Title 12, Banks and BankingRelease 119-102
§266 State-chartered Banks and Other Institutions as Depositaries of Public Money; Fiscal Agents; Duties
Title 12 › CHAPTER 3 — FEDERAL RESERVE SYSTEM › SUBCHAPTER V — FEDERAL DEPOSIT INSURANCE CORPORATION › § 266
Summary
State-chartered banks and credit unions with state-insured deposits may hold U.S. government money and handle financial tasks for the government. The Secretary of the Treasury can put public money in them and will set rules; they must carry out reasonable duties asked of them, including helping collect taxes.
Full Legal Text
Title 12, §266
Banks and Banking, Source: USLM XML via OLRC
Banks, savings banks, and savings and loan, building and loan, homestead associations (including cooperative banks), and credit unions created under the laws of any State and the deposits or accounts of which are insured by a State or agency thereof or corporation chartered pursuant to the laws of any State may be depositaries of public money and may be employed as fiscal agents of the United States. The Secretary of the Treasury is authorized to deposit public money in any such institution, and shall prescribe such regulations as may be necessary to enable such institutions to become depositaries of public money and fiscal agents of the United States. Each such institution shall perform all such reasonable duties as depositary of public money and fiscal agent of the United States as may be required of it including services in connection with the collection of taxes and other obligations owed the United States.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification Section was not enacted as part of the Federal Reserve Act, which comprises this chapter.
Reference
Citations & Metadata
Citation
12 U.S.C. § 266
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102