US State Code:United States CodeTITLE 12 - BANKS AND BANKING


There shall be in the Department of the Treasury a bureau charged with the execution of all laws passed by Congress relating to the issue and regulation of a national currency...


The Comptroller of the Currency shall be appointed by the President, by and with the advice and consent of the Senate, and shall hold his office for a term of five years...


The Comptroller of the Currency shall, within fifteen days from the time of notice of his appointment, take and subscribe the oath of office. ...


The Secretary of the Treasury shall appoint no more than four Deputy Comptrollers of the Currency, one of whom shall be designated First Deputy Comptroller of the Currency, and...


The Comptroller of the Currency may delegate to any duly authorized employee, representative, or agent any power vested in the office by law. ...


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The Comptroller of the Currency may designate a national bank examiner to act as chief of the examining division in his office. ...


The Comptroller of the Currency shall employ, from time to time, the necessary clerks, to be appointed and classified by the Secretary of the Treasury, to discharge such duties...


The Comptroller of the Currency is authorized to employ such additional examiners, clerks, and other employees as he deems necessary to carry out the provisions of sections 4, 6,...


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The salaries of the Deputy Comptrollers and of all national bank examiners and assistant examiners assigned to duty in the office of the bureau in Washington in connection with...


It shall not be lawful for the Comptroller or the Deputy Comptroller of the Currency, either directly or indirectly, to hold an interest in any national bank. ...


The seal devised by the Comptroller of the Currency for his office, and approved by the Secretary of the Treasury, shall continue to be the seal of office of the comptroller, and...


There shall be assigned, from time to time, to the Comptroller of the Currency, by the Secretary of the Treasury, suitable rooms in the Treasury Building for conducting the...


The Comptroller of the Currency shall make an annual report to Congress. The report required under this section shall include the report required under section 57a(f)(7) of...


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Associations for carrying on the business of banking under title 62 of the Revised Statutes may be formed by any number of natural persons, not less in any case than five. They...


Except as otherwise specifically provided by law, or by the articles of association of the particular national banking association, the articles of association of a national banking ...


The persons uniting to form such an association shall, under their hands, make an organization certificate, which shall specifically state: First. The name assumed by...


The organization certificate shall be acknowledged before a judge of some court of record, or notary public; and shall be, together with the acknowledgment thereof, authenticated...


Upon duly making and filing articles of association and an organization certificate a national banking association shall become, as from the date of the execution of its...


(a) Authorization to conduct in subsidiaries certain activities that are financial in nature (1) In general Subject to paragraph (2), a national bank may control a ...


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(a) Prohibited activities A national bank may not - (1) deal in lottery tickets; (2) deal in bets used as a means or substitute for participation in a lottery; ...


Whenever a certificate is transmitted to the Comptroller of the Currency, as provided in title 62 of the Revised Statutes, and the association transmitting the same notifies...


(a) If, upon a careful examination of the facts so reported, and of any other facts which may come to the knowledge of the comptroller, whether by means of a special...


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A national banking association may purchase, hold, and convey real estate for the following purposes, and for no others: First. Such as shall be necessary for its accommodation...


(a) Name change Any national banking association, upon written notice to the Comptroller of the Currency, may change its name, except that such new name shall include the...


All debts, liabilities, rights, provisions, and powers of the association under its old name shall devolve upon and inure to the association under its new name. ...


Nothing contained in sections 30 and 31 of this title shall be so construed as in any manner to release any national banking association under its old name or at its old location...


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Any bank incorporated by special law of any State or of the United States or organized under the general laws of any State or of the United States and having an unimpaired...


The conditions upon which a national banking association may retain or establish and operate a branch or branches are the following: (a) Lawful and continuous operation ...


The provisions of chapters 2, 3, and 4 of title 62 of the Revised Statutes, which are expressed without restrictive words, as applying to ''national banking associations,'' or to ...


The Act entitled ''An Act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof,'' approved June...


Nothing in title 62 of the Revised Statutes shall affect any appointments made, acts done, or proceedings had or commenced prior to the third day of June 1864, in or toward...


The National Bank Act, as amended (12 U.S.C. 21 et seq.), and all other Acts of Congress relating to national banks, shall, insofar as not locally inapplicable after July 19,...


The National Bank Act (12 U.S.C. 21 et seq.), and all other Acts of Congress relating to national banks, shall, insofar as not locally inapplicable after August 1, 1956, apply...


The provisions of all Acts of Congress relating to national banks shall apply in the several States, the District of Columbia, the several Territories and possessions of the...


(a) Notice and opportunity for comment required Before issuing any opinion letter or interpretive rule, in response to a request or upon the agency's own motion, that ...


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Notwithstanding any other provision of law any national banking association may, with the approval of the Comptroller of the Currency and by vote of shareholders owning a majority...


(a) Notwithstanding any other provision of law, whether relating to restriction upon the payment of dividends upon capital stock or otherwise, the holders of such preferred...


If any part of the capital of a national bank, State member bank, or bank applying for membership in the Federal Reserve System consists of preferred stock, the determination...


The term ''common stock'' as used in sections 51a, 51b, 51c, and 51d (FOOTNOTE 1) of this title means stock of national banking associations other than preferred stock issued...


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The capital stock of each association shall be divided into shares of $100 each, or into shares of such less amount as may be provided in the articles of association, and be...


All of the capital stock of every national banking association shall be paid in before it shall be authorized to commence business. ...


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Every association which shall have failed to pay up its capital stock, as required by law, and every association whose capital stock shall have become impaired by losses or...


No association, or any member thereof, shall, during the time it shall continue its banking operations, withdraw, or permit to be withdrawn, either in the form of dividends...


Any national banking association may, with the approval of the Comptroller of the Currency, and by a vote of shareholders owning two-thirds of the stock of such associations,...


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Any association formed under title 62 of the Revised Statutes may, by the vote of shareholders owning two-thirds of its capital stock, reduce its capital to any sum not below...


(a) Periodic declaration; surplus fund The directors of any national banking association may, quarterly, semiannually or annually, declare a dividend of so much of the ...


In all elections of directors, each shareholder shall have the right to vote the number of shares owned by him for as many persons as there are directors to be elected, or to...


The president and cashier of every national banking association shall cause to be kept at all times a full and correct list of the names and residences of all the shareholders in...


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The additional liability imposed upon shareholders in national banking associations by the provisions of sections 63 and 64 of this title shall not apply with respect to shares in...


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Persons holding stock as executors, administrators, guardians, or trustees, shall not be personally subject to any liabilities as stockholders; but the estates and funds in...


Any receiver of a national banking association is authorized, with the approval of the Comptroller of the Currency and upon the order of a court of record of competent...


The affairs of each association shall be managed by not less than five directors, who shall be elected by the shareholders at a meeting to be held at any time before the...


After one year from June 16, 1933, notwithstanding any other provision of law, the board of directors, board of trustees, or other similar governing body of every national...


Every director must, during his whole term of service, be a citizen of the United States, and at least a majority of the directors must have resided in the State, Territory,...


Each director, when appointed or elected, shall take an oath that he will, so far as the duty devolves on him, diligently and honestly administer the affairs of such association,...


Any vacancy in the board shall be filled by appointment by the remaining directors, and any director so appointed shall hold his place until the next election. ...


When the day fixed in the bylaws for the regular annual meeting of the shareholders falls on a legal holiday in the State in which the bank is located, the shareholders meeting...


The president of the bank shall be a member of the board and shall be the chairman thereof, but the board may designate a director in lieu of the president to be chairman of...


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The general business of each national banking association shall be transacted in the place specified in its organization certificate and in the branch or branches, if any,...


