National Bank Law and Legal Definition
A national bank is a commercial bank chartered by the comptroller of the currency of the U.S. Treasury. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank must have "national" or "national association" in its name. A national bank functions as a member bank of the Federal Reserve in the capacity of investing member of its district Federal Reserve Bank. A national bank is a member of the Federal Deposit Insurance Corporation (FDIC). A national bank facilitates the auction process of U.S. Treasury bonds. National banks structure the country’s financial system. National banks also facilitate the daily transactions with their local Federal Reserve Bank. A national bank examiner is an employee of the Comptroller of the Currency examining national banks periodically to determine the financial position of a bank and the security of its deposits. S/he verifies the bank’s procedures with Federal banking laws and regulations.
Legal Definition list
- National Aviation Noise Policy
- National Aviation Authority
- National Average Price
- National Automotive Sampling System
- National Association of Women Business Owners
- National Bank
- National Bank Act
- National Banking Association
- National Benefits Center
- National Board of Review
- National Business Incubation Association
Related Legal Terms
- Abstraction [Banking]
- Academy for International Conflict Management and Peacebuilding [USIP]
- Access Control List [National Security]
- Access Control Mechanism [National Security]
- Accessible Space [National Security]
- Accommodation Maker(Banking)
- Account [Banks & Banking]
- Accountant ( Bankruptcy)
- Acquiring Bank
- Act of Bankruptcy
