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12 U.S.C. § 3902 — Definitions

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

12 U.S.C. § 3902 — Definitions

For purposes of this chapter— (1) the term “appropriate Federal banking agency” has the same meaning given such term in [section 1813(q) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim), except that for purposes of this chapter such term means the Board of Governors of the Federal Reserve System for— (A) bank holding companies and any nonbank subsidiary thereof; (B) Edge Act corporations organized under section 25(a) 11 See References in Text note below. of the Federal Reserve Act [[12 U.S.C. 611](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section611&num=0&edition=prelim) et seq.]; and (C) Agreement Corporations operating under section 25 of the Federal Reserve Act [[12 U.S.C. 601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section601&num=0&edition=prelim) et seq.]; and (2) the term “banking institution” means— (A) (i) an insured bank as defined in [section 1813(h) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/h&num=0&edition=prelim) or any subsidiary of an insured bank; (ii) an Edge Act corporation organized under section 25(a) 1 of the Federal Reserve Act [[12 U.S.C. 611](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section611&num=0&edition=prelim) et seq.]; and (iii) an Agreement Corporation operating under section 25 of the Federal Reserve Act [[12 U.S.C. 601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section601&num=0&edition=prelim) et seq.]; and (B) to the extent determined by the appropriate Federal banking agency, any agency or branch of a foreign bank, and any commercial lending company owned or controlled by

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Source location: Title 12, Chapter 40, § 3902; chapter-040-international-lending-supervision.md

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

12 U.S.C. § 601 — Authorization; conditions and regulations

Any national banking association possessing a capital and surplus of $1,000,000 or more may file application with the Board of Governors of the Federal Reserve System for permission to exercise, upon such conditions and under such regulations as may be prescribed by the said board, the following powers:

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

12 U.S.C. § 3101 — Definitions

For the purposes of this chapter— (1) “agency” means any office or any place of business of a foreign bank located in any State of the United States at which credit balances are maintained incidental to or arising out of the exercise of banking powers, checks are paid, or money is lent but at which deposits may not be accepted from citizens or residents of the United States; (2) “Board” means the Board of Governors of the Federal Reserve System; (3) “branch” means any office or any place of business of a foreign bank located in any State of the United States at which deposits are received; (4) “Comptroller” means the Comptroller of the Currency; (5) “Federal agency” means an agency of a foreign bank established and operating under [section 3102 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3102&num=0&edition=prelim); (6) “Federal branch” means a branch of a foreign bank established and operating under [section 3102 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3102&num=0&edition=prelim); (7) “foreign bank” means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, which engages in the business of banking, or any subsidiary or affiliate, organized under such laws, of any such company. For the purposes of this chapter the term “foreign bank” includes, without limitation, foreign commercial banks, foreign merchant banks and other foreign institutions that engage in banking activities usual in connection with the business of banking in the countries where such foreign institutions are organized or operating; (8) “foreign country” means any country other than the United States, and

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

12 U.S.C. § 611 — Formation authorized; fiscal agents; depositaries in insular possessions

Corporations to be organized for the purpose of engaging in international or foreign banking or other international or foreign financial operations, or in banking or other financial operations in a dependency or insular possession of the United States, either directly or through the agency, ownership or control of local institutions in foreign countries, or in such dependencies or insular possessions as provided by this subchapter and to act when required by the Secretary of the Treasury as fiscal agents of the United States, may be formed by any number of natural persons, not less in any case than five: Provided, That nothing in this subchapter shall be construed to deny the right of the Secretary of the Treasury to use any corporation organized under this subchapter as depositaries in Panama and the Panama Canal Zone, or other insular possessions and dependencies of the United States.

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

12 U.S.C. § 3910 — Audit authority of Government Accountability Office

**(a) Scope of audit** (1) Under regulations of the Comptroller General, the Comptroller General shall audit the appropriate Federal banking agencies (as defined in [section 3902 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3902&num=0&edition=prelim)), but may carry out an onsite examination of an open insured bank or bank holding company only if the appropriate Federal banking agency has consented in writing. (2) An audit under this subsection may include a review or evaluation of the international regulation, supervision, and examination activities of the appropriate Federal banking agency, including the coordination of such activities with similar activities of regulatory authorities of a foreign government or international organization. (3) Audits of the Federal Reserve Board and Federal Reserve banks may not include— (A) transactions for, or with, a foreign central bank, government of a foreign country, or nonprivate international financing organization; (B) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, or open market operations; (C) transactions made under the direction of the Federal Open Market Committee; or (D) a part of a discussion or communication among or between members of the Board of Governors of the Federal Reserve System and officers and employees of the Federal Reserve System related to subparagraphs (A) through (C) of this paragraph. **(b) Limits on disclosure** (1) (A) Except as provided in this subsection, an officer or employee of the Government Accountability Office may not disclose information identifying an open bank, an open bank holding company, or a custo

