bank examination

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Definition

Noun: - An official review of a bank's financial condition and records: A "bank examination" is a formal inspection conducted by a government-appointed official (a bank examiner) to assess the bank's financial health, compliance with laws and regulations, and the accuracy of its records.

Usage
  • This term is used in formal, financial, and regulatory contexts.
  • It refers to the process itself, not the person conducting it.
  • It is often mandated by law to ensure the stability of the banking system and protect depositors.
Examples
  • The federal agency scheduled a bank examination for next quarter.
  • After the bank examination, the regulators identified several areas requiring improved compliance.
  • The results of the bank examination are confidential.
Advanced Usage
  • "To undergo a bank examination": This phrase describes the bank's experience of being inspected.
    • The small community bank must undergo a bank examination every 18 months.
  • "Scope of a bank examination": Refers to the extent and focus areas of the review.
    • The bank examination's scope included loan portfolios and anti-money laundering procedures.
Variants and Related Words
  • Bank examiner (n): The official who conducts the bank examination.
    • The bank examiner spent three weeks reviewing the bank's transactions.
  • Examination (n): A general term for a detailed inspection or test. "Bank examination" is a specific type.
  • Audit (n): A similar systematic review, often used interchangeably in some contexts, though an audit can be internal or external, while a bank examination is typically a regulatory, external review.
Synonyms
  • Bank audit: A very close synonym, though "audit" can have a broader commercial use.
  • Regulatory review: A more general term that includes bank examinations.
  • Financial inspection: A descriptive synonym highlighting the purpose.
Related Phrases
  • "To be subject to examination": To be liable for or required to undergo an official review.
    • All national banks are subject to examination by the Office of the Comptroller of the Currency.
  • "On-site examination": An examination conducted at the bank's physical premises.
    • The on-site examination provided a clearer picture of the bank's daily operations.
Notes
  • "Bank examination" is a compound noun. The core word "examination" takes on a specific meaning in this financial and regulatory context.
  • It is distinct from a routine financial audit, as it is performed by a government agent with regulatory authority.
Noun
  1. an examination of the affairs and records of a bank by a state or federal bank examiner