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12 U.S.C. § 462 — Omitted
Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
#### Codification
Section, acts Dec. 23, 1913, ch. 6, § 19 (par.), 38 Stat. 270; Aug. 15, 1914, ch. 252, 38 Stat. 691; June 21, 1917, ch. 32, § 10, 40 Stat. 239; Sept. 26, 1918, ch. 177, § 4, 40 Stat. 970; July 28, 1959, Pub. L. 86–114, §§ 1, 2(a), 3(b)(7)–(9), 73 Stat. 863, which related to balances member banks were required to keep in reserve banks, was omitted from the Code in view of the striking out of second through fifth pars. of section 19 of act Dec. 23, 1913 (formerly comprising this section), and incorporation of provisions of such paragraphs in subsecs. (a) to (c) of section 19 of act Dec. 23, 1913 by section 2(a) of Pub. L. 89–597, Sept. 21, 1966, 80 Stat. 823. See [section 461 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section461&num=0&edition=prelim).
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Source location: Title 12, Chapter 3, § 462; chapter-003-federal-reserve-system.md
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### Statutory Notes
#### Codification
Section, acts Dec. 23, 1913, ch. 6, § 19 (par.), 38 Stat. 270; Aug. 15, 1914, ch. 252, 38 Stat. 691; June 21, 1917, ch. 32, § 10, 40 Stat. 239; Sept. 26, 1918, ch. 177, § 4, 40 Stat. 970; July 28, 1959, Pub. L. 86–114, §§ 1, 2(a), 3(b)(7)–(9), 73 Stat. 863, which related to balances member banks were required to keep in reserve banks, was omitted from the Code in view of the striking out of second through fifth pars. of section 19 of act Dec. 23, 1913 (formerly comprising this section), and incorporation of provisions of such paragraphs in subsecs. (a) to (c) of section 19 of act Dec. 23, 1913 by section 2(a) of Pub. L. 89–597, Sept. 21, 1966, 80 Stat. 823. See [section 461 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section461&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment of applicable definitions, payment of interest, obligations as deposits, and regulations** The Board is authorized for the purposes of this section 11 See References in Text note below. to define the terms used in this section,1 to determine what shall be deemed a payment of interest, to determine what types of obligations, whether issued directly by a member bank or indirectly by an affiliate of a member bank or by other means, and, regardless of the use of the proceeds, shall be deemed a deposit, and to prescribe such regulations as it may deem necessary to effectuate the purposes of this section 1 and to prevent evasions thereof.
**(b) Additional definitions; required amounts of reserves maintained against transaction accounts; waiver of ratio limits in extraordinary circumstances; supplemental reserves; reserves related to foreign obligations or assets; exemption for certain deposits; discount and borrowing; transitional adjustments; additional exemptions and waivers; earnings on balances**
(1) The following definitions and rules apply to this subsection, subsection (c), and sections 248–1, 248a, 342, 360, and 412 of this title:
(A) The term “depository institution” means—
(i) any insured bank as defined in section 3 of the Federal Deposit Insurance Act [[12 U.S.C. 1813](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)] or any bank which is eligible to make application to become an insured bank under section 5 of such Act [[12 U.S.C. 1815](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1815&num=0&edition=prelim)];
(ii) any mutual savings bank as defined in section 3 of the Federal Deposit Insurance Act or any bank which is eligible to make applicatio
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Federal law — U.S. Code and appendices · legal_authorities
National banking associations located in reserve cities or central reserve cities shall maintain reserves provided for in [section 462 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section462&num=0&edition=prelim) for banks so located.
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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
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