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.
Feb. 19, 1875, ch. 8918 Stat. 329Dec. 23, 1913, ch. 6, § 2138 Stat. 272June 26, 1930, ch. 611, § 246 Stat. 814Aug. 23, 1935, ch. 61449 Stat. 704(R.S. § 5240 (par.); , ; , ; , ; , title II, § 203(a), .)
Editorial Notes
Codification
act June 3, 1864, ch. 106, § 5413 Stat. 116section 38 of this titleR.S. § 5240 derived from , , which was part of the National Bank Act. See .
section 481 of this titleSection is comprised of fifth par. of R.S. § 5240, as amended. See Codification note set out under .
Amendments
1930—Act , 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.”
Statutory Notes and Related Subsidiaries
Change of Name
Section 203(a) of act , changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.
Executive Documents
Exception as to Transfer of Functions
section 1 of this titleFunctions 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 .