[Code of Federal Regulations]
[Title 12, Volume 2]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR208.1]

[Page 210-211]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 208--MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FEDERAL RESERVE SYSTEM (REGULATION H)--Table of Contents
 
        Subpart A--General Membership and Branching Requirements
 
Sec. 208.1  Authority, purpose, and scope.

    Source: 63 FR 37637, July 13, 1998, unless otherwise noted.


    (a) Authority. Subpart A of Regulation H (12 CFR part 208, Subpart 
A) is issued by the Board of Governors of the Federal Reserve System 
(Board) under 12 U.S.C. 24, 36; sections 9, 11, 21, 25 and 25A of the 
Federal Reserve Act (12 U.S.C. 321-338a, 248(a), 248(c), 481-486, 601 
and 611); sections 1814, 1816, 1818, 1831o, 1831p-1, 1831r-1 and 1835a 
of the Federal Deposit Insurance Act (FDI Act) (12 U.S.C. 1814, 1816, 
1818, 1831o, 1831p-1, 1831r-1, and 1835); and 12 U.S.C. 3906-3909.
    (b) Purpose and scope of Part 208. The requirements of this part 208 
govern State member banks and state banks applying for admission to 
membership

[[Page 211]]

in the Federal Reserve System (System) under section 9 of the Federal 
Reserve Act (Act), except for Sec. 208.7, which also applies to certain 
foreign banks licensed by a State. This part 208 does not govern banks 
eligible for membership under section 2 or 19 of the Act.\1\ Any bank 
desiring to be admitted to the System under the provisions of section 2 
or 19 should communicate with the Federal Reserve Bank with which it 
would like to become a member.
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    \1\ Under section 2 of the Federal Reserve Act, every national bank 
in any state shall, upon commencing business, or within 90 days after 
admission into the Union of the State in which it is located, become a 
member of the System. Under section 19 of the Federal Reserve Act, 
national banks and banks organized under local laws, located in a 
dependency or insular possession or any part of the United States 
outside of the States of the United States and the District of Columbia, 
are not required to become members of the System but may, with the 
consent of the board, become members of the System.
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    (c) Purpose and scope of Subpart A. This Subpart A describes the 
eligibility requirements for membership of state-chartered banking 
institutions in the System, the general conditions imposed upon members, 
including capital and dividend requirements, as well as the requirements 
for establishing and maintaining branches.