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(a) General prohibition No national bank shall make any loan or discount on the security of the shares of its own capital stock. (b) Exclusion For purposes of this...


(a) Total loans and extensions of credit (1) The total loans and extensions of credit by a national banking association to a person outstanding at one time and not fully...


Any association may take, receive, reserve, and charge on any loan or discount made, or upon any notes, bills of exchange, or other evidences of debt, interest at the rate allowed...


The taking, receiving, reserving, or charging a rate of interest greater than is allowed by section 85 of this title, when knowingly done, shall be deemed a forfeiture of the...


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All national banking associations, designated for that purpose by the Secretary of the Treasury, shall be depositaries of public money, under such regulations as may be prescribed...


All transfers of the notes, bonds, bills of exchange, or other evidences of debt owing to any national banking association, or of deposits to its credit; all assignments of...


In addition to the powers now vested by law in national banking associations organized under the laws of the United States any such association located and doing business in any...


(a) Authority of Comptroller of the Currency The Comptroller of the Currency shall be authorized and empowered to grant by special permit to national banks applying therefor, ...


(a) Forfeiture of franchise; personal liability of directors If the directors of any national banking association shall knowingly violate, or knowingly permit any of the...


Except to the extent that authority to issue such rules and regulations has been expressly and exclusively granted to another regulatory agency, the Comptroller of the Currency...


Any action or proceeding against a national banking association for which the Federal Deposit Insurance Corporation has been appointed receiver, or against the Federal...


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(a) In order to provide for the safer and more effective operation of the national Banking System and the Federal Reserve System, to preserve for the people the full benefits of the ...


(1) During the time of war, the President may, through any agency that he may designate, and under such rules and regulations as he may prescribe, by means of instructions,...


The actions, regulations, rules, licenses, orders and proclamations heretofore or hereafter taken, promulgated, made, or issued by the President of the United States or the...


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Whenever any Federal Reserve bank notes or Federal Reserve notes are presented to the Treasurer of the United States for redemption and such notes cannot be identified as to the...


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Federal Reserve bank notes redeemed by the Treasurer of the United States under section 121a of this title shall be charged against the balance of deposits for the retirement...


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The cities of New York and Chicago are designated as central reserve cities, and the following cities are designated as reserve cities: ...


National banking associations located in reserve cities or central reserve cities shall maintain reserves provided for in section 462 of this title for banks so located. ...


Every national banking association located in Alaska or in a dependency or insular possession or any part of the United States outside of the continental United States, and not...


Four-fifths of the reserve of 15 per centum which a national bank located in a dependency or insular possession or any part of the United States outside of the continental...


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(a) Reports of condition; form; contents; date of making; publication Every association shall make reports of condition to the Comptroller of the Currency in accordance...


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(a) First tier Any association which - (1) maintains procedures reasonably adapted to avoid any inadvertent error and, unintentionally and as a result of such an ...


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The cost of transporting and redeeming outstanding national bank notes and Federal Reserve bank notes as may be presented to the Treasurer of the United States for redemption shall...


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Any association may go into liquidation and be closed by the vote of its shareholders owning two-thirds of its stock. If the liquidation is to be effected in whole or in part...


Whenever a vote is taken to go into liquidation it shall be the duty of the board of directors to cause notice of this fact to be certified, under the seal of the association, by...


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The Comptroller of the Currency may, without prior notice or hearings, appoint a receiver for any national bank (and such receiver shall be the Federal Deposit Insurance...


On becoming satisfied, as specified in sections 131 and 132 (FOOTNOTE 1) of this title, that any association is in default, the Comptroller of the Currency may forthwith appoint...


The Comptroller shall, upon appointing a receiver, cause notice to be given, by advertisement in such newspapers as he may direct, for three consecutive months, calling on all...


From time to time, the comptroller shall make a ratable dividend of the money so paid over to him by such receiver on all such claims as may have been proved to his satisfaction...


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All expenses of any preliminary or other examinations into the condition of any association shall be paid by such association. All expenses of any receivership shall be paid out...


(a) Whenever any national banking association shall have been or shall be placed in the hands of a receiver, as provided in section fifty-two hundred and thirty-four (12 U.S.C....


In any case in which, in the opinion of the Comptroller of the Currency, it would be to the advantage of the depositors and unsecured creditors of any national banking...


Whenever the receiver of any national bank duly appointed by the Comptroller of the Currency, and who shall have duly qualified and entered upon the discharge of his trust, shall...


Such request, if approved by the Comptroller of the Currency, shall be, together with the certificate of facts in the case, and his recommendation as to the amount of money which,...


Whenever any such request shall be allowed as hereinbefore provided, the said Comptroller of the Currency shall be, and is, empowered to draw upon and from such funds of any...


This subchapter may be cited as the ''Bank Conservation Act.'' ...


As used in this subchapter, the term ''bank'' means (1) any national banking association or any other financial institution chartered or licensed under Federal law and subject to...


(a) Appointment The Comptroller of the Currency may, without prior notice or hearings, appoint a conservator (which may be the Federal Deposit Insurance Corporation) to...


The Comptroller of the Currency (in consultation with the Board of Directors of the Federal Deposit Insurance Corporation when the Corporation is appointed conservator) is...


(a) General rule At any time the Comptroller (FOOTNOTE 1) becomes satisfied that it may safely be done and that it would be in the public interest, the Comptroller (with...


(a) General powers A conservator shall have all the powers of the shareholders, directors, and officers of the bank and may operate the bank in its own name unless the...


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(a) Federal agency and employees In any case in which the conservator is a Federal agency or an employee of the Government, the provisions of chapters 161 and 171 of title...


Nothing in this subchapter shall be construed to impair in any manner any powers of the President, the Secretary of the Treasury, the Comptroller of the Currency, or the Board...


(a) In general The Comptroller of the Currency may prescribe such rules and regulations as the Comptroller may deem necessary to carry out the provisions of this Act. ...


The right to alter, amend, or repeal this Act is expressly reserved. If any provision of this Act, or the application there of to any person or circumstances, is held invalid,...


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(a) As used in this subchapter and section 321 of this title the term ''State bank'' means any bank, banking association, trust company, savings bank (other than a mutual...


A national banking association may, by vote of the holders of at least two-thirds of each class of its capital stock, convert into, or merge or consolidate with, a State bank in...


The franchise of a national banking association as a national banking association shall automatically terminate when its conversion into or its merger or consolidation with a...


No conversion of a national banking association into a State bank or its merger or consolidation with a State bank shall take place under this subchapter and section 321 of this...


(a) In general Any national bank or any bank incorporated under the laws of any State may, with the approval of the Comptroller, be consolidated with one or more national...


(a) Approval of Comptroller, board and shareholders; merger agreement; notice; capital stock; liability of receiving association One or more national banking...


(a) In general A national bank may engage in a consolidation or merger under this subchapter with an out-of-State bank if the consolidation or merger is approved pursuant...


(a) In general A national bank may, with the approval of the Comptroller, pursuant to rules and regulations promulgated by the Comptroller, and upon the affirmative vote of...


(a) In general Upon the approval of the Comptroller, a national bank may merge with one or more of its nonbank subsidiaries or affiliates. (b) Scope Nothing in this...


As used in this subchapter, the term - (1) ''State bank'' means any bank, banking association, trust company, savings bank (other than a mutual savings bank), or ...


(a) In general Subject to sections 1815(d)(3) and 1828(c) of this title and all other applicable laws, any national bank may acquire or be acquired by any insured...


