SUBCHAPTER I—DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS AFFECTING SYSTEM Sec. 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. “Federal Reserve Act.” 227. “Banking Act of 1933.” 228. “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 Repealed. 250. Independence of financial regulatory agencies. 251. Repealed. 252.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; “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. 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. 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. 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. 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. 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 to 462c. Omitted or Repealed. 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.

The table below lists the classification updates, since Jan. 3, 2012, for the contained sections. If there are multiple sections, they are presented in section number order (original document order).

The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013

An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.

12 USCDescription of ChangeSession YearPublic LawStatutes at Large


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