Title 12 — Banks and BankingRelease 119-73
§604 Accounts of foreign branches; profit and loss
Title 12 › Chapter CHAPTER 6— - FOREIGN BANKING › Subchapter SUBCHAPTER I— - ESTABLISHMENT BY NATIONAL BANKS OF FOREIGN BRANCHES AND INVESTMENTS IN BANKS DOING FOREIGN BUSINESS › § 604
Summary
National banks with branches in other countries must keep each foreign branch’s books separate from their other foreign branches and from the home office. At the end of each fiscal period, they must record each branch’s profit or loss in the general ledger as its own entry.
Full Legal Text
Title 12, §604
Banks and Banking — Source: USLM XML via OLRC
Every national banking association operating foreign branches shall conduct the accounts of each foreign branch independently of the accounts of other foreign branches established by it and of its home office, and shall at the end of each fiscal period transfer to its general ledger the profit or loss accrued at each branch as a separate item.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification Section is comprised of the sixth undesignated par. of section 25 of act Dec. 23, 1913, which comprises this subchapter. For classification of other pars. of section 25 of this Act, see Codification note under section 601 of this title. The words “national banking association operating foreign branches” were in the original “such banking association”.
Amendments
1916—Act Sept. 7, 1916, substituted “accrued” for “accruing”.
Reference
Citations & Metadata
Citation
12 U.S.C. § 604
Title 12 — Banks and Banking
Last Updated
Apr 6, 2026
Release point: 119-73