(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.)
References in Text
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
, former section
of this title. See Codification note set out under section
of this title.
This subchapter, referred to in second par., was in the original a reference to this section, meaning section 5240 of the Revised Statutes.
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
of this title.
R.S. § 5240, as amended by acts Dec. 23, 1913, July 2, 1932, June 16, 1933, Pub. L. 101–73
, and Pub. L. 102–242
, is comprised of 7 undesignated paragraphs. Pars. 1 and 2 are classified to section
of this title, pars. 3 and 4 are classified to section
of this title, and pars. 5 to 7 are classified to sections
, respectively, of this title.
2010—Pub. L. 111–203
, in fourth sentence of second par., substituted “set and adjusted subject to chapter
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
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.
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.
Effective Date of 2010 Amendment
Amendment by Pub. L. 111–203
effective on the transfer date, see section 318(e) ofPub. L. 111–203
, set out as an Effective Date note under section
of this title.
Effective Date of 1989 Amendment
Amendment by Pub. L. 101–73
applicable to conduct engaged in after Aug. 9, 1989, except that increased maximum penalties of $5,000 and $25,000 may apply to conduct engaged in before such date if such conduct is not already subject to a notice issued by the appropriate agency and occurred after completion of the last report of the examination of the institution by the appropriate agency occurring before Aug. 9, 1989, see section 907(l) ofPub. L. 101–73
, set out as a note under section
of this title.
Effective Date of 1948 Amendment
Amendment by act June 30, 1948, effective on first day of first pay period beginning at least 30 days after June 30, 1948, see section 5 of that act.
Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller 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
of this title.