12 U.S.C. § 248–1 — Rules and regulations for transfer of funds and charges therefor among banks; clearing houses
submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 79 words · no verdicts yet
The Federal Reserve Board sets rules for how Federal Reserve banks transfer money and charge fees to each other. The Board may act as a clearing house for these banks, or pick one bank to do it. The Board can also make any bank clear payments for other banks that take deposits.
The Board of Governors of the Federal Reserve System makes rules, from time to time, about how Federal Reserve banks and their branches transfer money among themselves and what they can charge for doing it. The Board may choose to act itself as a clearing house for these Federal Reserve banks — meaning it settles transfers between them. Instead, the Board may pick one Federal Reserve bank to do this clearing-house job. The Board can also require any Federal Reserve bank to act as a clearing house for depository institutions — banks and similar places that take deposits.
The Board of Governors of the Federal Reserve System shall make and promulgate from time to time regulations governing the transfer of funds and charges therefor among Federal reserve banks and their branches, and may at its discretion exercise the functions of a clearing house for such Federal reserve banks, or may designate a Federal reserve bank to exercise such functions, and may also require each such bank to exercise the functions of a clearing house for depository institutions.
Source credit: (Dec. 23, 1913, ch. 6, § 16 (par.), 38 Stat. 268; Aug. 23, 1935, ch. 614, § 203(a), 49 Stat. 704; Pub. L. 96–221, title I, § 105(d), Mar. 31, 1980, 94 Stat. 140.)
- 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 268
- 1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704
- 1980Amended · Pub. L. 96-221 · 94 Stat. 140
A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.
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