12 U.S.C. § 483 — Special examination of member banks; in-

Page 174 TITLE 12—BANKS AND BANKING § 483 be set to meet the Comptroller’s expenses in car- rying out authorized activities. (R.S. § 5240 (pars.); Feb. 19, 1875, ch. 89, 18 Stat. 329; Dec. 23, 1913, ch. 6, § 21, 38 Stat. 272; July 2, 1932, ch. 392, 47 Stat. 568; Aug. 23, 1935, ch. 614, title III, § 343, 49 Stat. 722; Apr. 30, 1956, ch. 228, §§ 2, 3, 70 Stat. 124; Pub. L. 101–73, title XII, § 1202, Aug. 9, 1989, 103 Stat. 520; Pub. L. 102–242, title I, § 114(a), Dec. 19, 1991, 105 Stat. 2248; Pub. L. 102–550, title XVI, § 1603(b)(5), Oct. 28, 1992, 106 Stat. 4079; Pub. L. 103–325, title III, § 331(b)(1), Sept. 23, 1994, 108 Stat. 2232; Pub. L. 111–203, title III, § 318(a)(2), July 21, 2010, 124 Stat. 1526.) Editorial Notes REFERENCES IN TEXT Provisions of section 481 of this title, referred to in first par., was in the original ‘‘preceding provisions of this section’’, meaning R.S. § 5240. See Codification note set out below. 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 third and fourth pars. of R.S. § 5240, as amended. The former fifth par. of R.S. § 5440, which comprised the third par. of this section, was re- pealed by Pub. L. 102–242. See Codification note set out under section 481 of this title. AMENDMENTS 2010—Pub. L. 111–203, in first sentence of first par., substituted ‘‘shall, subject to chapter 71 of title 5, fix’’ for ‘‘shall fix’’. 1994—Pub. L. 103–325 inserted ‘‘or section 301(f)(1) of title 31’’ after ‘‘provisions of section 481 of this title’’. 1992—Pub. L. 102–550 substituted ‘‘office’’ for ‘‘duties’’ in second par. 1991—Pub. L. 102–242 added second par. and struck out former second and third pars. which read as follows: ‘‘The expense of the examinations provided for in this subchapter shall be assessed by the Comptroller of the Currency upon national banks in proportion to their assets or resources. The assessments may be made more frequently than annually at the discretion of the Comptroller of the Currency. The annual rate of such assessment shall be the same for all national banks, ex- cept that banks examined more frequently than twice in one calendar year shall, in addition, be assessed the expense of these additional examinations. ‘‘In addition to the expense of examination to be as- sessed by the Comptroller of the Currency as heretofore provided, all national banks exercising fiduciary pow- ers and all banks or trust companies in the District of Columbia exercising fiduciary powers shall be assessed by the Comptroller of the Currency for the examination of their fiduciary activities a fee adequate to cover the expense thereof.’’ 1989—Pub. L. 101–73, in first paragraph, substituted ‘‘Notwithstanding any of the provisions of section 481 of this title to the contrary, the Comptroller of the Currency shall fix the compensation and number of, and appoint and direct, all employees of the Office of the Comptroller of the Currency. Rates of basic pay for all employees of the Office may be set and adjusted by the Comptroller without regard to the provisions of chapter 51 or subchapter III of chapter 53 of title 5. The Comptroller may provide additional compensation and benefits to employees of the Office if the same type of compensation or benefits are then being provided by any other Federal bank regulatory agency or, if not then being provided, could be provided by such an agen- cy under applicable provisions of law, rule, or regula- tion. In setting and adjusting the total amount of com- pensation and benefits for employees of the Office, the Comptroller shall consult with, and seek to maintain comparability with, other Federal banking agencies.’’ for ‘‘The Comptroller of the Currency shall fix the sala- ries of all bank examiners and make report thereof to Congress.’’ and redesignated remaining sentences of first paragraph as a second paragraph. Former second paragraph became third paragraph. 1956—Act Apr. 30, 1956, provided that assessments may be made more frequently than annually and the annual rate of such assessment shall be the same for all national banks except that banks examined more than twice in one year shall be assessed the expense of the additional examinations, and based additional charges for examining all national banks exercising fiduciary powers and all banks or trust companies in the District of Columbia exercising fiduciary powers on the cost of making the examination rather than the amount of trust assets under administration. 1935—Act Aug. 23, 1935, substituted in first sentence ‘‘The Comptroller of the Currency’’ for ‘‘The Federal Reserve Board, upon the recommendation of the Comp- troller of the Currency’’. 1932—Act July 2, 1932, added last par. