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