12 U.S.C. § 467 — Deposits of gold coin, gold certificates, and

Page 170 TITLE 12—BANKS AND BANKING § 464 nated by Pub. L. 89–597. Remainder of subsec. (e) of such section 19 is classified to section 374 of this title. AMENDMENTS 1980—Pub. L. 96–221 substituted provisions limiting amount of balance required to be kept with any deposi- tory institution without access to Federal Reserve ad- vances, for provisions limiting amount of balance re- quired to be kept with any State bank or trust com- pany. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1980 AMENDMENT Amendment by Pub. L. 96–221 effective on first day of sixth month which begins after Mar. 31, 1980, see sec- tion 108 of Pub. L. 96–221, set out as a note under sec- tion 248 of this title. § 464. Checking against and withdrawal of re- serve balance The required balance carried by a member bank with a Federal reserve bank may, under the regulations and subject to such penalties as may be prescribed by the Board of Governors of the Federal Reserve System, be checked against and withdrawn by such member bank for the purpose of meeting existing liabilities. (Dec. 23, 1913, ch. 6, § 19(f), formerly § 19 (par. 9), 38 Stat. 270; Aug. 15, 1914, ch. 252, 38 Stat. 691; June 21, 1917, ch. 32, § 10, 40 Stat. 239; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; July 7, 1942, ch. 488, § 3, 56 Stat. 648; renumbered § 19(f), Pub. L. 89–597, § 2(b), Sept. 21, 1966, 80 Stat. 824.) Editorial Notes CODIFICATION Section is comprised of subsec. (f), formerly ninth par., of section 19 of act Dec. 23, 1913, as redesignated by Pub. L. 89–597. AMENDMENTS 1942—Act July 7, 1942, struck out proviso which pro- hibited making new loans or paying dividends until re- quired balance was restored. 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. § 465. Basis for ascertaining deposits against which required balance is determined In estimating the reserve balances required by this chapter, member banks may deduct from the amount of their gross demand deposits the amounts of balances due from other banks (ex- cept Federal Reserve banks and foreign banks) and cash items in process of collection payable immediately upon presentation in the United States, within the meaning of these terms as de- fined by the Board of Governors of the Federal Reserve System. (Dec. 23, 1913, ch. 6, § 19(g), formerly § 19 (par. 10), 38 Stat. 270; Aug. 15, 1914, ch. 252, 38 Stat. 692; June 21, 1917, ch. 32, § 10, 40 Stat. 240; Aug. 23, 1935, ch. 614, title III, § 324(b), 49 Stat. 714; re- numbered § 19(g), Pub. L. 89–597, § 2(b), Sept. 21, 1966, 80 Stat. 824.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, was in the original ‘‘this Act’’, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, known as the Federal Reserve Act. For complete classi- fication of this Act to the Code, see References in Text note set out under section 226 of this title and Tables. CODIFICATION Section is comprised of subsec. (g), formerly tenth par., of section 19 of act Dec. 23, 1913, as redesignated by Pub. L. 89–597. AMENDMENTS 1935—Act Aug. 23, 1935, changed method of estimating reserve balances. § 466. Reserves of banks in dependencies or insu- lar possessions National banks, or banks organized under local laws, located in a dependency or insular possession or any part of the United States out- side the continental United States, may remain nonmember banks, and shall in that event main- tain reserves and comply with all the conditions now provided by law regulating them; or said banks may with the consent of the Board of Governors of the Federal Reserve System, be- come member banks of any one of the reserve districts, and shall in that event take stock, maintain reserves, and be subject to all the other provisions of this chapter. (Dec. 23, 1913, ch. 6, § 19(h), formerly § 19 (par. 11), 38 Stat. 270; Aug. 15, 1914, ch. 252, 38 Stat. 692; June 21, 1917, ch. 32, § 10, 40 Stat. 240; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 86–70, § 8(b), June 25, 1959, 73 Stat. 142; renum- bered § 19(h), Pub. L. 89–597, § 2(b), Sept. 21, 1966, 80 Stat. 824.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, was in the original ‘‘this Act’’, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, known as the Federal Reserve Act. For complete classi- fication of this Act to the Code, see References in Text note set out under section 226 of this title and Tables. CODIFICATION Section is comprised of subsec. (h), formerly eleventh par., of section 19 of act Dec. 23, 1913, as redesignated by Pub. L. 89–597. AMENDMENTS 1959—Pub. L. 86–70 struck out ‘‘in Alaska or’’ before ‘‘in a dependency’’. 