12 U.S.C. § 486 — Waiver of requirements as to reports from or examinations of affiliates
submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 96 words · no verdicts yet
Member banks and their affiliates are normally required to submit reports or allow examinations. The Federal Reserve Board or the Comptroller of the Currency may waive that requirement for a specific affiliate. They can do this if they decide the report or exam isn't needed to fully show how the affiliate and bank affect each other.
Sometimes member banks must obtain reports from their affiliates, or an affiliate* of a member bank must submit to an examination. In those situations, the Board of Governors of the Federal Reserve System, or the Comptroller of the Currency — whichever one applies — may waive that requirement for a particular report or examination.
They can only do this if, in their judgment, the report or examination isn't necessary to fully disclose the relationship between the affiliate and the bank, and how that relationship affects the bank's affairs.
Whenever member banks are required to obtain reports from affiliates, or whenever affiliates of member banks are required to submit to examination, the Board of Governors of the Federal Reserve System or the Comptroller of the Currency, as the case may be, may waive such requirements with respect to any such report or examination of any affiliate* if in the judgment of the said Board or Comptroller, respectively, such report or examination is not necessary to disclose fully the relations between such affiliate and such bank and the effect thereof upon the affairs of such bank.
Source credit: (Dec. 23, 1913, ch. 6, § 21 (par.), as added Aug. 23, 1935, ch. 614, title III, § 325, 49 Stat. 715.)
- 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 49 Stat. 715
A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.
all 0 arguments · sorted by: best
no arguments yet — make the first case