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Can you summarize NERS 8-130?
BANKS AND BANKING > Federal reserve system; membership by state banks and trust companies authorized; examinations.
Short Summary
This legal document, found in the Nebraska Revised Statutes under the section on Banks and Banking, authorizes any bank or trust company organized under the laws of Nebraska to become a member of the Federal Reserve Bank of Kansas City and the federal reserve system. As a member, the bank or trust company assumes certain liabilities and powers prescribed by the Federal Reserve Act and its amendments. The document states that while a member, the bank or trust company is subject to examination by the legally constituted authorities and must comply with all provisions of the Federal Reserve Act and regulations made by the Federal Reserve Board. The director has the discretion to accept examinations and audits conducted under the Federal Reserve Act in place of state-required examinations. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Banks and trust companies organized under the laws of Nebraska
What does it govern?
Membership by state banks and trust companies in the Federal Reserve System, and the examinations they are subject to
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska