12 U.S.C. § 3301 — Declaration of purpose

It is the purpose of this chapter to establish a Financial Institutions Examination Council which shall prescribe uniform principles and standards for the Federal examination of financial institutions by the Office of the Comptroller of the Currency , the Federal Deposit Insurance Corporation , the Board of Governors of the Federal Reserve System , the Federal Home Loan Bank Board, and the National Credit Union Administration and make recommendations to promote uniformity in the supervision of these financial institutions. The Council’ s actions shall be designed to promote consistency in such examination and to insure progressive and vigilant supervision. ( Pub. L. 95–630, title X, § 1002 , Nov. 10, 1978 , 92 Stat. 3694 .) Statutory Notes and Related Subsidiaries Effective Date Section effective upon the expiration of 120 days after Nov. 10, 1978 , see section 2101 of Pub. L. 95–630 , set out as a note under section 375b of this title . Short Title Pub. L. 95–630, title X, § 1001 , Nov. 10, 1978 , 92 Stat. 3694 , provided that: “This title [enacting this chapter and amending section 67 of former Title 31, Money and Finance] may be cited as the ‘ Federal Financial Institutions Examination Council Act of 1978 ’.” Transfer of Functions Federal Home Loan Bank Board abolished and functions transferred, see sections 401 to 406 of Pub. L. 101–73 , set out as a note under section 1437 of this title .

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