12 U.S.C. § 371b — Rate of interest on time deposits; payment of time deposits before maturity; waiver of notice requirements for withdrawal of savings deposits

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 145 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Federal Reserve Board can set rules on how member banks advertise interest on deposits. It must first consult the FDIC and the Federal Home Loan Bank Board. These rules don't apply to deposits payable only outside the U.S. and D.C. From 1962 to 1968, they also skipped interest rates on certain foreign time deposits.

The Board may, from time to time, after consulting the Board of Directors of the Federal Deposit Insurance Corporation and the Federal Home Loan Bank Board, set rules governing how member banks advertise interest on time and savings deposits. These rules don't apply to any deposit that's payable only at a member bank's office located outside the states of the United States and the District of Columbia. And from October 15, 1962, through October 15, 1968, these rules also didn't apply to the interest rate paid on time deposits held by foreign governments, foreign governments' monetary and financial authorities acting in that role, or international financial institutions that the United States belongs to.

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

The Board may from time to time, after consulting with the Board of Directors of the Federal Deposit Insurance Corporation and the Federal Home Loan Bank Board, prescribe rules governing the advertisement of interest on deposits by member banks on time and savings deposits. The provisions of this section shall not apply to any deposit which is payable only at an office of a member bank located outside of the States of the United States and the District of Columbia. During the period commencing on October 15, 1962, and ending on October 15, 1968, the provisions of this paragraph shall not apply to the rate of interest which may be paid by member banks on time deposits of foreign governments, monetary and financial authorities of foreign governments when acting as such, or international financial institutions of which the United States is a member.

Source credit: (Dec. 23, 1913, ch. 6, § 19(j), formerly § 19 (par. 13), as added June 16, 1933, ch. 89, § 11(b), 48 Stat. 182; amended Aug. 23, 1935, ch. 614, title III, § 324(c), 49 Stat. 714; Pub. L. 87–827, § 1, Oct. 15, 1962, 76 Stat. 953; Pub. L. 89–79, § 1, July 21, 1965, 79 Stat. 244; renumbered § 19(j) and amended Pub. L. 89–597, § 2(b), (c), Sept. 21, 1966, 80 Stat. 824; Pub. L. 90–505, § 2(a), Sept. 21, 1968, 82 Stat. 856; Pub. L. 96–221, title II, § 207(b)(4)–(6), Mar. 31, 1980, 94 Stat. 144.)

history & why it existsrecord from the source credit

1913Enacted · Act of Dec. 23, 1913, ch. 6 · 48 Stat. 182
1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 714
1962Amended · Pub. L. 87-827 · 76 Stat. 953
1965Amended · Pub. L. 89-79 · 79 Stat. 244
1966Amended · Pub. L. 89-597 · 80 Stat. 824
1968Amended · Pub. L. 90-505 · 82 Stat. 856
1980Amended · Pub. L. 96-221 · 94 Stat. 144

A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.

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