§ 19-3-9. Financial institutions and credit unions joining Federal Reserve System.
(a) A financial institution, including a credit union, may subscribe to the capital stock and become a member of a Federal Reserve bank within the Federal Reserve district where the financial institution or credit union is situated under the provisions of the United States Federal Reserve Act, 12 U.S.C. § 221 et seq. The member financial institution or credit union shall be subject to the provisions of the Federal Reserve Act relative to member banks, and to the regulations of the Federal Reserve Board.
(b) Every member financial institution or credit union may have and exercise any and all of the powers and privileges which may be exercised by member banks under the provisions of the Federal Reserve Act.
History of Section.P.L. 1995, ch. 82, § 40.
Structure Rhode Island General Laws
Title 19 - Financial Institutions
Chapter 19-3 - Powers and Operations
Section 19-3-1. - Law generally applicable to financial institutions.
Section 19-3-2. - Loans for which financial institution is liable.
Section 19-3-3. - Maximum aggregate liability of one person or company.
Section 19-3-4. - Loans on own shares.
Section 19-3-5. - Non-legal investments.
Section 19-3-6. - Special investments.
Section 19-3-7. - Holding or ownership of real estate.
Section 19-3-8. - Prudent person rule.
Section 19-3-9. - Financial institutions and credit unions joining Federal Reserve System.
Section 19-3-10. - Membership in federal home loan banks.
Section 19-3-11. - Reserve requirements of the Federal Reserve System.
Section 19-3-12. - Authorized reserve agents.
Section 19-3-13. - Use of electronic devices and machines.
Section 19-3-13.1. - ATM cards.
Section 19-3-13.2. - Fee disclosures at automated teller machines.