FINRA (fka NASD) is not a government agency. It is a Self-Regulatory Organization (SRO). FINRA enforces secutiries laws and its own rules for its members which includes virtually all U.S. stock brokers and brokerage firms. FINRA is also the SRO for OTC Markets.
Although it enforces laws as does the SEC, FINRA, as an SRO, is overseen by the SEC. FINRA can take disciplinary action against stock brokers and brokerage firms but not against OTC companies even though it often cooperates with the SEC in investigations. Any actions disciplinary actions taken against public companies must be made by the SEC.
This definition of an SRO still refers to FINRA as NASD:
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