Browse Arkansas Code titles and sections
12 U.S.C. § 347 — Advances to member banks on their notes
Federal law — U.S. Code and appendices · legal_authorities
Any Federal reserve bank may make advances for periods not exceeding fifteen days to its member banks on their promissory notes secured by the deposit or pledge of bonds, notes, certificates of indebtedness, or Treasury bills of the United States, or by the deposit or pledge of debentures or other such obligations of Federal intermediate credit banks which are eligible for purchase by Federal reserve banks under [section 350 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section350&num=0&edition=prelim), or by the deposit or pledge of bonds issued under the provisions of subsection (c) of section 1463 11 See References in Text note below. of this title; and any Federal reserve bank may make advances for periods not exceeding ninety days to its member banks on their promissory notes secured by such notes, drafts, bills of exchange, or bankers’ acceptances as are eligible for rediscount or for purchase by Federal reserve banks under the provisions of this chapter, or secured by such obligations as are eligible for purchase under [section 355 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section355&num=0&edition=prelim). All such advances shall be made at rates to be established by such Federal reserve banks, such rates to be subject to the review and determination of the Board of Governors of the Federal Reserve System. If any member bank to which any such advance has been made shall, during the life or continuance of such advance, and despite an official warning of the reserve bank of the district or of the Board of Governors of the Federal Reserve System to the contrary, increase its outstanding loans secured by collateral in the form of stocks, bonds, debentures, or other such obligations, or lo
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 347
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: a1cae7c2c29334b1c1e3e06c5c6a82d40c4f0cbcc9bfafcf768afa1b5b6bbf6a. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_877cb6c4dda6e760d24516ce
Source file: Laws/federal/codes/united-states-code/title-12/section-347-advances-to-member-banks-on-their-notes--54317613a1.md
Pages: Not recorded – Not recorded
Passage SHA-256: 8b1cc72b5ab837cac66b16225c8d8de7241a9866fdd3929f24ae2a35dc4cbf92
Source location: Title 12, Chapter 3, § 347; chapter-003-federal-reserve-system.md
Stored source content
Any Federal reserve bank may make advances for periods not exceeding fifteen days to its member banks on their promissory notes secured by the deposit or pledge of bonds, notes, certificates of indebtedness, or Treasury bills of the United States, or by the deposit or pledge of debentures or other such obligations of Federal intermediate credit banks which are eligible for purchase by Federal reserve banks under [section 350 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section350&num=0&edition=prelim), or by the deposit or pledge of bonds issued under the provisions of subsection (c) of section 1463 11 See References in Text note below. of this title; and any Federal reserve bank may make advances for periods not exceeding ninety days to its member banks on their promissory notes secured by such notes, drafts, bills of exchange, or bankers’ acceptances as are eligible for rediscount or for purchase by Federal reserve banks under the provisions of this chapter, or secured by such obligations as are eligible for purchase under [section 355 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section355&num=0&edition=prelim). All such advances shall be made at rates to be established by such Federal reserve banks, such rates to be subject to the review and determination of the Board of Governors of the Federal Reserve System. If any member bank to which any such advance has been made shall, during the life or continuance of such advance, and despite an official warning of the reserve bank of the district or of the Board of Governors of the Federal Reserve System to the contrary, increase its outstanding loans secured by collateral in the form of stocks, bonds, debentures, or other such obligations, or loans made to members of any organized stock exchange, investment house, or dealer in securities, upon any obligation, note, or bill, secured or unsecured, for the purpose of purchasing and/or carrying stocks, bonds, or other investment securities (except obligations of the United States) such advance shall be deemed immediately due and payable, and such member bank shall be ineligible as a borrower at the reserve bank of the district under the provisions of this section for such period as the Board of Governors of the Federal Reserve System shall determine: Provided, That no temporary carrying or clearance loans made solely for the purpose of facilitating the purchase or delivery of securities offered for public subscription shall be included in the loans referred to in this section.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
Every Federal Reserve bank shall have power:
(1) To buy and sell, at home or abroad, bonds and notes of the United States, bonds issued under the provisions of subsection (c) of section 1463 11 See References in Text note below. of this title and having maturities from date of purchase of not exceeding six months, and bills, notes, revenue bonds, and warrants with a maturity from date of purchase of not exceeding six months, issued in anticipation of the collection of taxes or in anticipation of the receipt of assured revenues by any State, county, district, political subdivision, or municipality in the continental United States, including irrigation, drainage and reclamation districts, and obligations of, or fully guaranteed as to principal and interest by, a foreign government or agency thereof, such purchases to be made in accordance with rules and regulations prescribed by the Board of Governors of the Federal Reserve System. Notwithstanding any other provision of this chapter, any bonds, notes, or other obligations which are direct obligations of the United States or which are fully guaranteed by the United States as to principal and interest may be bought and sold without regard to maturities but only in the open market.
