---
kind: "section"
citation: "12 U.S.C. § 486"
title: "12"
title_heading: "Banks and Banking"
number: "486"
heading: "Waiver of requirements as to reports from or examinations of affiliates"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/486"
units:
  - "Chapter 3 — Federal Reserve System"
  - "Subchapter XV — Bank Examinations"
---

# §486. Waiver of requirements as to reports from or examinations of affiliates


Whenever [member banks](/usc/12/221a.md?p=a) are required to obtain reports from [affiliates](/usc/12/221a.md?p=b), or whenever [affiliates](/usc/12/221a.md?p=b) of [member banks](/usc/12/221a.md?p=a) are required to submit to examination, the [Board](/usc/12/221a.md?p=a) of Governors of the Federal Reserve System or the Comptroller of the Currency, as the case may be, may waive such requirements with respect to any such report or examination of any [affiliate](/usc/12/221a.md?p=b) if in the judgment of the said [Board](/usc/12/221a.md?p=a) or Comptroller, respectively, such report or examination is not necessary to disclose fully the relations between such [affiliate](/usc/12/221a.md?p=b) and such bank and the effect thereof upon the affairs of such bank.


## Source credit

(Dec. 23, 1913, ch. 6, § 21 (par.), as added Aug. 23, 1935, ch. 614, title III, § 325, 49 Stat. 715.)

## Notes

### Editorial Notes

### Codification

This section was not enacted as part of R.S. § 5240 which comprises this subchapter. Act Dec. 23, 1913, derived from R.S. § 5240.

### Executive Documents

### Exception as to Transfer of Functions

Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under section 1 of this title.