Title 12Banks and BankingRelease 119-73

§1958 Compliance

Title 12 › Chapter CHAPTER 21— - FINANCIAL RECORDKEEPING › § 1958

Last updated Apr 6, 2026|Official source

Summary

Secretary must ensure compliance with these requirements and may assign duty to a bank or other supervisor or accept State exams for an institution if Secretary finds it must comply or if the State inspects it.

Full Legal Text

Title 12, §1958

Banks and Banking — Source: USLM XML via OLRC

The Secretary shall have the responsibility to assure compliance with the requirements of this chapter and section 1829b of this title and may delegate such responsibility to the appropriate bank supervisory agency, or other supervisory agency. The Secretary may rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that the category of financial institution is required to comply with this chapter and section 1829b of this title (and regulations prescribed under this chapter and section 1829b of this title), or the State supervisory agency examines the category of financial institution for compliance with this chapter and section 1829b of this title (and regulations prescribed under this chapter and section 1829b of this title).

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

2014—Pub. L. 113–156 substituted “requirements of this chapter and section 1829b of this title” for “requirements of this chapter and section 1730d and 1829b of this title” and inserted at end “The Secretary may rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that the category of financial institution is required to comply with this chapter and section 1829b of this title (and

Regulations

prescribed under this chapter and section 1829b of this title), or the State supervisory agency examines the category of financial institution for compliance with this chapter and section 1829b of this title (and

Regulations

prescribed under this chapter and section 1829b of this title).”

Statutory Notes and Related Subsidiaries

Effective Date

Section effective on first day of seventh calendar month which begins after Oct. 26, 1970, except that the Secretary of the Treasury may, by regulation, provide that this section be effective on any date not earlier than the publication of such

Regulations

in the Federal Register and not later than first day of thirteenth calendar month which begins after Oct. 26, 1970, see section 401(a), (b) of Pub. L. 91–508, set out as a note under section 1951 of this title. Consultation With State Agencies Pub. L. 113–156, § 2(c), Aug. 8, 2014, 128 Stat. 1830, provided that: “In issuing rules to carry out section 5318(a)(6) of title 31, United States Code, and section 128 of Public Law 91–508 (12 U.S.C. 1958), the Secretary of the Treasury shall consult with State supervisory agencies.”

Reference

Citations & Metadata

Citation

12 U.S.C. § 1958

Title 12Banks and Banking

Last Updated

Apr 6, 2026

Release point: 119-73