Title 12, Banks and BankingRelease 119-102
§485 Examination of Federal Reserve Banks
Title 12 › CHAPTER 3 — FEDERAL RESERVE SYSTEM › SUBCHAPTER XV — BANK EXAMINATIONS › § 485
Summary
The Federal Reserve Board must check each Federal Reserve Bank at least once a year. If ten member banks ask together, the Board must order a special check and give a report on that bank’s condition.
Full Legal Text
Title 12, §485
Banks and Banking, Source: USLM XML via OLRC
The Board of Governors of the Federal Reserve System shall, at least once each year, order an examination of each Federal reserve bank, and upon joint application of ten member banks the Board of Governors of the Federal Reserve System shall order a special examination and report of the condition of any Federal reserve bank.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification R.S. § 5240 derived from act June 3, 1864, ch. 106, § 54, 13 Stat. 116, which was part of the National Bank Act. See section 38 of this title. Section is comprised of seventh par. of R.S. § 5240, as amended. See Codification note set out under section 481 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. § 485
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102