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The Second National Bank was established with a 20-year charter in 1816 and was used to stabilize the economy after the War of 1812 by regulating currency and credit and providing a central place for federal funds.
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This was a conflict mainly between Nicholas Biddle, who was the president of the Second National Bank, and the President of the United States, who was Andrew Jackson. That mainly happened because of Biddle trying to recharter the bank.
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Jackson despised the bank with a passion. In his annual message to Congress, he stated it was unconstitutional and only benefited the wealthy and not the common man.
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This was a key event in the Bank War because it showed the political struggle between President Jackson and the Bankers. He vetoes it because he thinks that banks are unconstitutional, favor the rich, and undemocratic, but this veto became popular among the Americans.
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Clay and Webster wanted to exploit the bank issue for their own political gain. They proposed an early recharter to Congress, which would either force President Jackson to approve the bank, which would undermine his anti-bank stance, or veto it, which would cause loads of backlash against him, making people not want to vote for him in the election.