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12 U.S.C. § 85 — Rate of interest on loans, discounts and purchases
Federal law — U.S. Code and appendices · legal_authorities
Any association may take, receive, reserve, and charge on any loan or discount made, or upon any notes, bills of exchange, or other evidences of debt, interest at the rate allowed by the laws of the State, Territory, or District where the bank is located, or at a rate of 1 per centum in excess of the discount rate on ninety-day commercial paper in effect at the Federal reserve bank in the Federal reserve district where the bank is located, whichever may be the greater, and no more, except that where by the laws of any State a different rate is limited for banks organized under State laws, the rate so limited shall be allowed for associations organized or existing in any such State under title 62 of the Revised Statutes. When no rate is fixed by the laws of the State, or Territory, or District, the bank may take, receive, reserve, or charge a rate not exceeding 7 per centum, or 1 per centum in excess of the discount rate on ninety day commercial paper in effect at the Federal reserve bank in the Federal reserve district where the bank is located, whichever may be the greater, and such interest may be taken in advance, reckoning the days for which the note, bill, or other evidence of debt has to run. The maximum amount of interest or discount to be charged at a branch of an association located outside of the States of the United States and the District of Columbia shall be at the rate allowed by the laws of the country, territory, dependency, province, dominion, insular possession, or other political subdivision where the branch is located. And the purchase, discount, or sale of a bona fide bill of exchange, payable at another place than the place of such purchase, discount, or sale, at not more than the current rate of exchange for sight drafts in addition to the interes
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Stable record: federal_law:legal_authorities:record_usc_28a6bbe738af24c9ebf91c26
Source file: Laws/federal/codes/united-states-code/title-12/section-85-rate-of-interest-on-loans-discounts-and-purchases--8de3815365.md
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Source location: Title 12, Chapter 2, § 85; chapter-002-national-banks.md
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Any association may take, receive, reserve, and charge on any loan or discount made, or upon any notes, bills of exchange, or other evidences of debt, interest at the rate allowed by the laws of the State, Territory, or District where the bank is located, or at a rate of 1 per centum in excess of the discount rate on ninety-day commercial paper in effect at the Federal reserve bank in the Federal reserve district where the bank is located, whichever may be the greater, and no more, except that where by the laws of any State a different rate is limited for banks organized under State laws, the rate so limited shall be allowed for associations organized or existing in any such State under title 62 of the Revised Statutes. When no rate is fixed by the laws of the State, or Territory, or District, the bank may take, receive, reserve, or charge a rate not exceeding 7 per centum, or 1 per centum in excess of the discount rate on ninety day commercial paper in effect at the Federal reserve bank in the Federal reserve district where the bank is located, whichever may be the greater, and such interest may be taken in advance, reckoning the days for which the note, bill, or other evidence of debt has to run. The maximum amount of interest or discount to be charged at a branch of an association located outside of the States of the United States and the District of Columbia shall be at the rate allowed by the laws of the country, territory, dependency, province, dominion, insular possession, or other political subdivision where the branch is located. And the purchase, discount, or sale of a bona fide bill of exchange, payable at another place than the place of such purchase, discount, or sale, at not more than the current rate of exchange for sight drafts in addition to the interest, shall not be considered as taking or receiving a greater rate of interest.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Permissible activities**
(1) **In general** — After the end of the 1-year period beginning on December 19, 1991, an insured State bank may not engage as principal in any type of activity that is not permissible for a national bank unless—
(A) the Corporation has determined that the activity would pose no significant risk to the Deposit Insurance Fund; and
(B) the State bank is, and continues to be, in compliance with applicable capital standards prescribed by the appropriate Federal banking agency.
(2) **Processing period**
(A) *In general* — The Corporation shall make a determination under paragraph (1)(A) not later than 60 days after receipt of a completed application that may be required under this subsection.
(B) *Extension of time period* — The Corporation may extend the 60-day period referred to in subparagraph (A) for not more than 30 additional days, and shall notify the applicant of any such extension.
**(b) Insurance underwriting**
(1) **In general** — Notwithstanding subsection (a), an insured State bank may not engage in insurance underwriting except to the extent that activity is permissible for national banks.
(2) **Exception for certain federally reinsured crop insurance** — Notwithstanding any other provision of law, an insured State bank or any of its subsidiaries that provided insurance on or before September 30, 1991, which was reinsured in whole or in part by the Federal Crop Insurance Corporation may continue to provide such insurance.
**(c) Equity investments by insured State banks**
(1) **In general** — An insured State bank may not, directly or indirectly, acquire or retain any equity investment of a type that is not permissible for a national bank.
(2) **Exception for certain subsidiaries** — Paragraph (1) shall not pro
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1831a
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Federal law — U.S. Code and appendices · legal_authorities
The Act entitled “An Act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof,” approved June 3, 1864, shall be known as “The National Bank Act.”
