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New York, The Clearing house section American bankers association
The clearing house; facts covering the origin, developments, functions, and operations of the clearing house, and explaining the systems, plans, and methods promulgated by the Clearing house section of the American bankers association
The clearing house; facts covering the origin, developments, functions, and operations of the clearing house, and explaining the systems, plans, and methods promulgated by the Clearing house section of the American bankers association
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This is an OCR edition with typos.
Excerpt from book:
THE EXAMINATION DEPARTMENT ONE of the comparatively recent and most valuable functions of the Clearing House is that of conducting through its managing committee rigid examinations of the members and clearing banks (the banks receiving the privileges through the agency of some member). Federal and state bank examiners render Limited most valuable service, but under the customs and laws they have little power that is of a remedial character. It is their duty to see that every bank state Bank which they examine is conducted according to Examin- law; that its capital is unimpaired; that the books, ers) records and accounts are properly kept and that the reports made to the Comptroller or Banking Department are correct. They must confine their criticisms practically to infractions of the law, and offences must reach the stage of capital impairment or insolvency before official action can be taken. At this stage the remedy is an assessment against the shareholders, in some form or other, or forced liquidation. Bank examiners cannot prevent bank failures, but their visits and the police power with which they are clothed, are valuable influences in keeping banks in good condition. Some factor is needed, however, which will restrain, repair and correct minor irregularities, and unsound conditions, before they develop into the most dangerous stages. The Examination Department of the Clearing House is Supervision such a factor. This department is under the supervision of a managing committee, usuallyknown as the Clearing House Committee. This committee is generally elected annually from among the active officers of the member banks, and is authorized by rule to employ competent examiners and assistants, who in turn are empowered, under the direction of the Clearing House Committe...
This is an OCR edition with typos.
Excerpt from book:
THE EXAMINATION DEPARTMENT ONE of the comparatively recent and most valuable functions of the Clearing House is that of conducting through its managing committee rigid examinations of the members and clearing banks (the banks receiving the privileges through the agency of some member). Federal and state bank examiners render Limited most valuable service, but under the customs and laws they have little power that is of a remedial character. It is their duty to see that every bank state Bank which they examine is conducted according to Examin- law; that its capital is unimpaired; that the books, ers) records and accounts are properly kept and that the reports made to the Comptroller or Banking Department are correct. They must confine their criticisms practically to infractions of the law, and offences must reach the stage of capital impairment or insolvency before official action can be taken. At this stage the remedy is an assessment against the shareholders, in some form or other, or forced liquidation. Bank examiners cannot prevent bank failures, but their visits and the police power with which they are clothed, are valuable influences in keeping banks in good condition. Some factor is needed, however, which will restrain, repair and correct minor irregularities, and unsound conditions, before they develop into the most dangerous stages. The Examination Department of the Clearing House is Supervision such a factor. This department is under the supervision of a managing committee, usuallyknown as the Clearing House Committee. This committee is generally elected annually from among the active officers of the member banks, and is authorized by rule to employ competent examiners and assistants, who in turn are empowered, under the direction of the Clearing House Committe...