supervision?

Keywords: Bank holding companies; Bank supervision; Gramm-Leach-Bliley Act; Banking law (search for similar items in EconPapers)
Date: 2008
New Economics Papers: this item is included in nep-his, nep-mon and nep-reg
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedcwp:0807

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DOI: 10.26509/frbc-wp-200807

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