Title 12 — Banks and BankingRelease 119-73not60
§486 Waiver of Requirements as to Reports From or Examinations of Affiliates
Title 12 › Chapter 3— FEDERAL RESERVE SYSTEM › Subchapter XV— BANK EXAMINATIONS › § 486
Summary
The Board of Governors of the Federal Reserve System or the Comptroller of the Currency can waive rules that make member banks get reports from their affiliates or make affiliates submit to examinations. They may do this only if they decide the report or exam is not needed to fully show the affiliate’s relationship with the bank and how it affects the bank’s business.
Full Legal Text
Title 12, §486
Banks and Banking — Source: USLM XML via OLRC
Whenever member banks are required to obtain reports from affiliates, or whenever affiliates of member banks are required to submit to examination, the Board of Governors of the Federal Reserve System or the Comptroller of the Currency, as the case may be, may waive such requirements with respect to any such report or examination of any affiliate if in the judgment of the said Board or Comptroller, respectively, such report or examination is not necessary to disclose fully the relations between such affiliate and such bank and the effect thereof upon the affairs of such bank.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification This section was not enacted as part of R.S. § 5240 which comprises this subchapter. Act Dec. 23, 1913, derived from R.S. § 5240.
Executive Documents
Exception as to
Transfer of Functions
Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in
Transfer of Functions
to Secretary of the Treasury, see note set out under section 1 of this title.
Reference
Citations & Metadata
Citation
12 U.S.C. § 486
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60