12 U.S.C. § 347

Advances to member banks on their notes

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Any Federal reserve bank may make advances for periods not exceeding fifteen days to its member banks on their promissory notes secured by the deposit or pledge of bonds, notes, certificates of indebtedness, or Treasury bills of the United States, or by the deposit or pledge of debentures or other such obligations of Federal intermediate credit banks which are eligible for purchase by Federal reserve banks under section 350 of this title, or by the deposit or pledge of bonds issued under the provisions of subsection (c) of section 1463 11 See References in Text note below. of this title; and any Federal reserve bank may make advances for periods not exceeding ninety days to its member banks on their promissory notes secured by such notes, drafts, bills of exchange, or bankers’ acceptances as are eligible for rediscount or for purchase by Federal reserve banks under the provisions of this chapter, or secured by such obligations as are eligible for purchase under section 355 of this title. All such advances shall be made at rates to be established by such Federal reserve banks, such rates to be subject to the review and determination of the Board of Governors of the Federal Reserve System. If any member bank to which any such advance has been made shall, during the life or continuance of such advance, and despite an official warning of the reserve bank of the district or of the Board of Governors of the Federal Reserve System to the contrary, increase its outstanding loans secured by collateral in the form of stocks, bonds, debentures, or other such obligations, or loans made to members of any organized stock exchange, investment house, or dealer in securities, upon any obligation, note, or bill, secured or unsecured, for the purpose of purchasing and/or carrying stocks, bonds, or other investment securities (except obligations of the United States) such advance shall be deemed immediately due and payable, and such member bank shall be ineligible as a borrower at the reserve bank of the district under the provisions of this section for such period as the Board of Governors of the Federal Reserve System shall determine: Provided, That no temporary carrying or clearance loans made solely for the purpose of facilitating the purchase or delivery of securities offered for public subscription shall be included in the loans referred to in this section.

Notes of Decisions

Cited in 5 cases, 1943–1980 · leading case: Corbin v. Federal Reserve Bank of New York

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Corbin v. Federal Reserve Bank of New York (1979) nysd “; 12 U.S.C. § 347 . 4 . Sec. 10(b), id.; 12 U.”

Billings Utility Co. v. Advisory Committee (1943) ca8 “Section 13, paragraph 8, 12 U.S.C.A. § 347 , provides that the bank “may make advances” for certain limited periods to member banks on their promissory notes.”

Corbin v. Federal Reserve Bank of New York (1978) nysd “12 U.S.C. §§ 347 , 347b; 12 C.F.R. § 201 .”

Independent Bankers Association of America, and Western Independent Bankers v. Board of Governors of the Federal Reserve (1974) cadc “That nonmembers can choose not to use this service if they wish does not relieve the Board of this obligation, particularly as there remains no comparable alternative in terms of speed and efficiency.”

Federal Reserve Bank v. Metrocentre Improvement District 1 (1980) ared “§§ 343 , 344, 346, 348, 349, 352, 357; to make advances to member banks, 12 U.S.C. §§ 347 -347c; to hold reserves for member banks, 12 U.”

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