FACTBOX-Major U.S. agencies that regulate financial system

March 17 (Reuters) - Numerous U.S. government agencies oversee the financial system being targeted for an overhaul by congressional Democrats and President Barack Obama.

While a fundamental shake-up of the regulatory bureaucracy looked possible a year ago as the financial crisis peaked, it now seems unlikely amid intense lobbying to maintain the status quo by regulators, bank lobbyists and Republicans.

Here are the major regulatory agencies involved and some basic information about them and their present duties.

* FEDERAL RESERVE

The Fed is an independent agency that controls the nation's monetary policy, while also supervising state-chartered banks that opt into the Fed system. Created in 1913, it has about 2,700 employees involved in supervision and regulation.

The Fed under Chairman Ben Bernanke has radically expanded its role in the economy, injecting hundreds of billions of dollars of liquidity into the financial system.

Under a bill unveiled in the Senate on March 15, the Fed would become the home of a new financial consumer protection watchdog and supervise large bank holding companies with assets exceeding $50 billion.

It would also gain the power to help monitor risk in the financial system and break up large nonbank financial firms judged to threaten economic stability.

But under the new bill, the Fed would be stripped of its oversight of more than 5,000 small bank holding companies and state-chartered banks with less than $50 billion in assets.

The Fed is trying to roll back that proposal.

* FEDERAL DEPOSIT INSURANCE CORP

The FDIC is an independent agency that protects consumers by insuring deposits in banks and thrifts. It also examines state-chartered banks that do not join the Fed system, and is funded through fees that banks pay for deposit insurance.

Created in 1933 during the Great Depression, the agency has about 5,000 employees. It is chaired by Sheila Bair.

Under the new Senate bill, the FDIC would take over supervision of many small banks taken away from the Fed.

* TREASURY DEPARTMENT

Treasury is a cabinet-level department tasked primarily with financing the government and collecting taxes.

It plays a major role in bond markets.

It regulates banks mainly through two units: the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS).

Under legislation approved by the House of Representatives and being debated in the Senate, OTS would close, while the OCC would remain in place.

* OFFICE OF THE COMPTROLLER OF THE CURRENCY

OCC charters, regulates and supervises national banks, including some of the nation's largest. Formed in 1863, it has about 3,000 employees and is led by Comptroller John Dugan.

Under the new Senate bill, the OCC would take over supervision of some small banks taken away from the Fed.

* OFFICE OF THRIFT SUPERVISION

OTS regulates thrift institutions. Formed after the 1980s-1990s savings and loan crisis, OTS has about 1,000 employees.

Officials and key lawmakers seem determined to eliminate the OTS, which was the primary regulator for failed lenders like Countrywide Financial and Washington Mutual.

* SECURITIES AND EXCHANGE COMMISSION

The SEC regulates public corporations, stock exchanges, brokers, mutual funds, municipal bonds and corporate auditors.

Formed in 1934, it has about 3,500 employees and is led by Chairman Mary Schapiro.

The SEC would gain authority to supervise advisers to hedge funds and play a role in regulating the $450 trillion over the counter derivatives market, under bills being debated.

* COMMODITY FUTURES TRADING COMMISSION

The CFTC oversees commodity and financial futures.

With about 490 employees, it was formed in 1974. Gary Gensler is its chairman.

The CFTC would also gain powers to oversee the derivatives market under proposals in Congress. (Reporting by Kevin Drawbaugh; Editing by Andrew Hay)