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. § 467. Deposits of gold coin, gold certificates, and Special Drawing Right certificates with United States Treasurer The Secretary of the Treasury is authorized and directed to receive deposits of gold or of gold certificates or of Special Drawing Right certificates with the Treasurer or any des- Page 171 TITLE 12—BANKS AND BANKING § 467 1 See References in Text note below. ignated depositary of the United States when tendered by any Federal Reserve bank or Fed- eral Reserve agent for credit to its or his ac- count with the Board of Governors of the Fed- eral Reserve System. The Secretary shall pre- scribe by regulation the form of receipt to be issued by the Treasurer or designated depositary to the Federal Reserve bank or Federal Reserve agent making the deposit, and a duplicate of such receipt shall be delivered to the Board of Governors of the Federal Reserve System by the Treasurer at Washington upon proper advices from any designated depositary that such de- posit has been made. Deposits so made shall be held subject to the orders of the Board of Gov- ernors of the Federal Reserve System and depos- its of gold or gold certificates shall be payable in gold certificates, and deposits of Special Drawing Right certificates shall be payable in Special Drawing Right certificates, on the order of the Board of Governors of the Federal Reserve System to any Federal Reserve bank or Federal Reserve agent at the Treasury or at the sub- treasury of the United States nearest the place of business of such Federal Reserve bank or such Federal Reserve agent. The order used by the Board of Governors of the Federal Reserve Sys- tem in making such payments shall be signed by the chairman or vice chairman, or such other of- ficers or members as the Board may by regula- tion prescribe. The form of such order shall be approved by the Secretary of the Treasury. The expenses necessarily incurred in carrying out these provisions, including the cost of the certificates or receipts issued for deposits re- ceived, and all expenses incident to the handling of such deposits shall be paid by the Board of Governors of the Federal Reserve System and included in its assessments against the several Federal Reserve banks. Nothing in this section 1 shall be construed as amending section six of the Act of March four- teenth, nineteen hundred, as amended by the Acts of March fourth, nineteen hundred and seven, March second, nineteen hundred and elev- en, and June twelfth, nineteen hundred and six- teen, nor shall the provisions of this section 1 be construed to apply to the deposits made or to the receipts or certificates issued under those Acts. (Dec. 23, 1913, ch. 6, § 16 (pars.), as added June 21, 1917, ch. 32, § 8, 40 Stat. 238; amended May 29, 1920, ch. 214, § 1, 41 Stat. 654; Jan. 30, 1934, ch. 6, § 2(b)(7), (8), 48 Stat. 339, 340; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 89–3, § 2, Mar. 3, 1965, 79 Stat. 5; Pub. L. 90–269, § 7, Mar. 18, 1968, 82 Stat. 50; Pub. L. 90–349, § 5(d), June 19, 1968, 82 Stat. 189.) Editorial Notes REFERENCES IN TEXT Words ‘‘this section’’, referred to in last par., mean section 16 of act Dec. 23, 1913. For classification to this title of section 16, see Codification note set out under section 411 of this title. Section six of the Act of March fourteenth, nineteen hundred, as amended by the Acts of March fourth, nine- teen hundred and seven, March second, nineteen hun- dred and eleven, and June twelfth, nineteen hundred and sixteen, referred to in text, which was classified to section 429 of former Title 31, was repealed by Pub. L. 97–258, § 5(b), Sept. 13, 1982, 96 Stat. 1068, the first sec- tion of which enacted Title 31, Money and Finance. CODIFICATION Section is comprised of the fourteenth to sixteenth pars. of section 16 of act Dec. 23, 1913. Section was for- merly comprised of the fifteenth to eighteenth pars. of section 16 of act Dec. 23, 1913, before repeal of the sixth and seventeenth pars. of section 16 by Pub. L. 90–269, see 1968 Amendment notes set out under this section and section 415 of this title. For classification to this title of other pars. of section 16, see Codification note set out under section 411 of this title. On authority of act May 29, 1920, which abolished of- fices of Assistant Treasurers and distributed their func- tions, the 1926 ed. of the Code omitted two references to Assistant Treasurers; those references were restored by act January 30, 1934. AMENDMENTS 1968—Pub. L. 90–349, which directed