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Title 12, Banks and BankingRelease 119-73not60

§221 Definitions

Title 12 › Chapter 3— FEDERAL RESERVE SYSTEM › Subchapter I— DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS AFFECTING SYSTEM › § 221

Last updated Apr 3, 2026|Official source

Summary

Words in the chapter are treated as meaning specific kinds of banks and related terms. "Bank" means a State bank, banking association, or trust company unless the text talks about national banks or Federal Reserve banks; "State bank" includes banks under the Code of Law for the District of Columbia; "national bank" = "national banking association"; "member bank" means a national or State bank or trust company that is a member of a Federal reserve bank; "board" means the Board of Governors of the Federal Reserve System; "district" means a Federal reserve district; "reserve bank" means a Federal reserve bank; "the continental United States" means the States and the District of Columbia; "bonds and notes of the United States" (and similar phrases) include certificates of indebtedness and Treasury bills issued under section 3104 of title 31.

Full Legal Text

Title 12, §221

Banks and Banking, Source: USLM XML via OLRC

Wherever the word “bank” is used in this chapter, the word shall be held to include State bank, banking association, and trust company, except where national banks or Federal reserve banks are specifically referred to. For purposes of this chapter, a State bank includes any bank which is operating under the Code of Law for the District of Columbia. The terms “national bank” and “national banking association” used in this chapter shall be held to be synonymous and interchangeable. The term “member bank” shall be held to mean any national bank, State bank, or bank or trust company which has become a member of one of the Federal reserve banks. The term “board” shall be held to mean Board of Governors of the Federal Reserve System; the term “district” shall be held to mean Federal reserve district; the term “reserve bank” shall be held to mean Federal reserve bank; the term “the continental United States” means the States of the United States and the District of Columbia. The terms “bonds and notes of the United States”, “bonds and notes of the Government of the United States”, and “bonds or notes of the United States” used in this chapter shall be held to include certificates of indebtedness and Treasury bills issued under section 3104 of title 31.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in text, was in the original “this Act”, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, known as the Federal Reserve Act. For complete classification of this Act to the Code, see

References in Text

note set out under section 226 of this title and Tables. Codification This section is comprised of the second to fourth pars. of section 1 of act Dec. 23, 1913. The first par. of section 1 is classified to section 226 of this title.

Amendments

2006—Pub. L. 109–351 and 109–356 amended section identically, inserting “For purposes of this chapter, a State bank includes any bank which is operating under the Code of Law for the District of Columbia.” at end of first par. 1982—Pub. L. 97–258 inserted provisions defining “bonds and notes of the United States”, “bonds and notes of the Government of the United States”, and “bonds or notes of the United States”. These provisions are based on acts Sept. 24, 1917, ch. 56, § 5(c), 40 Stat. 290; Apr. 4, 1918, ch. 44, § 4, 40 Stat. 504; Mar. 3, 1919, ch. 100, § 3, 40 Stat. 1311; restated June 17, 1929, ch. 26, 46 Stat. 20 (former 31 U.S.C. 754(c)). 1959—Pub. L. 86–70 inserted definition of “the continental United States”.

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.

Reference

Citations & Metadata

Citation

12 U.S.C. § 221

Title 12, Banks and Banking

Last Updated

Apr 3, 2026

Release point: 119-73not60