The purpose of this subchapter is to dispose of unclaimed property in the possession, custody, or control of the Comptroller of the Currency by - (1) providing final notice...


For purposes of this subchapter - (1) the term ''Comptroller'' means the Comptroller of the Currency; (2) the term ''unclaimed property'' means any articles, items, ...


(a) Limitations for filing claims; publication of notice in Federal Register; contents of notice; disclosure of descriptive information; inspection of specific property ...


The Comptroller may issue rules and regulations necessary or appropriate to carry out this subchapter. ...


If any provision of this subchapter or the application of such provision to any person or circumstance is held invalid, the remainder of this subchapter and the application of...


Wherever the word ''bank'' is used in this chapter, the word shall be held to include State bank, banking association, and trust company, except where national banks or...


As used in this chapter - (a) The terms ''banks'', ''national bank'', ''national banking association'', ''member bank'', ''board'', ''district'', and ''reserve bank'' shall...


The continental United States, excluding Alaska, shall be divided into not less than eight nor more than twelve districts. Such districts may be readjusted and new districts may...


A Federal reserve district shall contain only one Federal reserve city. ...


The organization of reserve districts and Federal reserve cities shall not be construed as changing the present status of reserve cities except insofar as this chapter changes...


A Federal reserve bank shall include in its title the name of the city in which it is situated, as ''Federal Reserve Bank of Chicago.'' ...


The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with...


(a) Appearances before the Congress (1) In general The Chairman of the Board shall appear before the Congress at semi-annual hearings, as specified in paragraph...


The short title of the Act of December 23, 1913, ch. 6, 38 Stat. 251, shall be the ''Federal Reserve Act.'' ...


The short title of the Act of June 16, 1933, ch. 89, 48 Stat. 162, shall be the ''Banking Act of 1933.'' ...


The act of August 23, 1935, ch. 614, 49 Stat. 684, may be cited as the ''Banking Act of 1935.'' ...


The Board of Governors of the Federal Reserve System (hereinafter referred to as the ''Board'') shall be composed of seven members, to be appointed by the President, by and with...


The members of the Board shall be ineligible during the time they are in office and for two years thereafter to hold any office, position, or employment in any member bank,...


The Board of Governors of the Federal Reserve System shall have power to levy semiannually upon the Federal reserve banks, in proportion to their capital stock and surplus,...


The principal offices of the Board shall be in the District of Columbia. At meetings of the Board the chairman shall preside, and, in his absence, the vice chairman shall preside....


The President shall have power to fill all vacancies that may happen on the Board of Governors of the Federal Reserve System during the recess of the Senate by granting...


Nothing in this chapter contained shall be construed as taking away any powers heretofore vested by law in the Secretary of the Treasury which relate to the supervision,...


The Board of Governors of the Federal Reserve System shall annually make a full report of its operations to the Speaker of the House of Representatives, who shall cause the same to...


The Board of Governors of the Federal Reserve System shall keep a complete record of the action taken by the Board and by the Federal Open Market Committee upon all questions...


The Board of Governors of the Federal Reserve System shall be authorized and empowered: (a) Examination of accounts and affairs of banks; publication of weekly...


The Board of Governors of the Federal Reserve System shall make and promulgate from time to time regulations governing the transfer of funds and charges therefor among Federal...


(a) Publication of pricing principles and proposed schedule of fees; effective date of schedule of fees Not later than the first day of the sixth month after March 31, ...


The Board shall order an annual independent audit of the financial statements of each Federal reserve bank and the Board. ...


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No officer or agency of the United States shall have any authority to require the Securities and Exchange Commission, the Board of Governors of the Federal Reserve System,...


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(a) Study (1) In general Not later than 12 months after September 30, 1996, and once every 60 months thereafter, the Board, in consultation with the Director of...


There is created a Federal Advisory Council, which shall consist of as many members as there are Federal reserve districts. Each Federal reserve bank by its board of directors...


The Federal Advisory Council shall have power, by itself or through its officers, (1) to confer directly with the Board of Governors of the Federal Reserve System on general...


(a) There is hereby created a Federal Open Market Committee (hereinafter referred to as the ''Committee''), which shall consist of the members of the Board of Governors of the...


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All insured banks designated for that purpose by the Secretary of the Treasury shall be depositaries of public money of the United States (including, without being limited...


Banks, savings banks, and savings and loan, building and loan, homestead associations (including cooperative banks), and credit unions created under the laws of any State and...


No Federal reserve bank shall commence business with a subscribed capital less than $4,000,000. ...


Every national banking association within each Federal reserve district shall be required to subscribe to the capital stock of the Federal reserve bank for that district in a...


No individual, copartnership, or corporation other than a member bank of its district shall be permitted to subscribe for or to hold at any time more than $25,000 par value of...


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Stock not held by member banks shall not be entitled to voting power. ...


The Board of Governors of the Federal Reserve System is empowered to adopt and promulgate rules and regulations governing the transfers of said stock. ...


The capital stock of each Federal reserve bank shall be divided into shares of $100 each. The outstanding capital stock shall be increased from time to time as member banks...


If any member bank shall be declared insolvent and a receiver appointed therefor, the stock held by it in said Federal reserve bank shall be canceled, without impairment of...


(a) Dividends and surplus funds of reserve banks (1) Stockholder dividends (A) In general After all necessary expenses of a Federal reserve bank have been...


The net earnings derived by the United States from Federal reserve banks shall, in the discretion of the Secretary, be used to supplement the gold reserve held against...


Every Federal reserve bank shall be conducted under the supervision and control of a board of directors. The board of directors shall perform the duties usually appertaining...


Such board of directors shall be selected as hereinafter specified and shall consist of nine members, holding office for three years, and divided into three classes, designated...


No Senator or Representative in Congress shall be a member of the Board of Governors of the Federal Reserve System or an officer or a director of a Federal reserve bank. ...


Directors of class A and class B shall be chosen in the following manner: The Board of Governors of the Federal Reserve System shall classify the member banks of the district...


Class C directors shall be appointed by the Board of Governors of the Federal Reserve System. They shall have been for at least two years residents of the district for which they...


Subject to the approval of the Board of Governors of the Federal Reserve System, the Federal reserve agent shall appoint one or more assistants. Such assistants, who shall be...


Directors of Federal reserve banks shall receive, in addition to any compensation otherwise provided, a reasonable allowance for necessary expenses in attending meetings of...


At the first meeting of the full board of directors of each Federal reserve bank, it shall be the duty of the directors of classes A, B, and C, respectively, to designate one of...


Any bank incorporated by special law of any State, or organized under the general laws of any State or of the United States, including Morris Plan banks and other...


In acting upon such applications the Board of Governors of the Federal Reserve System shall consider the financial condition of the applying bank, the general character of...


Whenever the Board of Governors of the Federal Reserve System shall permit the applying bank to become a stockholder in the Federal reserve bank of the district its stock...


All banks admitted to membership under authority of this section shall be required to comply with the reserve and capital requirements of this chapter, to conform to those...


As a condition of membership such banks shall likewise be subject to examinations made by direction of the Board of Governors of the Federal Reserve System or of the Federal...


Whenever the directors of the Federal reserve bank shall approve the examinations made by the State authorities, such examinations and the reports thereof may be accepted in lieu...


If at any time it shall appear to the Board of Governors of the Federal Reserve System that a member bank has failed to comply with the provisions of this subchapter, or...


Any State bank or trust company desiring to withdraw from membership in a Federal Reserve bank may do so, after six months' written notice shall have been filed with the Board...


No applying bank shall be admitted to membership unless it possesses capital stock and surplus which, in the judgment of the Board of Governors of the Federal Reserve System,...


