A brief history of the US banking and payments system From the late 1700s through the mid-1800s, the development of the US banking system was dominated by roles played by individual states. Generally, commercial banks were not chartered by the federal government; rather, they were chartered, regulated, and supervised by the states and operated under different state legal and regulatory frameworks.
[14] Article 127(6) TFEU prescribes that specific tasks concerning policies relating to the prudential supervision of credit institutions may be conferred on the ECB by the Council by means of regulations adopted in accordance with a special legislative procedure. Article 1 of the SSM Regulation states “this Regulation confers on the ECB specific tasks concerning policies relating to the prudential supervision of credit institutions”.