The law governing banks, bank accounts, and lending in the United States is a hybrid of federal and state statutory law. Consumers and businesses may establish bank accounts in banks and savings associations chartered under state or federal law. The law under which a bank is chartered regulates that particular bank. A mix of state and federal law, however, governs most operations and transactions by bank customers.
The Uniform Commercial Code is the governing statute pertaining to most banking transactions including negotiable instruments, checks, bank deposits and collections, fund transfers, letters of credit, securities and secured transactions in most of the states. In addition, several federal agencies promulgate regulations pertaining to banks and banking, including the Federal Deposit Insurance Corporation, Federal Reserve Board, General Accounting Office, National Credit Union Administration, and Treasury Department. National Bank Act of 1864, Federal Reserve Act of 1913, Federal Deposit Insurance Act of 1950, Bank Holding Company Act of 1956, International Banking Act of 1978 and Financial Institutions Regulatory and Interest Rate Control Act of 1978 are some of the key legislations in the area of banking and lending