---
kind: "section"
citation: "12 U.S.C. § 266"
title: "12"
title_heading: "Banks and Banking"
number: "266"
heading: "State-chartered banks and other institutions as depositaries of public money; fiscal agents; duties"
release: "119-102"
url: "https://uscodex.org/usc/12/266"
units:
  - "Chapter 3 — Federal Reserve System"
  - "Subchapter V — Federal Deposit Insurance Corporation"
---

# §266. State-chartered banks and other institutions as depositaries of public money; fiscal agents; duties


[Banks](/usc/12/221a.md?p=a), savings [banks](/usc/12/221a.md?p=a), and savings and loan, building and loan, homestead [associations](/usc/12/1828.md?p=s-4-E-i) ([including](/usc/12/25b.md?p=a-3) cooperative [banks](/usc/12/221a.md?p=a)), and [credit unions](/usc/12/3423.md?p=a-1-E) created under the laws of any [State](/usc/12/1707.md?p=d) and the [deposits](/usc/12/5301.md?p=18-A) or accounts of which are insured by a [State](/usc/12/1707.md?p=d) or [agency](/usc/12/1422.md?p=12) thereof or [corporation](/usc/12/2277a.md?p=2) chartered pursuant to the laws of any [State](/usc/12/1707.md?p=d) may be depositaries of public money and may be employed as fiscal agents of the United States. The Secretary of the Treasury is authorized to [deposit](/usc/12/5301.md?p=18-A) public money in any such institution, and shall prescribe such regulations as may be necessary to enable such institutions to become depositaries of public money and fiscal agents of the United States. Each such institution shall perform all such reasonable duties as depositary of public money and fiscal agent of the United States as may be required of it [including](/usc/12/25b.md?p=a-3) services in connection with the collection of taxes and other obligations owed the United States.


## Source credit

(Pub. L. 95–147, § 2(d), Oct. 28, 1977, 91 Stat. 1228.)

## Notes

### Editorial Notes

### Codification

Section was not enacted as part of the Federal Reserve Act, which comprises this chapter.