The Board may from time to time, after consulting with the Board of Directors of the Federal Deposit Insurance Corporation and the Federal Home Loan Bank Board, prescribe rules governing the advertisement of interest on deposits by member banks on time and savings deposits. The provisions of this section shall not apply to any deposit which is payable only at an office of a member bank located outside of the States of the United States and the District of Columbia. During the period commencing on October 15, 1962, and ending on October 15, 1968, the provisions of this paragraph shall not apply to the rate of interest which may be paid by member banks on time deposits of foreign governments, monetary and financial authorities of foreign governments when acting as such, or international financial institutions of which the United States is a member.
Notes of Decisions
United States v. Philadelphia Nat'l Bank, 374 U.S. 321 (1963).
· cites it 2× “§§ 24 Seventh, 335, and may not pay interest on time or savings deposits above the rate fixed by the FRB, 12 U. S. C. § 371b. The payment of interest on deposits by nonmember insured banks is also federally regulated.”
In Re Interest on Trust Accounts, Etc., 356 So. 2d 799 (Fla. 1978).
“This limitation was effectuated through Regulation Q, as promulgated pursuant to § 19 of the Federal Reserve Act, 12 U.S.C. § 371b (1945). [38] Brief of Florida Bankers Association, as amicus curiae, at page 6.”
United States v. Mfrs. Trust Co., 198 F.2d 366 (2d Cir. 1952).
“to effectuate the purposes of Section 19 of the Federal Reserve Act, as amended, 12 U.S.C.A. §§ 371b and 461, relating to “savings deposits.”
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