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Cooperation with banks and other financial institutions** Wherever practicable the operations of a small business investment company, including the generation of business, may be undertaken in cooperation with banks or other investors or lenders, incorporated or unincorporated, and any servicing or initial investigation required for loans or acquisitions of securities by the company under the provisions of this chapter may be handled through such banks or other investors or lenders on a fee basis. Any small business investment company may receive fees for services rendered to such banks and other investors and lenders.
**(b) Use of advisory services; depository or fiscal agents; investment of funds** Each small business investment company may make use, wherever practicable, of the advisory services of the Federal Reserve System and of the Department of Commerce which are available for and useful to industrial and commercial businesses, and may provide consulting and advisory services on a fee basis and have on its staff persons competent to provide such services. Any Federal Reserve bank is authorized to act as a depository or fiscal agent for any company operating under provisions of this chapter. Any such company that is licensed before October 1, 2004 and has outstanding financings is authorized to invest funds not needed for its operations—
(1) in direct obligations of, or obligations guaranteed as to principal and interest by, the United States;
(2) in certificates of deposit or other accounts of federally insured banks or other federally insured depository institutions, if the certificates or other accounts mature or are otherwise fully available not more than 1 year after the date of the investment; or
(3) in mutual funds, securities, or other instrumen
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Applicability to loan, mortgage, credit sale, or advance; applicability to deposit, account, or obligation**
(1) The provisions of the constitution or the laws of any State expressly limiting the rate or amount of interest, discount points, finance charges, or other charges which may be charged, taken, received, or reserved shall not apply to any loan, mortgage, credit sale, or advance which is—
(A) secured by a first lien on residential real property, by a first lien on all stock allocated to a dwelling unit in a residential cooperative housing corporation, or by a first lien on a residential manufactured home;
(B) made after March 31, 1980; and
(C) described in section 527(b) of the National Housing Act ([12 U.S.C. 1735f–5(b)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1735f–5/b&num=0&edition=prelim)), except that for the purpose of this section—
(i) the limitation described in section 527(b)(1) of such Act that the property must be designed principally for the occupancy of from one to four families shall not apply;
(ii) the requirement contained in section 527(b)(1) of such Act that the loan be secured by residential real property shall not apply to a loan secured by stock in a residential cooperative housing corporation or to a loan or credit sale secured by a first lien on a residential manufactured home;
(iii) the term “federally related mortgage loan” in section 527(b) of such Act shall include a credit sale which is secured by a first lien on a residential manufactured home and which otherwise meets the definitional requirements of section 527(b) of such Act, as those requirements are modified by this section;
(iv) the term “residential loans” in section 527(b)(2)(D) of such Act shall also incl
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1749bbb to 1749bbb–2
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The provisions of the constitution of any State expressly limiting the rate or amount of interest, discount points, or other charges which may be charged, taken, received, or reserved by lenders and the provisions of any State law expressly limiting the rate or amount of interest, discount points, or other charges which may be charged, taken, received, or reserved shall not apply to any loan, mortgage, or advance which is insured under subchapter I or II of this chapter.
**(b)** The provisions of subsection (a) shall apply to loans, mortgages, or advances made or executed in any State until the effective date (after December 21, 1979) of a provision of law of that State limiting the rate or amount of interest, discount points, or other charges on any such loan, mortgage, or advance.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1749bbb–11 to 1749bbb–21
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Insurance logo**
(1) **Insured credit unions**
(A) *In general* — Each insured credit union shall display at each place of business maintained by that credit union a sign or signs relating to the insurance of the share accounts of the institution, in accordance with regulations to be prescribed by the Board.
(B) *Statement to be included* — Each sign required under subparagraph (A) shall include a statement that insured share accounts are backed by the full faith and credit of the United States Government.
(2) **Regulations** — The Board shall prescribe regulations to carry out this subsection, including regulations governing the substance of signs required by paragraph (1) and the manner of display or use of such signs.
(3) **Penalties** — For each day that an insured credit union continues to violate this subsection or any regulation issued under this subsection, it shall be subject to a penalty of not more than $100, which the Board may recover for its use.
**(b) Restrictions**
(1) Except as provided in paragraph (2), no insured credit union shall, without the prior approval of the Board—
(A) merge or consolidate with any noninsured credit union or institution;
(B) assume liability to pay any member accounts in, or similar liabilities of, any noninsured credit union or institution;
(C) transfer assets to any noninsured credit union or institution in consideration of the assumption of liabilities for any portion of the member accounts in such insured credit union; or
(D) convert into a noninsured credit union or institution.
(2) **Conversion of insured credit unions to mutual savings banks.—**
(A) *In general.—* — Notwithstanding paragraph (1), an insured credit union may convert to a mutual savings bank or savings association (if the
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1786a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment of Corporation** There is hereby established a Federal Deposit Insurance Corporation (hereinafter referred to as the “Corporation”) which shall insure, as hereinafter provided, the deposits of all banks and savings associations which are entitled to the benefits of insurance under this chapter, and which shall have the powers hereinafter granted.
