Title 12 — Banks and Banking
Chapter 6 — Foreign Banking
§ 633. Potential liability on foreign accounts
Statutory text
Exceptions from repayment requirement
A member bank shall not be required to repay any deposit made at a foreign branch of the bank if the branch cannot repay the deposit due to—
an act of war, insurrection, or civil strife; or
an action by a foreign government or instrumentality (whether de jure or de facto) in the country in which the branch is located;
unless the member bank has expressly agreed in writing to repay the deposit under those circumstances.
Regulations
The Board and the Comptroller of the Currency may jointly prescribe such regulations as they deem necessary to implement this section.
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.
Riegle Community Development and Regulatory Improvement Act of 1994
Pub. L. 103–325 title III § 326(a) · 108 Stat. 2160
Enacted · 12 U.S.C. § 633
(Dec. 23, 1913, ch. 6, § 25C, as added Pub. L. 103–325, title III, § 326(a), Sept. 23, 1994, 108 Stat. 2229.)
Source evidence
Code source credit
(Dec. 23, 1913, ch. 6, § 25C, as added Pub. L. 103–325, title III, § 326(a), Sept. 23, 1994, 108 Stat. 2229.)Enacted provision · exact public law section
(a) Amendment to the Federal Reserve Act.— The Federal Reserve Act (12 U.S.C. 221 et seq.) is amended by inserting after section 25B the following new section: “SEC. 25C. POTENTIAL LIABILITY ON FOREIGN ACCOUNTS. “(a) Exceptions From Repayment Requirement.— A member bank shall not be required to repay any deposit made at a foreign branch of the bank if the branch cannot repay the deposit due “(1) an act of war, insurrection, or civil strife; or “(2) an action by a foreign government or instrumentality (whether de jure or de facto) in the country in which the branch is located; unless the member bank has expressly agreed in writing to repay the deposit under those circumstances. “(b) Regulations.— The Board and the Comptroller of the Currency may jointly prescribe such regulations as they deem necessary to implement this section.”.
1 of 1 references resolved to an enrolled provision
Editorial Notes
Codification
Section was enacted as section 25C of the Federal Reserve Act, and not as part of section 25A of that Act which comprises this subchapter.
Statutory Notes and Related Subsidiaries
Existing Claims Not Affected
Pub. L. 103–325, title III, § 326(c), , 108 Stat. 2229, provided that: “Section 25C of the Federal Reserve Act [this section] (as added by subsection (a)) shall not be applied retroactively and shall not be construed to affect or apply to any claim or cause of action addressed by that section arising from events or circumstances that occurred before the date of enactment of this Act [].”
Credits
(Dec. 23, 1913, ch. 6, § 25C, as added Pub. L. 103–325, title III, § 326(a), , 108 Stat. 2229.)