The Regional, Community and Foreign Institutions and Consumer Compliance function (RCFI) supervises Second District state-chartered regional and community banks that are members of the Federal Reserve System, along with regional and community bank holding companies, regardless of the lead bank’s charter. A regional bank has total assets between $10 billion and $50 billion in banking activity while a community bank has total assets less than $10 billion. The function also supervises foreign banking organizations (FBOs) under $50 billion in banking assets as well as foreign representative offices in the District, which cannot engage in depository, lending or other banking activities.

The Federal Reserve Bank of New York works within the Federal Reserve System to implement monetary policy, supervise and regulate financial institutions and help maintain the safety, soundness and vitality of our economic and financial systems. As part of the New York Fed's core mission, we supervise and regulate financial institutions in the Second District with the goal of fostering a safe and competitive U.S. and global banking system.