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12 U.S.C. § 3303 — Financial Institutions Examination Council
Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment; composition** There is established the Financial Institutions Examination Council which shall consist of—
(1) the Comptroller of the Currency,
(2) the Chairman of the Board of Directors of the Federal Deposit Insurance Corporation,
(3) a Governor of the Board of Governors of the Federal Reserve System designated by the Chairman of the Board,
(4) the Director of the Consumer Financial Protection Bureau,
(5) the Chairman of the National Credit Union Administration Board, and
(6) the Chairman of the State Liaison Committee.
**(b) Chairmanship** The members of the Council shall select the first chairman of the Council. Thereafter the chairmanship shall rotate among the members of the Council.
**(c) Term of office** The term of the Chairman of the Council shall be two years.
**(d) Designation of officers and employees** The members of the Council may, from time to time, designate other officers or employees of their respective agencies to carry out their duties on the Council.
**(e) Compensation and expenses** Each member of the Council shall serve without additional compensation but shall be entitled to reasonable expenses incurred in carrying out his official duties as such a member.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3303
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Stable record: federal_law:legal_authorities:record_usc_96605d39664017fa499df076
Source file: Laws/federal/codes/united-states-code/title-12/section-3303-financial-institutions-examination-council--910f1e8acc.md
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Source location: Title 12, Chapter 34, § 3303; chapter-034-federal-financial-institutions-examination-council.md
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**(a) Establishment; composition** There is established the Financial Institutions Examination Council which shall consist of—
(1) the Comptroller of the Currency,
(2) the Chairman of the Board of Directors of the Federal Deposit Insurance Corporation,
(3) a Governor of the Board of Governors of the Federal Reserve System designated by the Chairman of the Board,
(4) the Director of the Consumer Financial Protection Bureau,
(5) the Chairman of the National Credit Union Administration Board, and
(6) the Chairman of the State Liaison Committee.
**(b) Chairmanship** The members of the Council shall select the first chairman of the Council. Thereafter the chairmanship shall rotate among the members of the Council.
**(c) Term of office** The term of the Chairman of the Council shall be two years.
**(d) Designation of officers and employees** The members of the Council may, from time to time, designate other officers or employees of their respective agencies to carry out their duties on the Council.
**(e) Compensation and expenses** Each member of the Council shall serve without additional compensation but shall be entitled to reasonable expenses incurred in carrying out his official duties as such a member.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions.—** For purposes of this section—
(1) the term “agency” means agency as defined in section 552(e) 11 See References in Text note below. of this title;
(2) the term “individual” means a citizen of the United States or an alien lawfully admitted for permanent residence;
(3) the term “maintain” includes maintain, collect, use, or disseminate;
(4) the term “record” means any item, collection, or grouping of information about an individual that is maintained by an agency, including, but not limited to, his education, financial transactions, medical history, and criminal or employment history and that contains his name, or the identifying number, symbol, or other identifying particular assigned to the individual, such as a finger or voice print or a photograph;
(5) the term “system of records” means a group of any records under the control of any agency from which information is retrieved by the name of the individual or by some identifying number, symbol, or other identifying particular assigned to the individual;
(6) the term “statistical record” means a record in a system of records maintained for statistical research or reporting purposes only and not used in whole or in part in making any determination about an identifiable individual, except as provided by [section 8 of title 13](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title13-section8&num=0&edition=prelim);
(7) the term “routine use” means, with respect to the disclosure of a record, the use of such record for a purpose which is compatible with the purpose for which it was collected;
(8) the term “matching program”—
(A) means any computerized comparison of—
(i) two or more automated systems of records or a system of records with non-Federal records for the purpose
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 552a
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Federal law — U.S. Code and appendices · legal_authorities
(1) **In general** — No member bank may extend credit to any of its executive officers, directors, or principal shareholders, or to any related interest of such a person, except to the extent permitted under paragraphs (2), (3), (4), (5), and (6).
(2) **Preferential terms prohibited**
(A) *In general* — A member bank may extend credit to its executive officers, directors, or principal shareholders, or to any related interest of such a person, only if the extension of credit—
(i) is made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions by the bank with persons who are not executive officers, directors, principal shareholders, or employees of the bank;
(ii) does not involve more than the normal risk of repayment or present other unfavorable features; and
(iii) the bank follows credit underwriting procedures that are not less stringent than those applicable to comparable transactions by the bank with persons who are not executive officers, directors, principal shareholders, or employees of the bank.
(B) *Exception* — Nothing in this paragraph shall prohibit any extension of credit made pursuant to a benefit or compensation program—
(i) that is widely available to employees of the member bank; and
(ii) that does not give preference to any officer, director, or principal shareholder of the member bank, or to any related interest of such person, over other employees of the member bank.