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Banks becoming members of the Federal reserve system under authority of this subchapter shall be subject to the provisions of said sections and to those of this chapter which relate ...


It shall be unlawful for any officer, clerk, or agent of any bank admitted to membership under authority of this subchapter, to certify any check drawn upon such bank unless...


All banks or trust companies incorporated by special law or organized under the general laws of any State, which are members of the Federal reserve system, when designated for...


Any mutual savings bank having no capital stock (including any other banking institution the capital of which consists of weekly or other time deposits which are segregated from...


Each bank admitted to membership under this subchapter shall obtain from each of its affiliates other than member banks and furnish to the Federal reserve bank of its district and...


State member banks shall be subject to the same limitations and conditions with respect to the purchasing, selling, underwriting, and holding of investment securities and stock as...


After August 23, 1935, no certificate evidencing the stock of any State member bank shall bear any statement purporting to represent the stock of any other corporation, except...


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In connection with examinations of State member banks, examiners selected or approved by the Board of Governors of the Federal Reserve System shall make such examinations of...


State member banks may make investments designed primarily to promote the public welfare, including the welfare of low- and moderate-income communities or families (such as...


(a) Prohibited activities A State member bank may not - (1) deal in lottery tickets; (2) deal in bets used as a means or substitute for participation in a lottery; ...


(a) Conservatorship or receivership (1) Appointment The Board may appoint a conservator or receiver to take possession and control of any uninsured State member bank which ...


Upon the filing of the organization certificate with the Comptroller of the Currency a Federal reserve bank shall become a body corporate and as such, and in the name designated...


Any Federal Reserve bank may receive from any of its member banks, or other depository institutions, and from the Unites States, deposits of current funds in lawful...


Upon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice and protest by such bank as to its own indorsement exclusively, any Federal...


Upon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice, and protest by such bank as to its own indorsement exclusively, and subject...


The aggregate of notes, drafts, and bills upon which any person, copartnership, association, or corporation is liable as maker, acceptor, indorser, drawer, or guarantor,...


Any Federal reserve bank may discount acceptances of the kinds hereinafter described, which have a maturity at the time of discount of not more than ninety days' sight, exclusive...


Any Federal reserve bank may make advances for periods not exceeding fifteen days to its member banks on their promissory notes secured by the deposit or pledge of bonds, notes, ...


Upon receiving the consent of not less than five members of the Board of Governors of the Federal Reserve System, any Federal reserve bank may make advances, in such amount as...


(a) In general Any Federal Reserve bank, under rules and regulations prescribed by the Board of Governors of the Federal Reserve System, may make advances to any member bank...


Subject to such limitations, restrictions, and regulations as the Board of Governors of the Federal Reserve System may prescribe, any Federal reserve bank may make advances to...


Subject to such restrictions, limitations, and regulations as may be imposed by the Board of Governors of the Federal Reserve System, each Federal Reserve bank may receive...


Upon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice, and protest by such bank as to its own indorsement exclusively, any Federal...


The Board of Governors of the Federal Reserve System shall exercise special supervision over all relationships and transactions of any kind entered into by any Federal reserve bank ...


Any Federal reserve bank may, subject to regulations and limitations to be prescribed by the Board of Governors of the Federal Reserve System, rediscount such notes, drafts,...


Any Federal reserve bank may also buy and sell debentures and other such obligations issued by a Federal intermediate credit bank or by a national agricultural credit corporation,...


Notes, drafts, bills of exchange, or acceptances issued or drawn by cooperative marketing associations composed of producers of agricultural products shall be deemed to have...


The Board of Governors of the Federal Reserve System may, by regulation, limit to a percentage of the assets of a Federal reserve bank the amount of notes, drafts, acceptances,...


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Any Federal reserve bank may, under rules and regulations prescribed by the Board of Governors of the Federal Reserve System, purchase and sell in the open market, at home or...


Every Federal reserve bank shall have power to deal in gold coin and bullion at home or abroad, to make loans thereon, exchange Federal reserve notes for gold, gold coin, or...


Every Federal Reserve bank shall have power: (1) To buy and sell, at home or abroad, bonds and notes of the United States, bonds issued under the provisions of subsection (c) ...


Every Federal reserve bank shall have power to purchase from member banks and to sell, with or without its indorsement, bills of exchange arising out of commercial transactions,...


Every Federal reserve bank shall have power to establish from time to time, subject to review and determination of the Board of Governors of the Federal Reserve System, rates...


Every Federal reserve bank shall have power to establish accounts with other Federal reserve banks for exchange purposes and, with the consent or upon the order and direction of...


Every Federal reserve bank shall have power to purchase and sell in the open market, either from or to domestic banks, firms, corporations, or individuals, acceptances of...


...


Every Federal reserve bank shall receive on deposit at par from depository institutions or from Federal reserve banks checks and other items, including negotiable orders of...


The discount and rediscount and the purchase and sale by any Federal reserve bank of any bills receivable and of domestic and foreign bills of exchange, and of acceptances...


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(a) Authorization to make real estate loans; orders, rules, and regulations of Comptroller of the Currency Any national banking association may make, arrange, purchase or ...


No member bank shall, directly or indirectly, by any device whatsoever, pay any interest on any deposit which is payable on demand: Provided, That nothing herein contained shall...


The Board may from time to time, after consulting with the Board of Directors of the Federal Deposit Insurance Corporation and the Federal Home Loan Bank Board, prescribe...


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(a) Purpose The purpose of this section is to limit the risks that the failure of a large depository institution (whether or not that institution is an insured...


(a) Restrictions on transactions with affiliates (1) A member bank and its subsidiaries may engage in a covered transaction with an affiliate only if - (A) in the case of...


(a) In general (1) Terms A member bank and its subsidiaries may engage in any of the transactions described in paragraph (2) only - (A) on terms and...


(a) Conditions of investment No national bank or State member bank shall invest in bank premises, or in the stock, bonds, debentures, or other such obligations of any...


(a) Institutions; drafts and bills of exchange; types Any member bank and any Federal or State branch or agency of a foreign bank subject to reserve requirements under section...


Any member bank may accept drafts or bills of exchange drawn upon it having not more than three months' sight to run, exclusive of days of grace, drawn under regulations to...


No member bank shall act as the medium or agent of a nonmember bank in applying for or receiving discounts from a Federal reserve bank under the provisions of this chapter, except...


No member bank shall act as the medium or agent of any nonbanking corporation, partnership, association, business trust, or individual in making loans on the security of...


Any member bank may contract for, or purchase from, any of its directors or from any firm of which any of its directors is a member, any securities or other property, when (and...


(1) General prohibition; authorization for extension of credit; conditions for credit Except as authorized under this section, no member bank may extend credit in any...


(1) In general No member bank may extend credit to any of its executive officers, directors, or principal shareholders, or to any related interest of such a person, except to...


No member bank shall pay to any director, officer, attorney, or employee a greater rate of interest on the deposits of such director, officer, attorney, or employee than that paid...


...


(a) After the expiration of one year after June 16, 1933, it shall be unlawful - (1) For any person, firm, corporation, association, business trust, or other...


The moneys held in the general fund of the Treasury, except the 5 per centum fund for the redemption of outstanding national-bank notes may, upon the direction of the Secretary of...


Beginning in fiscal year 1998 and thereafter, there are appropriated such sums as may be necessary to reimburse Federal Reserve Banks in their capacity as depositaries and...


No public funds of the postal savings, or any Government funds, shall be deposited in the continental United States in any bank not belonging to the system established by...


