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12 U.S.C. § 485 — Examination of Federal reserve banks
Federal law — U.S. Code and appendices · legal_authorities
The Board of Governors of the Federal Reserve System shall, at least once each year, order an examination of each Federal reserve bank, and upon joint application of ten member banks the Board of Governors of the Federal Reserve System shall order a special examination and report of the condition of any Federal reserve bank.
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Source location: Title 12, Chapter 3, § 485; chapter-003-federal-reserve-system.md
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The Board of Governors of the Federal Reserve System shall, at least once each year, order an examination of each Federal reserve bank, and upon joint application of ten member banks the Board of Governors of the Federal Reserve System shall order a special examination and report of the condition of any Federal reserve bank.
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Federal law — U.S. Code and appendices · legal_authorities
The Comptroller of the Currency, with the approval of the Secretary of the Treasury, shall appoint examiners who shall examine every national bank as often as the Comptroller of the Currency shall deem necessary. The examiner making the examination of any national bank shall have power to make a thorough examination of all the affairs of the bank and in doing so he shall have power to administer oaths and to examine any of the officers and agents thereof under oath and shall make a full and detailed report of the condition of said bank to the Comptroller of the Currency: Provided, That in making the examination of any national bank the examiners shall include such an examination of the affairs of all its affiliates other than member banks as shall be necessary to disclose fully the relations between such bank and such affiliates and the effect of such relations upon the affairs of such bank; and in the event of the refusal to give any information required in the course of the examination of any such affiliate, or in the event of the refusal to permit such examination, all the rights, privileges, and franchises of the bank shall be subject to forfeiture in accordance with section 2 of the Federal Reserve Act, as amended (U.S.C., title 12, secs. 141, 222–225, 281–286, and 502).11 See References in Text note below. The Comptroller of the Currency shall have power, and he is authorized, to publish the report of his examination of any national banking association or affiliate which shall not within one hundred and twenty days after notification of the recommendations or suggestions of the Comptroller, based on said examination, have complied with the same to his satisfaction. Ninety days’ notice prior to such publicity shall be given to the bank or affiliate.
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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
Page 175
TITLE 12—BANKS AND BANKING
§ 486
Editorial Notes
CODIFICATION
R.S. § 5240 derived from act June 3, 1864, ch. 106, § 54,
13 Stat. 116, which was part of the National Bank Act.
See section 38 of this title.
Section is comprised of fifth par. of R.S. § 5240, as
amended. See Codification note set out under section
481 of this title.
AMENDMENTS
1930—Act June 26, 1930, substituted second sentence
‘‘The expense of such examinations may, in the discre-
tion of the Federal Reserve Board, be assessed against
the banks examined, and, when so assessed, shall be
paid by the banks examined.’’ for ‘‘The expense of such
examinations shall be borne by the bank examined.’’
Statutory Notes and Related Subsidiaries
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of
Federal Reserve Board to Board of Governors of the
Federal Reserve System.
Executive Documents
EXCEPTION AS TO TRANSFER OF FUNCTIONS
Functions vested by any provision of law in Comp-
troller of the Currency, referred to in this section, not
included in transfer of functions to Secretary of the
Treasury, see note set out under section 1 of this title.
§ 484. Limitation on visitorial powers
(a) No national bank shall be subject to any
visitorial powers except as authorized by Fed-
eral law, vested in the courts of justice or such
as shall be, or have been exercised or directed by
Congress or by either House thereof or by any
committee of Congress or of either House duly
authorized.
(b) Notwithstanding subsection (a), lawfully
authorized State auditors and examiners may,
at reasonable times and upon reasonable notice
to a bank, review its records solely to ensure
compliance with applicable State unclaimed
property or escheat laws upon reasonable cause
to believe that the
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