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12 U.S.C. § 371b — Rate of interest on time deposits; payment of time deposits before maturity; waiver of notice requirements for withdrawal of savings deposits
Federal law — U.S. Code and appendices · legal_authorities
The Board may from time to time, after consulting with the Board of Directors of the Federal Deposit Insurance Corporation and the Federal Home Loan Bank Board, prescribe rules governing the advertisement of interest on deposits by member banks on time and savings deposits. The provisions of this section shall not apply to any deposit which is payable only at an office of a member bank located outside of the States of the United States and the District of Columbia. During the period commencing on October 15, 1962, and ending on October 15, 1968, the provisions of this paragraph shall not apply to the rate of interest which may be paid by member banks on time deposits of foreign governments, monetary and financial authorities of foreign governments when acting as such, or international financial institutions of which the United States is a member.
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Source location: Title 12, Chapter 3, § 371b; chapter-003-federal-reserve-system.md
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The Board may from time to time, after consulting with the Board of Directors of the Federal Deposit Insurance Corporation and the Federal Home Loan Bank Board, prescribe rules governing the advertisement of interest on deposits by member banks on time and savings deposits. The provisions of this section shall not apply to any deposit which is payable only at an office of a member bank located outside of the States of the United States and the District of Columbia. During the period commencing on October 15, 1962, and ending on October 15, 1968, the provisions of this paragraph shall not apply to the rate of interest which may be paid by member banks on time deposits of foreign governments, monetary and financial authorities of foreign governments when acting as such, or international financial institutions of which the United States is a member.
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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
### Statutory Notes
Section, acts July 22, 1932, ch. 522, § 17, 47 Stat. 736; 1947 Reorg. Plan No. 3, eff. July 27, 1947, 12 F.R. 4981, 61 Stat. 954; Aug. 11, 1955, ch. 783, title I, § 109(a)(3), 69 Stat. 640; June 29, 1977, Pub. L. 95–56, 91 Stat. 252; Aug. 4, 1977, Pub. L. 95–90, §§ 1, 2, 91 Stat. 564; Oct. 15, 1982, Pub. L. 97–320, title I, § 127, 96 Stat. 1486; Jan. 12, 1983, Pub. L. 97–457, § 8, 96 Stat. 2507; Nov. 30, 1983, Pub. L. 98–181, title I [title VII, § 702(b)], 97 Stat. 1267, set forth powers and duties, etc., of Federal Home Loan Bank Board.
#### Transfer of Functions, Personnel, and Property of Federal Savings and Loan Insurance Corporation and Federal Home Loan Bank Board
Pub. L. 101–73, title IV, §§ 401–406, Aug. 9, 1989, 103 Stat. 354–363, as amended by Pub. L. 102–233, title III, § 313, Dec. 12, 1991, 105 Stat. 1770; Pub. L. 111–203, title III, § 367(5), July 21, 2010, 124 Stat. 1556, provided that: “SEC. 401. FSLIC AND FEDERAL HOME LOAN BANK BOARD ABOLISHED.“(a) In general.—“(1) FSLIC.—Effective on the date of the enactment of this Act [Aug. 9, 1989], the Federal Savings and Loan Insurance Corporation established under section 402 of the National Housing Act [former [12 U.S.C. 1725](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1725&num=0&edition=prelim)] is abolished. “(2) FHLBB.—Effective at the end of the 60-day period beginning on the date of the enactment of this Act, the Federal Home Loan Bank Board and the position of Chairman of the Federal Home Loan Bank Board are abolished. “(b) Disposition of Affairs.—“(1) In general.—During the 60-day period beginning on the date of the enactment of this Act [Aug. 9, 1989], the Chairman of the Federal Home Loan Bank Board—“(A) shall, solely for the purpose of winding up t
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Federal law — U.S. Code and appendices · legal_authorities
Page 139
TITLE 12—BANKS AND BANKING
§ 371b
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1982 AMENDMENT
Pub. L. 97–320, title IV, § 403(c), Oct. 15, 1982, 96 Stat.
1511, provided that: ‘‘This section [amending this sec-
tion and section 92 of this title] shall take effect upon
the expiration of one hundred and eighty days after the
date of its enactment [Oct. 15, 1982].’’
REPEALS
Repealing provisions of Consolidated Farmers Home
Administration Act of 1961 as not having the effect of
repealing the amendments to this section enacted by
act July 22, 1937, § 15(a), as added Aug. 14, 1946, and Aug.
28, 1937, § 10(f), as added Aug. 17, 1954, see section 341(a)
of Pub. L. 87–128, title III, Aug. 8, 1961, 75 Stat. 318, set
out as a References in Other Laws note under section
1921 of Title 7, Agriculture.
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.
§ 371a. Repealed. Pub. L. 111–203, title VI,
§ 627(a)(1), July 21, 2010, 124 Stat. 1640
Section, act Dec. 23, 1913, ch. 6, § 19(i), formerly § 19
par. (12), as added June 16, 1933, ch. 89, § 11(b), 48 Stat.
181; amended Aug. 23, 1935, ch. 614, title III, § 324(c), 49
Stat. 714; Proc. No. 2695, eff. July 4, 1946, 11 F.R. 7517,
60 Stat. 1352; renumbered § 19(i), Pub. L. 89–597, § 2(b),
Sept. 21, 1966, 80 Stat. 824; Pub. L. 96–161, title I, § 101(a),
Dec. 28, 1979, 93 Stat. 1233; Pub. L. 96–221, title III,
§§ 302(a), 307, Mar. 31, 1980, 94 Stat. 145, 147, prohibited
member banks from paying interest on any deposit
payable on demand but included savings provisions and
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