The Federal Reserve banks are authorized to act as depositaries for and fiscal agents of any Federal land bank, Federal intermediate credit bank, bank for cooperatives, or other ...


The Federal Reserve banks are authorized, with the approval of the Secretary of the Treasury, to act as depositaries, custodians, and fiscal agents for the Home Owners'...


The Federal Reserve banks are authorized to act as depositaries, custodians, and fiscal agents for the Commodity Credit Corporation. ...


Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through...


Any Federal Reserve bank may make application to the local Federal Reserve agent for such amount of the Federal Reserve notes hereinbefore provided for as it may require....


Federal Reserve notes shall bear upon their faces a distinctive letter and serial number which shall be assigned by the Board of Governors of the Federal Reserve System to...


The Board of Governors of the Federal Reserve System shall have the right, acting through the Federal Reserve agent, to grant in whole or in part, or to reject entirely...


Any Federal Reserve bank may at any time reduce its liability for outstanding Federal Reserve notes by depositing with the Federal Reserve agent its Federal Reserve notes,...


Any Federal Reserve bank may at its discretion withdraw collateral deposited with the local Federal Reserve agent for the protection of its Federal Reserve notes issued to it,...


All Federal Reserve notes and all gold certificates, Special Drawing Right certificates, and lawful money issued to or deposited with any Federal Reserve agent under the provisions...


In order to furnish suitable notes for circulation as Federal reserve notes, the Secretary of the Treasury shall cause plates and dies to be engraved in the best manner to...


When such notes have been prepared, the notes shall be delivered to the Board of Governors of the Federal Reserve System subject to the order of the Secretary of the Treasury for...


The plates and dies to be procured by the Secretary of the Treasury for the printing of such circulating notes shall remain under his control and direction, and the...


The Secretary of the Treasury may examine the plates, dies, bed pieces, and other material used in the printing of Federal Reserve notes and issue regulations relating to...


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(a) Establishment of applicable definitions, payment of interest, obligations as deposits, and regulations The Board is authorized for the purposes of this section to ...


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No member bank shall keep on deposit with any depository institution which is not authorized to have access to Federal Reserve advances under section 347b (FOOTNOTE 1) of this...


The required balance carried by a member bank with a Federal Reserve Bank may, under the regulations and subject to such penalties as may be prescribed by the Board of Governors...


In estimating the reserve balances required by this chapter, member banks may deduct from the amount of their gross demand deposits the amounts of balances due from other...


National banks, or banks organized under local laws, located in a dependency or insular possession or any part of the United States outside the continental United States, may...


The Secretary of the Treasury is authorized and directed to receive deposits of gold or of gold certificates or of Special Drawing Right certificates with the Treasurer or...


The Comptroller of the Currency, with the approval of the Secretary of the Treasury, shall appoint examiners who shall examine every national bank as often as the Comptroller of the ...


Notwithstanding any of the provisions of section 481 of this title or section 301(f)(1) of title 31 to the contrary, the Comptroller of the Currency shall fix the compensation...


In addition to the examinations made and conducted by the Comptroller of the Currency, every Federal reserve bank may, with the approval of the Federal reserve agent or the Board...


(a) No national bank shall be subject to any visitorial powers except as authorized by Federal law, vested in the courts of justice or such as shall be, or have been exercised...


The Board of Governors of the Federal Reserve System shall, at least once each year, order an examination of each Federal reserve bank, and upon joint application of ten member...


Whenever member banks are required to obtain reports from affiliates, or whenever affiliates of member banks are required to submit to examination, the Board of Governors of...


It shall be unlawful for any officer, director, agent, or employee of any Federal reserve bank, or any member bank as defined in this chapter, to certify any check drawn upon...


Should any national banking association in the United States now organized fail within one year after December 23, 1913, to become a member bank or fail to comply with any of...


The shareholders of every Federal reserve bank shall be held individually responsible equally and ratably, and not one for another, for all contracts, debts, and engagements of...


If the directors or officers of any member bank shall knowingly violate or permit any of the agents, officers, or directors of any member bank to violate any of the provisions...


(a) First tier Any member bank which, and any institution-affiliated party (within the meaning of section 1813(u) of this title) with respect to such member bank who, violates...


(1) First tier Any member bank which, and any institution-affiliated party (within the meaning of section 1813(u) of this title) with respect to such member bank who, violates...


The resignation, termination of employment or participation, or separation of an institution-affiliated party (within the meaning of section 1813(u) of this title) with respect to...


The Board of Governors of the Federal Reserve System may permit or require any Federal reserve bank to establish branch banks within the Federal reserve district in which it...


No Federal Reserve (FOOTNOTE 1) bank may authorize the acquisition or construction of any branch building, or enter into any contract or other obligation for the acquisition or ...


Federal reserve banks, including the capital stock and surplus therein and the income derived therefrom, shall be exempt from Federal, State, and local taxation, except taxes...


In lieu of all existing taxes, every association shall pay to the Treasurer of the United States, in the months of January and July, a duty of one-half of 1 per centum each half...


...


...


...


For the purposes of any tax law enacted under authority of the United States or any State, a national bank shall be treated as a bank organized and existing under the laws of...


...


...


No national banking association shall hereafter offer or receive United States notes or national-bank notes as security or as collateral security for any loan of money, or for...


...


...


Any national banking association possessing a capital and surplus of $1,000,000 or more may file application with the Board of Governors of the Federal Reserve System for...


Every national banking association operating foreign branches shall be required to furnish information concerning the condition of such branches to the Comptroller of the...


Before any national bank shall be permitted to purchase stock in any corporation described in section 601 of this title, the said corporation shall enter into an agreement...


Every national banking association operating foreign branches shall conduct the accounts of each foreign branch independently of the accounts of other foreign branches established...


Regulations issued by the Board of Governors of the Federal Reserve System under this subchapter, in addition to regulating powers which a foreign branch may exercise under...


...


Corporations to be organized for the purpose of engaging in international or foreign banking or other international or foreign financial operations, or in banking or other...


The Congress declares that it is the purpose of this subchapter to provide for the establishment of international banking and financial corporations operating under...


The persons described in section 611 of this title shall enter into articles of association which shall specify in general terms the objects for which the association is formed...


Articles of association described in section 612 of this title shall be signed by all of the persons intending to participate in the organization of the corporation and,...


The persons signing the organization certificate shall duly acknowledge the execution thereof before a judge of some court of record or notary public, who shall certify thereto...


Each corporation organized as provided in sections 611 to 614 of this title shall have power, under such rules and regulations as the Board of Governors of the Federal Reserve...


No corporation organized under this subchapter shall carry on any part of its business in the United States except such as, in the judgment of the Board of Governors of the...


No corporation organized under this subchapter shall engage in commerce or trade in commodities except as specifically provided in this subchapter, nor shall it, either directly...


No corporation shall be organized under the provisions of this subchapter with a capital stock of less than $2,000,000, one-quarter of which must be paid in before the corporation...


Except as otherwise provided in this subchapter, a majority of the shares of the capital stock of any such corporation shall at all times be held and owned by citizens of the...


No member of the Board of Governors of the Federal Reserve System shall be an officer or director of any corporation organized under the provisions of this subchapter or of...


Shareholders in any corporation organized under the provisions of this subchapter shall be liable for the amount of their unpaid stock subscriptions. No such corporation shall...


Should any corporation organized under this subchapter violate or fail to comply with any of the provisions of this subchapter, all of its rights, privileges, and franchises...


Any corporation organized under this subchapter may go into voluntary liquidation and be closed by a vote of its shareholders owning two-thirds of its stock. ...


