Federal Reserve Act
Section 25C. Potential Liability on Foreign Accounts
(a) Exceptions From Repayment Requirement. A member bank shall not be required to repay any deposit made at a foreign branch of the bank if the branch cannot repay the deposit due to--
- an act of war, insurrection, or civil strife; or
- an action by a foreign government or instrumentality (whether de jure or de facto) in the country in which the branch is located;
unless the member bank has expressly agreed in writing to repay the deposit under those circumstances.
(b) Regulations. The Board and the Comptroller of the Currency may jointly prescribe such regulations as they deem necessary to implement this section.
[12 USC 633. As added by act of Sept. 23, 1994 (108 Stat. 2229). Section 326(c) of the Riegle Community Development and Regulatory Improvement Act of 1994 (12 USC 633 note) provides as follows:
(c) Section 25C of the Federal Reserve Act (as added by subsection (a)) shall not be applied retroactively and shall not be construed to affect or apply to any claim or cause of action addressed by that section arising from events or circumstances that occurred before the date of enactment of this Act.]