Title 12 — Banks and BankingRelease 119-73
§633 Potential liability on foreign accounts
Title 12 › Chapter CHAPTER 6— - FOREIGN BANKING › Subchapter SUBCHAPTER II— - ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING › § 633
Summary
Member banks need not repay deposits at foreign branches if a branch cannot pay because of war, insurrection, civil strife, or action by a foreign government or agency. The Board and the Comptroller may issue rules to carry this out.
Full Legal Text
Title 12, §633
Banks and Banking — Source: USLM XML via OLRC
(a)A member bank shall not be required to repay any deposit made at a foreign branch of the bank if the branch cannot repay the deposit due to—
(1)an act of war, insurrection, or civil strife; or
(2)an action by a foreign government or instrumentality (whether de jure or de facto) in the country in which the branch is located;
(b)The Board and the Comptroller of the Currency may jointly prescribe such regulations as they deem necessary to implement this section.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification Section was enacted as section 25C of the Federal Reserve Act, and not as part of section 25A of that Act which comprises this subchapter.
Statutory Notes and Related Subsidiaries
Existing Claims Not Affected Pub. L. 103–325, title III, § 326(c), Sept. 23, 1994, 108 Stat. 2229, provided that: “section 25C of the Federal Reserve Act [this section] (as added by subsection (a)) shall not be applied retroactively and shall not be construed to affect or apply to any claim or cause of action addressed by that section arising from events or circumstances that occurred before the date of enactment of this Act [Sept. 23, 1994].”
Reference
Citations & Metadata
Citation
12 U.S.C. § 633
Title 12 — Banks and Banking
Last Updated
Apr 6, 2026
Release point: 119-73