12 USC 1 - Sec. 1. Office of Comptroller of the Currency
U.S. Code - Title 12: Banks and Banking
Linked as:Text
There shall be in the Department of the Treasury a bureau charged with the execution of all laws passed by Congress relating to the issue and regulation of a national currency secured by United States bonds and, under the general supervision of the Board of Governors of the Federal Reserve System, of all Federal Reserve notes, except for the cancellation and destruction, and accounting with respect to such cancellation and destruction, of Federal Reserve notes unfit for circulation, the chief officer of which bureau shall be called the Comptroller of the Currency, and shall perform his duties under the general directions of the Secretary of the Treasury.
The Comptroller of the Currency shall have the same authority over matters within the jurisdiction of the Comptroller as the Director of the Office of Thrift Supervision has over matters within the Director's jurisdiction under section 1462a(b)(3) of this title.
The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Comptroller of the Currency.
References In Text
The bureau, referred to in text, is known as the Office of the Comptroller of the Currency.
Codification
R.S. Sec. 324 derived from act June 3, 1864, ch. 106, Sec. 1, 13 Stat. 99, which was the National Bank Act. See section 38 of this title.
Section is comprised of R.S. Sec. 324, as amended by the eighth paragraph of act Dec. 23, 1913, Sec. 10.
Amendments
1994 - Pub. L. 103-325 inserted at end "The Comptroller of the Currency shall have the same authority over matters within the jurisdiction of the Comptroller as the Director of the Office of Thrift Supervision has over matters within the Director's jurisdiction under section 1462a(b)(3) of this title.
The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Comptroller of the Currency." 1966 - Pub. L. 89-427 inserted exception relating to cancellation and destruction, and accounting with respect to the cancellation and destruction, of Federal Reserve notes unfit for circulation.
Change Of Name
Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.
Exception As To Transfer Of Functions
Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, were not included in transfer of functions of officers, agencies, and employees of Department of the Treasury to Secretary of the Treasury, made by Reorg.
Plan No. 26 of 1950, Sec. 1, eff. July 31, 1950, 15 F.R. 4935, 64 Stat. 1280. See section 321(c)(2) of Title 31, Money and Finance.
Section Referred To In Other Sections
This section is referred to in title 31 section 307.
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