amendment of ‘‘[t]he fifteenth paragraph of section 16 of the Federal Reserve Act, as amended (12 U.S.C. 467),’’ by inserting ‘‘or of Special Drawing Right certificates’’ after ‘‘gold certificates’’ in the first sentence and substituting ‘‘De- posits so made shall be held subject to the orders of the Board of Governors of the Federal Reserve System and deposits of gold or gold certificates shall be payable in gold certificates, and deposits of Special Drawing Right certificates shall be payable in Special Drawing Right certificates, on the order of the Board of Governors of the Federal Reserve System to any Federal Reserve bank or Federal Reserve agent at the Treasury or at the subtreasury of the United States nearest the place of business of such Federal Reserve bank or such Fed- eral Reserve agent.’’ for the third sentence, was exe- cuted to the first par. of this section to reflect the probable intent of Congress. Pub. L. 90–269, which directed striking out of ‘‘[t]he paragraph which, prior to the amendments made by this Act [amending sections 248, 391, and 413 to 416 of this title and sections 405b, 408a, 408b, and 821 of Title 31, Money and Finance, and repealing section 408 of Title 31], was the eighteenth paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 467)’’, was executed, to reflect the probable intent of Congress (see H.R. Rept. No. 1095, 90th Cong., pp. 1–7 (purpose of legisla- tion), 10 (Ramseyer version) (1968)), by striking out the third par. of this section (seventeenth par. of section 16 of act Dec. 23, 1913), which read as follows: ‘‘Deposits made under this section standing to the credit of any Federal Reserve bank with the Board of Governors of the Federal Reserve System shall, at the option of said bank, be counted as part of the lawful reserve which it is required to maintain against outstanding Federal Reserve notes.’’ 1965—Pub. L. 89–3, which directed amendment of ‘‘[t]he eighteenth paragraph of section 16 of the Federal Reserve Act, as amended (12 U.S.C. 467), * * * by sub- stituting a period for the comma after the word ‘notes’ and striking out the remainder of the paragraph’’, was executed to the third par. of this section (seventeenth par. of section 16 of act Dec. 23, 1913) to reflect the probable intent of Congress. 1934—Act Jan. 30, 1934, which directed general amend- ment of the sixteenth and eighteenth pars. of act Dec. 23, 1913, was executed to the first and third pars. of this section (fifteenth and seventeenth pars. of section 16 of act Dec. 23, 1913, respectively) to reflect the probable intent of Congress. Prior to amendment, the first par. of this section authorized and directed the Secretary of the Treasury to receive deposits of gold coin or gold certificates and to prescribe by regulation the form of a receipt to be issued to the Federal reserve bank or agent; the third par. of this section provided that a Federal reserve bank’s gold deposits could count to- wards its reserve requirement. Page 172 TITLE 12—BANKS AND BANKING § 481 1 See References in Text note below. 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 TRANSFER OF FUNCTIONS For transfer of functions to Secretary of the Treas- ury, see note set out under section 55 of this title. SUBCHAPTER XV—BANK EXAMINATIONS § 481. Appointment of examiners; examination of member banks, State banks, and trust com- panies; reports The Comptroller of the Currency, with the ap- proval of the Secretary of the Treasury, shall appoint examiners who shall examine every na- tional bank as often as the Comptroller of the Currency shall deem necessary. The examiner making the examination of any national bank shall have power to make a thorough examina- tion of all the affairs of the bank and in doing so he shall have power to administer oaths and to examine any of the officers and agents there- of under oath and shall make a full and detailed report of the condition of said bank to the Comptroller of the Currency: Provided, That in making the examination of any national bank the examiners shall include such an examina- tion of the affairs of all its affiliates other than member banks as shall be necessary to disclose fully the relations between such bank and such affiliates and the effect of such relations upon the affairs of such bank; and in the event of the refusal to give any information required in the course of the examination of any such affiliate, or in the event of the refusal to permit such ex- amination, all the rights, privileges, and fran- chises of the bank shall be subject to forfeiture in accordance with section 2 of the Federal