REGULATION OF THE BANKING BUSINESS; POWERS AND DUTIES OF NATIONAL BANKS
OBTAINING AND ISSUING CIRCULATING NOTES
REDEMPTION AND REPLACEMENT OF CIRCULATING NOTES
PROCEEDINGS ON FAILURE OF BANK TO REDEEM CIRCULATING NOTES
RESERVE CITIES; LAWFUL RESERVES
FORMATION OF ASSOCIATIONS TO ISSUE GOLD NOTES
BANK EXAMINATIONS; REPORTS
MISCELLANEOUS PROVISIONS REGARDING UNITED STATES BONDS IN RELATION TO NATIONAL BANKS
VOLUNTARY DISSOLUTION
RECEIVERSHIP
BANK CONSERVATION ACT
CONVERSION OF NATIONAL BANKS INTO STATE BANKS
CONSOLIDATION AND MERGER
DISPOSITION OF UNCLAIMED PROPERTY RECOVERED FROM CLOSED NATIONAL BANKS
FEDERAL RESERVE SYSTEM
DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS AFFECTING SYSTEM
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL ADVISORY COUNCIL
FEDERAL OPEN MARKET COMMITTEE
FEDERAL DEPOSIT INSURANCE CORPORATION
CAPITAL AND STOCK OF FEDERAL RESERVE BANKS; DIVIDENDS AND EARNINGS
DIRECTORS OF FEDERAL RESERVE BANKS; RESERVE AGENTS AND ASSISTANTS
STATE BANKS AS MEMBERS OF SYSTEM
POWERS AND DUTIES OF FEDERAL RESERVE BANKS
POWERS AND DUTIES OF MEMBER BANKS
DEPOSITARIES AND FISCAL AGENTS
FEDERAL RESERVE NOTES
CIRCULATING NOTES AND BONDS SECURING SAME
BANK RESERVES
BANK EXAMINATIONS
CIVIL LIABILITY OF FEDERAL RESERVE AND MEMBER BANKS, SHAREHOLDERS, AND OFFICERS
RESERVE-BANK BRANCHES
TAXATION
FEDERAL RESERVE BANKS
NATIONAL BANK CIRCULATION
NATIONAL BANK SHARES
STATE BANK CIRCULATION
CRIMES AND OFFENSES
IN GENERAL
FEDERAL RESERVE AND MEMBER BANKS, OFFICERS, EMPLOYEES, AND EXAMINERS
FOREIGN BANKING
ESTABLISHMENT BY NATIONAL BANKS OF FOREIGN BRANCHES AND INVESTMENTS IN BANKS DOING FOREIGN BUSINESS
ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING
EXPORT-IMPORT BANK OF THE UNITED STATES
GENERAL PROVISIONS
EXPORT FINANCING
TIED AID CREDIT EXPORT SUBSIDIES
FARM CREDIT ADMINISTRATION
FARM CREDIT ADMINISTRATION; GENERAL ADMINISTRATIVE PROVISIONS
DISTRICT ORGANIZATIONS UNDER SUPERVISION OF FARM CREDIT ADMINISTRATION; FARM CREDIT DISTRICTS AND FARM CREDIT BOARDS
FEDERAL LAND BANKS, JOINT-STOCK LAND BANKS, AND FEDERAL LAND BANK ASSOCIATIONS
Administrative Provisions Relative to This Subchapter
Organization of Federal Land Banks
Capital Stock of Federal Land Banks
Land Banks as Government Depositaries and Agents
Federal Land Bank Associations Generally
Capital Stock of Federal Land Bank Associations
Federal Land Bank Associations; Special Provisions
Appraisal for Farm Loans
Powers of Federal Land Bank Associations
Restriction on Loans of Federal Land Banks Based on First Mortgages
Powers of Federal Land Banks Generally
Restrictions on Federal Land Banks
Loans by Federal Land Banks Through Agents
Joint-Stock Land Banks
Powers of Farm Credit Administration
Applications for Farm-Loan Bonds
Issue of Farm-Loan Bonds
Form of Farm Loan Bonds
Special Provisions of Farm Loan Bonds
Application of Amortization and Interest Payments
Reserves and Dividends of Land Banks
Reserve and Dividends of Federal Land Bank Associations
Defaulted Farm Loans
Exemption From Taxation
Investment in Farm-Loan Bonds
Examinations
Receivers and Conservators
Dissolution and Appointment of Receivers
State Legislation Impairing Security of Farm Loans
Penalties
Government Deposits in Land Banks
Organization Expenses
Limitation of Court Decisions
Amendments to Chapter
LOANS TO FARMERS BY LAND BANK COMMISSIONER
FEDERAL FARM MORTGAGE CORPORATION
LOANS TO FARMERS BY GOVERNOR OF FARM CREDIT ADMINISTRATION
FEDERAL INTERMEDIATE CREDIT BANKS
Organization
Discounts and Loans
Issue of Debentures
Discount Rates
