There Is a Newer Version of the U.S. Code
2012 US Code
Title 12 - Banks and Banking
Chapter 3 - FEDERAL RESERVE SYSTEM (§§ 221 - 522)
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Metadata
| Publication Title | United States Code, 2012 Edition, Title 12 - BANKS AND BANKING |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM |
| Contains | sections 221 to 522 |
| Date | 2012 |
| Laws in Effect as of Date | January 15, 2013 |
| Positive Law | No |
| Disposition | standard |
- Table Of Contents
- Subchapter I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS AFFECTING SYSTEM (§§ 221 - 228)
- Section 221 - Definitions
- Section 221a - Additional definitions
- Section 222 - Federal reserve districts; membership of national banks
- Section 223 - Number of Federal reserve cities in district
- Section 224 - Status of reserve cities under former statutes
- Section 225 - Federal reserve banks; title
- Section 225a - Maintenance of long run growth of monetary and credit aggregates
- Section 225b - Appearances before and reports to the Congress
- Section 226 - “Federal Reserve Act”
- Section 227 - “Banking Act of 1933”
- Section 228 - “Banking Act of 1935”
- Subchapter II - BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (§§ 241 - 252)
- Section 241 - Creation; membership; compensation and expenses
- Section 242 - Ineligibility to hold office in member banks; qualifications and terms of office of members; chairman and vice chairman; oath of office
- Section 243 - Assessments upon Federal reserve banks to pay expenses
- Section 244 - Principal offices of Board; chairman of Board; obligations and expenses; qualifications of members; vacancies
- Section 245 - Vacancies during recess of Senate
- Section 246 - Powers of Secretary of the Treasury as affected by chapter
- Section 247 - Reports to Congress
- Section 247a - Records of action on policy relating to open-market operation and policies determined generally; inclusion in report to Congress
- Section 247b - Appearances before Congress
- Section 248 - Enumerated powers
- Section 248-1 - Rules and regulations for transfer of funds and charges therefor among banks; clearing houses
- Section 248a - Pricing of services
- Section 248b - Annual independent audits of Federal reserve banks and Board
- Section 249 - Repealed. Pub. L. 94-412, title V, §501(c), Sept. 14, 1976, 90 Stat. 1258
- Section 250 - Independence of financial regulatory agencies
- Section 251 - Repealed. Pub. L. 104-208, div. A, title II, §2224(a), Sept. 30, 1996, 110 Stat. 3009-415
- Section 252 - Credit availability assessment
- Subchapter III - FEDERAL ADVISORY COUNCIL (§§ 261 - 262)
- Subchapter IV - FEDERAL OPEN MARKET COMMITTEE (§§ 263)
- Subchapter V - FEDERAL DEPOSIT INSURANCE CORPORATION (§§ 264 - 266)
- Subchapter VI - CAPITAL AND STOCK OF FEDERAL RESERVE BANKS; DIVIDENDS AND EARNINGS (§§ 281 - 290)
- Section 281 - Capital
- Section 282 - Subscription to capital stock by national banking association
- Section 283 - Public subscription to capital stock
- Section 284 - Omitted
- Section 285 - Nonvoting stock
- Section 286 - Transfers of stock; rules and regulations
- Section 287 - Value of shares of stock; increase and decrease of stock; member banks as shareholders; surrender of shares
- Section 288 - Cancellation of stock held by member bank on insolvency or discontinuance of banking operations for sixty days; repayment of cash-paid subscriptions
- Section 289 - Dividends and surplus funds of reserve banks; transfer for fiscal year 2000
- Section 290 - Use of earnings transferred to the Treasury
- Subchapter VII - DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS AND ASSISTANTS (§§ 301 - 308)
- Section 301 - Powers and duties of board of directors; suspension of member bank for undue use of bank credit
- Section 302 - Number of members; classes
- Section 303 - Qualifications and disabilities
- Section 304 - Class A and class B directors; selection
- Section 305 - Class C directors; selection; “Federal reserve agent”
- Section 306 - Assistants to Federal reserve agent
- Section 307 - Compensation of directors
- Section 308 - Terms of directors; vacancies
- Subchapter VIII - STATE BANKS AS MEMBERS OF SYSTEM (§§ 321 - 339a)
- Section 321 - Application for membership
- Section 322 - Determination on application
- Section 323 - Stock in Federal reserve banks; method of payment
- Section 324 - Laws applicable on becoming members
- Section 325 - Examinations
- Section 326 - Acceptance of examinations and reports by State authorities; special examinations
- Section 327 - Surrender of stock and cancellation of memberships
- Section 328 - Withdrawals from membership
- Section 329 - Capital stock required as condition precedent to membership
- Section 329a - Omitted
- Section 330 - Laws applicable on becoming members; discounts for State banks
- Section 331 - Certifying checks on State banks admitted as members
- Section 332 - Depositaries of public money; financial agents; security required
- Section 333 - Mutual savings banks; application and admission to membership in Federal Reserve System
