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U.S. CODE
TITLE 12
BANKS AND BANKING

Version 2010-02-01

Last update 2011-11-13


  • THE COMPTROLLER OF THE CURRENCY
  • NATIONAL BANKS
    • ORGANIZATION AND GENERAL PROVISIONS
    • CAPITAL, STOCK, AND STOCKHOLDERS
    • DIRECTORS
    • 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.