(A) In general. - The Board may appoint a conservator or receiver for a corporation organized under the provisions of this subchapter to the same extent and in the same manner as...


Every corporation organized under the provisions of this subchapter shall hold a meeting of its stockholders annually upon a date fixed in its bylaws, such meeting to be held at...


The directors of any corporation organized under the provisions of this subchapter may, semiannually, declare a dividend of so much of the net profits of the corporation as they...


Any corporation organized under the provisions of this subchapter shall be subject to tax by the State within which its home office is located in the same manner and to the...


Any corporation organized under the provisions of this subchapter may at any time within the two years next previous to the date of the expiration of its corporate existence, by...


Any bank or banking institution, principally engaged in foreign business, incorporated by special law of any State or of the United States or organized under the general laws of...


Every officer, director, clerk, employee, or agent of any corporation organized under this subchapter who embezzles, abstracts, or willfully misapplies any of the moneys, funds, ...


Whoever being connected in any capacity with any corporation organized under this subchapter, represents in any way that the United States is liable for the payment of any bond...


Notwithstanding any other provision of law, all suits of a civil nature at common law or in equity to which any corporation organized under the laws of the United States shall be...


(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 ...


(a) General banking business; use of mails; publication of documents, reports, contracts, etc.; use of assets and allocated or borrowed money; payment of dividends;...


(a) Establishment as independent agency The Export-Import Bank of the United States shall constitute an independent agency of the United States and neither the Bank nor any of...


(a) The President is authorized and requested to begin negotiations at the ministerial level with other major exporting countries to end predatory export financing programs and...


The Bank shall implement such regulations and procedures as may be appropriate to insure that full consideration is given to the extent to which any loan or financial guarantee...


(a) Noncompetitive financing; inquiry by Secretary; notification of foreign country and prospective parties to transaction (1) Upon receipt of information that foreign sales...


The Export-Import Bank of the United States is authorized and directed to establish a program to provide guarantees for loans extended by financial institutions or other public...


The Export-Import Bank of the United States shall have a capital stock of $1,000,000,000 subscribed by the United States. Certificates evidencing stock ownership of the United...


...


The Export-Import Bank of the United States is authorized to issue from time to time for purchase by the Secretary of the Treasury its notes, debentures, bonds, or other...


(a) Limitation on outstanding amounts The Export-Import Bank of the United States shall not have outstanding at any one time loans, guaranties, and insurance in an ...


Export-Import Bank of the United States shall continue to exercise its functions in connection with and in furtherance of its objects and purposes until the close of business...


(a) Annual submission of report The Export-Import Bank of the United States shall transmit to the Congress annually a complete and detailed report of its operations. Such...


Notwithstanding the provisions of section 955 of title 18, any person, including any individual, partnership, corporation, or association, may act for or participate with...


...


(a) Findings The Congress finds that - (1) tied aid and partially untied aid credits offered by other countries are a predatory method of financing exports because of ...


...


(a) Environmental effects consideration (1) In general Consistent with the objectives of section 635(b)(1)(A) of this title, the Bank shall establish procedures to take...


(a) Definitions For purposes of this section - (1) the term ''eligible country'' means a country designated by the President in accordance with section (FOOTNOTE 1) (b)...


The Bank shall, subject to appropriate memoranda of understanding - (1) provide complete and current information on all of its programs and financing practices to - ...


(a) Debt reduction authority The President may reduce amounts of principle (FOOTNOTE 1) and interest owed by any eligible country to the Bank as a result of loans or...


(a) Congressional statement of policy It is the policy of the Congress that the Export-Import Bank of the United States should facilitate through loans, guarantees, and ...


In the event of any losses, as determined by the Board of Directors of the Bank, incurred on loans, guarantees, and insurance extended under this subchapter, the first $100,000,000...


There are hereby authorized to be appropriated to the Secretary of the Treasury without fiscal year limitation $100,000,000 to cover the amount of any losses which are to be borne...


Nothing in this subchapter shall be construed as a limitation on the powers of the Bank under subchapter I of this chapter; and except as to the standard of reasonable assurance...


The Bank shall not extend loans, guarantees, or insurance under this subchapter in connection with the sale of defense articles or defense services. ...


The purpose of this subchapter is - (1) to expand employment and economic growth in the United States by expanding United States exports to the markets of the ...


The President shall vigorously pursue negotiations to limit and set rules for the use of tied aid for exports. The negotiating objectives of the United States should include...


(a) Establishment and elements of program; cooperation with Trade and Development Agency and private institutions and entities (1) The Chairman of the Export-Import Bank of...


(a) Establishment and elements of program The Director of the Trade and Development Agency shall carry out a program of tied aid credits for United States exports. The ...


(a)(1) The National Advisory Council on International Monetary and Financial Policies shall coordinate the implementation of the tied aid credit programs authorized by sections...


For purposes of this subchapter - (1) the term ''tied aid credit'' means credit - (A) which is provided for development aid purposes; (B) which is tied to...


...


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(a) It is declared to be the policy of Congress to promote the effective merchandising of agricultural commodities in interstate and foreign commerce so that the industry...


...


The Farm Credit Administration - (1) shall maintain its principal office within the Washington, D.C.-Maryland-Virginia standard metropolitan statistical area, and...


The administration is authorized and directed - (1) to promote education in the principles and practices of cooperative marketing of agricultural commodities and food ...


There is authorized to be appropriated the sum of $500,000,000 which shall be made available by the Congress as soon as practicable after the approval of this chapter and...


Interest rates in excess of the rates set forth in notes or other obligations taken by the Federal Farm Board or the Farm Credit Administration for loans made from the revolving...


(a) Upon application by any cooperative association the administration is authorized to make loans to it from the revolving fund to assist in - (1) the effective...


(a) Repealed. Pub. L. 89-525, Sec. 4(b), Aug. 2, 1966, 80 Stat. 334. (b) Payments of principal or interest upon any such loan or advance shall be covered into the...


...


(a) The administration shall, in cooperation with any governmental establishment in the Executive branch of the Government, including any field service thereof at home or abroad, ...


Vouchers approved by the Governor of the Farm Credit Administration for expenditures from the revolving fund pursuant to any loan or advance or from insurance moneys pursuant to any ...


(a) ''Cooperative association'' defined As used in this chapter, the term ''cooperative association'' means any association in which farmers act together in processing, ...


The Farm Credit Administration is authorized to create in any of the twelve farm credit districts where it may deem the same to be desirable a regional agricultural credit...


...


...


Loans under section 1148a-2(b) and (c) (FOOTNOTE 1) of this title shall be secured by the personal obligation and available security of the producer or producers, and in the case...


Each regional agricultural credit corporation, created under the authority of section 1148 of this title, in addition to the powers granted prior to August 19, 1937, shall have...


(a) Power of Farm Credit Administration The Farm Credit Administration shall have the power and authority to order and effect the consolidation or merger of two or more ...


Nothing contained in sections 1148b and 1148c of this title shall be construed as limiting the rights, powers, and authority granted prior to August 19, 1937, to the...


The Secretary of Agriculture, hereinafter referred to as the Secretary, is authorized and directed to compromise, adjust, or cancel indebtedness arising from loans and payments...


The provisions of this chapter shall apply to any indebtedness of farmers arising from loans or payments made or credit extended to them under any of the following Acts or...


There is authorized to be appropriated, out of any money in the Treasury not otherwise appropriated, such amount as may be necessary to enable the Secretary to carry out...


Notwithstanding any other provision of law, no persons who have received or have owing to them, prior to September 24, 1980, payments at rates announced by the Secretary...


