Federal Charter

Federal Charter

A document placing a bank under federal regulation. A federal charter is required in order to operate in more than one state.
References in periodicals archive ?
The two lawmakers who drafted the federal charter replacing the 1987 Constitution were receptive to the possibility of a no-election scenario in 2019.
It wasn't until 1996 that the then 97-year old bank sought a federal charter because it was acquiring the eight branches of Green Mountain Bank in Vermont.
The report discussed the recent history of the optional, federal charter but did not call for its implementation as such.
No matter which party controls the House of Representatives, Congress will see a "major push" on optional federal charter (OFC) legislation in the next session, according to House Financial Services Committee Chairman Barney Frank (D-Mass.
Union National Bank (UNB) has announced that it has withdrawn its application for a Federal charter.
We think a properly constructed optional federal charter would tend to remove the restrictions that stop the free market from working for insurance," said Lehrer.
Federal Reserve Board Chairman Ben Bernanke recently told House members that creating an optional federal charter (OFC) for insurance companies would be useful.
Unlike OFC, which adds only the federal charter option, our single-license solution would provide 50 new licensing options for multi-state insurers.
WASHINGTON -- The Optional Federal Charter Coalition has added to its roster the National Association of Insurance and Financial Advisors (formerly NALU) bringing to thirteen the number of organizations to join the coalition.
On the same weekend Treasury Secretary Henry Paulson released a report recommending an optional federal charter, NAIC President Sandy Praeger and NCOIL President Brian Patrick Kennedy said the idea was a non-starter.
One of our biggest concerns nationwide is the effort to pass the optional federal charter, which will essentially create a national insurance department," Zeno said.
But since the exodus to a federal charter, the 66 credit unions remaining under state regulation account for just under $2 billion in combined assets by some estimates.

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