(2) To buy and sell in the open market, under the direction and regulations of the Federal Open Market Committee, any obligation which is a direct obligation of, or fully guaranteed as to principal and interest by, any agency of the United States.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 355
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Any Federal reserve bank may also buy and sell debentures and other such obligations issued by a Federal intermediate credit bank or by a national agricultural credit corporation, but only to the same extent as and subject to the same limitations as those upon which it may buy and sell bonds issued under title I of the Federal Farm Loan Act.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 350
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Savings associations**
(1) **Examination and safe and sound operation**
(A) *Federal savings associations* — The Comptroller shall provide for the examination and safe and sound operation of Federal savings associations.
(B) *State savings associations* — The Corporation shall provide for the examination and safe and sound operation of State savings associations.
(2) **Regulations for savings associations** — The Comptroller may prescribe regulations with respect to savings associations, as the Comptroller determines to be appropriate to carry out the purposes of this chapter.
(3) **Safe and sound housing credit to be encouraged** — The Comptroller and the Corporation shall exercise all powers granted to the Comptroller and the Corporation under this chapter so as to encourage savings associations to provide credit for housing safely and soundly.
**(b) Accounting and disclosure**
(1) **In general** — The Comptroller shall, by regulation, prescribe uniform accounting and disclosure standards for savings associations, to be used in determining savings associations’ compliance with all applicable regulations.
(2) **Specific requirements for accounting standards** — Subject to [section 1464(t) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1464/t&num=0&edition=prelim), the uniform accounting standards prescribed under paragraph (1) shall—
(A) incorporate generally accepted accounting principles to the same degree that such principles are used to determine compliance with regulations prescribed by the Federal banking agencies; and
(B) allow for no deviation from full compliance with such standards as are in effect after December 31, 1993.
(3) **Authority to prescribe more stringent accounting standards** —
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1463
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Any Federal reserve bank may receive from any of its member banks, or other depository institutions, and from the United States, deposits of current funds in lawful money, national-bank notes, Federal reserve notes, or checks, and drafts, payable upon presentation or other items, and also, for collection, maturing notes and bills; or, solely for purposes of exchange or of collection may receive from other Federal reserve banks deposits of current funds in lawful money, national-bank notes, or checks upon other Federal reserve banks, and checks and drafts, payable upon presentation within its district or other items, and maturing notes and bills payable within its district; or, solely for the purposes of exchange or of collection, may receive from any nonmember bank or trust company or other depository institution deposits of current funds in lawful money, national-bank notes, Federal reserve notes, checks and drafts payable upon presentation or other items, or maturing notes and bills: Provided, Such nonmember bank or trust company or other depository institution maintains with the Federal Reserve bank of its district a balance in such amount as the Board determines taking into account items in transit, services provided by the Federal Reserve bank, and other factors as the Board may deem appropriate: Provided further, That nothing in this or any other section of this chapter shall be construed as prohibiting a member or nonmember bank or other depository institution from making reasonable charges, to be determined and regulated by the Board of Governors of the Federal Reserve System, but in no case to exceed 10 cents per $100 or fraction thereof, based on the total of checks and drafts presented at any one time, for collection or payment of checks and drafts and remiss
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 342
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
The short title of the Act of December 23, 1913, ch. 6, 38 Stat. 251, shall be the “Federal Reserve Act.”
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 226
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 125
TITLE 12—BANKS AND BANKING
§ 347
1 See References in Text note below.
purchase bills of exchange payable at sight or on
demand which grow out of the domestic ship-
ment or the exportation of nonperishable, read-
ily marketable agricultural and other staples
and are secured by bills of lading or other ship-
ping documents conveying or securing title to
such staples: Provided, That all such bills of ex-
change shall be forwarded promptly for collec-
tion, and demand for payment shall be made
with reasonable promptness after the arrival of
such staples at their destination: Provided fur-
ther, That no such bill shall in any event be held
by or for the account of a Federal reserve bank
for a period in excess of ninety days. In dis-
counting such bills Federal reserve banks may
compute the interest to be deducted on the basis
of the estimated life of each bill and adjust the
discount after payment of such bills to conform
to the actual life thereof.
(Dec. 23, 1913, ch. 6, § 13 (par.), as added Mar. 4,
1923, ch. 252, title IV, § 402, 42 Stat. 1479; amended
May 29, 1928, ch. 884, 45 Stat. 975; Aug. 23, 1935,
ch. 614, title II, § 203(a), 49 Stat. 704.)
Editorial Notes
CODIFICATION
Section is comprised of the fourth par. of section 13
of act Dec. 23, 1913, as amended. The act of Mar. 4, 1923,
split the second par. of section 13, as amended in 1916
(39 Stat. 752), into two pars., the first of which con-
stitutes the first par. of section 343 of this title and the
second as this section, making it the third par. of sec-
tion 13. However, the third par. became the fourth par.
when act July 21, 1932, added a new par. to follow the
second par. For further details, see Codification note
set out under section 343 of this title. For classification
to t
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 347
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.