A state depository institution refers to any bank or savings association that is chartered at the state level. This includes state banks, state savings associations, and insured branches that are not classified as federal branches. These institutions are regulated by state laws and provide various banking services to individuals and businesses.
The term "state depository institution" is commonly used in banking and finance law. It plays a significant role in understanding the regulatory framework governing banks and savings associations within a state. Users may encounter this term in contexts involving:
Individuals can manage certain banking-related forms and procedures using resources like US Legal Forms, which offers templates drafted by legal professionals.
Here are a couple of examples of abatement:
Here are a couple of examples of state depository institutions:
The primary statute governing state depository institutions is found in the United States Code, specifically under 12 USCS § 1813. This section outlines the definitions and regulations applicable to various banking institutions.
Examples of state differences (not exhaustive):
| State | Regulatory Authority | Key Differences |
|---|---|---|
| California | California Department of Financial Protection and Innovation | Additional consumer protection regulations apply. |
| Texas | Texas Department of Banking | Specific lending practices regulated at the state level. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition | Key Differences |
|---|---|---|
| Federal Bank | A bank chartered and regulated by federal law. | Federal banks are subject to different regulations compared to state depository institutions. |
| Credit Union | A member-owned financial cooperative. | Credit unions are not considered state depository institutions and have different membership requirements. |
If you are considering using a state depository institution, here are some steps to follow:
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A state bank is chartered and regulated by state authorities, while a federal bank is regulated by federal agencies.