Say you want to start a "National Bank". Thus you will need a piece of paper that is like a license to start a bank. What is that paper called? And what is the name of the government agency that you would get that paper from?

Question

Say you want to start a "National Bank". Thus you will need a piece of paper that is like a license to start a bank. What is that paper called? And what is the name of the government agency that you would get that paper from?

If you are in a beginning course, the operative word is "charter". If you are more advanced, the letter you seek is the final approval letter.

Say you want to start a "National Bank". Thus you will need a piece of paper that is like a license to start a bank. What is that paper called? And what is the name of the government agency that you would get that paper from?

Answer 1

The paper you would need to start a "National Bank" is called a charter. It is a legal document that authorizes the establishment and operation of a bank. The government agency responsible for granting this charter is typically known as the Office of the Comptroller of the Currency (OCC). The OCC is a part of the U.S. Department of the Treasury and is specifically responsible for chartering, regulating, and supervising all national banks and federal savings associations in the United States. To obtain a charter for a national bank, you would need to submit an application to the OCC and meet their specific requirements and guidelines. The OCC evaluates the application, conducts thorough reviews, and ultimately grants or denies the charter based on the applicant's qualifications and ability to meet the necessary criteria.