The transformation of public banking law from a conceptual and substantive point of view is the transformation of legislation regulating public-law aspects of the organization and functioning of the banking system of the Russian Federation, the majority of which are acts of financial legislation. The focus of public banking law is precisely the banking system: not the legal status of the Central Bank of the Russian Federation or the legal personality of individual types of credit institutions as such, but the banking system itself with its core and infrastructural elements and connections. The article notes that in the period from the early 1990s to the present, public banking law has undergone significant transformation. Among the current areas of transformation, the issues of mandatory requirements, banking supervision, the deposit insurance system, the integration of the banking services market into a single financial market, etc. It is emphasized that the evolutionary development of legal regulation of the banking system is associated not only with the reasons for the natural development of the economy and law, but is also a response to threats and challenges to the banking system of the state, and in some cases to the state as a whole.