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12 U.S.C. § 601 — Authorization; conditions and regulations
Federal law — U.S. Code and appendices · legal_authorities
Any national banking association possessing a capital and surplus of $1,000,000 or more may file application with the Board of Governors of the Federal Reserve System for permission to exercise, upon such conditions and under such regulations as may be prescribed by the said board, the following powers:
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Stable record: federal_law:legal_authorities:record_usc_0f75a99c71a631f73efb4f8d
Source file: Laws/federal/codes/united-states-code/title-12/section-601-authorization-conditions-and-regulations--dcda003577.md
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Source location: Title 12, Chapter 6, § 601; chapter-006-foreign-banking.md
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Any national banking association possessing a capital and surplus of $1,000,000 or more may file application with the Board of Governors of the Federal Reserve System for permission to exercise, upon such conditions and under such regulations as may be prescribed by the said board, the following powers:
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Federal law — U.S. Code and appendices · legal_authorities
Every national banking association operating foreign branches shall be required to furnish information concerning the condition of such branches to the Comptroller of the Currency upon demand, and every member bank investing in the capital stock of banks or corporations described in [section 601 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section601&num=0&edition=prelim) shall be required to furnish information concerning the condition of such banks or corporations to the Board of Governors of the Federal Reserve System upon demand, and the Board of Governors of the Federal Reserve System may order special examinations of the said branches, banks, or corporations at such time or times as it may deem best.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 602
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Federal law — U.S. Code and appendices · legal_authorities
Every national banking association operating foreign branches shall conduct the accounts of each foreign branch independently of the accounts of other foreign branches established by it and of its home office, and shall at the end of each fiscal period transfer to its general ledger the profit or loss accrued at each branch as a separate item.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 604
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Federal law — U.S. Code and appendices · legal_authorities
Regulations issued by the Board of Governors of the Federal Reserve System under this subchapter, in addition to regulating powers which a foreign branch may exercise under other provisions of law, may authorize such a foreign branch, subject to such conditions and requirements as such regulations may prescribe, to exercise such further powers as may be usual in connection with the transaction of the business of banking in the places where such foreign branch shall transact business. Such regulations shall not authorize a foreign branch to engage in the general business of producing, distributing, buying or selling goods, wares, or merchandise; nor, except to such limited extent as the Board may deem to be necessary with respect to securities issued by any “foreign state” as defined in [section 632 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section632&num=0&edition=prelim), shall such regulations authorize a foreign branch to engage or participate, directly or indirectly, in the business of underwriting, selling, or distributing securities.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 604a
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Federal law — U.S. Code and appendices · legal_authorities
Before any national bank shall be permitted to purchase stock in any corporation described in [section 601 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section601&num=0&edition=prelim), the said corporation shall enter into an agreement or undertaking with the Board of Governors of the Federal Reserve System to restrict its operations or conduct its business in such manner or under such limitations and restrictions as the said board may prescribe for the place or places wherein such business is to be conducted. If at any time the Board of Governors of the Federal Reserve System shall ascertain that the regulations prescribed by it are not being complied with, said board is authorized and empowered to institute an investigation of the matter and to send for persons and papers, subpoena witnesses, and administer oaths in order to satisfy itself as to the actual nature of the transactions referred to. Should such investigation result in establishing the failure of the corporation in question, or of the national bank or banks which may be stockholders therein, to comply with the regulations laid down by the said Board of Governors of the Federal Reserve System, such national banks may be required to dispose of stock holdings in the said corporation upon reasonable notice.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 603
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, act Dec. 23, 1913, ch. 6, § 25 (par.), 38 Stat. 273, as amended by act Sept. 7, 1916, ch. 461, 39 Stat. 755, related to interlocking directors, officers, and employees. See [section 19 of Title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section19&num=0&edition=prelim), Commerce and Trade.
Section was comprised of the former seventh undesignated par. of section 25 of act Dec. 23, 1913, which comprises this subchapter. For classification of other pars. of section 25 of this Act, see Codification note under [section 601 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section601&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 605
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Termination of insurance**
(1) **Voluntary termination** — Any insured depository institution which is not—
(A) a national member bank;
(B) a State member bank;
(C) a Federal branch;
(D) a Federal savings association; or
(E) an insured branch which is required to be insured under subsection (a) or (b) 11 See References in Text note below. of [section 3104 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3104&num=0&edition=prelim),
may terminate such depository institution’s status as an insured depository institution if such insured institution provides written notice to the Corporation of the institution’s intent to terminate such status not less than 90 days before the effective date of such termination.
(2) **Involuntary termination**
(A) *Notice to primary regulator* — If the Board of Directors determines that—
(i) an insured depository institution or the directors or trustees of an insured depository institution have engaged or are engaging in unsafe or unsound practices in conducting the business of the depository institution;
(ii) an insured depository institution is in an unsafe or unsound condition to continue operations as an insured institution; or
(iii) an insured depository institution or the directors or trustees of the insured institution have violated any applicable law, regulation, order, condition imposed in writing by the Corporation in connection with the approval of any application or other request by the insured depository institution, or written agreement entered into between the insured depository institution and the Corporation,
the Board of Directors shall notify the appropriate Federal banking agency with respect to such institution (if other than the Corp
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1818
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Prohibition**
(1) **In general** — Except with the prior written consent of the Corporation—
(A) any person who has been convicted of any criminal offense involving dishonesty or a breach of trust or money laundering, or has agreed to enter into a pretrial diversion or similar program in connection with a prosecution for such offense, may not—
(i) become, or continue as, an institution-affiliated party with respect to any insured depository institution;
(ii) own or control, directly or indirectly, any insured depository institution; or
(iii) otherwise participate, directly or indirectly, in the conduct of the affairs of any insured depository institution; and
(B) any insured depository institution may not permit any person referred to in subparagraph (A) to engage in any conduct or continue any relationship prohibited under such subparagraph.
