12 U.S.C. § 521

Reserve-bank branches; establishment; directors; discontinuance of branches; approval for erection of branch bank building

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The Board of Governors of the Federal Reserve System may permit or require any Federal reserve bank to establish branch banks within the Federal reserve district in which it is located or within the district of any Federal reserve bank which may have been suspended. Such branches, subject to such rules and regulations as the Board of Governors of the Federal Reserve System may prescribe, shall be operated under the supervision of a board of directors to consist of not more than seven nor less than three directors, of whom a majority of one shall be appointed by the Federal reserve bank of the district, and the remaining directors by the Board of Governors of the Federal Reserve System. Directors of branch banks shall hold office during the pleasure of the Board of Governors of the Federal Reserve System.

The Board of Governors of the Federal Reserve System may at any time require any Federal reserve bank to discontinue any branch of such Federal reserve bank established under this section. The Federal reserve bank shall thereupon proceed to wind up the business of such branch bank, subject to such rules and regulations as the Board of Governors of the Federal Reserve System may prescribe.

No Federal Reserve bank shall have authority hereafter to enter into any contract or contracts for the erection of any branch bank building of any kind or character or to authorize the erection of any such building, except with the approval of the Board of Governors of the Federal Reserve System.

Notes of Decisions

Cited in 3 cases, 1982–2005 · leading case: Lee Constr. Co. v. Fed. Reserve Bank of Richmond, 558 F. Supp. 165 (D. Maryland 1982).

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Lee Constr. Co. v. Fed. Reserve Bank of Richmond, 558 F. Supp. 165 (D. Maryland 1982). “12 U.S.C. § 521 . 27 . 12 U.S.C. § 522 . “Appropriated funds are not used in constructing Federal Reserve buildings; the cost of construction is amortized out of the earnings of the Federal Reserve banks over a period of years.”

Kennedy C. Scott v. Fed. Reserve Bank of Kansas City, 406 F.3d 532 (8th Cir. 2005). “, 12 U.S.C. § 521 (stating that the Board may order the opening or closing of a branch).”

Kennedy C. Scott v. Fed. Reserve Bank (8th Cir. 2005). “, 12 U.S.C. § 521 (stating that the Board may order the opening or closing of a branch).”

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