Banking Term Glossary
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Banking Terms
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AML (Anti-Money Laundering)
AML (Anti-Money Laundering)
A collection of regulations designed to detect and report suspicious activity, ranging from predicate offenses to money laundering and terrorist financing.
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BHC (Bank Holding Company)
BHC (Bank Holding Company)
A company that controls one or more U.S. Banks. A bank holding company may also own another bank holding company that controls a bank.
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KYC (Know Your Customer)
KYC (Know Your Customer)
A rule designed to deter and detect financial crimes such as money laundering and fraud at banks and other financial institutions. Requires them to understand and verify the identities of customers and their business relationships.
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NB (National Bank)
NB (National Bank)
A commercial bank chartered and regulated by the Office of the Comptroller of the Currency. It can operate across state lines and provides services such as accepting deposits and making loans.
Industry Coordinative and Info-Sharing Organizations
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ARC (Analysis and Resilience Center for Systemic Risk)
ARC (Analysis and Resilience Center for Systemic Risk)
Identifies and maps system risk to critical infrastructure and, in partnership with the FS-ISAC, coordinates sector resiliency planning and intelligence programs to mitigate those risks.
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CRI (Cyber Risk Institute)
CRI (Cyber Risk Institute)
Maintains, promotes and develops the Financial Sector Cybersecurity Profile that maps the NIST Cybersecurity Framework to financial regulatory requirements.
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FS-ISAC (Financial Services Information Sharing and Analysis Center)
FS-ISAC
Serves as global information sharing utility for cyber and physical threats and vulnerabilities: conducts threat analysis, develops crisis response playbooks, conducts exercises; develops best practices; and convenes educational events and other member meetings.
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fTLD (fTLD Registry Services)
fTLD Registry Services
Domain registry service for .Bank and .Insurance to provide enhanced security for bank and insurance website domains.
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Sheltered Harbor (SH)
Sheltered Harbor
Provides financial institutions with a standardized approach to securely store and restore account data during a disaster event.
International Organizations
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BCBS (Basel Committee on Banking Supervision)
BCBS
Committee of banking supervisory authorities established by central banks to provide a forum for regular cooperation on banking supervisory matters.
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BIS (Bank for International Settlements)
BIS
International financial institution owned by central banks which fosters international monetary and financial cooperation and serves as a bank for central banks. Hosts several committees, such as the Basel Committee and the Committee on Payments and Market Infrastructures.
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CPMI (Committee on Payments and Market Infrastructures)
CPMI
Committee under the Bank for International Settlements responsible for promoting the safety and efficiency of payment, clearing, settlement and related arrangements.
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FSB (Financial Stability Board)
FSB
International body that monitors and makes recommendations about the global financial system. Hosted and funded by the Bank for International Settlements.
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IOSCO (International Organization of Securities Commissions)
IOSCO
Association of organizations that regulates the world’s securities and futures markets by promoting common standards of regulation and sharing information.
International Regulatory and Supervisory Bodies
- BOE (Bank of England)
Bank of England
Central bank of the United Kingdom responsible for monetary policy and regulating the U.K.’s financial industry.
- BOJ (Bank of Japan)
Bank of Japan
The central bank of Japan, responsible for issuing currency, implementing monetary policy and ensuring financial system stability.
- EBA (European Banking Authority)
EBA
Financial regulatory agency of the European Union responsible for conducting stress tests and identifying weaknesses in banks’ capital structures.
- ECB (European Central Bank)
ECB
Serves as the central bank for the Eurozone and administers monetary policy within it.
- FCA (Financial Conduct Authority)
FCA
Financial regulatory body in the United Kingdom that operates independently of the U.K. Government. Regulates financial firms providing services to consumers and maintains the integrity of the financial market in the U.K.
- FINMA (Swiss Financial Market Supervisory Authority)
FINMA
Switzerland’s independent financial markets regulator. Oversees banks, insurers, stock exchanges and other financial intermediaries to protect creditors, investors and policyholders.
