12 U.S.C. § 322 — Determination on application
submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 45 words · no verdicts yet
When deciding on a bank's application, the Federal Reserve Board must look at three things. It checks the bank's financial health and how well it's managed. It also checks whether the bank's powers fit the purpose of this law.
When the Board of Governors of the Federal Reserve System decides on "such applications" — applications described elsewhere in this chapter, which this section does not repeat — the Board must weigh three things: the financial condition of the bank applying, the general quality of its management, and whether the corporate powers the bank uses match the purposes of this chapter.
In acting upon such applications the Board of Governors of the Federal Reserve System shall consider the financial condition of the applying bank, the general character of its management, and whether or not the corporate powers exercised are consistent with the purposes of this chapter.
Source credit: (Dec. 23, 1913, ch. 6, § 9 (par.), as added June 21, 1917, ch. 32, § 3, 40 Stat. 233; amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)
- 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 40 Stat. 233
- 1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704
A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.
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