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

12 U.S.C. § 3101 — Definitions

Page 1492 TITLE 12—BANKS AND BANKING § 3101 1 So in original. The comma probably should follow the quotation marks. in such amounts as the Board of Directors of the Bank deems appropriate, except that— (A) such contributions may be made only out of the Bank’s earnings, determined in ac- cordance with generally accepted accounting principles; and (B) the Bank shall set aside amounts suffi- cient to satisfy its obligations to the Sec- retary of the Treasury for payments of prin- cipal and interest on class A notes and other debt before making any contributions to such nonprofit corporation. (2) During any period in which the nonprofit corporation described in subsection (b) is quali- fied as an organization described in section 501(c)(3) of title 26, contributions made by the Bank pursuant to paragraph (1) shall be treated as charitable contributions within the meaning of section 170(c)(2) of title 26, and may be de- ducted notwithstanding the provisions of sec- tion 170(b)(2) of title 26. (3) During any period in which the nonprofit corporation described in subsection (b) is quali- fied as an organization described in section 501(c)(3) of title 26, contributions to such non- profit corporation by any person shall qualify as charitable contributions, as defined in section 170(c) of title 26, for purposes of the charitable contribution deduction provided for in section 170(a) of title 26, and shall also qualify for the deductions for estate and gift tax purposes pro- vided for in sections 2055 and 2522 of title 26. (e) Conflict of interest rules Notwithstanding the laws of the District of Columbia, the Board of Directors of such non- profit corporation shall adopt and publish its own conflict of interest rules which shall be no less stringent in e

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

12 U.S.C. § 3902 — Definitions

Page 1574 TITLE 12—BANKS AND BANKING § 3901 1 See References in Text note below. Sec. 3902. Definitions. 3903. Strengthened supervision of international lending. 3904. Reserves. 3904a. Additional reserve requirements. 3905. Accounting for fees on international loans. 3906. Collection and disclosure of international lending data. 3907. Capital adequacy. 3908. Foreign loan evaluations. 3909. General authorities. 3910. Audit authority of Government Account- ability Office. 3911. Equal representation for Federal Deposit In- surance Corporation and the Office of Thrift Supervision. 3912. Repealed. § 3901. Congressional declaration of policy (a)(1) It is the policy of the Congress to assure that the economic health and stability of the United States and the other nations of the world shall not be adversely affected or threatened in the future by imprudent lending practices or in- adequate supervision. (2) This shall be achieved by strengthening the bank regulatory framework to encourage pru- dent private decisionmaking and by enhancing international coordination among bank regu- latory authorities. (b) The Federal banking agencies shall consult with the banking supervisory authorities of other countries to reach understandings aimed at achieving the adoption of effective and con- sistent supervisory policies and practices with respect to international lending. (Pub. L. 98–181, title I [title IX, § 902], Nov. 30, 1983, 97 Stat. 1278.) Statutory Notes and Related Subsidiaries SHORT TITLE OF 1989 AMENDMENT Pub. L. 101–240, title IV, § 401, Dec. 19, 1989, 103 Stat. 2501, provided that: ‘‘This title [enacting section 3904a of this title and enacting provisions set out as notes under section 3904a of this title and section 2291 of Ti

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

12 U.S.C. § 601 — Authorization; conditions and regulations

Page 184 TITLE 12—BANKS AND BANKING § 601 Sec. 605. Repealed. SUBCHAPTER II—ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING 611. Formation authorized; fiscal agents; deposi- taries in insular possessions. 611a. Statement of purposes; rules and regulations. 612. Articles of association; contents. 613. Signing of articles of association; forwarding to and filing by Board of Governors of the Federal Reserve System; organization cer- tificate; contents. 614. Organization certificate; acknowledgment; forwarding to, filing, and approval by Board of Governors of the Federal Reserve Sys- tem; permit to do business; body corporate; name; seal; corporate succession; contracts; suits; directors, officers, and employees; by- laws. 615. Powers of corporation. 616. Place of carrying on business; when business may be begun. 617. Engaging in commerce or trade in commod- ities; price fixing; forfeiture of charter; acts forbidden to directors, officers, agents, or employees. 618. Capital stock; amount; when paid in. 619. Capital stock; by whom held; ownership of capital stock by foreign bank. 620. Members of Board of Governors of the Federal Reserve System without interest in cor- poration. 621. Liability of shareholders on unpaid subscrip- tions; membership of corporation in Federal reserve bank prohibited. 622. Forfeiture of rights and privileges; dissolu- tion; liability of directors and officers. 623. Voluntary liquidation. 624. Appointment of receiver or conservator. 625. Stockholders’ meetings; books and records; reports; examination. 626. Dividends; surplus fund. 627. State taxation. 628. Extension of corporate existence. 629. Conversion of banking corporations into Fed- eral corporations; procedure. 630. Offenses by

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

12 U.S.C. § 611 — Formation authorized; fiscal agents; de-

Page 186 TITLE 12—BANKS AND BANKING § 604 chapter. For classification of other pars. of section 25 of this Act, see Codification note under section 601 of this title. 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. § 604. Accounts of foreign branches; profit and loss Every national banking association operating foreign branches shall conduct the accounts of each foreign branch independently of the ac- counts of other foreign branches established by it and of its home office, and shall at the end of each fiscal period transfer to its general ledger the profit or loss accrued at each branch as a separate item. (Dec. 23, 1913, ch. 6, § 25 (par.), 38 Stat. 273; Sept. 7, 1916, ch. 461, 39 Stat. 756.) Editorial Notes CODIFICATION Section is comprised of the sixth undesignated par. of section 25 of act Dec. 23, 1913, which comprises this sub- chapter. For classification of other pars. of section 25 of this Act, see Codification note under section 601 of this title. The words ‘‘national banking association operating foreign branches’’ were in the original ‘‘such banking association’’. AMENDMENTS 1916—Act Sept. 7, 1916, substituted ‘‘accrued’’ for ‘‘ac- cruing’’. § 604a. Regulations authorizing exercise by for- eign branches of usual powers of local banks; restrictions Regulations issued by the Board of Governors of the Federal Reserve System under this sub- chapter, in addition to regulating powers which a foreign branch may exercise under other provi- sions of law, may authorize such a foreign branch, subject to such conditions and require- ments as such regulations may prescribe, to ex- ercise such further pow

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