A dual banking system is the name given to the regulatory framework that has developed in the United States and allows for the regulation of banks at the state, federal, or both.
State banks and national banks are regulated and chartered at different levels of government in the United States. Dual banking is what is meant by this. Under the U.S. dual banking system, national banks are chartered, governed, and supervised by government authorities.
The state-chartered banking system is still functional today, and the dual banking system is still in effect. More than 80% of the roughly 5,000 banks in the country are state-chartered, up from 69% in 1980, as shown in the table below.
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