What's the difference between state and federally chartered banks
? The short answer is that the charter holder is the supervisor of the bank.
The Board seeks to retain existing state chartered banks
while encouraging federally chartered banks
to become state charters.
7 giving it sole right to write regulations governing nationally chartered banks
and sole right to enforce those regulations.
Both the Bush and the Clinton Administrations recommended reorganizing financial supervision in order to permit nationally chartered banks
to perform securities and insurance services within "operating subsidiaries" that would be part of the bank and not subject to supervision by the Fed.
An agreement was recently inked between Standard Chartered Bank
and InfoTel Pakistan (leading internet and transaction security solutions company).
The applicant indicated to the San Francisco Reserve Bank's staff that it did not want to make this commitment because it limited the powers and rights of Independence Bank as a state chartered bank