12 U.S.C. § 462a — Repealed. Pub. L. 97–258, § 5(b), Sept. 13,

Page 169 TITLE 12—BANKS AND BANKING § 463 1 See References in Text note below. of this title), was repealed by Pub. L. 96–221, title II, § 207(a), Mar. 31, 1980, 94 Stat. 144. ELIMINATION OR REDUCTION OF INTEREST RATE DIF- FERENTIAL BETWEEN SAVINGS BANKS AND SAVINGS AND LOAN, BUILDING AND LOAN, OR HOMESTEAD AS- SOCIATIONS Pub. L. 94–200, title I, § 102, Dec. 31, 1975, 89 Stat. 1124, as amended by Pub. L. 95–630, title XVI, § 1602, Nov. 10, 1978, 92 Stat. 3713, which had provided that an interest rate differential for any category of deposits or ac- counts which was in effect on December 10, 1975, be- tween (1) any bank (other than a savings bank) the de- posits of which were insured by the Federal Deposit In- surance Corporation and (2) any savings and loan, building and loan, or homestead association (including cooperative banks) the deposits or accounts of which were insured by the Federal Savings and Loan Insur- ance Corporation or any mutual savings bank as de- fined in section 3(f) of the Federal Deposit Insurance Act (12 U.S.C. 1813(j)) [section 1813(f) of this title] could not be eliminated or reduced unless (A) written notifi- cation was given by the Board of Governors of the Fed- eral Reserve System to the Congress; and (B) the House of Representatives and the Senate approved, by concur- rent resolution, the proposed elimination or reduction of the interest rate differential, was repealed by Pub. L. 97–320, title III, § 326(a), Oct. 15, 1982, 96 Stat. 1500. See section 326(b)–(d) of Pub. L. 97–320, set out as a note under section 1828 of this title. See, also, section 207(b)(1) of Pub. L. 96–221 providing for repeal of section 102 of Pub. L. 94–200 effective 6 years after Mar. 31, 1980. INTEREST RATES: CONTROLS Pub. L. 89–597, § 1, Sept. 21, 1966, 80 Stat. 823, provided that: ‘‘The Secretary of the Treasury, the Board of Governors of the Federal Reserve System, the Board of Directors of the Federal Deposit Insurance Corpora- tion, and the Federal Home Loan Bank Board, in imple- mentation of their respective powers under existing law and this Act [enacting section 1425b of this title, amending this section, sections 355, 371b, and 1828 of this title, and section 771 of former Title 31, Money and Finance, repealing section 462a–1 of this title and en- acting provisions set out as notes under this section], shall take action to bring about the reduction of inter- est rates to the maximum extent feasible in the light of prevailing money market and general economic con- ditions.’’ Effective and termination dates of control of interest rates provisions, see Effective and Termination Dates of 1966 Amendment note above. OUTSTANDING RATE REGULATIONS Pub. L. 89–597, § 5, Sept. 21, 1966, 80 Stat. 825, provided that: ‘‘Any regulation prescribed by the Board of Gov- ernors of the Federal Reserve System or the Board of Directors of the Federal Deposit Insurance Corporation with respect to the payment of deposits and interest thereon by member banks or insured nonmember banks which is in effect when this Act is enacted [Sept. 21, 1966] shall continue in effect unless and until it is modi- fied or rescinded after consultation with the Board of Directors or the Board of Governors, as the case may be, and the Federal Home Loan Bank Board.’’ Effective and termination dates of existing rate regu- lations, see Effective and Termination Dates of 1966 Amendment note under this section. § 462. Omitted Editorial Notes CODIFICATION Section, acts Dec. 23, 1913, ch. 6, § 19 (par.), 38 Stat. 270; Aug. 15, 1914, ch. 252, 38 Stat. 691; June 21, 1917, ch. 32, § 10, 40 Stat. 239; Sept. 26, 1918, ch. 177, § 4, 40 Stat. 970; July 28, 1959, Pub. L. 86–114, §§ 1, 2(a), 3(b)(7)–(9), 73 Stat. 863, which related to balances member banks were required to keep in reserve banks, was omitted from the Code in view of the striking out of second through fifth pars. of section 19 of act Dec. 23, 1913 (formerly comprising this section), and incorporation of provi- sions of such paragraphs in subsecs. (a) to (c) of section 19 of act Dec. 23, 1913 by section 2(a) of Pub. L. 89–597, Sept. 21, 1966, 80 Stat. 823. See section 461 of this title. § 462a. Repealed. Pub. L. 97–258, § 5(b), Sept. 13, 1982, 96 Stat. 1068 Section, act Apr. 24, 1917, ch. 4, § 7, 40 Stat. 37, related to reserves against United States deposits. § 462a–1. Repealed. Pub. L. 89–597, § 2(d), Sept. 21, 1966, 80 Stat. 824 Section, act Dec. 23, 1913, ch. 6, § 19 (par.), as added Aug. 23, 1935, ch. 614, title III, § 324(d), 49 Stat. 715; amended Apr. 13, 1943, ch. 62, § 2, 57 Stat. 65, prescribed maintenance of same bank reserves against deposits by United States as were required against other deposits. §§ 462b, 462c. Omitted Editorial Notes CODIFICATION Section 462b, act Dec. 23, 1913, ch. 6, § 19 (par.), as added May 12, 1933, ch. 25, title III, § 46, 48 Stat. 54; amended Aug. 23, 1935, ch. 614, title II, § 207, 49 Stat. 706; July 7, 1942, ch. 488, § 2, 56 Stat. 648; July 28, 1959, Pub. L. 86–114, §§ 2(b), 3(b)(10), (11), 73 Stat. 263, 264, related to change of requirements as to reserves in order to pre- vent credit expansion or contraction, and was omitted from the Code in view of the striking out of the sixth par. of section 19 of act Dec. 23, 1913 (formerly com- prising this section), and incorporation of its provisions in subsecs. (a) to (c) of section 19 of act Dec. 23, 1913 by section 2(a) of Pub. L. 89–597, Sept. 21, 1966, 80 Stat. 823. See section 461 of this title. Section 462c, act Dec. 23, 1913, ch. 6, § 19 (par.), as added Aug. 16, 1948, ch. 836, § 2, 62 Stat. 1291, related to change of requirements as to reserves to check credit expansion, and terminated on June 30, 1949. § 463. Limitation on amount of balance with any depository institution without access to Fed- eral Reserve advances No member bank shall keep on deposit with any depository institution which is not author- ized to have access to Federal Reserve advances under section 347b 1 of this title a sum in excess of 10 per centum of its own paid-up capital and surplus. (Dec. 23, 1913, ch. 6, § 19(e), formerly § 19 (par. 8), 38 Stat. 270; Aug. 15, 1914, ch. 252, 38 Stat. 691; June 21, 1917, ch. 32, § 10, 40 Stat. 239; renumbered § 19(e), Pub. L. 89–597, § 2(b), Sept. 21, 1966, 80 Stat. 824; Pub. L. 96–221, title I, § 105(e), Mar. 31, 1980, 94 Stat. 140.) Editorial Notes REFERENCES IN TEXT Section 347b of this title, referred to in text, was in the original a reference to section 10(b) of this Act, meaning section 10(b) of the Federal Reserve Act. Sec- tion 10(b) of that Act was renumbered section 10B by Pub. L. 102–242, title I, § 142(a)(2), Dec. 19, 1991, 105 Stat. 2279, without a corresponding amendment to this sec- tion. CODIFICATION Section is comprised of part of subsec. (e), formerly eighth par., of section 19 of act Dec. 23, 1913, as redesig-