12 U.S.C. § 161 — Reports to Comptroller of the Currency

submitted 149 years ago by Pub. L. 86-230 to r/title-12-BANKS-AND-BANKING · 606 words · no verdicts yet

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Every national bank must file financial reports with the Comptroller of the Currency. The Comptroller can also demand extra reports and dividend reports whenever needed. A bank officer must swear the report is true, and three directors must confirm it. Banks must also report on their affiliated companies, several times a year.

(a) Reports of condition. Every national bank ("association") must send the Comptroller of the Currency reports of condition, following the rules in the Federal Deposit Insurance Act. The Comptroller can also call for extra reports of condition, in whatever form and with whatever information the Comptroller prescribes, on dates the Comptroller sets. The Comptroller can also demand a special report from one particular bank whenever, in the Comptroller's judgment, it's needed for supervision. Each report of condition needs a signed declaration. The bank's president, a vice president, the cashier, or another officer the board of directors designates must declare that the report is true and correct to the best of their knowledge and belief. At least three of the bank's directors — other than the officer who made the declaration — must also sign, declaring that they examined the report and believe it is true and correct. Each report must show, in detail and under the right headings, the bank's resources and liabilities as of the close of business on a past day the Comptroller specifies. The bank must send the report to the Comptroller within whatever time period the Comptroller specifies. Special reports only need to contain whatever information the Comptroller specifies in the request. These special reports get published only if the Comptroller directs it. (b) Payment of dividends. Every bank must report dividend payments to the Comptroller, including advance reports of dividends the bank proposes to declare or pay, in whatever cases, under whatever conditions, form, and timing the Comptroller decides are necessary to carry out national banking law. (c) Reports of affiliates. Each national bank must obtain information from each of its "affiliates" — related companies — except affiliates that are themselves member banks. The bank must furnish the Comptroller at least four of these affiliate reports every year, in whatever form the Comptroller prescribes. An officer of the affiliate — the president or another officer the affiliate's board designates — must verify the report by oath or affirmation. Each affiliate report must be transmitted to the Comptroller at the same time as the bank's own corresponding report, though the Comptroller may, for good cause, extend that deadline. Each affiliate report must contain whatever information the Comptroller judges necessary to fully show the relationship between the affiliate and the bank, and how that relationship affects the bank's affairs. The Comptroller may also call for additional reports about any affiliate whenever needed, in the Comptroller's judgment, to fully understand the condition of the bank the affiliate is connected to. The affiliate must transmit these additional reports to the Comptroller in whatever form the Comptroller prescribes.

the actual law source: uscode.house.gov ↗public domain

(a) Reports of condition; form; contents; date of making; publication

Every association shall make reports of condition to the Comptroller of the Currency in accordance with the Federal Deposit Insurance Act [12 U.S.C. 1811 et seq.]. The Comptroller of the Currency may call for additional reports of condition, in such form and containing such information as he may prescribe, on dates to be fixed by him, and may call for special reports from any particular association whenever in his judgment the same are necessary for his use in the performance of his supervisory duties. Each report of condition shall contain a declaration by the president, a vice president, the cashier, or by any other officer designated by the board of directors of the bank to make such declaration, that the report is true and correct to the best of his knowledge and belief. The correctness of the report of condition shall be attested by the signatures of at least three of the directors of the bank other than the officer making such declaration, with the declaration that the report has been examined by them and to the best of their knowledge and belief is true and correct. Each report shall exhibit in detail and under appropriate heads the resources and liabilities of the association at the close of business on any past day specified by the Comptroller, and shall be transmitted to the Comptroller within the period of time specified by the Comptroller. Special reports called for by the Comptroller need contain only such information as is specified by the Comptroller in his request therefor, and publication of such reports need be made only if directed by the Comptroller.

(b) Payment of dividends

Every association shall make to the Comptroller reports of the payment of dividends, including advance reports of dividends proposed to be declared or paid in such cases and under such conditions as the Comptroller deems necessary to carry out the purposes of the laws relating to national banking associations in such form and at such times as he may require.

Each national banking association shall obtain from each of its affiliates other than member banks and furnish to the Comptroller of the Currency not less than four reports during each year, in such form as the Comptroller may prescribe, verified by the oath or affirmation of the president or such other officer as may be designated by the board of directors of such affiliate to verify such reports, disclosing the information hereinafter provided for as of dates identical with those for which the Comptroller shall during such year require the reports of the condition of the association. Each such report of an affiliate shall be transmitted to the Comptroller at the same time as the corresponding report of the association, except that the Comptroller may, in his discretion, extend such time for good cause shown. Each such report shall contain such information as in the judgment of the Comptroller of the Currency shall be necessary to disclose fully the relations between such affiliate and such bank and to enable the Comptroller to inform himself as to the effect of such relations upon the affairs of such bank. The Comptroller shall also have power to call for additional reports with respect to any such affiliate whenever in his judgment the same are necessary in order to obtain a full and complete knowledge of the conditions of the association with which it is affiliated. Such additional reports shall be transmitted to the Comptroller of the Currency in such form as he may prescribe.

Source credit: (R.S. § 5211; Feb. 27, 1877, ch. 69, § 1, 19 Stat. 252; Dec. 28, 1922, ch. 18, 42 Stat. 1067; Feb. 25, 1927, ch. 191, § 13, 44 Stat. 1232; June 16, 1933, ch. 89, § 27, 48 Stat. 191; Pub. L. 86–230, §§ 11, 22(b), Sept. 8, 1959, 73 Stat. 458, 466; Pub. L. 86–671, § 5, July 14, 1960, 74 Stat. 551; Pub. L. 89–485, § 13(d), July 1, 1966, 80 Stat. 243; Pub. L. 101–73, title IX, § 911(b)(1), Aug. 9, 1989, 103 Stat. 478; Pub. L. 103–325, title III, § 308(a), Sept. 23, 1994, 108 Stat. 2218.)

history & why it existsrecord from the source credit

1877Enacted · Act of Feb. 27, 1877, ch. 69 · 19 Stat. 252
1922Amended · Act of Dec. 28, 1922, ch. 18 · 42 Stat. 1067
1927Amended · Act of Feb. 25, 1927, ch. 191 · 44 Stat. 1232
1933Amended · Act of June 16, 1933, ch. 89 · 48 Stat. 191
1959Amended · Pub. L. 86-230 · 73 Stat. 458, 466
1960Amended · Pub. L. 86-671 · 74 Stat. 551
1966Amended · Pub. L. 89-485 · 80 Stat. 243
1989Amended · Pub. L. 101-73 · 103 Stat. 478
1994Amended · Pub. L. 103-325 · 108 Stat. 2218

A history note hasn’t been published yet. The record shows enactment by Pub. L. 86-230 on 1877-02-27.

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