- HKMA (Hong Kong Monetary Authority)
HKMA
Serves as Hong Kong’s currency board and de facto central bank, overseeing monetary policy and the financial system.
- JFSA (Japan Financial Services Agency)
JFSA
Government agency responsible for overseeing banking, securities and insurance sectors in Japan.
- MAS (Monetary Authority of Singapore)
MAS
Central bank and financial regulatory authority for Singapore.
- OSFI (Office of the Superintendent of Financial Institutions)
OSFI
An independent Canadian federal agency that regulates and supervises banks, insurance companies and pension plans.
- PRA (Prudential Regulation Authority)
PRA
Financial services regulatory body owned by the Bank of England responsible for prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms.
- SNB (Swiss National Bank)
SNB
The central bank of Switzerland. Responsible for monetary policy, issuing Swiss francs and ensuring price stability, as well as contributing to the stability of the financial system.
Miscellaneous DC Terms
- GA / GR (Government Affairs / Government Relations)
GA / GR
Departments within private organizations responsible for influencing the actions of government. Synonymous with lobbying.
- HFSC (House Financial Services Committee)
HFSC
Committee of the U.S. House of Representatives overseeing the financial services industry in the U.S.
- SBC (Senate Banking Committee)
SBC
Committee of the U.S. Senate overseeing banking, insurance, housing, urban development and other financial institutions and markets in the U.S.
- The Hill
The Hill
The United States Congress.
Other Relevant Government Agencies
- CISA (Cybersecurity and Infrastructure Security Agency)
CISA
Agency under the Department of Homeland Security tasked with improving cybersecurity across all levels of government, coordinating cybersecurity programs with states and protecting critical infrastructure.
- DHS (Department of Homeland Security)
DHS
Cabinet department of the U.S. government responsible for public safety and security, including anti-terrorism, border security, immigration and customs, cybersecurity and disaster response.
- FinCEN (Financial Crimes Enforcement Network)
FinCEN
Bureau of the Department of the Treasury that collects and analyzes information about financial transactions to combat domestic and international money laundering, terrorist financing and other financial crimes.
- NSA (National Security Agency)
NSA
Agency under the Department of Defense responsible for global monitoring, collection and processing of information and data for foreign and domestic intelligence and counterintelligence purposes.
- OCCIP (Office of Cybersecurity and Critical Infrastructure Protection)
OCCIP
Office within Treasury responsible for coordinating with industry, regulators and other government agencies on security and resilience matters including incident response. Manages day-to-day activities of the FBIIC.
- ODNI (Office of the Director of National Intelligence)
ODNI
Responsible for coordinating the efforts of the seventeen members of the U.S. Intelligence Community.
- ONCD (Office of the National Cyber Director)
ONCD
White House office responsible for coordinating and implementing national cyber policy and strategy in coordination with relevant Federal departments and agencies.
- OSTP (Office of Science and Technology Policy)
OSTP
White House office responsible for the development and execution of the national technology policy agenda including AI, quantum computing and other emerging technologies.
- PCAOB (Public Company Accounting Oversight Board)
PCAOB
Nonprofit corporation established by Congress to supervise the audits of public companies to protect investors and encourage informative and accurate audit reports.
- SBA (U.S. Small Business Administration)
SBA
Federal agency dedicated to supporting and protecting the interests of small businesses by providing access to funding, training and government contracting opportunities.
Professional Best Practice Standards Organizations
- AICPA (American Institute of Certified Public Accountants)
AICPA
National professional organization of Certified Public Accountants in the U.S. responsible for setting ethical standards and U.S. auditing standards.
- FINRA (Financial Industry Regulatory Authority)
FINRA
Non-governmental organization under the Securities and Exchange Commission. Responsible for regulating the conduct of broker-dealers and their representatives to maintain the integrity of financial markets.
- IFAC (International Federation of Accountants)
IFAC
Global professional organization for the accountancy profession. Promotes the development, adoption and implementation of international standards for accounting.
- ISO (International Organization for Standardization)
ISO
International standard-setting body composed of representatives from various national standards organizations. Responsible for standards including language and currency codes, children’s car seats and freight containers.