The Governor of the Farm Credit Administration is authorized to make advances or loans to individuals, under such regulations as he may prescribe, for the purpose of assisting...


(a) Limitation on loans to individual stockholders No loans shall be made to individual stockholders on the capital stock of, or to create or increase the capital stock of such ...


No loan or advance shall be made to any individual upon the capital stock of or to create or increase the capital stock of any corporation, unless the paid-in capital stock of...


To carry out the provisions of this chapter, including all expenses incurred thereunder, there are authorized to be appropriated, out of the unexpended balances of...


This chapter may be cited as the ''Federal Home Loan Bank Act.'' ...


As used in this chapter - (1) Board. - The terms ''Finance Board'' and ''Board'' mean the Federal Housing Finance Board established under section 1422a of this title. ...


(a) Establishment (1) In general There is established the Federal Housing Finance Board, which shall succeed to the authority of the Federal Home Loan Bank Board...


(a) General powers The Board shall have the following powers: (1) To supervise the Federal Home Loan Banks and to promulgate and enforce such regulations and orders as...


As soon as practicable the Board shall divide the continental United States, Puerto Rico, the Virgin Islands, Guam, and the Territories of Alaska and Hawaii into not less than...


(a) Criteria for eligibility (1) In general Any building and loan association, savings and loan association, cooperative bank, homestead association, insurance ...


...


(a) Regulations (1) Capital standards Not later than 18 months after November 12, 1999, the Finance Board shall issue regulations prescribing uniform capital ...


(a) Number; appointment and election; qualifications; conflicts of interest The management of each Federal home loan bank shall be vested in a board of fourteen...


The Board shall cause to be made from time to time examinations of the laws of the various States of the United States and the regulations and procedure thereunder...


...


Any member of a Federal Home Loan Bank shall be entitled to apply in writing for advances. Such application shall be in such form as shall be required by the Federal Home Loan...


(a) In general (1) All advances Each Federal Home Loan Bank is authorized to make secured advances to its members upon collateral sufficient, in the judgment of...


...


(a) In general Each Federal Home Loan Bank is authorized to make advances to nonmember mortgagees approved under title II of the National Housing Act (12 U.S.C. 1707 et seq.)....


(a) Borrowing money; issuing bonds and debentures; general powers Each Federal Home Loan Bank shall have power, subject to rules and regulations prescribed by the Board, to borrow...


(a) The directors of each Federal Home Loan Bank shall, in accordance with such rules and regulations as the Board may prescribe, make and file with the Board at the...


Any and all notes, debentures, bonds, and other such obligations issued by any bank, and consolidated Federal Home Loan Bank bonds and debentures, shall be exempt both as to...


When designated for that purpose by the Secretary of the Treasury, each Federal Home Loan Bank shall be a depositary of public money, except receipts from customs, under...


Obligations of the Federal Home Loan Banks issued with the approval of the Board under this chapter shall be lawful investments, and may be accepted as security, for all fiduciary, ...


(a) Accumulation and maintenance of reserves; payment of dividends Each Federal Home Loan Bank may carry to a reserve account from time-to-time such portion of its net earnings as...


...


(a) Repealed. Pub. L. 101-73, title VII, Sec. 712, Aug. 9, 1989, 103 Stat. 419 (b) Assessments for administrative expenses (1) In general The Board may impose...


On and after July 12, 1960, expenses of the Board in making studies or investigations specifically directed by law, or requested by the Congress or either House thereof or by...


...


All moneys and funds heretofore deposited in the Treasury of the United States under the last sentence of section 1439 (FOOTNOTE 1) of this title (including unexpended balances...


The Board shall from time to time, at least annually, require examinations and reports of condition of all Federal Home Loan Banks in such form as the Board shall prescribe and...


(a) Establishment Notwithstanding any other provision of law, the Federal Housing Finance Board shall charter a corporation to be known as the Financing Corporation. ...


(a) Thrift Depositor Protection Oversight Board established (1) In general There is hereby established the Thrift Depositor Protection Oversight Board as an...


For purposes of section 1441a-2 of this title: (1) State housing finance authority The term ''State housing finance authority'' means any public agency, authority,...


(a) Authorization Notwithstanding any other provision of Federal or State law, a State housing finance authority or nonprofit entity may purchase mortgage-related assets from...


(a) Reports (1) Submission The Resolution Trust Corporation and the Federal Deposit Insurance Corporation shall each submit to the Congress for each year a...


(a) Purpose The purpose of the Resolution Funding Corporation is to provide funds to the Resolution Trust Corporation to enable the Resolution Trust Corporation to carry out...


(a) In general In order to enable the Federal Home Loan Banks to carry out the provisions of this chapter, the Secretary of the Treasury, the Comptroller of the Currency,...


...


Any stock, debentures, bonds, notes, or other obligations issued under the authority of this chapter may be issued in uncertificated form, utilizing a book entry method, or...


(a) Any organization organized under the laws of any State and subject to inspection and regulation under the banking or similar laws of such State shall be eligible to become...


Each Federal Home Loan Bank shall have succession until dissolved by the Board under this chapter or by further act of Congress. ...


Whenever the Board finds that the efficient and economical accomplishment of the purposes of this chapter will be aided by such action, and in accordance with such rules,...


...


If any provision of this chapter, or the application thereof to any person or circumstances, is held invalid, the remainder of the chapter, and the application of such provision...


The right to alter, amend, or repeal this chapter is expressly reserved. ...


As used in this chapter - (a) The term ''Board of Directors'' means the Board of Directors of the Corporation. (b) The term ''Corporation'' means the Federal Home...


(a) Creation; Board of Directors; policies; principal office; membership; term; vacancies (1) There is hereby created the Federal Home Loan Mortgage Corporation, which...


(a) Common stock; issuance The common stock of the Corporation shall consist of voting common stock, which shall be issued to such holders in the manner and amount, and subject...


(a) Authority for purchase and sale; residential mortgages; conventional mortgages; terms and conditions of sale or other disposition; lending activities (1)...


(a) Authority to issue; terms and conditions; validity The Corporation is authorized, upon such terms and conditions as it may prescribe, to borrow, to give security, to pay...


(a) Rights and remedies of Corporation; State qualifications or similar statutes All rights and remedies of the Corporation, including without limitation on the generality...


Except as expressly authorized by statute of the United States, no individual or organization (except the Corporation) shall use the term ''Federal Home Loan Mortgage...


Notwithstanding any other law, this chapter shall be applicable to the several States, the District of Columbia, the Commonwealth of Puerto Rico, and the territories and...


Notwithstanding any other evidences of the intention of Congress, it is hereby declared to be the controlling intent of Congress that if any provision of this chapter, or...


This chapter may be cited as the ''Home Owners' Loan Act.'' ...


For purposes of this chapter - (1) Director The term ''Director'' means the Director of the Office of Thrift Supervision. (2) Corporation The...


(a) Establishment of Office There is established the Office of Thrift Supervision, which shall be an office in the Department of the Treasury. (b) Establishment of position...


(a) Federal savings associations (1) In general The Director shall provide for the examination, safe and sound operation, and regulation of savings associations. ...


(a) In general In order to provide thrift institutions for the deposit of funds and for the extension of credit for homes and other goods and services, the Director is...


...


The provisions of this chapter shall apply to the United States and to Puerto Rico, Guam, and the Virgin Islands. ...


(a) In general The Director shall, with respect to all incorporated or unincorporated building, building or loan, building and loan, or homestead associations, and...


(a) Examination of savings associations The cost of conducting examinations of savings associations pursuant to section 1464(d) of this title shall be assessed by the ...


