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Can you summarize 6 OKST 801?
Regulation of Banks > Reserves
Short Summary
This legal document governs the maintenance of reserves against deposits for state banks that are members of the Federal Reserve System and banks that are not members of the Federal Reserve System. Member banks of the Federal Reserve System are required to maintain reserves as specified by the Federal Reserve Act or the Board of Governors of the Federal Reserve System. Banks that are not members of the Federal Reserve System are required to maintain reserves as specified by the Depository Institutions Deregulation and Monetary Control Act of 1980 and the Board of Governors of the Federal Reserve System. The Board has the power to change reserve requirements for non-member banks if it determines that it is necessary for sound banking practices or to prevent credit expansion or contraction. Any changes to reserve requirements must be notified to all state banks that are not members of the Federal Reserve System. The reserve requirement for non-member banks cannot be less than that required for a national bank.
Whom does it apply to?
State banks that are members of the Federal Reserve System and banks that are not members of the Federal Reserve System
What does it govern?
Reserves against deposits for member banks of the Federal Reserve System and non-member banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Oklahoma