- Section 334 - Reports from affiliates; penalty for failure to furnish
- Section 335 - Dealing in investment securities; limitations and conditions
- Section 336 - Certificates of stock; representation of stock of other corporations
- Section 337 - Repealed. Pub. L. 89-485, §13(g), July 1, 1966, 80 Stat. 243
- Section 338 - Examination of affiliates; forfeiture of membership on refusal of affiliate to give information or pay expense
- Section 338a - Investments to promote public welfare and community development; limitation on investments
- Section 339 - Participation by State member banks in lotteries and related activities
- Section 339a - Resolution of clearing banks
- Subchapter IX - POWERS AND DUTIES OF FEDERAL RESERVE BANKS (§§ 341 - 364)
- Section 341 - General enumeration of powers
- Section 342 - Deposits; exchange and collection; member and nonmember banks or other depository institutions; charges
- Section 343 - Discount of obligations arising out of actual commercial transactions
- Section 344 - Discount or purchase of bills to finance agricultural shipments
- Section 345 - Rediscount of notes, drafts, and bills for member banks; limitation of amount
- Section 346 - Discount of acceptances
- Section 347 - Advances to member banks on their notes
- Section 347a - Advances to member bank groups; inadequate amounts of eligible and acceptable assets; liability of individual banks in group; distribution of loans among banks of group; rate of interest; notes accepted for advances as collateral security for Federal reserve notes; foreign obligations as security for advances
- Section 347b - Advances to individual member banks on time or demand notes; maturities; time notes secured by mortgage loans covering one-to-four family residences
- Section 347c - Advances to individuals, partnerships, and corporations; security; interest rate
- Section 347d - Transactions between Federal Reserve banks and branch or agency of foreign bank; matters considered
- Section 348 - Discount of obligations given for agricultural purposes or based upon livestock; collateral security for Federal reserve notes
- Section 348a - Transactions with foreign banks; supervision of Board of Governors of the Federal Reserve System
- Section 349 - Rediscount for intermediate credit banks of obligations given for agricultural purposes; discount of notes made pursuant to section 1031
- Section 350 - Purchase and sale of debentures and like obligations of intermediate credit banks and agricultural credit corporations
- Section 351 - Obligations of cooperative marketing association as issued or drawn for agricultural purposes
- Section 352 - Limitation on amount of obligations of certain maturities which may be discounted and rediscounted
- Section 352a - Repealed. Pub. L. 85-699, title VI, §601, Aug. 21, 1958, 72 Stat. 697
- Section 353 - Purchase and sale of cable transfers, acceptances and bills
- Section 354 - Transactions involving gold coin, bullion, and certificates
- Section 355 - Purchase and sale of obligations of National, State, and municipal governments; open market operations; purchases and sales from or to United States; maximum aggregate amount of obligations acquired directly from or loaned directly to United States
- Section 356 - Purchase of commercial paper from member banks and sale of same
- Section 357 - Establishment of rates of discount
- Section 358 - Establishment of accounts for purposes of open-market operations; correspondents and agencies
- Section 359 - Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations
- Section 359a - Omitted
- Section 360 - Receiving checks and drafts on deposit at par; charges for collections, exchange, and clearances
- Section 361 - Bills receivable, bills of exchange, acceptances; regulations by Board of Governors
- Section 362 to 364 - Omitted
- Subchapter X - POWERS AND DUTIES OF MEMBER BANKS (§§ 371 - 378)
- Section 371 - Real estate loans
- Section 371a - Repealed. Pub. L. 111-203, title VI, §627(a)(1), July 21, 2010, 124 Stat. 1640
- Section 371b - Rate of interest on time deposits; payment of time deposits before maturity; waiver of notice requirements for withdrawal of savings deposits
- Section 371b-1 - Repealed. Pub. L. 96-221, title V, §529, Mar. 31, 1980, 94 Stat. 168
- Section 371b-2 - Interbank liabilities
- Section 371c - Banking affiliates
- Section 371c-1 - Restrictions on transactions with affiliates
- Section 371d - Investment in bank premises or stock of corporation holding premises
- Section 372 - Bankers’ acceptances
- Section 373 - Acceptance of drafts or bills drawn by banks in foreign countries or dependencies of United States for purpose of dollar exchange
- Section 374 - Acting as agent for nonmember bank in getting discounts from reserve bank
- Section 374a - Acting as agent for nonbanking borrower in making loans on securities to dealers in stocks, bonds, etc.; penalties
- Section 375 - [Reserved
- Section 375a - Loans to executive officers of banks
- Section 375b - Extensions of credit to executive officers, directors, and principal shareholders of member banks
- Section 376 - Rate of interest paid to directors, etc.
