12 U.S.C. § 301

Powers and duties of board of directors; suspension of member bank for undue use of bank credit

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Every Federal reserve bank shall be conducted under the supervision and control of a board of directors.

The board of directors shall perform the duties usually appertaining to the office of directors of banking associations and all such duties as are prescribed by law.

Said board of directors shall administer the affairs of said bank fairly and impartially and without discrimination in favor of or against any member bank or banks and may, subject to the provisions of law and the orders of the Board of Governors of the Federal Reserve System, extend to each member bank such discounts, advancements, and accommodations as may be safely and reasonably made with due regard for the claims and demands of other member banks, the maintenance of sound credit conditions, and the accommodation of commerce, industry, and agriculture. The Board of Governors of the Federal Reserve System may prescribe regulations further defining within the limitations of this chapter the conditions under which discounts, advancements, and the accommodations may be extended to member banks. Each Federal reserve bank shall keep itself informed of the general character and amount of the loans and investments of its member banks with a view to ascertaining whether undue use is being made of bank credit for the speculative carrying of or trading in securities, real estate, or commodities, or for any other purpose inconsistent with the maintenance of sound credit conditions; and, in determining whether to grant or refuse advances, rediscounts, or other credit accommodations, the Federal reserve bank shall give consideration to such information. The chairman of the Federal reserve bank shall report to the Board of Governors of the Federal Reserve System any such undue use of bank credit by any member bank, together with his recommendation. Whenever, in the judgment of the Board of Governors of the Federal Reserve System, any member bank is making such undue use of bank credit, the Board may, in its discretion, after reasonable notice and an opportunity for a hearing, suspend such bank from the use of the credit facilities of the Federal Reserve System and may terminate such suspension or may renew it from time to time.

Notes of Decisions

Cited in 14 cases (2 in the last 5 years), 1959–2026 · leading case: United States v. Philadelphia National Bank

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United States v. Philadelphia National Bank (1963) scotus · cites it 2× “12 U. S. C. § 301 . The FDIC has an even more formidable *330 power.”

In Re Bankers Trust Company (1995) ca6 “See 12 U.S.C. § 301 . Thus, as a condition of membership in the Federal Reserve System, banks are subject to periodic supervisory inspections and examinations by the Federal Reserve.”

Bozeman Financial LLC v. Federal Reserve Bank (2020) cafc “” 12 U.S.C. § 301 . And the Banks cannot prom- ulgate regulations with the force of law.”

United States v. Wells Fargo (2019) ca2 “” 12 U.S.C. § 301 ; see also 12 U.S.C. §§ 302–305.”

John L. Lewis v. United States (1982) ca9 “12 U.S.C. § 301 . The directors enact by-laws regulating the manner of conducting general Bank business, 12 U.”

Warner Co. v. Unemployment Compensation Board of Review (1959) pa “620 (1935), as amended, 12 U.S.C. §§301 et seq. (1952), the receipt of pension benefits does not constitute wages such as would possibly subject an eligible person to a reduction in his social security benefits.”

Lee Construction Co. v. Federal Reserve Bank of Richmond (1982) mdd “12 U.S.C. §§ 301 & 302. The Federal Reserve Banks receive no appropriated funds from Congress.”

Fox News Network, LLC v. Board of Governors of the Federal Reserve System (2009) nysd “12 U.S.C. § 301 . The twelve regional banks are “operating arms of the central banking system,” but at the same time substantially independent and autonomous.”

United States v. Manufacturers Hanover Trust Co. (1965) nysd “12 U.S.C. §§ 301 , 1818(a), (b) (1958); N.”

Huntington Towers, Ltd. v. Franklin National Bank (1977) ca2 “2 , enacted pursuant to 12 U.S.C. § 301 , and through 12 U.S.C. § 347b.”

Federal Reserve Bank v. Metrocentre Improvement District 1 (1980) ared · cites it 3× “Congress structured the Reserve Banks as corporate entities, owned by commercial banks, “under the [direction and] supervision and control” of their own boards of directors and subject only to “general supervision” by the Federal Reserve Board.”

PayServices Bank v. Federal Reserve Bank of San Francisco (2024) idd · cites it 2× “§§ 341 - 361); see also 12 U.S.C. § 301 . As the Federal Reserve System’s “operating arms,” Federal Reserve Banks operate as bankers’ banks to much of the banking industry: In its role providing key financial services, the Reserve Bank acts, essentially, as a financial…”

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