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§ 3301. —  Declaration of purpose.

[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC3301]

                       TITLE 12--BANKS AND BANKING
Sec. 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, Sec. 1002, Nov. 10, 1978, 92 Stat. 3694.)

                             Effective Date

    Chapter 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

    Section 1001 of title X of Pub. L. 95-630 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.