- NACHA (National Automated Clearing House Association)
NACHA
Independent organization that operates the Automated Clearing House, the electronic payment system that drives direct deposits and direct payments. Responsible for fraud detection and prevention, in addition to delivering payments education, accreditation and advisory services.
- NIST (National Institute of Standards and Technology)
NIST
Agency of the Department of Commerce responsible for promoting innovation and industrial competitiveness by working with industry to provide common standards and measurement infrastructure.
- PCI SSC (Payment Card Industry Security Standards Council)
PCI SSC
Global forum bringing together payments industry stakeholders to develop and drive adoption of data security standards and resources for safe payments worldwide.
Regulatory Agencies
- CFPB (Consumer Financial Protection Bureau)
CFPB
Responsible for consumer protection in the financial sector, overseeing large banks, credit unions, securities firms and payday lenders.
- CFTC (Commodity Futures Trading Commission)
CFTC
Regulates U.S. derivatives markets, including futures and certain kinds of swaps and options.
- FDIC (Federal Deposit Insurance Corporation)
FDIC
Provides deposit insurance to depositors in U.S. depository institutions and serves as the primary federal regulator for state-chartered banks that are not members of the Federal Reserve System.
- FRB (Federal Reserve Board)
Federal Reserve Board
Main governing body of the Federal Reserve System regulating commercial banks and overseeing the regional Federal Reserve Banks and state banks that are members of the Federal Reserve System.
- FTC (Federal Trade Commission)
FTC
Promotes consumer protection and enforces civil U.S. antitrust law through law enforcement, advocacy and education.
- NCUA (National Credit Union Administration)
NCUA
Provides deposit insurance to depositors of credit unions in the U.S. and regulates credit unions in the U.S.
- NYDFS (New York Department of Financial Services)
NYDFS
Regulates financial services and products subject to New York State insurance, banking and financial services laws.
- OCC (Office of the Comptroller of the Currency)
OCC
Charters and regulates all national banks and thrift institutions.
- SEC (Securities and Exchange Commission)
SEC
Enforces federal securities laws, regulates the securities industry and protects investors through enforcement of public disclosure statutes.
Regulatory and Industry Coordinating Bodies
- CSBS (Conference of State Bank Supervisors)
CSBS
Supports state financial regulators in all U.S. states and territories.
- FBIIC (Financial and Banking Information Infrastructure Committee)
FBIIC
Chaired by Treasury, coordinates across the federal and state financial regulatory community on issues related to cybersecurity and critical infrastructure protection matters within the financial services industry.
- FFIEC (Federal Financial Institutions Examination Council)
FFIEC
Formal interagency body that prescribes uniform principles, standards and report forms for the federal examination of financial institutions.
- FSOC (Financial Stability Oversight Council)
FSOC
Consultative council of financial regulators within the Treasury Department with authorities to identify and monitor excessive risks in the U.S. financial system.
- FSSCC (Financial Services Sector Coordinating Council)
FSSCC
An industry-led, non-profit organization that coordinates critical infrastructure and homeland security activities within the financial services industry. Established in 2002, its members consist of financial trade associations, financial utilities and the most critical financial firms.
Relevant Laws
- CCPA (California Consumer Privacy Act)
CCPA
California state law intended to enhance privacy rights and consumer protection for residents of California.
- CIRCIA (Cyber Incident Reporting for Critical Infrastructure Act)
CIRCIA
Requires critical infrastructure companies to report cyber incidents to CISA within 72 hours to help identify systemic attacks and provide early warning to other potential targets.
- CISA 2015 (Cybersecurity Information Sharing Act of 2015)
CISA 2015
U.S. federal law designed to improve cybersecurity in the U.S. through enhanced sharing of information about cybersecurity threats between government and private industry.
- DFA (Dodd-Frank Act)
Dodd-Frank
U.S. Federal Law created in the aftermath of the Global Financial Crisis to increase financial stability and protect consumers by improving accountability and transparency. Introduced significant changes to the structure of federal financial regulation and new substantive requirements, including the creation of the Financial Stability Oversight Council.