(2) **Minimum 10-year prohibition period for certain offenses**
(A) *In general* — If the offense referred to in paragraph (1)(A) in connection with any person referred to in such paragraph is—
(i) an offense under—
(I) section 215, 656, 657, 1005, 1006, 1007, 1008,11 See References in Text note below. 1014, 1032, 1344, 1517, 1956, or 1957 of title 18; or
(II) section 1341 or 1343 of such title which affects any financial institution (as defined in section 20 of such title); or
(ii) the offense of conspiring to commit any such offense,
the Corporation may not consent to any exception to the application of paragraph (1) to such person during the 10-year period beginning on the date the conviction or the agreement of the person becomes final.
(B) *Exception by order of sentencing court*
(i) *In general* — On motion of the Corporation, the court in which the convictio
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1829
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Ownership or control of voting shares of any company not a bank; engagement in activities other than banking** Except as otherwise provided in this chapter, no bank holding company shall—
(1) after May 9, 1956, acquire direct or indirect ownership or control of any voting shares of any company which is not a bank, or
(2) after two years from the date as of which it becomes a bank holding company, or in the case of a company which has been continuously affiliated since May 15, 1955, with a company which was registered under the Investment Company Act of 1940 [[15 U.S.C. 80a–1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–1&num=0&edition=prelim) et seq.], prior to May 15, 1955, in such a manner as to constitute an affiliated company within the meaning of that Act, after December 31, 1978, or, in the case of any company which becomes, as a result of the enactment of the Bank Holding Company Act Amendments of 1970, a bank holding company on December 31, 1970, after December 31, 1980, retain direct or indirect ownership or control of any voting shares of any company which is not a bank or bank holding company or engage in any activities other than (A) those of banking or of managing or controlling banks and other subsidiaries authorized under this chapter or of furnishing services to or performing services for its subsidiaries, and (B) those permitted under paragraph (8) of subsection (c) of this section subject to all the conditions specified in such paragraph or in any order or regulation issued by the Board under such paragraph: Provided, That a company covered in 1970 may also engage in those activities in which directly or through a subsidiary (i) it was lawfully engaged on June 30, 1968 (or on a date subsequent to June 30, 196
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1843
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authorization to conduct in subsidiaries certain activities that are financial in nature**
(1) **In general** — Subject to paragraph (2), a national bank may control a financial subsidiary, or hold an interest in a financial subsidiary.
(2) **Conditions and requirements** — A national bank may control a financial subsidiary, or hold an interest in a financial subsidiary, only if—
(A) the financial subsidiary engages only in—
(i) activities that are financial in nature or incidental to a financial activity pursuant to subsection (b); and
(ii) activities that are permitted for national banks to engage in directly (subject to the same terms and conditions that govern the conduct of the activities by a national bank);
(B) the activities engaged in by the financial subsidiary as a principal do not include—
(i) insuring, guaranteeing, or indemnifying against loss, harm, damage, illness, disability, or death (except to the extent permitted under section 302 or 303(c) of the Gramm-Leach-Bliley Act [[15 U.S.C. 6712](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6712&num=0&edition=prelim) or 6713(c)]) or providing or issuing annuities the income of which is subject to tax treatment under [section 72 of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section72&num=0&edition=prelim);
(ii) real estate development or real estate investment activities, unless otherwise expressly authorized by law; or
(iii) any activity permitted in subparagraph (H) or (I) of [section 1843(k)(4) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1843/k/4&num=0&edition=prelim), except activities described in [section 1843(k)(4)(H) of this title](https://uscode.house
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 24a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Regulations** The Bureau shall prescribe such regulations as may be necessary to carry out the purposes of this chapter. These regulations may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Bureau are necessary and proper to effectuate the purposes of this chapter, and prevent circumvention or evasion thereof, or to facilitate compliance therewith.
**(b) Powers of certain other agencies**
(1) **In general** — Subject to subtitle B of the Consumer Financial Protection Act of 2010 [[12 U.S.C. 5511](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5511&num=0&edition=prelim) et seq.], compliance with the requirements of this chapter shall be enforced—
(A) under [section 1818 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818&num=0&edition=prelim), the appropriate Federal banking agency, as defined in [section 1813(q) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim), with respect to—
(i) any national bank or Federal savings association, and any Federal branch or Federal agency of a foreign bank;
(ii) any member bank of the Federal Reserve System (other than a national bank), branch or agency of a foreign bank (other than a Federal branch, Federal agency, and insured State branch of a foreign bank), commercial lending company owned or controlled by a foreign bank, and any organization operating under section 25 or 25A of the Federal Reserve Act [[12 U.S.C. 601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section601&num=0&edition=prelim) et seq., 611 et seq.]; an
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2804
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