National bank acts national bank act of 1863 the national bank act of 1863 was passed on february 25th 1863 and was the first attempt to establish a central bank after the failures of the first and second banks of the united states and served as the predecessor to the federal reserve act of 1913. National banks and americas future to promote opportunity a dynamic economy and a stronger union lincoln and chase conceived the national banking system and the office of the comptroller of the currency to regulate and supervise it. Subchapter iv regulation of the banking business powers and duties of national banks 81 95a subchapter v obtaining and issuing circulating notes 101 subchapter vi redemption and replacement of circulating notes 121 127 subchapter vii proceedings on failure of bank to redeem circulating notes 131. The rst national bank charter was issued to the first national bank of philadelphia on june 20 1863 the law was a response to the mishmash of local banks local money and conflicting regulatory standards that a short history 2011
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