§334 Reports From Affiliates; Penalty for Failure to Furnish

Summary

A member bank must get from each of its affiliates that are not member banks and send at least three reports each year to the Federal Reserve Bank for its district and to the Board of Governors of the Federal Reserve System. The Board decides the report form and the report dates, and each report must be sworn to by the affiliate’s president or another officer the affiliate’s board picks. The affiliate reports should be sent at the same time as the bank’s own condition reports, unless the Board gives more time for good cause. The reports must show the affiliate’s relationship with the bank and how that relationship affects the bank. The bank must publish these affiliate reports under the same rules as its own reports. The Federal Reserve Bank or the Board can ask for extra reports if needed. If a member bank fails to get and send any required affiliate report, it faces a $100 penalty for each day the failure continues. The Board can direct the district Federal Reserve Bank to collect that penalty, including by suing.