§334 Reports from affiliates; penalty for failure to furnish

Summary

Each bank that joins must get at least three reports each year from every affiliate that is not a member bank. The bank must send those reports to its Federal Reserve Bank and to the Board of Governors. The Board decides the report form and the dates. Each report must be signed under oath by the affiliate’s president or another officer chosen by the affiliate’s board. The reports must use the same dates as the bank’s condition reports and are normally sent at the same time, unless the Board allows more time for good cause. The reports must show the relationship between the affiliate and the bank and how that relationship affects the bank. The bank must publish the affiliate reports under the same rules as its own reports. The Federal Reserve or the Board can require extra reports if needed. If a bank fails to get or send the required reports, it must pay $100 for each day the failure continues. The Federal Reserve Bank can collect that money, including by suing, if the Board directs.