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the trans- fer date, see section 318(e) of Pub. L. 111–203, set out as an Effective Date note under section 16 of this title. EFFECTIVE DATE OF 1992 AMENDMENT Amendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improve- ment Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, see section 1609(a) of Pub. L. 102–550, set out as a note under section 191 of this title. 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. § 483. Special examination of member banks; in- formation of condition furnished to Board of Governors of the Federal Reserve System In addition to the examinations made and con- ducted by the Comptroller of the Currency, every Federal reserve bank may, with the ap- proval of the Federal reserve agent or the Board of Governors of the Federal Reserve System, provide for special examination of member banks within its district. The expense of such examinations may, in the discretion of the Board of Governors of the Federal Reserve Sys- tem, be assessed against the banks examined, and, when so assessed, shall be paid by the banks examined. Such examinations shall be so con- ducted as to inform the Federal reserve bank of the condition of its member banks and of the lines of credit which are being extended by them. Every Federal reserve bank shall at all times furnish to the Board of Governors of the Federal Reserve System such information as may be demanded concerning the condition of any member bank within the district of the said Federal reserve bank. (R.S. § 5240 (par.); Feb. 19, 1875, ch. 89, 18 Stat. 329; Dec. 23, 1913, ch. 6, § 21, 38 Stat. 272; June 26, 1930, ch. 611, § 2, 46 Stat. 814; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.) 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 bank has failed to comply with such laws. (R.S. § 5240 (par.); Feb. 19, 1875, ch. 89, 18 Stat. 329; Dec. 23, 1913, ch. 6, § 21, 38 Stat. 272; Pub. L. 97–320, title IV, § 412, Oct. 15, 1982, 96 Stat. 1521; Pub. L. 97–457, § 23(a), Jan. 12, 1983, 96 Stat. 2510.) 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 sixth par. of R.S. § 5240, as amended. See Codification note set out under section 481 of this title. Section 412 of Pub. L. 97–320, set out in the credit of this section, was amended by section 23(a) of Pub. L. 97–457 to correct an error in the directory language of section 412 of Pub. L. 97–320. That amendment involved only directory language and not the content of the text being amended by Pub. L. 97–320 so no change in the text of this section resulted from the amendment by Pub. L. 97–457. AMENDMENTS 1982—Subsec. (a). Pub. L. 97–320, as amended by Pub. L. 97–457, designated existing provisions as subsec. (a), and amended subsec. (a) generally. Prior to amendment subsec. (a) read as follows: ‘‘No bank shall be subject to any visitorial powers other than such as are authorized by law, or vested in the courts of justice or such as shall be or shall have been exercised or directed by Congress, or by either House thereof or by any com- mittee of Congress or of either House duly authorized’’. Subsec. (b). Pub. L. 97–320, as amended by Pub. L. 97–457, added subsec. (b). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1983 AMENDMENT Pub. L. 97–457, § 23(b), Jan. 12, 1983, 96 Stat. 2510, pro- vided that: ‘‘The amendment made by subsection (a) [amending section 412 of Pub. L. 97–320, which amended this section] shall be deemed to have taken effect upon the enactment of Public Law 97–320 [Oct. 15, 1982].’’ § 485. Examination of Federal reserve banks 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 Sys- tem shall order a special examination and report of the condition of any Federal reserve bank. (R.S. § 5240 (par.); Feb. 19, 1875, ch. 89, 18 Stat. 329; Dec. 23, 1913, ch. 6, § 21, 38 Stat. 272; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.) 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 seventh par. of R.S. § 5240, as amended. See Codification note set out under section 481 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. § 486. Waiver of requirements as to reports from or examinations of affiliates Whenever member banks are required to ob- tain reports from affiliates, or whenever affili- ates of member banks are required to submit to examination, the Board of Governors of the Fed- eral Reserve System or the Comptroller of the Currency, as the case may be, may waive such requirements with respect to any such report or examination of any affiliate if in the judgment of the said Board or Comptroller, respectively, such report or examination is not necessary to disclose fully the relations between such affil- iate and such bank and the effect thereof upon the affairs of such bank. (Dec. 23, 1913, ch. 6, § 21 (par.), as added Aug. 23, 1935, ch. 614, title III, § 325, 49 Stat. 715.) Editorial Notes CODIFICATION This section was not enacted as part of R.S. § 5240 which comprises this subchapter. Act Dec. 23, 1913, de- rived from R.S. § 5240.