**(b) Asset disposition division**
(1) **Establishment** — The Corporation shall have a separate division of asset disposition.
(2) **Management** — The division of asset disposition shall have an administrator who shall be appointed by the Board of Directors.
(3) **Responsibilities of division** — The division of asset disposition shall carry out all of the responsibilities of the Corporation under this chapter relating to the liquidation of insured depository institutions and the disposition of assets of such institutions.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1811
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Representations of deposit insurance**
(1) **Insured depository institutions**
(A) *In general* — Each insured depository institution shall display at each place of business maintained by that institution a sign or signs relating to the insurance of the deposits of the institution, in accordance with regulations to be prescribed by the Corporation.
(B) *Statement to be included* — Each sign required under subparagraph (A) shall include a statement that insured deposits are backed by the full faith and credit of the United States Government.
(2) **Regulations** — The Corporation shall prescribe regulations to carry out this subsection, including regulations governing the substance of signs required by paragraph (1) and the manner of display or use of such signs.
(3) **Penalties** — For each day that an insured depository institution continues to violate paragraph (1) or any regulation issued under paragraph (2), it shall be subject to a penalty of not more than $100, which the Corporation may recover for its use.
(4) **False advertising, misuse of FDIC names, and misrepresentation to indicate insured status**
(A) *Prohibition on false advertising and misuse of FDIC names* — No person may represent or imply that any deposit liability, obligation, certificate, or share is insured or guaranteed by the Corporation, if such deposit liability, obligation, certificate, or share is not insured or guaranteed by the Corporation—
(i) by using the terms “Federal Deposit”, “Federal Deposit Insurance”, “Federal Deposit Insurance Corporation”, any combination of such terms, or the abbreviation “FDIC” as part of the business name or firm name of any person, including any corporation, partnership, business trust, association, or other business entity; or
(ii)
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1828
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Interest rates** In order to prevent discrimination against State-chartered insured depository institutions, including insured savings banks, or insured branches of foreign banks with respect to interest rates, if the applicable rate prescribed in this subsection exceeds the rate such State bank or insured branch of a foreign bank would be permitted to charge in the absence of this subsection, such State bank or such insured branch of a foreign bank may, notwithstanding any State constitution or statute which is hereby preempted for the purposes of this section, take, receive, reserve, and charge on any loan or discount made, or upon any note, bill of exchange, or other evidence of debt, interest at a rate of not more than 1 per centum in excess of the discount rate on ninety-day commercial paper in effect at the Federal Reserve bank in the Federal Reserve district where such State bank or such insured branch of a foreign bank is located or at the rate allowed by the laws of the State, territory, or district where the bank is located, whichever may be greater.
**(b) Interest overcharge; forfeiture; interest payment recovery** If the rate prescribed in subsection (a) exceeds the rate such State bank or such insured branch of a foreign bank would be permitted to charge in the absence of this section, and such State fixed rate is thereby preempted by the rate described in subsection (a), the taking, receiving, reserving, or charging a greater rate of interest than is allowed by subsection (a), when knowingly done, shall be deemed a forfeiture of the entire interest which the note, bill, or other evidence of debt carries with it, or which has been agreed to be paid thereon. If such greater rate of interest has been paid, the person who paid it may recover in a civil
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1831d
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Approval of interstate merger transactions authorized**
(1) **In general** — Beginning on June 1, 1997, the responsible agency may approve a merger transaction under [section 1828(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1828/c&num=0&edition=prelim) between insured banks with different home States, without regard to whether such transaction is prohibited under the law of any State.
(2) **State election to prohibit interstate merger transactions**
(A) *In general* — Notwithstanding paragraph (1), a merger transaction may not be approved pursuant to paragraph (1) if the transaction involves a bank the home State of which has enacted a law after September 29, 1994, and before June 1, 1997, that—
(i) applies equally to all out-of-State banks; and
(ii) expressly prohibits merger transactions involving out-of-State banks.
(B) *No effect on prior approvals of merger transactions* — A law enacted by a State pursuant to subparagraph (A) shall have no effect on merger transactions that were approved before the effective date of such law.
(3) **State election to permit early interstate merger transactions**
(A) *In general* — A merger transaction may be approved pursuant to paragraph (1) before June 1, 1997, if the home State of each bank involved in the transaction has in effect, as of the date of the approval of such transaction, a law that—
(i) applies equally to all out-of-State banks; and
(ii) expressly permits interstate merger transactions with all out-of-State banks.
(B) *Certain conditions allowed* — A host State may impose conditions on a branch within such State of a bank resulting from an interstate merger transaction if—
(i) the conditions do not have the effect of discr
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1831u
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