Large and small financial institutions are defined by asset size
What the document says“The term `large financial institution' means any entity regulated by the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, or the National Credit Union Administration that has total consolidated assets greater than or equal to $50,000,000,000.”
The new subsection defines a large financial institution as one regulated by the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corporation, or the National Credit Union Administration with total consolidated assets of at least $50,000,000,000. A small financial institution is one of the same regulated bodies with assets of no more than $2,000,000,000, a minority depository institution, or a rural depository institution, which is a depository institution with assets under $10,000,000,000 in a rural area. A financial agent is a national banking association the Secretary designates to serve as a financial agent of the government.
What the document actually says“The term `large financial institution' means any entity regulated by the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, or the National Credit Union Administration that has total consolidated assets greater than or equal to $50,000,000,000.”
A large bank is one that four federal bodies watch over. It must hold at least fifty billion dollars.
A small one is defined by the same four regulators. It holds two billion dollars or less. Minority and rural banks also count as small.
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