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12 U.S.C. § 5468 — Operations of designated financial market utilities
Federal law — U.S. Code and appendices · legal_authorities
**(a) Federal Reserve account and services** The Board of Governors may authorize a Federal Reserve Bank to establish and maintain an account for a designated financial market utility and provide the services listed in section 11A(b) of the Federal Reserve Act ([12 U.S.C. 248a(b)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section248a/b&num=0&edition=prelim)) and deposit accounts under the first undesignated paragraph of section 13 of the Federal Reserve Act ([12 U.S.C. 342](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section342&num=0&edition=prelim)) to the designated financial market utility that the Federal Reserve Bank is authorized under the Federal Reserve Act [[12 U.S.C. 221](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section221&num=0&edition=prelim) et seq.] to provide to a depository institution, subject to any applicable rules, orders, standards, or guidelines prescribed by the Board of Governors.
**(b) Advances** The Board of Governors may authorize a Federal Reserve bank under section 10B of the Federal Reserve Act ([12 U.S.C. 347b](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section347b&num=0&edition=prelim)) to provide to a designated financial market utility discount and borrowing privileges only in unusual or exigent circumstances, upon the affirmative vote of a majority of the Board of Governors then serving (or such other number in accordance with the provisions of section 11(r)(2) of the Federal Reserve Act ([12 U.S.C. 248(r)(2)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section248/r/2&num=0&edition=prelim)) 11 So in original. Another closing parenthesis probably should appear. after consultation with the Secretary, and upo
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Source file: Laws/federal/codes/united-states-code/title-12/section-5468-operations-of-designated-financial-market-utilities--7b96314022.md
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Source location: Title 12, Chapter 53, § 5468; chapter-053-wall-street-reform-and-consumer-protection.md
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**(a) Federal Reserve account and services** The Board of Governors may authorize a Federal Reserve Bank to establish and maintain an account for a designated financial market utility and provide the services listed in section 11A(b) of the Federal Reserve Act ([12 U.S.C. 248a(b)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section248a/b&num=0&edition=prelim)) and deposit accounts under the first undesignated paragraph of section 13 of the Federal Reserve Act ([12 U.S.C. 342](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section342&num=0&edition=prelim)) to the designated financial market utility that the Federal Reserve Bank is authorized under the Federal Reserve Act [[12 U.S.C. 221](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section221&num=0&edition=prelim) et seq.] to provide to a depository institution, subject to any applicable rules, orders, standards, or guidelines prescribed by the Board of Governors.
**(b) Advances** The Board of Governors may authorize a Federal Reserve bank under section 10B of the Federal Reserve Act ([12 U.S.C. 347b](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section347b&num=0&edition=prelim)) to provide to a designated financial market utility discount and borrowing privileges only in unusual or exigent circumstances, upon the affirmative vote of a majority of the Board of Governors then serving (or such other number in accordance with the provisions of section 11(r)(2) of the Federal Reserve Act ([12 U.S.C. 248(r)(2)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section248/r/2&num=0&edition=prelim)) 11 So in original. Another closing parenthesis probably should appear. after consultation with the Secretary, and upon a showing by the designated financial market utility that it is unable to secure adequate credit accommodations from other banking institutions. All such discounts and borrowing privileges shall be subject to such other limitations, restrictions, and regulations as the Board of Governors may prescribe. Access to discount and borrowing privileges under section 10B of the Federal Reserve Act as authorized in this section does not require a designated financial market utility to be or become a bank or bank holding company.
**(c) Earnings on Federal Reserve balances** A Federal Reserve Bank may pay earnings on balances maintained by or on behalf of a designated financial market utility in the same manner and to the same extent as the Federal Reserve Bank may pay earnings to a depository institution under the Federal Reserve Act [[12 U.S.C. 221](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section221&num=0&edition=prelim) et seq.], subject to any applicable rules, orders, standards, or guidelines prescribed by the Board of Governors.
**(d) Reserve requirements** The Board of Governors may exempt a designated financial market utility from, or modify any, reserve requirements under section 19 of the Federal Reserve Act ([12 U.S.C. 461](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section461&num=0&edition=prelim)) applicable to a designated financial market utility.
