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==Bank classification== There are various classifications and charters that a bank can obtain in the United States. Depending on their classification, they may be overseen by the Federal Reserve and supervised by either the FDIC or OCC. ===National bank=== {{main|National bank (United States)}} A national bank is a bank that is nationally or federally chartered and is allowed to operate throughout the country in any state. An advantage of holding a National Bank Act charter is that a national bank is not subject to state usury laws intended to prevent predatory lending.<ref>''Beneficial National Bank v. Anderson'', {{ussc|539|1|2003}}.</ref> (However, see also ''[[Cuomo v. Clearing House Association, L. L. C.]]'', stating that federal banking regulations do not preempt the ability of states to enforce their own fair-lending laws.)<ref name=cuomovclearinghouse>{{cite court |litigants=Cuomo v. Clearing House Association, L. L. C. |vol=557 |reporter=U.S. |opinion=___ |pinpoint= |court=[[Supreme Court of the United States]] |date=2009 |url={{SCOTUS URL Slip|08|08-453}} |quote=}}</ref> There is currently no federal cap on rates. The federal government only requires that whatever rates, fees, or terms are set by issuers be disclosed to the consumer in accordance with the Truth in Lending Act. A national bank must have "National" or "N.A." in its corporate name. ===State bank=== {{main|State bank (United States)}} A state bank is a bank that is state chartered, meaning that it has been formed under the laws of a specific state government and not the federal government. 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.<ref>{{cite web |title=SR 11-3: De Novo Interstate Branching by State Member Banks |url=https://www.federalreserve.gov/supervisionreg/srletters/sr1103.htm |publisher=Federal Reserve}}</ref> A state chartered bank cannot have "National" or "Federal" in its name. ===State non-member bank=== These are the similar to state chartered banks but are not members of the federal reserve. They are still overseen by the FDIC.<ref>{{Cite web|url=https://www.investopedia.com/terms/n/non-member-banks.asp|title=What Are Non-Member Banks?}}</ref> ===Federal savings association=== {{main|Federal savings association}} Federal savings associations (FSAs), including federal savings banks (FSBs), are chartered under the [[Homeowners Refinancing Act]] of 1933. Although originally focused on residential mortgage lending, they have expanded their business across the range of banking activities. They operate under a distinct regulatory framework from national banks that allows them, for example, to invest directly in real estate development companies. FSAs were originally overseen by the Office of Thrift Supervision, but the [[Dodd–Frank Act]] transferred most regulatory jurisdiction to the Office of the Comptroller of the Currency. ===State savings association=== This is similar to a federal savings association but is registered under state law. They are overseen by the FDIC. ===FDIC charter class table=== {|class=wikitable |+FDIC charter classes !Code!!Description of class of bank |- |N||Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC) |- |SM||Commercial or savings bank, state charter and Fed member, supervised by the Federal Reserve (FRB) |- |NM||Commercial bank, state charter and Fed nonmember, supervised by the FDIC or OCC |- |SB||Savings banks, state charter, supervised by the FDIC |- |SA||As of July 21, 2011, FDIC supervised state chartered thrifts and OCC supervised federally chartered thrifts. Before that date, state or federally chartered savings associations supervised by the Office of Thrift Supervision (OTS). |- |OI||Insured U.S. branch of a foreign chartered institution (IBA) |}
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