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Penn State likely viewed Assistant Coach Jerry Sandusky's charity as not directly under its supervision even though it used the campus for its activities.
"The New York Fed categorically rejects the allegations being made about the integrity of its supervision of financial institutions," it wrote.
It now boasts that assets under its supervision are at record levels.
It can bring other banks under its supervision, but this could prove to be difficult.
The government stepped up its supervision of the bank, arguing that it was poorly governed.
The FRC made its announcement as part of what it called a "significant stepping up" in its supervision and monitoring of audit firms.
The law gives the state one year to complete its supervision.
Buy-to-let mortgages are also expected to come under its supervision.
But Toyota has succeeded in keeping its supervision fresh and engaging, in two ways.
The bureau's oversight of these industries will largely mirror its supervision of Wall Street.
Its supervision reports rank each bank's safety and efficiency against its peers.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com