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The proposed bank must first receive approval for a federal or state banking charter.

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The proposed bank must first receive approval for a federal or state banking charter. Before granting a charter, the chartering regulator must determine that the applicant bank has a reasonable chance for success and will operate in a safe and sound manner.

A financial institution that wants to become a bank, trust, savings institution, or credit union can apply for a charter at the state or federal level from a banking regulator. At the federal level, the Office of the Comptroller of the Currency (OCC) grants charters.

Chartered Bank Oversight In the United States, a charter can be either state or federally issued and conform to either state agency regulations or federal-oversight regulations, respectively.

The OCC may encourage or require a bank to terminate its charter if exiting the federal banking system is a viable way to address serious supervisory issues or if the bank encounters significant financial deterioration and is at risk of receivership.