- Section 377 - Repealed. Pub. L. 106-102, title I, §101(a), Nov. 12, 1999, 113 Stat. 1341
- Section 378 - Dealers in securities engaging in banking business; individuals or associations engaging in banking business; examinations and reports; penalties
- Subchapter XI - DEPOSITARIES AND FISCAL AGENTS (§§ 391 - 395)
- Section 391 - Federal reserve banks as Government depositaries and fiscal agents
- Section 391a - Reimbursement of Federal Reserve Banks
- Section 392 - Depositaries of Government funds as confined to banks in Federal reserve system; member banks as depositaries
- Section 393 - Federal reserve banks as depositaries for Farm Credit System
- Section 394 - Federal reserve banks as depositaries for and fiscal agents of Home Owners’ Loan Corporation
- Section 395 - Federal reserve banks as depositaries, custodians and fiscal agents for Commodity Credit Corporation
- Subchapter XII - FEDERAL RESERVE NOTES (§§ 411 - 422)
- Section 411 - Issuance to reserve banks; nature of obligation; redemption
- Section 412 - Application for notes; collateral required
- Section 413 - Distinctive letter and serial number of notes; cancellation of notes unfit for circulation; accounting; apportionment of credit among Federal Reserve banks
- Section 414 - Authority of Board of Governors respecting issuance of notes; interest; lien
- Section 415 - Reduction of liability for outstanding notes by depositing notes and collateral and payment of notes of series prior to 1928; reissue of deposited notes
- Section 416 - Withdrawal of collateral deposited to protect notes and substitution of other collateral; retirement of notes; payment of notes of series prior to 1928; recovery of collateral; reissue of deposited notes
- Section 417 - Custody and safe-keeping of notes issued to and collateral deposited with Reserve agent
- Section 418 - Printing of notes; denomination and form
- Section 419 - Delivery of notes prior to delivery to banks
- Section 420 - Control and direction of plates and dies; expense of issue and retirement of notes paid by banks
- Section 421 - Examination of plates and dies
- Section 422 - Omitted
- Subchapter XIII - CIRCULATING NOTES AND BONDS SECURING SAME (§§ 441 - 448)
- Subchapter XIV - BANK RESERVES (§§ 461 - 467)
- Section 461 - Reserve requirements
- Section 462 - Omitted
- Section 462a - Repealed. Pub. L. 97-258, §5(b), Sept. 13, 1982, 96 Stat. 1068
- Section 462a-1 - Repealed. Pub. L. 89-597, §2(d), Sept. 21, 1966, 80 Stat. 824
- Section 462b, 462c - Omitted
- Section 463 - Limitation on amount of balance with any depository institution without access to Federal Reserve advances
- Section 464 - Checking against and withdrawal of reserve balance
- Section 465 - Basis for ascertaining deposits against which required balance is determined
- Section 466 - Reserves of banks in dependencies or insular possessions
- Section 467 - Deposits of gold coin, gold certificates, and Special Drawing Right certificates with United States Treasurer
- Subchapter XV - BANK EXAMINATIONS (§§ 481 - 486)
- Section 481 - Appointment of examiners; examination of member banks, State banks, and trust companies; reports
- Section 482 - Employees of Office of Comptroller of the Currency; appointment; compensation and benefits
- Section 483 - Special examination of member banks; information of condition furnished to Board of Governors of the Federal Reserve System
- Section 484 - Limitation on visitorial powers
- Section 485 - Examination of Federal reserve banks
- Section 486 - Waiver of requirements as to reports from or examinations of affiliates
- Subchapter XVI - CIVIL LIABILITY OF FEDERAL RESERVE AND MEMBER BANKS, SHAREHOLDERS, AND OFFICERS (§§ 501 - 506)
- Section 501 - Liability of Federal reserve or member bank for certifying check when amount of deposit was inadequate
- Section 501a - Forfeiture of franchise of national banks for failure to comply with provisions of this chapter
- Section 502 - Liability of shareholders of Federal reserve banks on contracts, etc.
- Section 503 - Liability of directors and officers of member banks
- Section 504 - Civil money penalty
- Section 505 - Civil money penalty
- Section 506 - Notice after separation from service
- Subchapter XVII - RESERVE-BANK BRANCHES (§§ 521 - 522)
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