Title 12, Banks and BankingRelease 119-102
§392 Depositaries of Government Funds as Confined to Banks in Federal Reserve System; Member Banks as Depositaries
Title 12 › CHAPTER 3 — FEDERAL RESERVE SYSTEM › SUBCHAPTER XI — DEPOSITARIES AND FISCAL AGENTS › § 392
Summary
Only banks in this system may hold public funds in the continental U.S. The Secretary of the Treasury may use member banks.
Full Legal Text
Title 12, §392
Banks and Banking, Source: USLM XML via OLRC
No public funds of the postal savings, or any Government funds, shall be deposited in the continental United States in any bank not belonging to the system established by this chapter: Provided, however, That nothing in this chapter shall be construed to deny the right of the Secretary of the Treasury to use member banks as depositaries.
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 Words “of the Philippine Islands, or” after “No public funds” were deleted on authority of 1946 Proc. No. 2695, which granted independence to the Philippine Islands pursuant to section 1394 of Title 22. Proc. No. 2695 is set out as a note under section 1394 of Title 22, Foreign Relations and Intercourse. Section is comprised of second par. of section 15 of act Dec. 23, 1913. Par. 1 of section 15 and par. 3 of section 15, as added Mar. 4, 1923, ch. 252, title IV, § 406, 42 Stat. 1480, are classified to section 391 and 393, respectively, of this title.
Reference
Citations & Metadata
Citation
12 U.S.C. § 392
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102