§ 334. — Reports from affiliates; penalty for failure to furnish.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC334]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER VIII--STATE BANKS AS MEMBERS OF SYSTEM
Sec. 334. Reports from affiliates; penalty for failure to
furnish
Each bank admitted to membership under this subchapter shall obtain
from each of its affiliates other than member banks and furnish to the
Federal reserve bank of its district and to the Board of Governors of
the Federal Reserve System not less than three reports during each year.
Such reports shall be in such form as the Board of Governors of the
Federal Reserve System may prescribe, shall be verified by the oath or
affirmation of the president or such other officer as may be designated
by the board of directors of such affiliate to verify such reports, and
shall disclose the information hereinafter provided for as of dates
identical with those fixed by the Board of Governors of the Federal
Reserve System for reports of the condition of the affiliated member
bank. Each such report of an affiliate shall be transmitted as herein
provided at the same time as the corresponding report of the affiliated
member bank, except that the Board of Governors of the Federal Reserve
System may, in its discretion, extend such time for good cause shown.
Each such report shall contain such information as in the judgment of
the Board of Governors of the Federal Reserve System shall be necessary
to disclose fully the relations between such affiliate and such bank and
to enable the board to inform itself as to the effect of such relations
upon the affairs of such bank. The reports of such affiliates shall be
published by the bank under the same conditions as govern its own
condition reports.
Any such affiliated member bank may be required to obtain from any
such affiliate such additional reports as in the opinion of its Federal
reserve bank or the Board of Governors of the Federal Reserve System may
be necessary in order to obtain a full and complete knowledge of the
condition of the affiliated member bank. Such additional reports shall
be transmitted to the Federal reserve bank and the Board of Governors of
the Federal Reserve System and shall be in such form as the Board of
Governors of the Federal Reserve System may prescribe.
Any such affiliated member bank which fails to obtain from any of
its affiliates and furnish any report provided for by the two preceding
paragraphs of this section shall be subject to a penalty of $100 for
each day during which such failure continues, which, by direction of the
Board of Governors of the Federal Reserve System, may be collected, by
suit or otherwise, by the Federal reserve bank of the district in which
such member bank is located.
(Dec. 23, 1913, ch. 6, Sec. 9 (pars.), as added June 16, 1933, ch. 89,
Sec. 5(c), 48 Stat. 165; amended Aug. 23, 1935, ch. 614, title II,
Sec. 203(a), 49 Stat. 704; Pub. L. 89-485, Sec. 13(f), July 1, 1966, 80
Stat. 243.)
References in Text
This subchapter, referred to in text, was in the original ``this
section'', meaning section 9 of act Dec. 23, 1913, which is classified
generally to this subchapter (Sec. 321 et seq.).
Codification
Section is comprised of the seventeenth to nineteenth pars. of act
Dec. 23, 1913, as amended. These pars. constituted pars. fifteen to
seventeen of section 9 in 1933 (48 Stat. 165), became pars. sixteen to
eighteen in 1935 (49 Stat. 704), and became pars. seventeen to nineteen
in 1950 (64 Stat. 458). For further details, see Codification notes set
out under sections 321 and 329a of this title.
Amendments
1966--Pub. L. 89-485 struck out last sentence of third par. stating
that term ``affiliate'' shall include holding company affiliates as well
as other affiliates for the purposes of such par. and preceding two
pars.
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.
