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Title 12, Banks and BankingRelease 119-102

§347d Transactions Between Federal Reserve Banks and Branch or Agency of Foreign Bank; Matters Considered

Title 12 › CHAPTER 3 — FEDERAL RESERVE SYSTEM › SUBCHAPTER IX — POWERS AND DUTIES OF FEDERAL RESERVE BANKS › § 347d

Last updated Aug 21, 2026|Official source

Summary

Federal Reserve banks may, under rules the Board of Governors sets, take deposits from, buy discounted paper endorsed by, and lend to a branch or agency of a foreign bank the same way they do for a member bank, if that branch or agency keeps reserves with that Reserve bank under section 3105. When doing this, the Reserve bank must consider how much the branch or agency keeps on deposit there and what share of its assets are held as reserves under section 3105. The words "branch", "agency", and "foreign bank" have the meanings given in section 3101.

Full Legal Text

Title 12, §347d

Banks and Banking, Source: USLM XML via OLRC

Subject to such restrictions, limitations, and regulations as may be imposed by the Board of Governors of the Federal Reserve System, each Federal Reserve bank may receive deposits from, discount paper endorsed by, and make advances to any branch or agency of a foreign bank in the same manner and to the same extent that it may exercise such powers with respect to a member bank if such branch or agency is maintaining reserves with such Reserve bank pursuant to section 3105 of this title. In exercising any such powers with respect to any such branch or agency, each Federal Reserve bank shall give due regard to account balances being maintained by such branch or agency with such Reserve bank and the proportion of the assets of such branch or agency being held as reserves under section 3105 of this title. For the purposes of this paragraph, the terms “branch”, “agency”, and “foreign bank” shall have the same meanings assigned to them in section 3101 of this title.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Codification Section is comprised of the fourteenth (last) par. of section 13 of act Dec. 23, 1913, as added by act Sept. 17, 1978. For additional details concerning the enactment and numbering of the first thirteen pars. of section 13, see Codification notes set out under section 92, 342 to 347, 347c, 361, 372, and 373 of this title.

Prior Provisions

A prior section 347d, act Mar. 9, 1933, ch. 1, § 404, as added Mar. 24, 1933, ch. 8, § 1, 48 Stat. 20, which related to direct loans to State banks and trust companies, was omitted from the Code as terminated since by its own terms, it was effective for only one year following date of its enactment, Mar. 24, 1933.

Reference

Citations & Metadata

Citation

12 U.S.C. § 347d

Title 12, Banks and Banking

Last Updated

Aug 21, 2026

Release point: 119-102