Answer:
12 U.S.C. Sec. 376 Rate of interest paid to directors, etc:
"Sec. 376 [Federal Reserve Act, Sec. 22] No member bank shall pay to any director, officer, attorney, or employee a greater rate of interest on the deposits of such director, officer, attorney, or employee than that paid to other depositors on similar deposits with such member bank."
Note that the law applies to national banks and other members of the Federal Reserve System.
First published on BankersOnline.com 3/23/09
print
share