The Act of 1869, still in force, requires national banks to make each year not less than five reports to the Comptroller. At the call of the Comptroller a report of conditions on the specified past date must be prepared and transmitted within five days, under penalty of fine, and must be published in a local newspaper. The Comptroller may require special reports for various purposes. At the time of declaration each bank is also to report each dividend declared and the amount of net earnings in excess of the dividends. Under the Act of 1917, state institutions becoming members are required to report to their federal reserve bank their condition and the payment of dividends. Not less than three such reports must be made annually on call of the federal reserve bank, on dates to be fixed by the Federal Reserve Board. The reports must be made within ten days of call under penalty of fine.
The supervision and regulation of the banks has exercised a beneficent influence upon banking in the United States. Uniformity of practice and accounting has made possible accurate comparisons between different banks and between conditions on different dates. Thus on the one hand fraudulent and dangerous practices have been reduced or eliminated, and on the other, good practices have been encouraged.