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Asked by: Akaki Merklein
business and finance financial reformWhat is a national association bank?
National banking association is a bankthat has been organized under the National Bank Act. Such anassociation operates pursuant to a certificate of authorityissued by the Comptroller of the Currency. Each national bankingassociation is required to become a member of the FederalReserve System.
In this manner, what is a national association?
1. A bank in a system of federally chartered commercialbanks in the United States, supervised by the Office of theComptroller of the Currency, a department of the US Treasury. 2. Abank controlled by or associated with a national government,especially a central bank.
Similarly one may ask, what is the meaning of National Bank?
A national bank is a bank that is a memberof the Federal Reserve system and the Federal Deposit InsuranceCorp. In global terms, a national bank is a country'scentral bank. In this context, the Federal Reserve is theUnited States' national bank.
(5) STATE DEPOSITORY INSTITUTION.--The term"State depository institution" means any State bank,any State savings association, and any insured branch whichis not a Federal branch. (2) STATE NONMEMBER BANK.--The term"State nonmember bank" means any State bank which isnot a member of the Federal Reserve System.