Capital Stock and Participation Certificates
Application of Earnings
Liability on Debentures or Other Such Obligations
Examinations and Reports
Rules and Regulations
Tax Exemption
Penalty Provisions
PRODUCTION CREDIT ASSOCIATIONS
Production Credit Associations
Revolving Fund
REGIONAL BANKS FOR COOPERATIVES AND CENTRAL BANK FOR COOPERATIVES
Regional Banks
Central Bank
PROVISIONS COMMON TO PRODUCTION CREDIT ASSOCIATIONS, AND REGIONAL AND CENTRAL BANKS FOR COOPERATIVES
AGRICULTURAL MARKETING
REGIONAL AGRICULTURAL CREDIT CORPORATIONS
ADJUSTMENT AND CANCELLATION OF FARM LOANS
NATIONAL AGRICULTURAL CREDIT CORPORATIONS
Formation
Requisites of Articles and Certificate
Corporate Powers
Debentures and Other Obligations; Liability; Security
Limitations
Interest Rates
Capital Stock
Rediscount Corporations
Permit To Begin Business
Miscellaneous Administrative Provisions
Banks of Federal Reserve System as Stockholders
Taxation
Deposits
Conversion of Corporations
Consolidation of Corporations
Insolvency, Receivership, and Liquidation
Penalty Provisions
Partial Invalidity; Amendments and Repeals
LOCAL AGRICULTURAL-CREDIT CORPORATIONS, LIVESTOCK-LOAN COMPANIES AND LIKE ORGANIZATIONS; LOANS TO INDIVIDUALS TO AID IN FORMATION OR TO INCREASE CAPITAL STOCK
FEDERAL HOME LOAN BANKS
FEDERAL HOME LOAN MORTGAGE CORPORATION
SAVINGS ASSOCIATIONS
NATIONAL HOUSING
HOUSING RENOVATION AND MODERNIZATION
MORTGAGE INSURANCE
NATIONAL MORTGAGE ASSOCIATIONS
INSURANCE OF SAVINGS AND LOAN ACCOUNTS
MISCELLANEOUS
WAR HOUSING INSURANCE
INSURANCE FOR INVESTMENTS IN RENTAL HOUSING FOR FAMILIES OF MODERATE INCOME
ARMED SERVICES HOUSING MORTGAGE INSURANCE
HOUSING FOR EDUCATIONAL INSTITUTIONS
MORTGAGE INSURANCE FOR LAND DEVELOPMENT AND NEW COMMUNITIES
MORTGAGE INSURANCE FOR GROUP PRACTICE FACILITIES AND MEDICAL PRACTICE FACILITIES
NATIONAL INSURANCE DEVELOPMENT PROGRAM
Statewide Plans To Assure Fair Access to Insurance Requirements
Reinsurance Coverage
Federal Insurance Against Burglary and Theft
General Provisions
NATIONAL DEFENSE HOUSING INSURANCE
VOLUNTARY HOME MORTGAGE CREDIT
FEDERAL CREDIT UNIONS
GENERAL PROVISIONS
SHARE INSURANCE
CENTRAL LIQUIDITY FACILITY
FEDERAL LOAN AGENCY
FEDERAL DEPOSIT INSURANCE CORPORATION
BANK HOLDING COMPANIES
BANK SERVICE COMPANIES
SECURITY MEASURES FOR BANKS AND SAVINGS ASSOCIATIONS
CREDIT CONTROL
FINANCIAL RECORDKEEPING
TYING ARRANGEMENTS
FARM CREDIT SYSTEM
FARM CREDIT BANKS
FARM CREDIT ASSOCIATIONS
Production Credit Associations
Federal Land Bank Associations
BANKS FOR COOPERATIVES
Banks for Cooperatives
United and National Banks for Cooperatives
PROVISIONS APPLICABLE TO TWO OR MORE CLASSES OF INSTITUTIONS OF THE SYSTEM
Funding
Dissolution
Rights of Borrowers; Loan Restructuring
Activities of Institutions of the System
Service Organizations
Farm Credit System Capital Corporation
Sale of Insurance
Miscellaneous
FARM CREDIT ADMINISTRATION ORGANIZATION
District Organization
Farm Credit Administration Organization
Enforcement Powers of Farm Credit Administration
Miscellaneous
Farm Credit System Insurance Corporation
ASSISTANCE TO FARM CREDIT SYSTEM
Assistance Board
Financial Assistance Corporation
RESTRUCTURING OF SYSTEM INSTITUTIONS
Merger of Banks Within a District
Mergers, Transfers of Assets, and Powers of Associations Within a District
transfers by federal land banks to federal land bank associations
merger of like and unlike associations
reconsideration
termination and dissolution of institutions
Approval of Disclosure Information and Issuance of Charters by the Farm Credit Administration Board
Mergers of Like Entities
