There are roughly 300 state chartered banks
in New York, The Bank of New York Mellon Corporation and Goldman Sachs among them.
During the past 10 years, federally chartered banks
have been granted increased powers to make them more competitive with other financial-services providers.
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.
The services and infrastructure developed by Texas Capital Bank enabled it to grow organically in seven years from a newly chartered bank
Texas Capital is a highly successful middle-market commercial bank that has grown organically in seven years from a newly chartered bank
to $3 billion in assets.
In its March 2002 determination, the OCC concluded that the first three restrictions significantly interfered with and were preempted by Federal law as applied to the ability of nationally chartered banks
to sell insurance.
Until at least October 1, 2004, the Treasury Department is precluded by law from enacting another regulation promulgated by the Federal Reserve Board and Treasury that would allow federally chartered banks
to enter real estate brokerage and property management.
Such criteria is still applicable, including the assessment of additional credit enhancement, for loans originated in any jurisdiction by non-OTS-regulated entities and in Georgia by any entity which is not an OCC-regulated entity or a Georgia chartered bank
or savings association.
In Alaska, state-chartered banks
are supervised by the State of Alaska, while the Office of the Comptroller of the Currency (part of the US Treasury Department) supervises federally chartered banks
10, 1995--Family Bancorp (NASDAQ:FMLY) announced today that it has completed its conversion from a Massachusetts chartered bank
holding company to a federally chartered thrift holding company.