12 USC § 374 - Acting as agent for nonmember bank in getting discounts from reserve bank

---
identifier: "/us/usc/t12/s374"
source: "usc"
legal_status: "official_prima_facie"
title: "12 USC § 374 - Acting as agent for nonmember bank in getting discounts from reserve bank"
title_number: 12
title_name: "BANKS AND BANKING"
section_number: "374"
section_name: "Acting as agent for nonmember bank in getting discounts from reserve bank"
chapter_number: 3
chapter_name: "FEDERAL RESERVE SYSTEM"
subchapter_number: "X"
subchapter_name: "POWERS AND DUTIES OF MEMBER BANKS"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Dec. 23, 1913, ch. 6, § 19(e), formerly § 19 (par. 8), 38 Stat. 270; June 21, 1917, ch. 32, § 10, 40 Stat. 239; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; renumbered § 19(e), Pub. L. 89–597, § 2(b), Sept. 21, 1966, 80 Stat. 824.)"
---


# § 374. Acting as agent for nonmember bank in getting discounts from reserve bank

No member bank shall act as the medium or agent of a nonmember bank in applying for or receiving discounts from a Federal reserve bank under the provisions of this chapter, except by permission of the Board of Governors of the Federal Reserve System.

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**Source Credit**: (Dec. 23, 1913, ch. 6, § 19(e), formerly § 19 (par. 8), 38 Stat. 270; June 21, 1917, ch. 32, § 10, 40 Stat. 239; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; renumbered § 19(e), Pub. L. 89–597, § 2(b), Sept. 21, 1966, 80 Stat. 824.)

## Editorial Notes

### References in Text

This chapter, referred to in text, was in the original “this Act”, meaning , , known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under  and Tables.

### Codification

Section is comprised of part of subsec. (e), formerly eighth par., of section 19 of act , as redesignated by . Remainder of subsec. (e) of such section 19 is classified to .

## Statutory Notes and Related Subsidiaries

### Change of Name

Section 203(a) of act , changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.