Title 12 — Banks and Banking
Chapter 3. Federal Reserve System
168 sections
Subchapter I — Definitions, Organization, and General Provisions Affecting System
- 221Definitions
- 221aAdditional definitions
- 222Federal reserve districts; membership of national banks
- 223Number of Federal reserve cities in district
- 224Status of reserve cities under former statutes
- 225Federal reserve banks; title
- 225aMaintenance of long run growth of monetary and credit aggregates
- 225bAppearances before and reports to the Congress
- 226“Federal Reserve Act”
- 227“Banking Act of 1933”
- 228“Banking Act of 1935”
Subchapter II — Board of Governors of the Federal Reserve System
- 241Creation; membership; compensation and expenses
- 242Ineligibility to hold office in member banks; qualifications and terms of office of members; chairman and vice chairman; oath of office
- 243Assessments upon Federal reserve banks to pay expenses
- 244Principal offices of Board; chairman of Board; obligations and expenses; qualifications of members; vacancies
- 245Vacancies during recess of Senate
- 246Powers of Secretary of the Treasury as affected by chapter
- 247Reports to Congress
- 247aRecords of action on policy relating to open-market operation and policies determined generally; inclusion in report to Congress
- 247bAppearances before Congress
- 248Enumerated powers
- 248–1Rules and regulations for transfer of funds and charges therefor among banks; clearing houses
- 248aPricing of services
- 248bAnnual independent audits of Federal reserve banks and Board
- 248cMaster account and services database
- 249Repealed. Pub. L. 94–412, title V, § 501(c)
- 250Independence of financial regulatory agencies
- 251Repealed. Pub. L. 104–208, div. A, title II, § 2224(a)
- 252Credit availability assessment
- 253Open data publication by the Board of Governors
Subchapter III — Federal Advisory Council
Subchapter IV — Federal Open Market Committee
Subchapter V — Federal Deposit Insurance Corporation
Subchapter VI — Capital and Stock of Federal Reserve Banks; Dividends and Earnings
- 281Capital
- 282Subscription to capital stock by national banking association
- 283Public subscription to capital stock
- 284Omitted
- 285Nonvoting stock
- 286Transfers of stock; rules and regulations
- 287Value of shares of stock; increase and decrease of stock; member banks as shareholders; surrender of shares
- 288Cancellation of stock held by member bank on insolvency or discontinuance of banking operations for sixty days; repayment of cash-paid subscriptions
- 289Dividends and surplus funds of reserve banks; transfer for fiscal year 2000
- 290Use of earnings transferred to the Treasury
Subchapter VII — Directors of Federal Reserve Banks; Reserve Agents and Assistants
- 301Powers and duties of board of directors; suspension of member bank for undue use of bank credit
- 302Number of members; classes
- 303Qualifications and disabilities
- 304Class A and class B directors; selection
- 305Class C directors; selection; “Federal reserve agent”
- 306Assistants to Federal reserve agent
- 307Compensation of directors
- 308Terms of directors; vacancies
Subchapter VIII — State Banks as Members of System
- 321Application for membership
- 322Determination on application
- 323Stock in Federal reserve banks; method of payment
- 324Laws applicable on becoming members
- 325Examinations
- 326Acceptance of examinations and reports by State authorities; special examinations
- 327Surrender of stock and cancellation of memberships
- 328Withdrawals from membership
- 329Capital stock required as condition precedent to membership
- 329aOmitted
- 330Laws applicable on becoming members; discounts for State banks
- 331Certifying checks on State banks admitted as members
- 332Depositaries of public money; financial agents; security required
- 333Mutual savings banks; application and admission to membership in Federal Reserve System
- 334Reports from affiliates; penalty for failure to furnish
- 335Dealing in investment securities; limitations and conditions
- 336Certificates of stock; representation of stock of other corporations
- 337Repealed. Pub. L. 89–485, § 13(g)
- 338Examination of affiliates; forfeiture of membership on refusal of affiliate to give information or pay expense
- 338aInvestments to promote public welfare and community development; limitation on investments
- 339Participation by State member banks in lotteries and related activities
- 339aResolution of clearing banks
Subchapter IX — Powers and Duties of Federal Reserve Banks
- 341General enumeration of powers
- 342Deposits; exchange and collection; member and nonmember banks or other depository institutions; charges
- 343Discount of obligations arising out of actual commercial transactions
- 344Discount or purchase of bills to finance agricultural shipments
- 345Rediscount of notes, drafts, and bills for member banks; limitation of amount
- 346Discount of acceptances
- 347Advances to member banks on their notes
- 347aAdvances 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
- 347bAdvances to individual member banks on time or demand notes; maturities; time notes secured by mortgage loans covering one-to-four family residences
- 347cAdvances to individuals, partnerships, and corporations; security; interest rate
- 347dTransactions between Federal Reserve banks and branch or agency of foreign bank; matters considered
- 348Discount of obligations given for agricultural purposes or based upon livestock; collateral security for Federal reserve notes
- 348aTransactions with foreign banks; supervision of Board of Governors of the Federal Reserve System
