In the United States, a national bank is an ordinary private bank operating within the federal government's regulatory structure, which usually but not always operates in multiple U.S. states,[1] and is under the supervision of the Office of the Comptroller of the Currency.
[6] However, in Cuomo v. Clearing House Association, L. L. C., the Supreme Court ruled that federal banking regulations do not preempt the ability of states to enforce their own fair-lending laws.
The federal government only requires that whatever rates, fees, or terms are set by issuers be disclosed to the consumer in accordance with the Truth in Lending Act.
[8] That restriction was not lifted until Congress enacted the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994.
[9] National banks are distinguished from federal savings associations, including federal savings and loans and federal savings banks, which are financial institutions chartered by the Office of Thrift Supervision, an agency of the U.S. Treasury Department that was merged with the Office of the Comptroller of the Currency on July 21, 2012.