Already, Wal-Mart has been stopped from getting a federal savings-bank charter, for fear that the giant retailer might do to local banks what it has done to local stores.

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One of the biggest defectors in New York State on Taylor's watch was JP Morgan Chase 's conversion to a national bank charter after its 2004 merger with Bank One.

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One of the biggest defectors in New York State on Taylor's watch was JP Morgan Chase 's (nyse: JPM - news - people ) conversion to a national bank charter after its 2004 merger with Bank One.

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Also known as Bank of the Internet, BofI operates out of a single location in San Diego and has a charter that allows the bank to operate in all 50 states.

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His offence was that in 1832 he had vetoed the renewal of the charter of the Bank of the United States and had then ordered the withdrawal of government funds from the bank.

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During his second term, he vetoed the renewal of the charter for the independent Second Bank of the United States, a private institution that kept the federal government's deposits interest-free, and issued uniform paper currency.

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Such actions could cut off the bank from certain investors like pension funds and ultimately cost it its charter to operate in the United States.

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