(3) **Prior approval required** — A member bank may extend credit to a person described in paragraph (1) in an amount that, when aggregated with the amount of all other outstanding extensions of credit by that bank to each such person and that person’s related interests, would e
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 375b
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Study**
(1) **In general** — Not later than 12 months after September 30, 1996, and once every 60 months thereafter, the Board, in consultation with the Director of the Office of Thrift Supervision, the Comptroller of the Currency, the Board of Directors of the Corporation, the Administrator of the National Credit Union Administration, the Administrator of the Small Business Administration, and the Secretary of Commerce, shall conduct a study and submit a report to the Congress detailing the extent of small business lending by all creditors.
(2) **Contents of study** — The study required under paragraph (1) shall identify, to the extent practicable, those factors which provide policymakers with insights into the small business credit market, including—
(A) the demand for small business credit, including consideration of the impact of economic cycles on the levels of such demand;
(B) the availability of credit to small businesses;
(C) the range of credit options available to small businesses, such as those available from insured depository institutions and other providers of credit;
(D) the types of credit products used to finance small business operations, including the use of traditional loans, leases, lines of credit, home equity loans, credit cards, and other sources of financing;
(E) the credit needs of small businesses, including, if appropriate, the extent to which such needs differ, based upon product type, size of business, cash flow requirements, characteristics of ownership or investors, or other aspects of such business;
(F) the types of risks to creditors in providing credit to small businesses; and
(G) such other factors as the Board deems appropriate.
**(b) Use of existing data** The studies required by this section shall not
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 252
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Immunity**
(1) **Definitions** — In this section—
(A) the term “Bank Secrecy Act officer” means an individual responsible for ensuring compliance with the requirements mandated by subchapter II of chapter 53 of title 31 (commonly known as the “Bank Secrecy Act”);
(B) the term “broker-dealer” means a broker and a dealer, as those terms are defined in [section 78c(a) of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a&num=0&edition=prelim);
(C) the term “covered agency” means—
(i) a State financial regulatory agency, including a State securities or law enforcement authority and a State insurance regulator;
(ii) each of the Federal agencies represented in the membership of the Financial Institutions Examination Council established under [section 3303 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3303&num=0&edition=prelim);
(iii) a securities association registered under section 78o–3 of title 15;
(iv) the Securities and Exchange Commission;
(v) a law enforcement agency; or
(vi) a State or local agency responsible for administering adult protective service laws;
(D) the term “covered financial institution” means—
(i) a credit union;
(ii) a depository institution;
(iii) an investment adviser;
(iv) a broker-dealer;
(v) an insurance company;
(vi) an insurance agency; or
(vii) a transfer agent;
(E) the term “credit union” has the meaning given the term in [section 5301 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5301&num=0&edition=prelim);
(F) the term “depository institution” has the meaning given the term in [section 1813(c) of this title](https://uscode.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3423
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Federal law — U.S. Code and appendices · legal_authorities
Page 1516
TITLE 12—BANKS AND BANKING
§ 3301
1 So in original. The semicolon probably should be a period.
Attorney General under the Clayton Act [15
U.S.C. 12 et seq.] are available to the Attorney
General, irrespective of any jurisdictional tests
in the Clayton Act, including the power to take
enforcement actions in the same manner as if
the violation had been a violation of the Clayton
Act.
(b) All of the functions and powers of the At-
torney General or the Assistant Attorney Gen-
eral in charge of the Antitrust Division of the
Department of Justice are available to the At-
torney General or to such Assistant Attorney
General to investigate possible violations under
section 3206(6) 1 of this title in the same manner
as if such possible violations were possible viola-
tions of the Clayton Act [15 U.S.C. 12 et seq.].
(Pub. L. 95–630, title II, § 210, as added Pub. L.
97–320, title IV, § 426, Oct. 15, 1982, 96 Stat. 1524;
amended Pub. L. 111–203, title III, § 360(3), July
21, 2010, 124 Stat. 1549.)
Editorial Notes
REFERENCES IN TEXT
Section 3206(6) of this title, referred to in text, was
redesignated section 3206(5) by Pub. L. 111–203, title III,
§ 360(1)(E), July 21, 2010, 124 Stat. 1549.
The Clayton Act, referred to in text, is act Oct. 15,
1914, ch. 323, 38 Stat. 730, which is classified generally
to sections 12, 13, 14 to 19, 21, and 22 to 27 of Title 15,
Commerce and Trade, and sections 52 and 53 of Title 29,
Labor. For further details and complete classification
of this Act to the Code, see References in Text note set
out under section 12 of Title 15 and Tables.
AMENDMENTS
2010—Subsec. (a). Pub. L. 111–203 substituted ‘‘the en-
forcement functions of the Attorney General’’ for ‘‘his
enforcement functions’’.
Statutory Notes and Related
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3303
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.