How can this help me as a consumer or small business?
Despite a massive homogenization across all types of financial institutions, there are often important differences among institutions within a state, and among the same type of institution from state to state. For example, a Kentucky state chartered bank may have powers that are very different from those of a Kentucky S&L or a National Bank located in Kentucky, and a Tennessee state chartered bank may have different powers.
As a result, certain "banks" may be able to do some things for you (such as make a certain type loan) that another type of institution can not. Similarly, some may be able to do certain things to you (such as charge you a higher – or lower – rate of interest on mortgages or credit cards). Although the precise differences are of primary interest to bankers and their lobbyists, if you ever get into a dispute with any kind of "bank" it would be important to know what specific type of entity you are dealing with.
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