Taxation of Merger Transactions
AGRICULTURAL MORTGAGE SECONDARY MARKET
Establishment and Activities of Federal Agricultural Mortgage Corporation
Regulation of Financial Safety and Soundness of Federal Agricultural Mortgage Corporation
Receivership, Conservatorship, and Liquidation of Federal Agricultural Mortgage Corporation
FEDERAL FINANCING BANK
NATIONAL COMMISSION ON ELECTRONIC FUND TRANSFERS
DISPOSITION OF ABANDONED MONEY ORDERS AND TRAVELERS CHECKS
REAL ESTATE SETTLEMENT PROCEDURES
EMERGENCY MORTGAGE RELIEF
HOME MORTGAGE DISCLOSURE
COMMUNITY REINVESTMENT
NATIONAL CONSUMER COOPERATIVE BANK
ESTABLISHMENT AND OPERATION
OFFICE OF SELF-HELP DEVELOPMENT AND TECHNICAL ASSISTANCE
FOREIGN BANK PARTICIPATION IN DOMESTIC MARKETS
DEPOSITORY INSTITUTION MANAGEMENT INTERLOCKS
FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
RIGHT TO FINANCIAL PRIVACY
DEPOSITORY INSTITUTIONS DEREGULATION AND FINANCIAL REGULATION SIMPLIFICATION
DEPOSITORY INSTITUTIONS DEREGULATION
REGULATORY SIMPLIFICATION
SOLAR ENERGY AND ENERGY CONSERVATION BANK
MULTIFAMILY MORTGAGE FORECLOSURE
SINGLE FAMILY MORTGAGE FORECLOSURE
ALTERNATIVE MORTGAGE TRANSACTIONS
INTERNATIONAL LENDING SUPERVISION
EXPEDITED FUNDS AVAILABILITY
LOW-INCOME HOUSING PRESERVATION AND RESIDENT HOMEOWNERSHIP
PREPAYMENT OF MORTGAGES INSURED UNDER NATIONAL HOUSING ACT
TECHNICAL ASSISTANCE AND CAPACITY BUILDING
ACTIONS AGAINST PERSONS COMMITTING BANK FRAUD CRIMES
DECLARATIONS PROVIDING NEW CLAIMS TO UNITED STATES
DECLARATIONS PROVIDING UNITED STATES WITH NEW INFORMATION CONCERNING RECOVERY OF ASSETS
USE OF PRIVATE LEGAL RESOURCES
TRUTH IN SAVINGS
PAYMENT SYSTEM RISK REDUCTION
BILATERAL AND CLEARING ORGANIZATION NETTING
MULTILATERAL CLEARING ORGANIZATIONS
GOVERNMENT SPONSORED ENTERPRISES
SUPERVISION AND REGULATION OF ENTERPRISES
Financial Safety and Soundness Regulator
Additional Authorities of the Director
general authority
housing goals
enforcement
Miscellaneous Provisions
REQUIRED CAPITAL LEVELS FOR REGULATED ENTITIES, SPECIAL ENFORCEMENT POWERS, AND REVIEWS OF ASSETS AND LIABILITIES
ENFORCEMENT PROVISIONS
COMMUNITY DEVELOPMENT BANKING
COMMUNITY DEVELOPMENT BANKING AND FINANCIAL INSTITUTIONS
SMALL BUSINESS CAPITAL ENHANCEMENT
FINANCIAL INSTITUTIONS REGULATORY IMPROVEMENT
HOMEOWNERS PROTECTION
CHECK TRUNCATION
SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING
EMERGENCY ECONOMIC STABILIZATION
TROUBLED ASSETS RELIEF PROGRAM
BUDGET-RELATED PROVISIONS
TAX PROVISIONS
Version 2010-02-01
CHAPTER 1
THE COMPTROLLER OF THE CURRENCY
Office of Comptroller of the Currency
There shall be in the Department of the Treasury a bureau charged with the execution of all laws passed by Congress relating to the issue and regulation of national currency secured by United States bonds and, under the general supervision of the Board of Governors of the Federal Reserve System, of all Federal Reserve notes, except for the cancellation and destruction, and accounting with respect to such cancellation and destruction, of Federal Reserve notes unfit for circulation, the chief officer of which bureau shall be called the Comptroller of the Currency and shall perform his duties under the general directions of the Secretary of the Treasury. The Comptroller of the Currency shall have the same authority over matters within the jurisdiction of the Comptroller as the Director of the Office of Thrift Supervision has over matters within the Director's jurisdiction under section
1462a
(b)(3) of this title. The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Comptroller of the Currency.
