Scanning sources…acquiring signal · establishing uplink
$120T+
total assets across banking + capital markets (2025)
4,500+
commercial banks + savings institutions
15,400+
SEC-registered RIAs (2025)
6.7M+
across NAICS 52 financial services sectors
Industry Sectors
Six pillars of U.S. financial servicesCommercial Banking
~4,500 FDIC-insured institutions; top 4 (JPM, BofA, Citi, Wells) hold ~40% of deposits
Dual banking system: OCC-chartered national banks + state-chartered banks (Fed/FDIC)
Basel III Endgame / Basel IV: enhanced capital requirements, standardized risk weights
Community Reinvestment Act (CRA) modernization — expanded assessment areas, retail lending tests
FedNow real-time payment rail launched 2023; ACH volume 31B+ transactions/year
Investment Banking & Capital Markets
Broker-dealers: ~3,400 FINRA-registered firms; underwriting, trading, advisory services
NYSE + NASDAQ: combined market cap >$50T; SEC oversight (Reg NMS, Reg SHO)
Fixed income: $51T+ U.S. bond market (Treasury, corporate, muni, MBS/ABS)
Derivatives: CFTC oversight of futures/swaps; OTC clearing mandates (Dodd-Frank Title VII)
M&A advisory, IPO underwriting, SPAC structures, direct listings
Asset & Wealth Management
~$60T AUM across RIAs, mutual funds, ETFs, hedge funds, PE (2025)
SEC Reg BI (Best Interest) for broker-dealers; fiduciary duty for RIAs under IAA
ETF growth: $10T+ AUM; passive indexing ~55% of U.S. equity fund assets
Private markets: PE/VC $6T+ global AUM; SEC private fund adviser rules (2023)
ESG / sustainable investing frameworks; SEC climate disclosure rule (2024–ongoing)
Insurance
State-regulated: NAIC coordination across 50 state departments of insurance
Life & annuity: $4.4T+ in assets; P&C: $2.8T+ in premiums written (2024)
Risk-Based Capital (RBC) framework; ORSA for large groups; ICS for G-SIIs
Insurtech: parametric products, embedded insurance, AI underwriting, telematics
Federal Insurance Office (FIO) — monitoring authority, no direct regulatory power
Fintech & Digital Finance
Payments: Stripe, Square, PayPal, Adyen; BaaS (Banking-as-a-Service) platforms
Digital lending: SoFi, LendingClub, Upstart — AI/ML underwriting models
Crypto/digital assets: SEC vs CFTC jurisdiction; MiCA influence on U.S. framework
CFPB open banking rule (1033): consumer data portability, API-based access by 2026
OCC fintech charter; state money transmitter licensing; emerging federal framework
Credit Unions & Community Finance
~4,700 NCUA-insured credit unions; $2.2T+ in assets; 140M+ members
CDFIs: 1,400+ certified Community Development Financial Institutions
Tax-exempt cooperative structure; field-of-membership requirements
NCUA Risk-Based Capital rule aligns with Basel-like tiered capital framework
Small Business Lending: SBA 7(a) and 504 programs; CDFI Fund grants
U.S. Financial System Assets ($T)
Revenue by Sector (%)
Regulatory Architecture
Federal agencies and self-regulatory organizationsSEC
Securities & Exchange CommissionSecurities markets, broker-dealers, investment advisers, mutual funds, ETFs. Reg BI, Reg NMS, proxy rules. EDGAR filing system.
Federal Reserve
Board of GovernorsMonetary policy, bank holding company supervision, systemically important institutions (G-SIBs), stress testing (CCAR/DFAST).
FDIC
Federal Deposit Insurance CorpDeposit insurance ($250K per depositor), bank examination, resolution authority, living wills for large institutions.
OCC
Office of the ComptrollerNational bank charter, supervision, and examination. BSA/AML compliance, fintech charter proposals.
FINRA
Financial Industry Regulatory AuthoritySelf-regulatory organization for broker-dealers. Series licensing, BrokerCheck, trade surveillance, arbitration.
CFPB
Consumer Financial Protection BureauConsumer lending, credit reporting, debt collection, mortgage servicing, open banking (Section 1033) rules.
CFTC
Commodity Futures Trading CommissionFutures, options, swaps markets. Derivatives clearing mandates, position limits, swap dealer registration.
NAIC
Natl Assoc of Insurance CommissionersState insurance coordination — model laws, RBC standards, ORSA, market conduct, uniform financial reporting.
Key Regulations
Foundational and recent statutory/rulemaking landmarksDodd-Frank Act (2010)
Post-GFC overhaul: FSOC, Volcker Rule, OLA resolution authority, derivatives clearing mandates, CFPB creation, enhanced prudential standards.
Sarbanes-Oxley (2002)
Corporate governance, CEO/CFO certification, PCAOB audit oversight, internal controls (Section 404), enhanced financial disclosure.
Bank Secrecy Act / AML
Anti-money laundering framework: CTRs, SARs, KYC/CDD requirements. CTA beneficial ownership reporting (2024). FinCEN enforcement.
Reg BI / Fiduciary
Best Interest standard for broker-dealer recommendations (2020). RIA fiduciary duty under Investment Advisers Act of 1940.
Basel III Endgame
Enhanced capital requirements for large banks (>$100B assets). Standardized risk weights, output floor, revised market risk framework.
Section 1033 (Open Banking)
CFPB data portability rule: consumer-authorized access to financial data via APIs. Phased implementation through 2026.
Public Data Sources & APIs
SEC, Fed, FDIC, FINRA, Treasury developer ecosystemsSEC EDGAR
Full-text filings (10-K, 10-Q, 8-K, proxy, insider), XBRL structured data, full-text search API, bulk download archives.
FRED (St. Louis Fed)
800K+ economic time series: rates, employment, GDP, banking data. REST API with free key. 87 data sources aggregated.
FDIC BankFind
Institutional data, Call Reports (FFIEC 031/041), financial statements, historical bank data. Bulk CSV + API.
FINRA BrokerCheck
Broker-dealer and registered rep background, disclosure, licensing data. Public search + bulk download.
Treasury / FSOC
Treasury securities data (TreasuryDirect API), FSOC annual reports, OFR financial stability research and data.
CFPB Consumer Complaints
2M+ consumer complaint records. Public API + bulk CSV. Company, product, issue, resolution fields.
Regulatory Timeline
Key legislative and policy milestonesBanking Act separates commercial and investment banking; creates FDIC deposit insurance
Securities Exchange Act establishes SEC to regulate securities markets and protect investors
Foundational regulation of mutual funds and investment advisers; fiduciary duty framework
First major AML legislation — CTRs, recordkeeping requirements, foundation of U.S. AML framework
Repeals Glass-Steagall; allows bank/securities/insurance affiliations; financial holding companies
Post-Enron corporate governance reforms — PCAOB, CEO/CFO certification, Section 404 internal controls
Post-GFC overhaul: FSOC, Volcker Rule, CFPB, OLA, derivatives reform, enhanced prudential standards
SEC Regulation Best Interest — broker-dealer standard of care for retail recommendations
FinCEN Corporate Transparency Act reporting; CFPB Section 1033 open banking rule finalized
Enhanced capital requirements for large banks; revised risk weights; market risk framework alignment
Financial Services Knowledge Base
Environment 19 — banks, broker-dealers, investment advisers, insurance carriers, credit unions, fintech entities