The first level is occupied by the Federal Reserve System (FRS), which includes the Board of Governors, 12 regional federal banks, member banks, the Federal Committee on Open Market Operations.
The second level is represented by commercial banks, savings and loan associations and mutual savings banks, non-bank credit institutions, and financial companies.
The third level is formed by credit unions and mutual credit societies.
The US Federal Reserve is a decentralized structure with a diversified system of supervisors, which bear consolidated responsibility for the conduct of monetary policy, the stability of the development of financial markets and the stability of the country’s banking system.
US commercial banks carry out a variety of operations: from traditional lending, the share of which in banks’ assets exceeds 50%, to various investment operations. The main purpose of all savings and loan associations and mutual savings banks is to provide mortgage loans for housing construction.
US credit unions and mutual credit societies are cooperative lending organizations that provide low-interest consumer loans and mortgages. These are the only agencies in the country that are tax-free and licensed by the state.