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Not sure what this means: "...an Office Of The Comptroller-chartered bank." I thought banks in the US were federally or State-chartered? Anyhow, VBNK is taking over Stearns Bank, an OCC-chartered bank, in a little burg in Minnesota. Near St. Cloud, I think it said. Who can tell me what that means, exactly? An "OCC-chartered bank?" Thanks.
Thanks for chiming in. But I'm just wondering, specifically, what it means to be a bank chartered by the OCC? Rather than to be federally chartered or State chartered?
Some banks used to be federally charted by the Office of Thrift Supervision (OTS) until it was merged into the OCC (Office of the Comptroller of the Currency).
Banks can be either nationally chartered or state chartered. They can also be members of the FRB which are members or non-members.
All banks must have FDIC insurance. Once they submit an application to OCC or State, they must also submit an application for FDIC insurance.
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https://www.versabank.com/versabank-to-acquire-occ-chartered-national-us-bank-providing-platform-for-growth-in-the-united-states/
Banks can be either nationally chartered or state chartered. They can also be members of the FRB which are members or non-members.
All banks must have FDIC insurance. Once they submit an application to OCC or State, they must also submit an application for FDIC insurance.
FDIC is a deposit insurer.
SEC is securities regulator. It regulated publicly listed securities. Unlisted CITs (in retirement accounts) are regulated by OCC.
CFTC is a commodities regulator.
SEC and CFTC are fighting over which will have powers over cryptos.