Are banks that are not members of the federal reserve system are subject to federal regulations?

Yes, banks that are not members of the Federal Reserve System are still subject to federal regulations. They must comply with various Federal Laws and regulations, such as those enforced by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). These regulations cover aspects like capital requirements, lending practices, and consumer protection, ensuring the stability and integrity of the banking system.