12 U.S.C. § 484

Limitation on visitorial powers

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(a) No national bank shall be subject to any visitorial powers except as authorized by Federal law, vested in the courts of justice or such as shall be, or have been exercised or directed by Congress or by either House thereof or by any committee of Congress or of either House duly authorized.(b) Notwithstanding subsection (a), lawfully authorized State auditors and examiners may, at reasonable times and upon reasonable notice to a bank, review its records solely to ensure compliance with applicable State unclaimed property or escheat laws upon reasonable cause to believe that the bank has failed to comply with such laws.(R.S. § 5240 (par.); Feb. 19, 1875, ch. 89, 18 Stat. 329; Dec. 23, 1913, ch. 6, § 21, 38 Stat. 272; Pub. L. 97–320, title IV, § 412, Oct. 15, 1982, 96 Stat. 1521; Pub. L. 97–457, § 23(a), Jan. 12, 1983, 96 Stat. 2510.)Editorial NotesCodification

R.S. § 5240 derived from act June 3, 1864, ch. 106, § 54, 13 Stat. 116, which was part of the National Bank Act. See section 38 of this title.

Section is comprised of sixth par. of R.S. § 5240, as amended. See Codification note set out under section 481 of this title.

Section 412 of Pub. L. 97–320, set out in the credit of this section, was amended by section 23(a) of Pub. L. 97–457 to correct an error in the directory language of section 412 of Pub. L. 97–320. That amendment involved only directory language and not the content of the text being amended by Pub. L. 97–320 so no change in the text of this section resulted from the amendment by Pub. L. 97–457.

Amendments

1982—Subsec. (a). Pub. L. 97–320, as amended by Pub. L. 97–457, designated existing provisions as subsec. (a), and amended subsec. (a) generally. Prior to amendment subsec. (a) read as follows: “No bank shall be subject to any visitorial 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”.

Subsec. (b). Pub. L. 97–320, as amended by Pub. L. 97–457, added subsec. (b).

Statutory Notes and Related SubsidiariesEffective Date of 1983 Amendment

Pub. L. 97–457, § 23(b), Jan. 12, 1983, 96 Stat. 2510, provided that: “The amendment made by subsection (a) [amending section 412 of Pub. L. 97–320, which amended this section] shall be deemed to have taken effect upon the enactment of Public Law 97–320 [Oct. 15, 1982].”

Notes of Decisions

Cited in 56 cases (2 in the last 5 years), 1937–2023 · leading case: Watters v. Wachovia Bank, N. A., 550 U.S. 1 (2007).

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Watters v. Wachovia Bank, N. A., 550 U.S. 1 (2007). · cites it 14× “Comp. Laws Ann. § 445.1675 (a) (West 2002).”

Cuomo v. Clearing House Ass'n, LLC, 557 U.S. 519 (2009). · cites it 13× “That is not the exercise of the power of law enforcement "vested in the courts of justice" which 12 U.S.C. § 484 (a) exempts from the ban on exercise of supervisory power.”

Clearing House Ass'n, LLC v. Cuomo, 510 F.3d 105 (2d Cir. 2007). · cites it 10× “A recently promulgated OCC regulation expansively interpreted the NBA's visitorial powers provision, 12 U.S.C. § 484 , to preclude state officials from enforcing national banks' compliance with state or federal laws that concern activities authorized or permitted under the NBA.”

Off. of the Comptroller of the Currency v. Spitzer, 396 F. Supp. 2d 383 (S.D.N.Y. 2005). · cites it 12× “The OCC contends that the Attorney General’s assertion of authority pursuant to state law to conduct his investigation and enforce relevant laws is in conflict with, and thus preempted by, section 484 of the National Bank Act, 12 U.S.C. § 484 (a), and the OCC’s implementing…”

Wachovia Bank, N.A. v. Burke, 414 F.3d 305 (2d Cir. 2005). · cites it 6× “§ 24 (Seventh), and it provides that national banks, in the exercise of their powers, shall be free from state “visitorial” power, see 12 U.S.C. § 484 . The OCC, meanwhile, has issued regulations allowing national banks to conduct business through an operating subsidiary, see 12…”

Wachovia Bank, N.A. v. Burke, 319 F. Supp. 2d 275 (D. Conn. 2004). · cites it 6× “See 12 U.S.C. § 484 . These national banks are regulated by a federal agency, the OCC, which is charged with the supervision and regulation of national banks and the administration of the Act.”

First Union Nat'l Bank v. Burke, 48 F. Supp. 2d 132 (D. Conn. 1999). · cites it 5× “In its complaint, the OCC contends that the pending enforcement action by the Commissioner directly interferes with its exclusive authority to regulate and supervise the banking activities of national banks pursuant to its “visitorial power” under 12 U.S.C. § 484 . At this…”

Wells Fargo Bank, N.A. v. Boutris, 265 F. Supp. 2d 1162 (E.D. Cal. 2003). · cites it 5× “[and] pursuant to 12 U.S.C. § 484 and federal regulations, the OCC has exclusive ‘visitorial’ power over national banks and their operating subsidiaries except where federal law specifically provides otherwise.”

Capital One Bank (USA), N.A. v. McGraw, 563 F. Supp. 2d 613 (S.D.W. Va 2008). · cites it 9× “On March 18, 2008,1 ordered the parties to brief (1) whether, by seeking to enforce its subpoenas, the defendant is exercising “visitorial powers” as that term is defined in 12 U.S.C. § 484 (a); and (2) whether subpoening COSI in this case hampers the federally authorized…”

Nat'l City Bank of Indiana v. Turnbaugh, 367 F. Supp. 2d 805 (D. Maryland 2005). · cites it 3× “” 12 U.S.C. § 484 (b). Under the authority of this statute, and others, in 2001 the OCC issued a regulation stating that: “[ujnless otherwise provided by Federal law or OCC regulation, State laws apply to national bank operating subsidiaries to the same extent that those laws…”

Clearing House Ass'n, LLC v. Spitzer, 394 F. Supp. 2d 620 (S.D.N.Y. 2005). · cites it 5× “The Clearing House contends that the Attorney General’s investigation and threatened enforcement actions impinge on the exclusive visitorial powers of the Office of the Comptroller of the Currency (the “OCC”) in violation of section 484(a) of the National Bank Act, 12 U.S.C. §…”

Wachovia Bank, N.A. & Wachovia Mortg. Corp. v. Linda A. Watters, Comm'r of the Michigan Off. of Ins. & Fin. Servs., 431 F.3d 556 (6th Cir. 2005). · cites it 2× “To prevent state regulation of the national banking system, the Act provides that “[n]o national bank shall be subject to any visitorial powers except as authorized by Federal Law .”

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— 12 U.S.C. § 484(a) — 1 case

Watters v. Wachovia Bank, N. A., 550 U.S. 1 (2007). “Comp. Laws Ann. § 445.1675 (a) (West 2002).”

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