Title 12 — Banks and BankingRelease 119-73not60
§3301 Declaration of Purpose
Title 12 › Chapter 34— FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL › § 3301
Summary
Creates a Financial Institutions Examination Council that must set common rules and standards for federal exams of banks and credit unions by the main federal regulators. The council must also recommend ways to make supervision consistent, kept up to date, and watchful.
Full Legal Text
Title 12, §3301
Banks and Banking — Source: USLM XML via OLRC
It is the purpose of this chapter to establish a Financial Institutions Examination Council which shall prescribe uniform principles and standards for the Federal examination of financial institutions by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Federal Home Loan Bank Board, and the National Credit Union Administration and make recommendations to promote uniformity in the supervision of these financial institutions. The Council’s actions shall be designed to promote consistency in such examination and to insure progressive and vigilant supervision.
Legislative History
Notes & Related Subsidiaries
Statutory Notes and Related Subsidiaries
Effective Date
Section effective upon the expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out as a note under section 375b of this title.
Short Title
Pub. L. 95–630, title X, § 1001, Nov. 10, 1978, 92 Stat. 3694, provided that: “This title [enacting this chapter and amending section 67 of former Title 31, Money and Finance] may be cited as the ‘Federal Financial Institutions Examination Council Act of 1978’.”
Transfer of Functions
Federal Home Loan Bank Board abolished and functions transferred, see sections 401 to 406 of Pub. L. 101–73, set out as a note under section 1437 of this title.
Reference
Citations & Metadata
Citation
12 U.S.C. § 3301
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60