12 U.S.C. § 371a
Repealed. Pub. L. 111–203, title VI, § 627(a)(1), July 21, 2010, 124 Stat. 1640
[repealed]
Notes of Decisions
Cited in 24
cases, 1945–2003 · leading case: Phillips v. Washington Legal Found., 524 U.S. 156 (1998).
Phillips v. Washington Legal Found., 524 U.S. 156 (1998). “See 12 U. S. C. §§ 371a, 1464(b)(1)(B), 1828(g).”
United States v. Philadelphia Nat'l Bank, 374 U.S. 321 (1963). “For example, member banks of the Federal Reserve System may not pay interest on demand deposits, 12 U. S. C. § 371a, may not invest in common stocks or hold for their own account investment securities of any one obligor in excess of 10% of the bank's unimpaired capital and…”
Hirsch v. Bank of Am., 132 Cal. Rptr. 2d 220 (Cal. Ct. App. 2003). “(12 U.S.C. § 371a; see also Reg. Q.) Regulation Q defines interest as “any payment to or for the account of any depositor as compensation for the use of funds constituting a deposit.”
Otero Sav. & Loan Ass'n, a Colorado Corp. v. Fed. Home Loan Bank Bd. & Fed. Sav. & Loan Ins. Corp., 665 F.2d 279 (10th Cir. 1981). “Otero’s strongest argument focuses on the interrelationship between 12 U.S.C. §§ 371a and 1832(a) after 1979 legislation.”
United States League of Sav. Ass'n v. Bd. of Governors of the Fed. Reserve Sys., 463 F. Supp. 342 (D.D.C. 1978). “In response, plaintiff maintains that there is specific governing law to apply in this case, namely, 12 U.S.C. § 371a, which states that “no member bank shall, directly or indirectly, by any device whatsoever, pay any interest on any deposit which is payable on demand .”
United States v. Mfrs. Hanover Trust Co., 240 F. Supp. 867 (S.D.N.Y. 1965). “Thus, as money cycles from deposit to loan through the banking system as a whole, deposits are generated and credit created on a multiple scale, as is illustrated by the following chart: 53 .”
The Hondo Nat'l Bank v. Gill Sav. Ass'n, 696 F.2d 1095 (5th Cir. 1983). “See 12 U.S.C. § 371a (governing federally-regulated banks); 12 U.”
Fleet Nat'l Bank v. Clark, 714 A.2d 1172 (R.I. 1998). “103-325, § 326(b)(2)); 12 U.S.C. § 371a (excluding from prohibition of the States against payment of interest on demand deposits "any deposit * * * which is payable only at an office * * * located outside of the States of the United States”).”
Maryland Nat'l Bank v. Cummins, 588 A.2d 1205 (Md. 1991). “See 12 U.S.C. § 371a. It was not until Public Law 96-221, effective December 31, 1980, 94 Stat.”
In Re Interest on Trust Accounts, Etc., 356 So. 2d 799 (Fla. 1978). “[19] 12 U.S.C. § 371a (1945) provides in pertinent part: "No member [of the Federal Reserve System] shall, directly or indirectly, by any device whatsoever, pay any interest on any deposit which is payable on demand.”
Frouge Corp. v. Chase Manhattan Bank (Nat. Ass'n), 426 F. Supp. 794 (S.D.N.Y. 1976). “12 U.S.C. § 371a (1970). Moreover, it appears that Chase would not be required to render an accounting on this type of account.”
Wilshire Oil Co. of Texas v. Bd. of Governors of the Fed. Reserve Sys., 668 F.2d 732 (3rd Cir. 1982). “230; 12 U.S.C. §§ 371a & 1828(g) (Supp.1980) (generally forbidding the payment by insured banks of interest on demand deposits).”
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