12 U.S.C. § 93a — Authority to prescribe rules and regulations

submitted 46 years ago by Pub. L. 96-221 to r/title-12-BANKS-AND-BANKING · 75 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Comptroller of the Currency can make rules to run the office. This power does not apply where another agency already has exclusive authority, or to bank-branch rules under section 36, or to National Banks' securities activities under the Glass-Steagall Act.

The Comptroller of the Currency can write rules and regulations to carry out the duties of that office. But this power has limits. First, if another regulatory agency already has been given exclusive authority over something, the Comptroller can't make rules there instead. Second, this rulemaking power does not cover section 36 of this title, which deals with national bank branches. Third, it does not cover the securities activities of National Banks under the law known as the “Glass-Steagall Act.”

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

Except to the extent that authority to issue such rules and regulations has been expressly and exclusively granted to another regulatory agency, the Comptroller of the Currency is authorized to prescribe rules and regulations to carry out the responsibilities of the office, except that the authority conferred by this section does not apply to section 36 of this title or to securities activities of National Banks under the Act commonly known as the “Glass-Steagall Act”.

Source credit: (R.S. § 5239A, as added Pub. L. 96–221, title VII, § 708, Mar. 31, 1980, 94 Stat. 188.)

history & why it existsrecord from the source credit

1980Enacted · Pub. L. 96-221 · 94 Stat. 188

A history note hasn’t been published yet. The record shows enactment by Pub. L. 96-221 on 1980-03-31.

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