Re- serve Act, as amended (U.S.C., title 12, secs. 141, 222–225, 281–286, and 502).1 The Comptroller of the Currency shall have power, and he is authorized, to publish the report of his examination of any national banking association or affiliate which shall not within one hundred and twenty days after notification of the recommendations or suggestions of the Comptroller, based on said ex- amination, have complied with the same to his satisfaction. Ninety days’ notice prior to such publicity shall be given to the bank or affiliate. The examiner making the examination of any affiliate of a national bank shall have power to make a thorough examination of all the affairs of the affiliate, and in doing so he shall have power to administer oaths and to examine any of the officers, directors, employees, and agents thereof under oath and to make a report of his findings to the Comptroller of the Currency. If any affiliate of a national bank refuses to pay any assessments, fees, or other charges imposed by the Comptroller of the Currency pursuant to this subchapter or fails to make such payment not later than 60 days after the date on which they are imposed, the Comptroller of the Cur- rency may impose such assessments, fees, or charges against the affiliated national bank, and such assessments, fees, or charges shall be paid by such national bank. If the affiliation is with 2 or more national banks, such assessments, fees, or charges may be imposed on, and col- lected from, any or all of such national banks in such proportions as the Comptroller of the Cur- rency may prescribe. The examiners and assist- ant examiners making the examinations of na- tional banking associations and affiliates there- of herein provided for and the chief examiners, reviewing examiners and other persons whose services may be required in connection with such examinations or the reports thereof, shall be employed by the Comptroller of the Currency with the approval of the Secretary of the Treas- ury; the employment and compensation of ex- aminers, chief examiners, reviewing examiners, assistant examiners, and of the other employees of the office of the Comptroller of the Currency whose compensation is and shall be paid from assessments on banks or affiliates thereof or from other fees or charges imposed pursuant to this subchapter shall be set and adjusted subject to chapter 71 of title 5 and without regard to the provisions of other laws applicable to officers or employees of the United States. The funds de- rived from such assessments, fees, or charges may be deposited by the Comptroller of the Cur- rency in accordance with the provisions of sec- tion 192 of this title and shall not be construed to be Government funds or appropriated monies; and the Comptroller of the Currency is author- ized and empowered to prescribe regulations governing the computation and assessment of the expenses of examinations herein provided for and the collection of such assessments from the banks and/or affiliates examined or of other fees or charges imposed pursuant to this subchapter. Such funds shall not be subject to apportion- ment for the purpose of chapter 15 of title 31 or under any other authority. If any affiliate of a national bank shall refuse to permit an exam- iner to make an examination of the affiliate or shall refuse to give any information required in the course of any such examination, the na- tional bank with which it is affiliated shall be subject to a penalty of not more than $5,000 for each day that any such refusal shall continue. Such penalty may be assessed by the Comp- troller of the Currency and collected in the same manner as expenses of examinations. The Comp- troller of the Currency, upon the request of the Board of Governors of the Federal Reserve Sys- tem, is authorized to assign examiners ap- pointed under this subchapter to examine for- eign operations of State banks which are mem- bers of the Federal Reserve System. (R.S. § 5240 (pars.); Feb. 19, 1875, ch. 89, 18 Stat. 329; Dec. 23, 1913, ch. 6, § 21, 38 Stat. 271; June 16, 1933, ch. 89, § 28, 48 Stat. 192; Aug. 23, 1935, ch. 614, title II, § 203(a), title III, § 343, 49 Stat. 704, 722; June 30, 1948, ch. 762, § 1, 62 Stat. 1163; Apr. 30, 1956, ch. 228, § 1, 70 Stat. 124; Pub. L. 96–221, title VII, § 709, Mar. 31, 1980, 94 Stat. 188; Pub. L. 100–86, title V, § 505(b), Aug. 10, 1987, 101 Stat. 633; Pub. L. 101–73, title IX, § 907(f), Aug. 9, 1989, 103 Stat. 470; Pub. L. 102–242, title I, § 114(b), Dec. 19, 1991, 105 Stat. 2248; Pub. L. 111–203, title III, § 318(a)(1), July 21, 2010, 124 Stat. 1526.)