Legal Definitions - Financial institutions - State statutes

Financial institutions are regulated by state statutes in the United States. Each state has its own set of laws and regulations that govern the operation of financial institutions within its borders. These laws cover a wide range of topics, including licensing requirements, consumer protection, and safety and soundness standards.

• In Alabama, financial institutions are governed by Title 5 of the state statutes.
• In California, financial institutions are governed by Title 11 of the state statutes.
• In New York, financial institutions are governed by the state's banking laws.

These examples illustrate how each state has its own set of laws and regulations that govern financial institutions. The specific statutes and regulations may vary from state to state, but they all serve the same purpose of ensuring that financial institutions operate in a safe and sound manner and provide adequate protection to consumers.