**(e) Changes to rules, procedures, or operations**
(1) **Advance notice**
(A) *Advance notice of proposed changes required* — A designated financial market utility shall provide notice 60 days in advance notice 22 So in original. The word “notice” probably should not appear. to its Supervisory Agency of any proposed change to its rules, procedures, or operations that could, as defined in rules of each Supervisory Agency, materially affect, the nature or level of risks presented by the designated financial market utility.
(B) *Terms and standards prescribed by the Supervisory Agencies* — Each Supervisory Agency, in consultation with the Board of Governors, shall prescribe regulations that define and describe the standards for determining when notice is required to be provided under subparagraph (A).
(C) *Contents of notice* — The notice of a proposed change shall describe—
(i) the nature of the change and expected effects on risks to the designated financial market utility, its participants, or the market; and
(ii) how the designated financial market utility plans to manage any identified risks.
(D) *Additional information* — The Supervisory Agency may require a designated financial market utility to provide any information necessary to assess the effect the proposed change would have on the nature or level of risks associated with the designated financial market utility’s payment, clearing, or settlement activities and the sufficiency of any proposed risk management techniques.
(E) *Notice of objection* — The Supervisory Agency shall notify the designated financial market utility of any objection regarding the proposed change within 60 days from the later of—
(i) the date that the notice of the proposed change is received; or
(ii) the date any further information requested for consideration of the notice is received.
(F) *Change not allowed if objection* — A designated financial market utility shall not implement a change to which the Supervisory Agency has an objection.
(G) *Change allowed if no objection within 60 days* — A designated financial market utility may implement a change if it has not received an objection to the proposed change within 60 days of the later of—
(i) the date that the Supervisory Agency receives the notice of proposed change; or
(ii) the date the Supervisory Agency receives any further information it requests for consideration of the notice.
(H) *Review extension for novel or complex issues* — The Supervisory Agency may, during the 60-day review period, extend the review period for an additional 60 days for proposed changes that raise novel or complex issues, subject to the Supervisory Agency providing the designated financial market utility with prompt written notice of the extension. Any extension under this subparagraph will extend the time periods under subparagraphs (E) and (G).
(I) *Change allowed earlier if notified of no objection* — A designated financial market utility may implement a change in less than 60 days from the date of receipt of the notice of proposed change by the Supervisory Agency, or the date the Supervisory Agency receives any further information it requested, if the Supervisory Agency notifies the designated financial market utility in writing that it does not object to the proposed change and authorizes the designated financial market utility to implement the change on an earlier date, subject to any conditions imposed by the Supervisory Agency.
(2) **Emergency changes**
(A) *In general* — A designated financial market utility may implement a change that would otherwise require advance notice under this subsection if it determines that—
(i) an emergency exists; and
(ii) immediate implementation of the change is necessary for the designated financial market utility to continue to provide its services in a safe and sound manner.
(B) *Notice required within 24 hours* — The designated financial market utility shall provide notice of any such emergency change to its Supervisory Agency, as soon as practicable, which shall be no later than 24 hours after implementation of the change.
(C) *Contents of emergency notice* — In addition to the information required for changes requiring advance notice, the notice of an emergency change shall describe—
(i) the nature of the emergency; and
(ii) the reason the change was necessary for the designated financial market utility to continue to provide its services in a safe and sound manner.
(D) *Modification or rescission of change may be required* — The Supervisory Agency may require modification or rescission of the change if it finds that the change is not consistent with the purposes of this Act or any applicable rules, orders, or standards prescribed under [section 5464(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5464/a&num=0&edition=prelim).
(3) **Copying the Board of Governors** — The Supervisory Agency shall provide the Board of Governors concurrently with a complete copy of any notice, request, or other information it issues, submits, or receives under this subsection.
(4) **Consultation with Board of Governors** — Before taking any action on, or completing its review of, a change proposed by a designated financial market utility, the Supervisory Agency shall consult with the Board of Governors.
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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
**(a) In general** The Secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this subchapter.
**(b) Regulatory authority** Regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of grant programs, undertakings, or eligible entities, as, in the judgment of the Secretary, are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of this subchapter, or to facilitate compliance with this subchapter.
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Federal law — U.S. Code and appendices · legal_authorities
Wherever the word “bank” is used in this chapter, the word shall be held to include State bank, banking association, and trust company, except where national banks or Federal reserve banks are specifically referred to. For purposes of this chapter, a State bank includes any bank which is operating under the Code of Law for the District of Columbia.
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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
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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
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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.”
