U.S. Banking History Events By aspentori 1694 The Bank of England was established 1781 The First Commercial Bank 1791 Congress creates the first U.S bank 1816 The Second Bank served as the main depository 1835 No National Debt 1900 The Gold Standard & checks became a more common type of payment 1913 The 16th Amendment allowed Federal Government to "lay and collect taxes on incomes" 1929 The Stock Market crashed 1933 FDIC was established 1958 The First Credit Card 1969 The First ATM 1980 A saving and loan failure 1997 160,000 ATMS in operation 1999 The Financial Services Modernization Act allows banks to grow even larger 2004 Investment Banks and the SEC cut a deal 2010 The Worse Financial Crisis since the Great Depression