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12 U.S.C. § 335 — Dealing in investment securities; limitations and conditions

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 335 — Dealing in investment securities; limitations and conditions

State member banks shall be subject to the same limitations and conditions with respect to the purchasing, selling, underwriting, and holding of investment securities and stock as are applicable in the case of national banks under paragraph “Seventh” of [section 24 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section24&num=0&edition=prelim). This section shall not apply to any interest held by a State member bank in accordance with [section 24a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section24a&num=0&edition=prelim) and subject to the same conditions and limitations provided in such section.

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Source location: Title 12, Chapter 3, § 335; chapter-003-federal-reserve-system.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 24a — Financial subsidiaries of national banks

**(a) Authorization to conduct in subsidiaries certain activities that are financial in nature** (1) **In general** — Subject to paragraph (2), a national bank may control a financial subsidiary, or hold an interest in a financial subsidiary. (2) **Conditions and requirements** — A national bank may control a financial subsidiary, or hold an interest in a financial subsidiary, only if— (A) the financial subsidiary engages only in— (i) activities that are financial in nature or incidental to a financial activity pursuant to subsection (b); and (ii) activities that are permitted for national banks to engage in directly (subject to the same terms and conditions that govern the conduct of the activities by a national bank); (B) the activities engaged in by the financial subsidiary as a principal do not include— (i) insuring, guaranteeing, or indemnifying against loss, harm, damage, illness, disability, or death (except to the extent permitted under section 302 or 303(c) of the Gramm-Leach-Bliley Act [[15 U.S.C. 6712](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6712&num=0&edition=prelim) or 6713(c)]) or providing or issuing annuities the income of which is subject to tax treatment under [section 72 of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section72&num=0&edition=prelim); (ii) real estate development or real estate investment activities, unless otherwise expressly authorized by law; or (iii) any activity permitted in subparagraph (H) or (I) of [section 1843(k)(4) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1843/k/4&num=0&edition=prelim), except activities described in [section 1843(k)(4)(H) of this title](https://uscode.house

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 24 — Corporate powers of associations

Upon duly making and filing articles of association and an organization certificate a national banking association shall become, as from the date of the execution of its organization certificate, a body corporate, and as such, and in the name designated in the organization certificate, it shall have power—

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1831w — Safety and soundness firewalls applicable to financial subsidiaries of banks

**(a) In general** An insured State bank may control or hold an interest in a subsidiary that engages in activities as principal that would only be permissible for a national bank to conduct through a financial subsidiary if— (1) the State bank and each insured depository institution affiliate of the State bank are well capitalized (after the capital deduction required by paragraph (2)); (2) the State bank complies with the capital deduction and financial statement disclosure requirements in [section 24a(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section24a/c&num=0&edition=prelim); (3) the State bank complies with the financial and operational safeguards required by [section 24a(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section24a/d&num=0&edition=prelim); and (4) the State bank complies with the amendments to sections 23A and 23B of the Federal Reserve Act [[12 U.S.C. 371c](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section371c&num=0&edition=prelim) and 371c–1] made by section 121(b) of the Gramm-Leach-Bliley Act. **(b) Preservation of existing subsidiaries** Notwithstanding subsection (a), an insured State bank may retain control of a subsidiary, or retain an interest in a subsidiary, that the State bank lawfully controlled or acquired before November 12, 1999, and conduct through such subsidiary any activities lawfully conducted in such subsidiary as of such date. **(c) Definitions** For purposes of this section, the following definitions shall apply: (1) **Subsidiary** — The term “subsidiary” means any company that is a subsidiary (as defined in [section 1813(w)(4) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3105 — Authority of Federal Reserve System

**(a) Bank reserves** (1) (A) Except as provided in paragraph (2) of this subsection, sections 371a,11 See References in Text note below. 371b, 371b–1,1 374, 374a, 461, 464, and 465 of this title shall apply to every Federal branch and Federal agency of a foreign bank in the same manner and to the same extent as if the Federal branch or Federal agency were a member bank as that term is defined in [section 221 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section221&num=0&edition=prelim); but the Board either by general or specific regulation or ruling may waive the minimum and maximum reserve ratios prescribed under sections 461, 463, 464, 465, and 466 of this title and may prescribe any ratio, not more than 22 per centum, for any obligation of any such Federal branch or Federal agency that the Board may deem reasonable and appropriate, taking into consideration the character of business conducted by such institutions and the need to maintain vigorous and fair competition between and among such institutions and member banks. The Board may impose reserve requirements on Federal branches and Federal agencies in such graduated manner as it deems reasonable and appropriate. (B) After consultation and in cooperation with the State bank supervisory authorities, the Board may make applicable to any State branch or State agency any requirement made applicable to, or which the Board has authority to impose upon, any Federal branch or agency under subparagraph (A) of this paragraph. (2) A branch or agency shall be subject to this subsection only if (A) its parent foreign bank has total worldwide consolidated bank assets in excess of $1,000,000,000; (B) its parent foreign bank is controlled by a foreign company which owns or controls f

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 335 — Dealing in investment securities; limita-

Page 118 TITLE 12—BANKS AND BANKING § 335 (Dec. 23, 1913, ch. 6, § 9 (pars.), as added June 16, 1933, ch. 89, § 5(c), 48 Stat. 165; amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 89–485, § 13(f), July 1, 1966, 80 Stat. 243.) Editorial Notes REFERENCES IN TEXT This subchapter, referred to in text, was in the origi- nal ‘‘this section’’, meaning section 9 of act Dec. 23, 1913, which is classified generally to this subchapter (§ 321 et seq.). CODIFICATION Section is comprised of the seventeenth to nineteenth pars. of act Dec. 23, 1913, as amended. These pars. con- stituted pars. fifteen to seventeen of section 9 in 1933 (48 Stat. 165), became pars. sixteen to eighteen in 1935 (49 Stat. 704), and became pars. seventeen to nineteen in 1950 (64 Stat. 458). For further details, see Codifica- tion notes set out under sections 321 and 329a of this title. AMENDMENTS 1966—Pub. L. 89–485 struck out last sentence of third par. stating that term ‘‘affiliate’’ shall include holding company affiliates as well as other affiliates for the purposes of such par. and preceding two pars. 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. § 335. Dealing in investment securities; limita- tions and conditions State member banks shall be subject to the same limitations and conditions with respect to the purchasing, selling, underwriting, and hold- ing of investment securities and stock as are ap- plicable in the case of national banks under paragraph ‘‘Seventh’’ of section 24 of this title. This section shall not apply to any interest held by a State member bank in accordance with sec- tion 24a of this title

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