Who can be a member of the Federal Reserve System?
Any financially sound, well managed state-chartered bank may become a member of the Federal Reserve System. The 12 regional Reserve banks supervise state member banks as part of the Federal Reserve System's mandate to assure strength and stability in the nation's domestic markets and banking system. Reserve bank supervision is carried out in partnership with the state regulator, assuring a consistent and unified regulatory environment. Regional and community banking organizations constitute the largest number of banking organizations supervised by the Reserve banks.