§326 — Title 12 Banks and Banking | U.S. Code

Summary

If directors of a Federal Reserve Bank approve an exam done by State authorities, the Federal Reserve can accept that exam and report instead of sending its own examiners. The Federal Reserve Board can still order special exams by its own examiners when needed, and the Board must approve the report’s form. The Board may charge banks for the cost of any exams not done by State authorities, and the banks must pay when charged. The Board can also share any exam report or other confidential supervisory information about a State member bank or other examined entity with federal or state regulators, the bank’s officers or receiver, and any other person the Board thinks appropriate.

Title 12, §326

Banks and Banking — Source: USLM XML via OLRC

Whenever the directors of the Federal reserve bank shall approve the examinations made by the State authorities, such examinations and the reports thereof may be accepted in lieu of examinations made by examiners selected or approved by the Board of Governors of the Federal Reserve System: Provided, however, That when it deems it necessary the board may order special examinations by examiners of its own selection and shall in all cases approve the form of the report. The expenses of all examinations, other than those made by State authorities, 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. The Board of Governors of the Federal Reserve System, at its discretion, may furnish any report of examination or other confidential supervisory information concerning any State member bank or other entity examined under any other authority of the Board, to any Federal or State agency or authority with supervisory or regulatory authority over the examined entity, to any officer, director, or receiver of the examined entity, and to any other person that the Board determines to be proper.

Notes & Related Subsidiaries

Editorial Notes

Codification Section is comprised of the eighth par. of section 9 of act Dec. 23, 1913, as amended. The eighth par. constituted the sixth par. of section 9 in 1917 (40 Stat. 232), became the seventh par. in 1927 (44 Stat. 1229), and became the eighth par. in 1950 (64 Stat. 458). For further details, see Codification note set out under section 321 of this title.

Amendments

1999—Pub. L. 106–102 inserted last sentence and struck out former last sentence which read as follows: “Copies of the reports of such examinations may, in the discretion of the Board of Governors of the Federal Reserve System, be furnished to the State authorities having supervision of such banks, to officers, directors, or receivers of such banks, and to any other proper persons.” 1930—Act June 26, 1930, amended next to last sentence and inserted last sentence.

Statutory Notes and Related Subsidiaries

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.

§326 Acceptance of examinations and reports by State authorities; special examinations