Visitorial powers with respect to national banks.

CFR · 2024-01-01 · US · Title 12

(a) (2) For purposes of this section, visitorial powers include: (i) Examination of a bank; (ii) Inspection of a bank's books and records; (iii) Regulation and supervision of activities authorized or permitted pursuant to federal banking law; and (iv) Enforcing compliance with any applicable Federal or state laws concerning those activities, including through investigations that seek to ascertain compliance through production of non-public information by the bank, except as otherwise provided in paragraphs (a), (b), and (c) of this section. (3) Unless otherwise provided by Federal law, the OCC has exclusive visitorial authority with respect to the content and conduct of activities authorized for national banks under Federal law. (b) (c) (1) (i) Inspect the list of shareholders, provided that the official is authorized to assess taxes under state authority (12 U.S.C. 62; this section also authorizes inspection of the shareholder list by shareholders and creditors of a national bank); (ii) Review, at reasonable times and upon reasonable notice to a bank, the bank's 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 those laws (12 U.S.C. 484(b)); (iii) Verify payroll records for unemployment compensation purposes (26 U.S.C. 3305(c)); (iv) Ascertain the correctness of Federal tax returns (26 U.S.C. 7602); (v) Enforce the Fair Labor Standards Act (29 U.S.C. 211); and

official document · source cfr-2024 · id 12:§ 7.4000