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12 U.S.C. § 465 — Basis for ascertaining deposits against which required balance is determined

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 69 words · no verdicts yet

in plain englishAI-generated · not legal advice

Member banks must keep reserve balances under this law. When counting deposits, they may subtract money owed by other banks and cash items being collected. This excludes amounts from Federal Reserve banks and foreign banks.

This section is a single, undivided provision. When member banks calculate the reserve balances this chapter requires them to hold, they may deduct two things from their gross demand deposits: (1) balances owed to them by other banks, and (2) "cash items in process of collection" — payments already being collected that can be presented immediately in the United States. Balances due from Federal Reserve banks and from foreign banks do not count toward this deduction. The Board of Governors of the Federal Reserve System defines exactly what these terms mean.
the actual law source: uscode.house.gov ↗public domain

In estimating the reserve balances required by this chapter, member banks may deduct from the amount of their gross demand deposits the amounts of balances due from other banks (except Federal Reserve banks and foreign banks) and cash items in process of collection payable immediately upon presentation in the United States, within the meaning of these terms as defined by the Board of Governors of the Federal Reserve System.

Source credit: (Dec. 23, 1913, ch. 6, § 19(g), formerly § 19 (par. 10), 38 Stat. 270; Aug. 15, 1914, ch. 252, 38 Stat. 692; June 21, 1917, ch. 32, § 10, 40 Stat. 240; Aug. 23, 1935, ch. 614, title III, § 324(b), 49 Stat. 714; renumbered § 19(g), Pub. L. 89–597, § 2(b), Sept. 21, 1966, 80 Stat. 824.)

history & why it existsrecord from the source credit
  • 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 270
  • 1914Amended · Act of Aug. 15, 1914, ch. 252 · 38 Stat. 692
  • 1917Amended · Act of June 21, 1917, ch. 32 · 40 Stat. 240
  • 1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 714
  • 1966Amended · Pub. L. 89-597 · 80 Stat. 824

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

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