US Code Title 12 Chapter 3 Federal Reserve System

Subchapter I - Definitions, Organization, and General Provisions Affecting System

§ 221 - Definitions
§ 221a - Additional Definitions
§ 222 - Federal Reserve Districts; Membership of National Banks
§ 223 - Number of Federal Reserve Cities in District
§ 224 - Status of Reserve Cities Under Former Statutes
§ 225 - Federal Reserve Banks; Title
§ 225a - Maintenance of Long Run Growth of Monetary and Credit Aggregates
§ 225b - Appearances Before and Reports to the Congress
§ 226 - &Quot;federal Reserve Act"
§ 227 - &Quot;banking Act of 1933"
§ 228 - &Quot;banking Act of 1935"

Subchapter II - Board of Governors of the Federal Reserve System

§ 241 - Creation; Membership; Compensation and Expenses
§ 242 - Ineligibility to Hold Office in Member Banks; Qualifications and Terms of Office of Members; Chairman and Vice Chairman; Oath of Office
§ 243 - Assessments Upon Federal Reserve Banks to Pay Expenses
§ 244 - Principal Offices of Board; Chairman of Board; Obligations and Expenses; Qualifications of Members; Vacancies
§ 245 - Vacancies During Recess of Senate
§ 246 - Powers of Secretary of the Treasury as Affected by Chapter
§ 247 - Reports to Congress
§ 247a - Records of Action on Policy Relating to Open-market Operation and Policies Determined Generally; Inclusion in Report to Congress
§ 247b - Appearances Before Congress
§ 248 - Enumerated Powers
§ 248-1 - Rules and Regulations for Transfer of Funds and Charges Therefor Among Banks; Clearing Houses
§ 248a - Pricing of Services
§ 248b - Annual Independent Audits of Federal Reserve Banks and Board
§ 249 - Repealed. Pub. L. 94–412, Title V, §501(c), Sept. 14, 1976, 90 Stat. 1258
§ 250 - Independence of Financial Regulatory Agencies
§ 251 - Repealed. Pub. L. 104–208, Div. A, Title Ii, §2224(a), Sept. 30, 1996, 110 Stat. 3009–415
§ 252 - Credit Availability Assessment

Subchapter III - Federal Advisory Council

§ 261 - Creation; Membership; Compensation; Meetings; Officers; Procedure; Quorum; Vacancies
§ 262 - Powers

Subchapter IV - Federal Open Market Committee

§ 263 - Federal Open Market Committee; Creation; Membership; Regulations Governing Open-market Transactions

Subchapter V - Federal Deposit Insurance Corporation

§ 264 - Transferred
§ 265 - Insured Banks as Depositaries of Public Money; Duties; Security; Discrimination Between Banks Prohibited; Repeal of Inconsistent Laws
§ 266 - State-chartered Banks and Other Institutions as Depositaries of Public Money; Fiscal Agents; Duties

Subchapter VI - Capital and Stock of Federal Reserve Banks; Dividends and Earnings

§ 281 - Capital
§ 282 - Subscription to Capital Stock by National Banking Association
§ 283 - Public Subscription to Capital Stock
§ 284 - Omitted
§ 285 - Nonvoting Stock
§ 286 - Transfers of Stock; Rules and Regulations
§ 287 - Value of Shares of Stock; Increase and Decrease of Stock; Member Banks as Shareholders; Surrender of Shares
§ 288 - Cancellation of Stock Held by Member Bank on Insolvency or Discontinuance of Banking Operations for Sixty Days; Repayment of Cash-paid Subscriptions
§ 289 - Dividends and Surplus Funds of Reserve Banks; Transfer for Fiscal Year 2000
§ 290 - Use of Earnings Transferred to the Treasury

Subchapter VII - Directors of Federal Reserve Banks; Reserve Agents and Assistants

§ 301 - Powers and Duties of Board of Directors; Suspension of Member Bank for Undue Use of Bank Credit
§ 302 - Number of Members; Classes
§ 303 - Qualifications and Disabilities
§ 304 - Class a and Class B Directors; Selection
§ 305 - Class C Directors; Selection; &Quot;federal Reserve Agent"
§ 306 - Assistants to Federal Reserve Agent
§ 307 - Compensation of Directors
§ 308 - Terms of Directors; Vacancies

