The modern US banking system was formed in 1980 under the influence of the Federal Reserve Act and the passed Deregulation of Depository Institutions and Monetary Control Act. Until this moment, the United States remained the only country among the economically developed countries where there was no centralized organization. The banking structure consisted of a huge number of small independent banks, the scope of which was limited to a very small territory; the number of banks by 1860 reached 3000, in 1913 there were more than 20,000, about 7000 of them were issuing national banks, and the rest acted according to the laws of their states, and did not have the right to issue banknotes. This banking freedom was significantly different from its European interpretation.

American banks were practically deprived of any possibility of building a branch system. A banking firm established in one state did not have the ability to expand its operations outside its borders, either through the opening of branches in another state, or in any other way. After the adoption of the national law on banking, the right to open branches was retained only by those banks that became part of the national banking system, already having their own branches. Therefore, the position of the majority of banks operating outside large cities, to one degree or another, approached the position of local monopolies.

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