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The First Bank of the United States (Central Bank)
The United States began charters for the First Bank of the United States—the government's first attempt at a central bank. -
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The History of Banking in the United States
This is a timeline depicting the first banks in United States -
First Bank Failure in the United States
In Rhode Island the Farmer's Exchange Bank in fails, which is the United States first bank failure. -
The Second Government Bank
The second bank of the United States was established -
Banks Spreading
More than 420 banks exist in the U.S. All of them printing banknotes and making loans -
The Panic of 1837
Inflation, increase in public land sale, road and canal projects. This feared investors. -
Gold Rush
This is where large amounts of gold were found in Californa, and greatly increased the need for banks because no one was going to carry around big golden bars. -
National Banking Act
The National Banking Act of 1864, establishes the Office of the Comptroller of the Currency (OCC) and initiates a system of bank examinations. -
National Banking Act (revised)
This act, increases taxes from 2 percent to 10 percent, resulting in the use of checks, they did this to attempt to get rid of bank notes. -
Chase Bank was established
The Chase National Bank is chartered -
Booming Economy
Checks are a more common means of payment, and ownership of capital stock increases. -
Gold Standard Act
This act makes gold the only standard for paper money, prohibiting the exchange of silver for gold. -
Federal Reserve was created
The Federal Reserve Act of 1913 was established -
Stock Ownership
About 10 percent of U.S. households own stock. Today, about 50 percent own stock, largely because of 401(k)s. -
McFadden Act
Establishes the Federal Reserve Board (FRB) as a permanent central bank, prohibits interstate banking, this prohibition is not repealed until 1994, authorizes hometown branches for national banks, if allowed by the state. This authorization helps to put national banks on par with state banks. National banks still cannot branch outside of the city in which they are headquartered
Gives national banks the authority to buy and sell marketable debt obligations. -
Stock Market Crash
The stock market crash signal the beginning of the Great depression. The stock market crash occurred because people started to panic and sell their stocks. -
Great Depression
The Great Depression, a worldwide economic downturn, and lasts until about 1939. Many banks fail, many because they have made loans to stock market speculators that are never repaid. The U.S. government establishes several agencies, the FDIC is one of these agencies. -
Federal Home Loan Bank Act
Establishes the Federal Home Loan Bank Board (FHLBB), which charters and supervises federal S&Ls, establishes the Federal Home Loan Banks (FHLBs), gives the FHLBB authority to regulate and supervise S&Ls, gives FHLBs the authority to lend to S&Ls to finance home mortgages. -
The Securities Act
This act requires strong disclosure statements of publicly held corporations, which deprives bankers of their monopoly on information. -
Credit Cards
Diner's Club is established, providing a universal, third-party credit card, therfore people begin carrying credit cards in their wallets. -
National Credit Card
American Express launches a national credit card -
FDIC deposit insurance
The FDIC deposit insurance limit increases to $15,000, and
Interest rates increase. -
Home Mortgage Disclosure Act (HMDA)
Encourages banks and S&Ls to lend mortgage money in low-income areas
Requires banks and S&Ls to document their lending practices. -
Community Reinvestment Act (CRA)
Requires the FDIC to examine non-member state banks for CRA compliance. -
International Money Laundering Abatement and Financial Anti-Terrorism Act
Requires additional record keeping and reporting by financial institutions for foreign nationals
Requires financial institutions to establish anti-money laundering programs
Requires further cooperation between financial institutions and government agencies in fighting money laundering. -
Fair and Accurate Credit Transactions (FACT)
Improves the accuracy and transparency of the national credit reporting system
Enhances consumer rights in situations involving alleged identity theft.