Subchapter VIII - State Banks as Members of System

§ 321 - Application for Membership
§ 322 - Determination on Application
§ 323 - Stock in Federal Reserve Banks; Method of Payment
§ 324 - Laws Applicable on Becoming Members
§ 325 - Examinations
§ 326 - Acceptance of Examinations and Reports by State Authorities; Special Examinations
§ 327 - Surrender of Stock and Cancellation of Memberships
§ 328 - Withdrawals From Membership
§ 329 - Capital Stock Required as Condition Precedent to Membership
§ 329a - Omitted
§ 330 - Laws Applicable on Becoming Members; Discounts for State Banks
§ 331 - Certifying Checks on State Banks Admitted as Members
§ 332 - Depositaries of Public Money; Financial Agents; Security Required
§ 333 - Mutual Savings Banks; Application and Admission to Membership in Federal Reserve System
§ 334 - Reports From Affiliates; Penalty for Failure to Furnish
§ 335 - Dealing in Investment Securities; Limitations and Conditions
§ 336 - Certificates of Stock; Representation of Stock of Other Corporations
§ 337 - Repealed. Pub. L. 89–485, §13(g), July 1, 1966, 80 Stat. 243
§ 338 - Examination of Affiliates; Forfeiture of Membership on Refusal of Affiliate to Give Information or Pay Expense
§ 338a - Investments to Promote Public Welfare and Community Development; Limitation on Investments
§ 339 - Participation by State Member Banks in Lotteries and Related Activities
§ 339a - Resolution of Clearing Banks

Subchapter IX - Powers and Duties of Federal Reserve Banks

§ 341 - General Enumeration of Powers
§ 342 - Deposits; Exchange and Collection; Member and Nonmember Banks or Other Depository Institutions; Charges
§ 343 - Discount of Obligations Arising Out of Actual Commercial Transactions
§ 344 - Discount or Purchase of Bills to Finance Agricultural Shipments
§ 345 - Rediscount of Notes, Drafts, and Bills for Member Banks; Limitation of Amount
§ 346 - Discount of Acceptances
§ 347 - Advances to Member Banks on Their Notes
§ 347a - Advances to Member Bank Groups; Inadequate Amounts of Eligible and Acceptable Assets; Liability of Individual Banks in Group; Distribution of Loans Among Banks of Group; Rate of Interest; Notes Accepted for Advances as Collateral Security for Federal Reserve Notes; Foreign Obligations as Security for Advances
§ 347b - Advances to Individual Member Banks on Time or Demand Notes; Maturities; Time Notes Secured by Mortgage Loans Covering One-to-four Family Residences
§ 347c - Advances to Individuals, Partnerships, and Corporations; Security; Interest Rate
§ 347d - Transactions Between Federal Reserve Banks and Branch or Agency of Foreign Bank; Matters Considered
§ 348 - Discount of Obligations Given for Agricultural Purposes or Based Upon Livestock; Collateral Security for Federal Reserve Notes
§ 348a - Transactions With Foreign Banks; Supervision of Board of Governors of the Federal Reserve System
§ 349 - Rediscount for Intermediate Credit Banks of Obligations Given for Agricultural Purposes; Discount of Notes Made Pursuant to Section 1031
§ 350 - Purchase and Sale of Debentures and Like Obligations of Intermediate Credit Banks and Agricultural Credit Corporations
§ 351 - Obligations of Cooperative Marketing Association as Issued or Drawn for Agricultural Purposes
§ 352 - Limitation on Amount of Obligations of Certain Maturities Which May Be Discounted and Rediscounted
§ 352a - Repealed. Pub. L. 85–699, Title Vi, §601, Aug. 21, 1958, 72 Stat. 697
§ 353 - Purchase and Sale of Cable Transfers, Acceptances and Bills
§ 354 - Transactions Involving Gold Coin, Bullion, and Certificates
§ 355 - Purchase and Sale of Obligations of National, State, and Municipal Governments; Open Market Operations; Purchases and Sales From or to United States; Maximum Aggregate Amount of Obligations Acquired Directly From or Loaned Directly to United States
§ 356 - Purchase of Commercial Paper From Member Banks and Sale of Same
§ 357 - Establishment of Rates of Discount
§ 358 - Establishment of Accounts for Purposes of Open-market Operations; Correspondents and Agencies
§ 359 - Purchase and Sale of Acceptances of Intermediate Credit Banks and Agricultural Credit Corporations
§ 359a - Omitted
§ 360 - Receiving Checks and Drafts on Deposit At Par; Charges for Collections, Exchange, and Clearances
§ 361 - Bills Receivable, Bills of Exchange, Acceptances; Regulations by Board of Governors
§§ 362-to-364 - Omitted

Subchapter X - Powers and Duties of Member Banks

§ 371 - Real Estate Loans
§ 371a - Repealed. Pub. L. 111–203, Title Vi, §627(a)(1), July 21, 2010, 124 Stat. 1640
§ 371b - Rate of Interest on Time Deposits; Payment of Time Deposits Before Maturity; Waiver of Notice Requirements for Withdrawal of Savings Deposits
§ 371b-1 - Repealed. Pub. L. 96–221, Title V, §529, Mar. 31, 1980, 94 Stat. 168
§ 371b-2 - Interbank Liabilities
§ 371c - Banking Affiliates
§ 371c-1 - Restrictions on Transactions With Affiliates
§ 371d - Investment in Bank Premises or Stock of Corporation Holding Premises
§ 372 - Bankers' Acceptances
§ 373 - Acceptance of Drafts or Bills Drawn by Banks in Foreign Countries or Dependencies of United States for Purpose of Dollar Exchange
§ 374 - Acting as Agent for Nonmember Bank in Getting Discounts From Reserve Bank
§ 374a - Acting as Agent for Nonbanking Borrower in Making Loans on Securities to Dealers in Stocks, Bonds, Etc.; Penalties
§ 375 - [Reserved]
§ 375a - Loans to Executive Officers of Banks
§ 375b - Extensions of Credit to Executive Officers, Directors, and Principal Shareholders of Member Banks
§ 376 - Rate of Interest Paid to Directors, Etc.
§ 377 - Repealed. Pub. L. 106–102, Title I, §101(a), Nov. 12, 1999, 113 Stat. 1341
§ 378 - Dealers in Securities Engaging in Banking Business; Individuals or Associations Engaging in Banking Business; Examinations and Reports; Penalties

