republic-os/legal/us/code/title-12/chapter-3/section-338.md

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LegalText	12 U.S.C. § 338	Examination of affiliates; forfeiture of membership on refusal of affiliate to give information or pay expense	us	united_states_code	code_section	12	BANKS AND BANKING	3	FEDERAL RESERVE SYSTEM	338	12 U.S.C. § 338	current	119-100	2026-06-26	official	https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip	/us/usc/t12/s338	data/legal/raw/us/code/title-12/usc12.xml	9e9ef5dac1042e4d197bc98e6fcde63e85c22603fb95d76f451ac16fcc4a3d5f	e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa	bba79f52932fb67fd2e5daef5efbabf5566ab4b4be483d44949ea2b5746c8b65	2026-07-04	official	legal us-code

12 U.S.C. § 338 - Examination of affiliates; forfeiture of membership on refusal of affiliate to give information or pay expense

Text

In connection with examinations of State member banks, examiners selected or approved by the Board of Governors of the Federal Reserve System shall make such examinations of the affairs of all affiliates of such banks as shall be necessary to disclose fully the relations between such banks and their affiliates and the effect of such relations upon the affairs of such banks. The expense of examination of affiliates of any State member bank may, in the discretion of the Board of Governors of the Federal Reserve System, be assessed against such bank and, when so assessed, shall be paid by such bank. In the event of the refusal to give any information requested in the course of the examination of any such affiliate, or in the event of the refusal to permit such examination, or in the event of the refusal to pay any expenses so assessed, the Board of Governors of the Federal Reserve System may, in its discretion, require any or all State member banks affiliated with such affiliate to surrender their stock in the Federal Reserve bank and to forfeit all rights and privileges of membership in the Federal Reserve System, as provided in this subchapter.

(Dec. 23, 1913, ch. 6, § 9 (par.), as added June 16, 1933, ch. 89, § 5(c), 48 Stat. 166; amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)

Notes

Editorial Notes

References in TextThis subchapter, referred to in text, was in the original “this section”, meaning section 9 of act Dec. 23, 1913, which is classified generally to this subchapter (§ 321 et seq.).

Codification Section is comprised of the twenty-second par. of section 9 of act Dec. 23, 1913, as amended. The twenty-second par. constituted the twenty-first par. of section 9 in 1933 (48 Stat. 166), became the twenty-second par. in 1935 (49 Stat. 704), and became the twenty-third par. in 1950 (64 Stat. 458), and became the twenty-second par. in 1966 (80 Stat. 243). For further details, see Codification notes set out under sections 321 and 329a of this title.

Statutory Notes and Related Subsidiaries

Change of Name Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.