Title 12, Banks and BankingRelease 119-102
§374 Acting as Agent for Nonmember Bank in Getting Discounts From Reserve Bank
Title 12 › CHAPTER 3 — FEDERAL RESERVE SYSTEM › SUBCHAPTER X — POWERS AND DUTIES OF MEMBER BANKS › § 374
Summary
Banks that are members of the Federal Reserve must not act as agents for banks that are not members when those nonmember banks apply for or receive discounts from a Federal Reserve Bank, unless the Board of Governors of the Federal Reserve System gives permission.
Full Legal Text
Title 12, §374
Banks and Banking, Source: USLM XML via OLRC
No member bank shall act as the medium or agent of a nonmember bank in applying for or receiving discounts from a Federal reserve bank under the provisions of this chapter, except by permission of the Board of Governors of the Federal Reserve System.
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 Section is comprised of part of subsec. (e), formerly eighth par., of section 19 of act Dec. 23, 1913, as redesignated by Pub. L. 89–597. Remainder of subsec. (e) of such section 19 is classified to section 463 of this title.
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. § 374
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102