Subchapter XI - Depositaries and Fiscal Agents

§ 391 - Federal Reserve Banks as Government Depositaries and Fiscal Agents
§ 391a - Reimbursement of Federal Reserve Banks
§ 392 - Depositaries of Government Funds as Confined to Banks in Federal Reserve System; Member Banks as Depositaries
§ 393 - Federal Reserve Banks as Depositaries for Farm Credit System
§ 394 - Federal Reserve Banks as Depositaries for and Fiscal Agents of Home Owners' Loan Corporation
§ 395 - Federal Reserve Banks as Depositaries, Custodians and Fiscal Agents for Commodity Credit Corporation

Subchapter XII - Federal Reserve Notes

§ 411 - Issuance to Reserve Banks; Nature of Obligation; Redemption
§ 412 - Application for Notes; Collateral Required
§ 413 - Distinctive Letter and Serial Number of Notes; Cancellation of Notes Unfit for Circulation; Accounting; Apportionment of Credit Among Federal Reserve Banks
§ 414 - Authority of Board of Governors Respecting Issuance of Notes; Interest; Lien
§ 415 - Reduction of Liability for Outstanding Notes by Depositing Notes and Collateral and Payment of Notes of Series Prior to 1928; Reissue of Deposited Notes
§ 416 - Withdrawal of Collateral Deposited to Protect Notes and Substitution of Other Collateral; Retirement of Notes; Payment of Notes of Series Prior to 1928; Recovery of Collateral; Reissue of Deposited Notes
§ 417 - Custody and Safe-keeping of Notes Issued to and Collateral Deposited With Reserve Agent
§ 418 - Printing of Notes; Denomination and Form
§ 419 - Delivery of Notes Prior to Delivery to Banks
§ 420 - Control and Direction of Plates and Dies; Expense of Issue and Retirement of Notes Paid by Banks
§ 421 - Examination of Plates and Dies
§ 422 - Omitted

Subchapter XIII - Circulating Notes and Bonds Securing Same

§§ 441-to-448 - Omitted

Subchapter XIV - Bank Reserves

§ 461 - Reserve Requirements
§ 462 - Omitted
§ 462a - Repealed. Pub. L. 97–258, §5(b), Sept. 13, 1982, 96 Stat. 1068
§ 462a-1 - Repealed. Pub. L. 89–597, §2(d), Sept. 21, 1966, 80 Stat. 824
§§ 462b-462c - Omitted
§ 463 - Limitation on Amount of Balance With Any Depository Institution Without Access to Federal Reserve Advances
§ 464 - Checking Against and Withdrawal of Reserve Balance
§ 465 - Basis for Ascertaining Deposits Against Which Required Balance Is Determined
§ 466 - Reserves of Banks in Dependencies or Insular Possessions
§ 467 - Deposits of Gold Coin, Gold Certificates, and Special Drawing Right Certificates With United States Treasurer

Subchapter XV - Bank Examinations

§ 481 - Appointment of Examiners; Examination of Member Banks, State Banks, and Trust Companies; Reports
§ 482 - Employees of Office of Comptroller of the Currency; Appointment; Compensation and Benefits
§ 483 - Special Examination of Member Banks; Information of Condition Furnished to Board of Governors of the Federal Reserve System
§ 484 - Limitation on Visitorial Powers
§ 485 - Examination of Federal Reserve Banks
§ 486 - Waiver of Requirements as to Reports From or Examinations of Affiliates

Subchapter XVI - Civil Liability of Federal Reserve and Member Banks, Shareholders, and Officers

§ 501 - Liability of Federal Reserve or Member Bank for Certifying Check When Amount of Deposit Was Inadequate
§ 501a - Forfeiture of Franchise of National Banks for Failure to Comply With Provisions of This Chapter
§ 502 - Liability of Shareholders of Federal Reserve Banks on Contracts, Etc.
§ 503 - Liability of Directors and Officers of Member Banks
§ 504 - Civil Money Penalty
§ 505 - Civil Money Penalty
§ 506 - Notice After Separation From Service

Subchapter XVII - Reserve-bank Branches

§ 521 - Reserve-bank Branches; Establishment; Directors; Discontinuance of Branches; Approval for Erection of Branch Bank Building
§ 522 - Federal Reserve Branch Bank Buildings

Last modified: October 26, 2015