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In addition, federal law gives the Federal Reserve authority to review merger and expansion proposals by bank holding companies and enforcement authority over bank holding companies and their nonbank subsidiaries, including the ability to stop or prevent a bank holding company or nonbank subsidiary from engaging in an unsafe or unsound practice.
Wachovia had been profitable continuously for more than a decade through year-end 2007.
These subsidiaries were supervised and regulated by the Securities and Exchange Commission (SEC).
Wachovia's insured depository institution subsidiaries had a very large retail presence--serving more than 27 million deposit accounts totaling more than 0 billion--and operated a large mortgage business.