- FDIA (Federal Deposit Insurance Act)
FDIA
Federal statute that governs the Federal Deposit Insurance Corporation (FDIC). Mandates the payment of deposit insurance to reduce the economic disruptions stemming from bank failures and preserve financial stability.
- GLBA (Gramm-Leach-Bliley Act)
GLBA
U.S. Federal Law that requires financial institutions to explain their information-sharing practices to their customers and safeguard nonpublic personal information.
- S.2155 / EGRRCPA / Dodd-Frank Rollback
EGRRCPA
Law passed in 2018 modifying some regulations imposed by the Dodd-Frank Act.
Trade Associations
- ABA (American Bankers Association)
ABA
Represents the whole of the U.S. banking industry, from small community banks to the largest multinational banks. Includes roughly 6,000 members. Performs a mix of advocacy and traditional professional association functions such as maintenance of best practices and industry standards.
- ACU (America’s Credit Unions)
America’s Credit Unions
Represents credit unions of all sizes in the U.S. Performs a mix of advocacy, professional development and professional services management.
- AFME (Association for Financial Markets in Europe)
AFME
Represents wholesale financial markets participants across Europe, including global and regional banks. Focuses on regulatory reform, capital markets development and sustainable finance.
- BPI (Bank Policy Institute)
BPI
BPI is a nonpartisan public policy, research and advocacy group that represents universal banks, regional banks and the major foreign banks doing business in the United States. The Institute produces academic research and analysis on regulatory and monetary policy topics, analyzes and comments on proposed regulations and represents the financial services industry with respect to cybersecurity, fraud and other information security issues.
- BRT (Business Roundtable)
BRT
Represents 189 CEOs of major U.S. companies across all industries Advocates for business interests and broader public policy initiatives such as education and immigration.
- CBA (Consumer Bankers Association)
CBA
Represents large and regional retail banks with at least $10 billion in assets. Advocates on behalf of member institutions and provides educational programs.
- FIA (Futures Industry Association)
FIA
Represents clearing firms, exchanges, clearinghouses, trading firms and commodities specialists throughout the world.
- FSF (Financial Services Forum)
FSF
Represents the eight largest banks in the U.S. Performs advocacy and research on behalf of members.
- FSI (Financial Services Institute)
FSI
Represents financial advisors and broker-dealers of all sizes.
- GFMA (Global Financial Markets Association)
GFMA
Represents financial and capital market participants and serves as the umbrella organization for the Association of Financial Markets in Europe, the Asian Securities Industry & Financial Markets Association, and the Securities Industry and Financial Markets Association.
- ICBA (Independent Community Bankers of America)
ICBA
Represents the roughly 5,000 community banks in the U.S. Advocates on behalf of members and publishes a monthly magazine.
- ICI (Investment Company Institute)
ICI
Represents regulated funds, including mutual funds, exchange-traded funds, closed-end funds and unit investment trusts in the U.S. Performs a mix of advocacy, research and consumer education.
- IIB (Institute of International Bankers)
IIB
Represents foreign banks doing business in the U.S. Performs a mix of advocacy and research.
- IIF (Institute of International Finance)
IIF
Represents the global financial industry, including commercial and investment banks, asset managers, insurance companies, sovereign wealth funds, hedge funds, central banks and development banks. Performs a mix of advocacy and research.
- ISDA (International Swaps and Derivatives Association)
ISDA
Represents participants in derivatives markets worldwide. Known for the ISDA Master Agreement and advocacy on regulation, standards and risk management.
- SIFMA (Securities Industry and Financial Markets Association)
SIFMA
Represents the securities industry in the U.S., including broker-dealers, investment banks and asset managers. Advocates on behalf of members and provides research such as market outlook reports.
- The Chamber (U.S. Chamber of Commerce)
U.S. Chamber
Represents the broad spectrum of businesses in the U.S. and advocates on their behalf at the local, state and federal level. Counts more than 3 million businesses as members, including about 80 Fortune 100 companies.
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