§ 371b. Rate of interest on time deposits; payment of time deposits before maturity; waiver of notice requirements for withdrawal of savings deposits

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1913

   Gold Reserve Act of 1934

   Pub. L. 73–6 § 19(j) · 48 Stat. 337

   Enacted · 12 U.S.C. § 371b

   Dec. 23, 1913, ch. 6, § 19(j), formerly § 19 (par. 13), as added June 16, 1933, ch. 89, § 11(b), 48 Stat. 182

   Source evidence

   Code source credit
   Dec. 23, 1913, ch. 6, § 19(j), formerly § 19 (par. 13), as added June 16, 1933, ch. 89, § 11(b), 48 Stat. 182

2. 1962

   Pub. L. 87–827 § 1 · 76 Stat. 953

   Inserted · 12 U.S.C. § 371b

   Pub. L. 87–827 inserted sentence making this paragraph inapplicable, during the period commencing on October 15, 1962, and ending upon the expiration of three years after such date, to the rate of interest which may be paid by member banks on time deposits of foreign governments, monetary and financial authorities of foreign governments when acting as such, or international financial institutions of which the United States is a member

   Source evidence

   Code amendment note
   Pub. L. 87–827 inserted sentence making this paragraph inapplicable, during the period commencing on October 15, 1962, and ending upon the expiration of three years after such date, to the rate of interest which may be paid by member banks on time deposits of foreign governments, monetary and financial authorities of foreign governments when acting as such, or international financial institutions of which the United States is a member.

3. 1965

   Pub. L. 89–79 § 1 · 79 Stat. 243

   Changed · 12 U.S.C. § 371b

   Pub. L. 89–79 extended until Oct. 15, 1968, the period during which the provisions of this paragraph do not apply to the rate of interest payable by member banks on time deposits of foreign governments, monetary and financial authorities of foreign governments when acting as such, or international financial institutions of which the United States is a member

   Source evidence

   Code amendment note
   Pub. L. 89–79 extended until Oct. 15, 1968, the period during which the provisions of this paragraph do not apply to the rate of interest payable by member banks on time deposits of foreign governments, monetary and financial authorities of foreign governments when acting as such, or international financial institutions of which the United States is a member.

4. 1966

   Pub. L. 89–597 § 2(c) · 80 Stat. 823

   Struck · 12 U.S.C. § 371b

   Pub. L. 89–597, § 2(c), made authority of Board to prescribe maximum permissible rates of interest that may be paid by member banks on time and savings deposits discretionary rather than mandatory, required prior consultations with the FDIC Board and the FHLB Board, authorized different rate limitations for different classes of deposits, for deposits of different amounts, or according to such other reasonable bases as the Board may deem desirable in the public interest, and struck out provision for rate limitation according to the varying discount rates of member banks in the several Federal Reserve districts

   Source evidence

   Code amendment note
   Pub. L. 89–597, § 2(c), made authority of Board to prescribe maximum permissible rates of interest that may be paid by member banks on time and savings deposits discretionary rather than mandatory, required prior consultations with the FDIC Board and the FHLB Board, authorized different rate limitations for different classes of deposits, for deposits of different amounts, or according to such other reasonable bases as the Board may deem desirable in the public interest, and struck out provision for rate limitation according to the varying discount rates of member banks in the several Federal Reserve districts.

   Enacted provision · exact public law section
   (c) Such section is further amended by striking the first sentence 49 Stat. 715; 12 USC 371b. of subsection (j) as redesignated (12 U.S.C. 371) and inserting: “The Board may from time to time, after consulting with the Board of Directors of the Federal Deposit Insurance Corporation and the Federal Home Loan Bank Board, limit by regulation the rates of interest which may be paid by member banks on time and savings deposits. The Board may prescribe different rate limitations for different classes of deposits, for deposits of different amounts or with different maturities or subject to different conditions regarding withdrawal or repayment, according to the nature or location of member banks or their depositors, or according to such other reasonable bases as the Board may deem desirable in the public interest.”

5. 1968

   Pub. L. 90–505 § 2(a) · 82 Stat. 856

   Changed · 12 U.S.C. § 371b

   Pub. L. 90–505 gave Board power to prescribe rules governing the payment and advertising of interest on deposits

   Source evidence

   Code amendment note
   Pub. L. 90–505 gave Board power to prescribe rules governing the payment and advertising of interest on deposits.

   Enacted provision · exact public law section
   (a) The first sentence of section 19(j) of the Federal Reserve Act (12 U.S.C. 371b) is amended by changing “limit by regulation” to read “prescribe rules governing the payment and advertisement of interest on deposits, including limitations on”.

6. 1980

   Depository Institutions Deregulation Act of 1980

   Pub. L. 96–221 title II § 207(b)(4) · 94 Stat. 131

   Struck · 12 U.S.C. § 371b

   Pub. L. 96–221 struck out provisions relating to payment of interest on deposits, prescribing of different limitations by the Board for different classes of deposits, and payment of time deposits before maturity

   Source evidence

   Code amendment note
   Pub. L. 96–221 struck out provisions relating to payment of interest on deposits, prescribing of different limitations by the Board for different classes of deposits, and payment of time deposits before maturity.

   Enacted provision · exact public law section
   (4) the first sentence of section 19(j) of the Federal Reserve Act (12 U.S.C. 371b) is amended by striking out “payment and” and by striking out “, including limitations on the rates of interest which may be paid”;

   Effective date note
   Pub. L. 96–221, title II, § 207(b), Mar. 31, 1980, 94 Stat. 144, provided in part that the amendment made by that section is effective 6 years after Mar. 31, 1980.

3 of 6 references resolved to an enrolled provision · 3 partial