All states have a banking department regulating the formation, operation, and location of banks.
Federally-chartered or national banks National banks are organized and operate under federal law. They must follow regulations set out by the Comptroller of the Currency and they are required to be members of the Federal Reserve System. The Federal Reserve System sets government monetary policy by regulating interest rates and other rates controlling the supply of money flowing from the Federal Reserve Banks to the member banks. State-chartered banks are organized and operate under state law. Traditionally, both national and state-chartered banks were limited in their ability to operate in more than one state.