§ 486. — Waiver of requirements as to reports from or examinations of affiliates.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC486]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER XV--BANK EXAMINATIONS
Sec. 486. Waiver of requirements as to reports from or
examinations of affiliates
Whenever member banks are required to obtain reports from
affiliates, or whenever affiliates of member banks are required to
submit to examination, the Board of Governors of the Federal Reserve
System or the Comptroller of the Currency, as the case may be, may waive
such requirements with respect to any such report or examination of any
affiliate if in the judgment of the said Board of Comptroller,
respectively, such report or examination is not necessary to disclose
fully the relations between such affiliate and such bank and the effect
thereof upon the affairs of such bank.
(Dec. 23, 1913, ch. 6, Sec. 21 (par.), as added Aug. 23, 1935, ch. 614,
title III, Sec. 325, 49 Stat. 715.)
Codification
This section was not enacted as part of R.S. Sec. 5240 which
comprises this subchapter. Act Dec. 23, 1913, derived from R.S.
Sec. 5240.
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.
