National BANKING UNDER THE FEDERAL RESERVE SYSTEM
sya ONAL DANAING UNDER THE "EDERAL RESERVE DYSTEM
Bank Examinations
Sec. 21. Section fifty-two hundred and forty, United States Revised Statutes, is
amended to read as follows:
The Comptroller of the Currency, with the approval of the Secretary of the Treasury,
shall appoint examiners who shall examine every member bank! at least twice in each
calendar year and oftener if considered necessary: Provided, however, That the Federal
Reserve Board may authorize examination by the State authorities to be accepted in
the case of State banks and trust companies and may at any time direct the holding
of a special examination of State banks or trust companies that are stockholders in any
Federal reserve bank. The examiner making the examination of any national bank,
or of any other member bank, shall have power to make a thorough examination of all
the affairs of the bank, and in doing so he shall have power to administer oaths and to
examine any of the officers and agents thereof under oath and shall make a full and
detailed report of the condition of said bank to the Comptroller of the Currency.
The Federal Reserve Board, upon the recommendation of the Comptroller of the
Currency, shall fix the salaries of all bank examiners and make report thereof to
Congress. The expense of the examinations herein provided for shall be assessed by
the Comptroller of the Currency upon the banks examined in proportion to assets or
resources held by the banks upon the dates of examination of the various banks.
In addition to the examinations made and conducted by the Comptroller of the
Currency, every Federal reserve bank may, with the approval of the Federal reserve
agent or the Federal Reserve Board, provide for special examination of member banks
within its district. The expense of such examinations shall be borne by the bank
examined. Such examinations shall be so conducted as to inform the Federal reserve
bank of the condition of its member banks and of the lines of credit which are being
extended by them. Every Federal reserve bank shall at all times furnish to the Federal
Reserve Board such information as may be demanded concerning the condition of
any member bank within the district of the said Federal reserve bank.
No bank shall be subject to any visitatorial powers other than such as are authorized
by law, or vested in the courts of justice or such as shall be or shall have been exercised
or directed by Congress, or by either House thereof or by any committee of Congress
or of either House duly authorized.
The Federal Reserve Board shall, at least once each year, order an examination of
each Federal reserve bank, and upon joint application of ten member banks the Federal
Reserve Board shall order a special examination and report of the condition of any
Federal Reserve Bank.
As amended by act approved June 21, 1917 (40 Stat., 232, chap. 32): act approved
Sept. 26, 1918 (40 Stat., 967, chap. 177); act approved Feb. 25, 1927.
Sec. 22. (a) No member bank and no officer, director, or employee thereof shall
hereafter make any loan or grant any gratuity to any bank examiner. Any bank
officer, director, or employee violating this provision shall be deemed cuilty of a mis-
"Except banks admitted to membership in the system under authority of sec. 9 of this act. See
sec. 9 of this act as amended by act approved June 21, 1917.
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