Title 12, Banks and BankingRelease 119-102
§602 Reports and Examinations
Title 12 › CHAPTER 6 — FOREIGN BANKING › SUBCHAPTER I — ESTABLISHMENT BY NATIONAL BANKS OF FOREIGN BRANCHES AND INVESTMENTS IN BANKS DOING FOREIGN BUSINESS › § 602
Summary
National banks with foreign branches must report how those branches are doing to the Comptroller of the Currency when asked. Member banks that own stock in the banks or corporations listed in section 601 must report their condition to the Board of Governors of the Federal Reserve System, and that Board may order special examinations.
Full Legal Text
Title 12, §602
Banks and Banking, Source: USLM XML via OLRC
Every national banking association operating foreign branches shall be required to furnish information concerning the condition of such branches to the Comptroller of the Currency upon demand, and every member bank investing in the capital stock of banks or corporations described in section 601 of this title shall be required to furnish information concerning the condition of such banks or corporations to the Board of Governors of the Federal Reserve System upon demand, and the Board of Governors of the Federal Reserve System may order special examinations of the said branches, banks, or corporations at such time or times as it may deem best.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification Section is comprised of the fourth undesignated par. of section 25 of act Dec. 23, 1913, which comprises this subchapter. For classification of other pars. of section 25 of this Act, see Codification note under section 601 of this title.
Amendments
1919—Act Sept. 17, 1919, substituted “above” for “subparagraph 2 of the first paragraph of this section” in the original, which for purposes of codification appears in text as a reference to section 601 of this title. 1916—Act Sept. 7, 1916, substituted “operating” for “which shall receive authority to establish foreign branches” and inserted “every member bank investing in the capital stock of banks or corporations described in subsection second of section 601 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.
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. § 602
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102