Comptroller of the Currency; appointment; term
The Comptroller of the Currency shall be appointed by the President, by and with the advice and consent of the Senate, and shall hold his office for a term of five years unless sooner removed by the President, upon reasons to be communicated by him to the Senate.
Oath of Comptroller
The Comptroller of the Currency shall, within fifteen days from the time of notice of his appointment, take and subscribe the oath of office.
Deputy Comptrollers
The Secretary of the Treasury shall appoint no more than four Deputy Comptrollers of the Currency, one of whom shall be designated First Deputy Comptroller of the Currency, and shall fix their salaries. Each Deputy Comptroller shall take the oath of office and shall perform such duties as the Comptroller shall direct. During a vacancy in the office or during the absence or disability of the Comptroller, each Deputy Comptroller shall possess the power and perform the duties attached by law to the office of the Comptroller under such order of succession following the First Deputy Comptroller as the Comptroller shall direct.
Delegation of authority by Comptroller
The Comptroller of the Currency may delegate to any duly authorized employee, representative, or agent any power vested in the office by law.
Repealed
Section
5, act Mar. 4, 1909, ch. 297, § 1, 35 Stat. 867, related to appointment, succession in office and penal bond of assistant deputy comptroller. See section
4 of this title.
Section
6, act Mar. 4, 1923, ch. 252, title II, § 209(b) (pt.), 42 Stat. 1467, related to appointment, oath of office, penal bond, assigned duties and administration of national agricultural credit corporation provisions of third Deputy Comptroller. See section
4 of this title.
Chief of examining division
The Comptroller of the Currency may designate a national bank examiner to act as chief of the examining division in his office.
Clerks
The Comptroller of the Currency shall employ, from time to time, the necessary clerks, to be appointed and classified by the Secretary of the Treasury, to discharge such duties as the comptroller shall direct.
Additional examiners, clerks, and other employees
The Comptroller of the Currency is authorized to employ such additional examiners, clerks, and other employees as he deems necessary to carry out the provisions of sections
4,
6,
9,
10,
1151 to
1318, and
1322 of this title and to assign to duty in the office of his bureau in Washington such examiners and assistant examiners as he shall deem necessary to assist in the performance of the work of that bureau.
Repealed
Section, act Mar. 4, 1923, ch. 252, title II, § 209(b), 42 Stat. 1467, authorized Comptroller to fix in advance pay of deputy comptrollers, examiners, clerks, and certain other employees.
Salaries of Deputy Comptrollers, examiners, and other employees as part of bank examination expenses
The salaries of the Deputy Comptrollers and of all national bank examiners and assistant examiners assigned to duty in the office of the bureau in Washington in connection with the supervision of national banks shall be considered part of the expenses of the examinations provided for by subchapter
XV of chapter
3 of this title.
Interest in national banks
It shall not be lawful for the Comptroller or the Deputy Comptroller of the Currency, either directly or indirectly, to hold an interest in any national bank.
Seal of Comptroller
The seal devised by the Comptroller of the Currency for his office, and approved by the Secretary of the Treasury, shall continue to be the seal of office of the comptroller, and may be renewed when necessary. A description of the seal, with an impression thereof, and a certificate of approval by the Secretary of the Treasury, shall be filed in the office of the Secretary of State.
Rooms for Currency Bureau
There shall be assigned, from time to time, to the Comptroller of the Currency, by the Secretary of the Treasury, suitable rooms in the Treasury Building for conducting the business of the Currency Bureau, containing safe and secure fireproof vaults, in which the Comptroller shall deposit and safely keep all the plates not necessarily in the possession of engravers or printers, and other valuable things belonging to his department; and the Comptroller shall from time to time furnish the necessary furniture, stationery, fuel, lights, and other proper conveniences for the transaction of the business of his office.
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