State-chartered banks:
A)automatically receive membership in the Federal Reserve System
B)are prohibited from membership in the Federal Reserve System
C)may be permitted to join the Federal Reserve system, given a satisfactory financial condition
D)none of the above

Question

Quizplus · Accepted Answer

State-chartered banks may be permitted to join the Federal Reserve system, given a satisfactory financial condition. It is not automatic, and they are not prohibited from membership, but it is contingent on certain requirements being met.

State-Chartered Banks