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12 U.S.C. § 463 — Limitation on amount of balance with any depository institution without access to Federal Reserve advances
Federal law — U.S. Code and appendices · legal_authorities
No member bank shall keep on deposit with any depository institution which is not authorized to have access to Federal Reserve advances under section 347b 11 See References in Text note below. of this title a sum in excess of 10 per centum of its own paid-up capital and surplus.
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Source file: Laws/federal/codes/united-states-code/title-12/section-463-limitation-on-amount-of-balance-with-any-depository-institution-without--c2fbac8a66.md
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Source location: Title 12, Chapter 3, § 463; chapter-003-federal-reserve-system.md
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No member bank shall keep on deposit with any depository institution which is not authorized to have access to Federal Reserve advances under section 347b 11 See References in Text note below. of this title a sum in excess of 10 per centum of its own paid-up capital and surplus.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Any Federal Reserve bank, under rules and regulations prescribed by the Board of Governors of the Federal Reserve System, may make advances to any member bank on its time or demand notes having maturities of not more than four months and which are secured to the satisfaction of such Federal Reserve bank. Notwithstanding the foregoing, any Federal Reserve bank, under rules and regulations prescribed by the Board of Governors of the Federal Reserve System, may make advances to any member bank on its time notes having such maturities as the Board may prescribe and which are secured by mortgage loans covering a one-to-four family residence. Such advances shall bear interest at a rate equal to the lowest discount rate in effect at such Federal Reserve bank on the date of such note.
**(b) Limitations on advances**
(1) **Limitation on extended periods** — Except as provided in paragraph (2), no advances to any undercapitalized depository institution by any Federal Reserve bank under this section may be outstanding for more than 60 days in any 120-day period.
(2) **Viability exception**
(A) *In general* — If—
(i) the head of the appropriate Federal banking agency certifies in advance in writing to the Federal Reserve bank that any depository institution is viable; or
(ii) the Board conducts an examination of any depository institution and the Chairman of the Board certifies in writing to the Federal Reserve bank that the institution is viable,
the limitation contained in paragraph (1) shall not apply during the 60-day period beginning on the date such certification is received.
(B) *Extensions of period* — The 60-day period may be extended for additional 60-day periods upon receipt by the Federal Reserve bank of additional written certi
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 347b
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Federal law — U.S. Code and appendices · legal_authorities
The Board of Governors of the Federal Reserve System shall be authorized and empowered:
**(a) Examination of accounts and affairs of banks; publication of weekly statements; reports of liabilities and assets of depository institutions; covered institutions**
(1) To examine at its discretion the accounts, books, and affairs of each Federal reserve bank and of each member bank and to require such statements and reports as it may deem necessary. The said board shall publish once each week a statement showing the condition of each Federal reserve bank and a consolidated statement for all Federal reserve banks. Such statements shall show in detail the assets and liabilities of the Federal reserve banks, single and combined, and shall furnish full information regarding the character of the money held as reserve and the amount, nature, and maturities of the paper and other investments owned or held by Federal reserve banks.
(2) To require any depository institution specified in this paragraph to make, at such intervals as the Board may prescribe, such reports of its liabilities and assets as the Board may determine to be necessary or desirable to enable the Board to discharge its responsibility to monitor and control monetary and credit aggregates. Such reports shall be made (A) directly to the Board in the case of member banks and in the case of other depository institutions whose reserve requirements under sections 461, 463, 464, 465, and 466 of this title exceed zero, and (B) for all other reports to the Board through the (i) Federal Deposit Insurance Corporation in the case of insured State savings associations that are insured depository institutions (as defined in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 248
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Federal law — U.S. Code and appendices · legal_authorities
No member bank shall act as the medium or agent of a nonmember bank in applying for or receiving discounts from a Federal reserve bank under the provisions of this chapter, except by permission of the Board of Governors of the Federal Reserve System.
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Federal law — U.S. Code and appendices · legal_authorities
Page 169
TITLE 12—BANKS AND BANKING
§ 463
1 See References in Text note below.
of this title), was repealed by Pub. L. 96–221, title II,
§ 207(a), Mar. 31, 1980, 94 Stat. 144.
ELIMINATION
OR
REDUCTION
OF
INTEREST
RATE
DIF-
FERENTIAL
BETWEEN
SAVINGS
BANKS
AND
SAVINGS
AND LOAN, BUILDING AND LOAN, OR HOMESTEAD AS-
SOCIATIONS
Pub. L. 94–200, title I, § 102, Dec. 31, 1975, 89 Stat. 1124,
as amended by Pub. L. 95–630, title XVI, § 1602, Nov. 10,
1978, 92 Stat. 3713, which had provided that an interest
rate differential for any category of deposits or ac-
counts which was in effect on December 10, 1975, be-
tween (1) any bank (other than a savings bank) the de-
posits of which were insured by the Federal Deposit In-
surance Corporation and (2) any savings and loan,
building and loan, or homestead association (including
cooperative banks) the deposits or accounts of which
were insured by the Federal Savings and Loan Insur-
ance Corporation or any mutual savings bank as de-
fined in section 3(f) of the Federal Deposit Insurance
Act (12 U.S.C. 1813(j)) [section 1813(f) of this title] could
not be eliminated or reduced unless (A) written notifi-
cation was given by the Board of Governors of the Fed-
eral Reserve System to the Congress; and (B) the House
of Representatives and the Senate approved, by concur-
rent resolution, the proposed elimination or reduction
of the interest rate differential, was repealed by Pub. L.
97–320, title III, § 326(a), Oct. 15, 1982, 96 Stat. 1500. See
section 326(b)–(d) of Pub. L. 97–320, set out as a note
under section 1828 of this title. See, also, section
207(b)(1) of Pub. L. 96–221 providing for repeal of section
102 of Pub. L. 94–200 effective 6 years after Mar. 31, 1980.
INTEREST RATES: CONTROLS
Pub. L. 89–597, § 1, Sept. 2
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 463
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