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Federal law — U.S. Code and appendices · legal_authorities
Page 83
TITLE 12—BANKS AND BANKING
§ 221
Sec.
375.
Reserved.
375a.
Loans to executive officers of banks.
375b.
Extensions of credit to executive officers, di-
rectors, and principal shareholders of mem-
ber banks.
376.
Rate of interest paid to directors, etc.
377.
Repealed.
378.
Dealers in securities engaging in banking
business; individuals or associations engag-
ing in banking business; examinations and
reports; penalties.
SUBCHAPTER XI—DEPOSITARIES AND FISCAL
AGENTS
391.
Federal reserve banks as Government deposi-
taries and fiscal agents.
391a.
Reimbursement of Federal Reserve Banks.
392.
Depositaries of Government funds as confined
to banks in Federal reserve system; mem-
ber banks as depositaries.
393.
Federal reserve banks as depositaries for
Farm Credit System.
394.
Federal reserve banks as depositaries for and
fiscal agents of Home Owners’ Loan Cor-
poration.
395.
Federal
reserve
banks
as
depositaries,
custodians and fiscal agents for Commodity
Credit Corporation.
SUBCHAPTER XII—FEDERAL RESERVE NOTES
411.
Issuance to reserve banks; nature of obliga-
tion; redemption.
412.
Application for notes; collateral required.
413.
Distinctive letter and serial number of notes;
cancellation of notes unfit for circulation;
accounting; apportionment of credit among
Federal Reserve banks.
414.
Authority of Board of Governors respecting
issuance of notes; interest; lien.
415.
Reduction of liability for outstanding notes
by depositing notes and collateral and pay-
ment of notes of series prior to 1928; reissue
of deposited notes.
416.
Withdrawal of collateral deposited to protect
notes and substitution of other collateral;
retirement of notes; payment of notes of se-
ries prior to 1928; recovery of collateral; re-
issue
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 221
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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
Page 93
TITLE 12—BANKS AND BANKING
§ 248
(Dec. 23, 1913, ch. 6, § 10(12), as added Pub. L.
111–203, title XI, § 1108(b), July 21, 2010, 124 Stat.
2126.)
Editorial Notes
CODIFICATION
Section is comprised of par. (12) of section 10 of act
Dec. 23, 1913. No par. between pars. (10) and (12) has
been enacted. For classification to this title of other
pars. of section 10, see Codification note set out under
section 241 of this title.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Section effective 1 day after July 21, 2010, except as
otherwise provided, see section 4 of Pub. L. 111–203, set
out as a note under section 5301 of this title.
§ 248. Enumerated powers
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 institu-
tions; 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 nec-
essary. The said board shall publish once each
week a statement showing the condition of each
Federal reserve bank and a consolidated state-
ment for all Federal reserve banks. Such state-
ments shall show in detail the assets and liabil-
ities of the Federal reserve banks, single and
combined, and shall furnish full information re-
garding the character of the money held as re-
serve 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 speci-
fied in this paragraph to make, at such intervals
as the Board may prescribe, such reports of its
liabilit
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 248
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Publication of pricing principles and proposed schedule of fees; effective date of schedule of fees** Not later than the first day of the sixth month after March 31, 1980, the Board shall publish for public comment a set of pricing principles in accordance with this section and a proposed schedule of fees based upon those principles for Federal Reserve bank services to depository institutions, and not later than the first day of the eighteenth month after March 31, 1980, the Board shall begin to put into effect a schedule of fees for such services which is based on those principles.
**(b) Covered services** The services which shall be covered by the schedule of fees under subsection (a) are—
(1) currency and coin services;
(2) check clearing and collection services;
(3) wire transfer services;
(4) automated clearinghouse services;
(5) settlement services;
(6) securities safekeeping services;
(7) Federal Reserve float; and
(8) any new services which the Federal Reserve System offers, including but not limited to payment services to effectuate the electronic transfer of funds.
**(c) Criteria applicable** The schedule of fees prescribed pursuant to this section shall be based on the following principles:
(1) All Federal Reserve bank services covered by the fee schedule shall be priced explicitly.
(2) All Federal Reserve bank services covered by the fee schedule shall be available to nonmember depository institutions and such services shall be priced at the same fee schedule applicable to member banks, except that nonmembers shall be subject to any other terms, including a requirement of balances sufficient for clearing purposes, that the Board may determine are applicable to member banks.
(3) Over the long run, fees shall be established on the basis of a
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