- 349Rediscount for intermediate credit banks of obligations given for agricultural purposes; discount of notes made pursuant to section 1031
- 350Purchase and sale of debentures and like obligations of intermediate credit banks and agricultural credit corporations
- 351Obligations of cooperative marketing association as issued or drawn for agricultural purposes
- 352Limitation on amount of obligations of certain maturities which may be discounted and rediscounted
- 352aRepealed. Pub. L. 85–699, title VI, § 601
- 353Purchase and sale of cable transfers, acceptances and bills
- 354Transactions involving gold coin, bullion, and certificates
- 355Purchase 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
- 356Purchase of commercial paper from member banks and sale of same
- 357Establishment of rates of discount
- 358Establishment of accounts for purposes of open-market operations; correspondents and agencies
- 359Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations
- 359aOmitted
- 360Receiving checks and drafts on deposit at par; charges for collections, exchange, and clearances
- 361Bills receivable, bills of exchange, acceptances; regulations by Board of Governors
- 362 to 364Omitted
Subchapter X — Powers and Duties of Member Banks
- 371Real estate loans
- 371aRepealed. Pub. L. 111–203, title VI, § 627(a)(1)
- 371bRate of interest on time deposits; payment of time deposits before maturity; waiver of notice requirements for withdrawal of savings deposits
- 371b–1Repealed. Pub. L. 96–221, title V, § 529
- 371b–2Interbank liabilities
- 371cBanking affiliates
- 371c–1Restrictions on transactions with affiliates
- 371dInvestment in bank premises or stock of corporation holding premises
- 372Bankers’ acceptances
- 373Acceptance of drafts or bills drawn by banks in foreign countries or dependencies of United States for purpose of dollar exchange
- 374Acting as agent for nonmember bank in getting discounts from reserve bank
- 374aActing as agent for nonbanking borrower in making loans on securities to dealers in stocks, bonds, etc.; penalties
- 375[Reserved]
- 375aLoans to executive officers of banks
- 375bExtensions of credit to executive officers, directors, and principal shareholders of member banks
- 376Rate of interest paid to directors, etc.
- 377Repealed. Pub. L. 106–102, title I, § 101(a)
- 378Dealers in securities engaging in banking business; individuals or associations engaging in banking business; examinations and reports; penalties
Subchapter XI — Depositaries and Fiscal Agents
- 391Federal reserve banks as Government depositaries and fiscal agents
- 391aReimbursement of Federal Reserve Banks
- 392Depositaries of Government funds as confined to banks in Federal reserve system; member banks as depositaries
- 393Federal reserve banks as depositaries for Farm Credit System
- 394Federal reserve banks as depositaries for and fiscal agents of Home Owners’ Loan Corporation
- 395Federal reserve banks as depositaries, custodians and fiscal agents for Commodity Credit Corporation
Subchapter XII — Federal Reserve Notes
- 411Issuance to reserve banks; nature of obligation; redemption
- 412Application for notes; collateral required
- 413Distinctive letter and serial number of notes; cancellation of notes unfit for circulation; accounting; apportionment of credit among Federal Reserve banks
- 414Authority of Board of Governors respecting issuance of notes; interest; lien
- 415Reduction of liability for outstanding notes by depositing notes and collateral and payment of notes of series prior to 1928; reissue of deposited notes
- 416Withdrawal 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
- 417Custody and safe-keeping of notes issued to and collateral deposited with Reserve agent
- 418Printing of notes; denomination and form
- 419Delivery of notes prior to delivery to banks
- 420Control and direction of plates and dies; expense of issue and retirement of notes paid by banks
- 421Examination of plates and dies
- 422Omitted
- 423Central bank digital currency
Subchapter XIII — Circulating Notes and Bonds Securing Same
Subchapter XIV — Bank Reserves
- 461Reserve requirements
- 462Omitted
- 462aRepealed. Pub. L. 97–258, § 5(b)
- 462a–1Repealed. Pub. L. 89–597, § 2(d)
- 462b, 462cOmitted
- 463Limitation on amount of balance with any depository institution without access to Federal Reserve advances
- 464Checking against and withdrawal of reserve balance
- 465Basis for ascertaining deposits against which required balance is determined
- 466Reserves of banks in dependencies or insular possessions
- 467Deposits of gold coin, gold certificates, and Special Drawing Right certificates with United States Treasurer
Subchapter XV — Bank Examinations
- 481Appointment of examiners; examination of member banks, State banks, and trust companies; reports
- 482Employees of Office of Comptroller of the Currency; appointment; compensation and benefits
- 483Special examination of member banks; information of condition furnished to Board of Governors of the Federal Reserve System
- 484Limitation on visitorial powers
- 485Examination of Federal reserve banks
- 486Waiver of requirements as to reports from or examinations of affiliates
Subchapter XVI — Civil Liability of Federal Reserve and Member Banks, Shareholders, and Officers
- 501Liability of Federal reserve or member bank for certifying check when amount of deposit was inadequate
- 501aForfeiture of franchise of national banks for failure to comply with provisions of this chapter
- 502Liability of shareholders of Federal reserve banks on contracts, etc.
- 503Liability of directors and officers of member banks
- 504Civil money penalty
- 505Civil money penalty
- 506Notice after separation from service