12 U.S.C. § 266 — State-chartered banks and other institutions as depositaries of public money; fiscal agents; duties

This section lets certain state-chartered financial institutions hold and manage public money for the United States. Which institutions qualify: banks, savings banks, savings and loan associations, building and loan associations, homestead associations (including cooperative banks), and credit unions. Each must be created under the laws of a State. Each must have its deposits or accounts insured by a State, a State agency, or a corporation chartered under State law. The Secretary of the Treasury is authorized to deposit public money in any such institution and to use it as a fiscal agent of the United States. The Secretary must prescribe the regulations needed to let these institutions become depositaries and fiscal agents. Each qualifying institution must perform all reasonable duties required of it as a depositary and fiscal agent. That includes helping collect taxes and other debts owed to the United States.