§ 507 Bank Emergency Compliance Orders

Financial Code·California

AI SummaryVerified

Key Takeaways

•During a big emergency (like a national crisis), the President can tell banks what to do.
•Banks must follow special rules from the government about how they handle money.
•These rules come from the Treasury, the Comptroller of the Currency, or the Federal Reserve.
•The rules are only for emergencies and help keep money safe.

Example

A big hurricane hits the country, and the President says it's an emergency.

The government might tell banks to limit how much money people can take out at once. This helps make sure everyone has enough money and banks don't run out.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 507 Bank Emergency Compliance Orders

During any emergency period declared by the President of the United States, each bank shall conform to any order of the commissioner directed to it, relating to and conforming with regulations, limitations, or restrictions which are applicable thereto prescribed by the Secretary of the Treasury, the Comptroller of the Currency, or the Board of Governors of the Federal Reserve System regulating or governing the operations of banks which are members of the Federal Reserve System. (Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)

Last verified: January 23, 2026

Key Terms

governor commission emergency regulation secretary federal reserve system united states

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 507.

§ 507 Bank Emergency Compliance Orders

Financial Code·California

AI SummaryVerified

§ 507 Bank Emergency Compliance Orders

Key Takeaways

•During a big emergency (like a national crisis), the President can tell banks what to do.
•Banks must follow special rules from the government about how they handle money.
•These rules come from the Treasury, the Comptroller of the Currency, or the Federal Reserve.
•The rules are only for emergencies and help keep money safe.

Example

A big hurricane hits the country, and the President says it's an emergency.

The government might tell banks to limit how much money people can take out at once. This helps make sure everyone has enough money and banks don't run out.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 507 Bank Emergency Compliance Orders

Last verified: January 23, 2026

Key Terms

governor commission emergency regulation secretary federal reserve system united states

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 507.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References