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State-chartered banks are subject to the regulation of the state regulatory agency of the state in which they were chartered. For example, a California state bank that is not a member of the Federal Reserve System would be regulated by both the California Department of Financial Institutions and the FDIC. Likewise, a Nevada state bank that is a ...
A state chartered bank cannot have "National" or "Federal" in its name. [citation needed]State banks are chartered and regulated by a state agency (often called the Department of Financial Institutions) in the state in which its headquarters are located.
The Riegle–Neal Interstate Banking and Branching Efficiency Act of 1994 [1] [2] (IBBEA) amended the laws governing federally chartered banks in order to restore the laws' competitiveness with the recently relaxed laws governing state-chartered banks.
Although historically state banks could only operate within the state where it was chartered, this distinction slowly eroded. In 2010, this distinction was eliminated with the passage of the Dodd-Frank Act. Now state chartered banks may operate branches in any other state. [18] A state chartered bank cannot have "National" or "Federal" in its name.
The Banking Board was established in 1932 by N.Y.S. Banking Law § 13 and 14, and was a quasi-legislative body. The Banking Board was created to advise and cooperate with the Banking Department in the formulation of banking standards and regulations and to exercise power to approve or disapprove the issuance of bank charters and licenses and the establishment of branch banks.
The agency regulates the following types of institutions: under the Division of Credit Unions, credit unions; under the Division of Banks, state-chartered commercial banks, [a] savings banks, savings associations and non-depositary trust companies; under the Division of Consumer Services non-depositary mortgage lenders, servicers and brokers ...
The Division of Banking charters, examines, and regulates state-chartered banks savings institutions and consumer financial services industries. They also provide the licensing service for all entities involved in loan origination activities, collections agencies, payday lenders, and other such businesses.
The license may be implied by a reference in the charter application to the bank being created "under" the state banking law. Federal depository institutions such as National Banks, or federally chartered credit unions derive their authority from federal statutory charter law.