§ 483. — Special examination of member banks; information of condition furnished to Board of Governors of the Federal Reserve System.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC483]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER XV--BANK EXAMINATIONS
Sec. 483. Special examination of member banks; information of
condition furnished to Board of Governors of the Federal Reserve
System
In addition to the examinations made and conducted by the
Comptroller of the Currency, every Federal reserve bank may, with the
approval of the Federal reserve agent or the Board of Governors of the
Federal Reserve System, provide for special examination of member banks
within its district. The expense of such examinations may, in the
discretion of the Board of Governors of the Federal Reserve System, be
assessed against the banks examined, and, when so assessed, shall be
paid by the banks examined. Such examinations shall be so conducted as
to inform the Federal reserve bank of the condition of its member banks
and of the lines of credit which are being extended by them. Every
Federal reserve bank shall at all times furnish to the Board of
Governors of the Federal Reserve System such information as may be
demanded concerning the condition of any member bank within the district
of the said Federal reserve bank.
(R.S. Sec. 5240 (par.); Feb. 19, 1875, ch. 89, 18 Stat. 329; Dec. 23,
1913, ch. 6, Sec. 21, 38 Stat. 272; June 26, 1930, ch. 611, Sec. 2, 46
Stat. 814; Aug. 23, 1935, ch. 614, title II, Sec. 203(a), 49 Stat. 704.)
Codification
R.S. Sec. 5240 derived from act June 3, 1864, ch. 106, Sec. 54, 13
Stat. 116, which was part of the National Bank Act. See section 38 of
this title.
Section is comprised of fifth par. of R.S. Sec. 5240, as amended.
See Codification note set out under section 481 of this title.
Amendments
1930--Act June 26, 1930, substituted second sentence ``The expense
of such examinations may, in the discretion of the Federal Reserve
Board, be assessed against the banks examined, and, when so assessed,
shall be paid by the banks examined.'' for ``The expense of such
examinations shall be borne by the bank examined.''
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.
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 1
of this title.
Section Referred to in Other Sections
This section is referred to in sections 1831k, 3105 of this title.
