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National Bank
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National Bank
Practical Law Glossary Item 6-507-8496
(Approx. 3 pages)
Glossary
National Bank
Commercial banks chartered under federal law (
12 U.S.C. §§ 21
to
216d
). They have the words "National Association" or "N.A." in their official name.
National banks are chartered and primarily regulated by the
Office of the Comptroller of the Currency
. They are also members of the
Federal Reserve System
, and their deposits are insured by the
Federal Deposit Insurance Corporation
(FDIC) (see
Practice Note, Understanding FDIC Deposit Insurance
). The
Federal Reserve Board
and FDIC share secondary federal regulator responsibilities over national banks.
Because national banks are federally chartered, they are largely excluded from regulation and oversight by state banking agencies, and enjoy certain preemption rights over state law (see
Practice Note, Federal Preemption Issues in Banking
).
For more information on national banks, see
Practice Note, US Banking Law: Overview: National Banks
.