Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994

Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994

Law permitting interstate banking in the U.S.

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Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994

Legislation in the United States repealing previous restrictions on banks from operating in more than one state. The Riegle-Neal Act allowed banks, under certain circumstances, to acquire banks or set up branches in other states without creating a separate subsidiary. The Act streamlined banking regulation in the United States, and, for the first time, allowed out-of-state residents to set up bank accounts. It also gave federal regulators the authority to ensure that out-of-state deposits do not dominate American banking.