12 U.S.C. § 484 — Limitation on visitorial powers

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.