What does National Bank mean?
Under the US legislature, a national bank does not necessarily involve that the bank operates on a wider nationally basis. The Office of the Comptroller of the Currency, or OCC is the one which basically regulates the actions of the national banks. Moreover, national banks must activate under the umbrella of the Federal Reserve and of the Federal Deposit Insurance Corporation. Currently, under the umbrella of the OCC there are as many as 1,600 national banks operating, and a particular distinctive note of these banks is that they have incorporated in their title the abbreviation N.A. which stands for National Association (i.e. Bank of America, N.A.).