Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section481&num=0&edition=prelim
Timestamp: 2020-07-03 21:35:03
Document Index: 305879908

Matched Legal Cases: ['§ 481', '§5240', '§21', '§28', '§203', '§343', '§1', '§1', '§709', '§505', '§907', '§114', '§318', '§343']

[USC02] 12 USC 481: Appointment of examiners; examination of member banks, State banks, and trust companies; reports
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12 USC 481: Appointment of examiners; examination of member banks, State banks, and trust companies; reports Text contains those laws in effect on July 2, 2020
The Comptroller of the Currency, with the approval of the Secretary of the Treasury, shall appoint examiners who shall examine every national 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 examination 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 thereof 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 examination 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 examination, all the rights, privileges, and franchises of the bank shall be subject to forfeiture in accordance with section 2 of the Federal Reserve 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 examination, have complied with the same to his satisfaction. Ninety days' notice prior to such publicity shall be given to the bank or affiliate.
(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 .)
Section 2 of the Federal Reserve Act, referred to in first par., is section 2 of act Dec. 23, 1913, ch. 6, 38 Stat. 251 , which is classified to former section 141, sections 222 to 225 and 281 to 283, former section 284, and sections 285, 286, 501a, and 502 of this title. See Codification note set out under section 222 of this title.
2010-Pub. L. 111–203, in fourth sentence of second par., substituted "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" for "without regard to the provisions of other laws applicable to officers or employees of the United States".
1991-Pub. L. 102–242, in second par., inserted second and third sentences and struck out former second and third sentences which read as follows: "The expense of examinations of such affiliates may be assessed by the Comptroller of the Currency upon the affiliates examined in proportion to assets or resources held by the affiliates upon the dates of examination of the various affiliates. If any such affiliate shall refuse to pay such expenses or shall fail to do so within sixty days after the date of such assessment, then such expenses may be assessed against the affiliated national bank and, when so assessed, shall be paid by such national bank: Provided, however, That, if the affiliation is with two or more national banks, such expenses may be assessed against, and collected from, any or all of such national banks in such proportions as the Comptroller of the Currency may prescribe.", in fourth sentence, inserted "or from other fees or charges imposed pursuant to this subchapter" after "assessments on banks or affiliates thereof", and in fifth sentence, inserted ", fees, or charges" before "may be deposited" and "or of other fees or charges imposed pursuant to this subchapter" before period.
1989-Pub. L. 101–73, in second par., increased the penalty for refusal to allow the examination from $100 to $5,000.
1987-Pub. L. 100–86 inserted after fifth sentence of second par. "Such funds shall not be subject to apportionment for the purpose of chapter 15 of title 31 or under any other authority."
1980-Pub. L. 96–221 inserted provisions relating to examination of foreign operations of State banks which are members of the Federal Reserve System, and substituted provisions authorizing examinations as often as the Comptroller deems necessary, for provisions requiring examinations twice in every calendar year, and provisions authorizing the Comptroller to waive one examination or require additional examinations.
1956-Act Apr. 30, 1956, allowed Comptroller to waive 1 of the 2 examinations required each year, but not more than one waiver every two years.
1948-Act June 30, 1948, struck out in first sentence after first proviso of second par. ", including retirement annuities to be fixed by the Comptroller of the Currency,".
1935-Act Aug. 23, 1935, §343, substituted in first sentence after first proviso of second par. "including retirement annuities to be fixed by the Comptroller of the Currency, is and shall be" for "is".
1933-Act June 16, 1933, inserted proviso and last two sentences at end of first par. and added second par.