(a) Definitions (1) In general As used in this section, unless the context otherwise requires - (A) Savings association The term ''savings...


(a) Affiliate transactions (1) In general Sections 23A and 23B of the Federal Reserve Act (12 U.S.C. 371c and 371c-1) shall apply to every savings association in the same ...


No savings association shall carry on any sale, plan, or practices, or any advertising, in violation of regulations promulgated by the Director. ...


For the purposes of this chapter, examiners appointed by the Director shall - (1) be subject to the same requirements, responsibilities, and penalties as are applicable...


If any provision of this chapter, or the application thereof to any person or circumstances, is held invalid, the remainder of the chapter, and the application of such provision...


The Congress finds that Federal savings and loan associations and national banks should have the authority to assist in financing the organization and operation of any State...


(a)(1) The Federal Savings and Loan Insurance Corporation with respect to insured institutions, the Board of Governors of the Federal Reserve System with respect to State...


This chapter may be cited as the ''National Housing Act.'' ...


The Act of February 3, 1938, ch. 13, 52 Stat. 8, may be cited as the ''National Housing Act Amendments of 1938.'' ...


The Act of May 26, 1942, ch. 319, 56 Stat. 301, may be cited as the ''National Housing Act Amendments of 1942''. ...


In carrying out his functions, powers, and duties - (a) Employment of personnel; delegation of functions The Secretary of Housing and Urban Development may appoint such ...


...


...


...


...


(a) The Secretary of Housing and Urban Development may exchange data relating to housing and urban planning and development with other nations and assemble such data from...


...


...


...


...


There is established as of June 30, 1954, a revolving fund, and the Secretary of Housing and Urban Development is authorized to credit said fund with all moneys hereafter obtained...


The Secretary shall transfer all assets and liabilities of the fund established pursuant to section 717 of the Housing and Urban Development Act of 1970, as amended (42 U.S.C....


(a) Law applicable In order to provide for the management and orderly liquidation of the assets, and discharge the liabilities, acquired or incurred in connection with the...


Notwithstanding section 289(c) of the Cranston-Gonzalez National Affordable Housing Act (Public Law 101-625), the assets and liabilities of the revolving fund established by...


The Secretary of Housing and Urban Development is authorized to establish such advisory committee or committees as he may deem necessary in carrying out any of his functions,...


The Secretary of Housing and Urban Development shall establish, in accordance with the provisions of section 1701h of this title, an advisory committee on matters relating to...


...


...


(a) Warranty requirements The Secretary of Housing and Urban Development is authorized and directed to require that, in connection with any property upon which there is located...


(a) Congressional findings and declaration of purpose (1) The Congress finds (A) that the lack of an authoritative national source to make findings and to advise both the public and ...


(a) Definitions For the purpose of this section - (1) the term ''due-on-sale clause'' means a contract provision which authorizes a lender, at its option, to declare...


The right to redeem provided for by section 2410(c) of title 28, shall not arise in any case in which the subordinate lien or interest of the United States derives from the...


It is the intent of Congress that no sale of a dwelling on which a mortgage is insured under the National Housing Act, as amended (12 U.S.C. 1701 et seq.), shall be financed,...


The Secretary of Housing and Urban Development shall take action to secure the payment of any deficiency after foreclosure on a mortgage insured or assisted under Federal law...


The Secretary of the Treasury is authorized and directed from time to time to credit and cancel the note or notes of the Housing and Home Finance Administrator executed and...


The Department of Housing and Urban Development, and any other departments or agencies of the Federal Government having powers, functions, or duties with respect to housing under...


The Secretary of Housing and Urban Development shall, as soon as practicable during each calendar year, make a report to the President for submission to the Congress on all...


The annual report made by the Secretary of Housing and Urban Development to the President for submission to the Congress on all operations provided for by section 1701o of this...


As soon as practicable following November 30, 1983, the Secretary of Housing and Urban Development, with the cooperation of the Federal Home Loan Bank Board, the Federal...


(a) Purpose The purpose of this section is to enable elderly persons to live with dignity and independence by expanding the supply of supportive housing that - (1)...


(a) In general The penalties set forth in this section shall be in addition to any other available civil remedy or criminal penalty, and may be imposed whether or not...


(a) Grant authority The Secretary of Housing and Urban Development may make grants in accordance with this section to owners of eligible projects described in subsection (b)...


The Congress finds that there is a large and growing need for suitable housing for older people both in urban and rural areas. Our older citizens face special problems in...


(a) Restrictions on ownership No owner or manager of any federally assisted rental housing for the elderly or handicapped may - (1) as a condition of tenancy or...


(a) Authorization; maximum term; maximum aggregate amount The Secretary of Housing and Urban Development (hereinafter referred to as the ''Secretary'') is authorized to make, and ...


The Congress affirms the national goal, as set forth in section 1441 of title 42, of ''a decent home and a suitable living environment for every American family''. The...


(a) Findings The Congress finds that - (1) Federal housing and community development programs provide State and local governments and other recipients of Federal ...


The Congress finds that Federal aids to housing have not contributed fully to improvement in architectural standards. This objective has been contemplated in Federal...


The Secretary of Housing and Urban Development is authorized to provide, or contract with public or private organizations to provide, such budget, debt management, and...


(a) Authorization to provide information, advice, and technical assistance; scope of assistance; authorization of appropriations (1) The Secretary is authorized...


(a) Creation; purpose; articles of incorporation and charter; reservation of right to alter or amend charter; term; principal office; administration as charitable...


(a) Institution of program; assistance to mobile home buyers In order to encourage the use of new housing technologies in providing decent, safe, and sanitary housing for...


The Secretary of Housing and Urban Development is authorized and directed to undertake such programs of research, studies, testing, and demonstration relating to the mission...


(a) General acceptance; costs, reduction; health and safety restrictions on expanded housing production The Secretary shall require, to the greatest extent feasible, the ...


(a) Purpose of payments The Secretary is authorized to undertake on an experimental basis programs to demonstrate the feasibility of providing housing allowance payments to...


(a) Grants for arrest of incipient abandonment and revitalization of blighted areas In carrying out activities under section 1701z-1 of this title, the Secretary may...


(a) Consultation by Secretary with National Science Foundation; scope of demonstrations; powers of Secretary In carrying out activities under section 1701z-1 of this title, ...


(a) Special demonstrations of housing design, structure, facilities, and amenities to meet needs of elderly, handicapped, etc.; contracts, grants, and assistance by ...


(a) In carrying out activities under section 1701z-1 of this title, the Secretary is directed to undertake programs of studies and demonstrations within at least three...


(a) National demonstration program; purpose The Secretary shall undertake a national demonstration program designed to test the feasibility and effectiveness of various forms ...


In carrying out activities under section 1701z-1 of this title, the Secretary is authorized to conduct demonstrations to determine the feasibility of expanding...


(a)(1) The Secretary shall develop model rehabilitation guidelines for the voluntary adoption by States and communities to be used in conjunction with existing building codes by...


The Secretary shall, not less than biennially, survey national, regional, and local economic and housing market conditions in a manner that provides data comparable to the...


(a) Goals The Secretary of Housing and Urban Development shall manage or dispose of multifamily housing projects that are owned by the Secretary or that are subject to a...


The Secretary shall require any purchaser of a multifamily housing project owned by the Secretary which is sold on or after October 1, 1978, to agree not to refuse unreasonably...


(a) Purpose It is the purpose of this section to promote and extend the application of viable solar energy systems as a desirable source of energy for residential...


The Secretary of Housing and Urban Development is authorized to develop and implement a demonstration program utilizing lower cost building technology for projects located...


(a) In general When the existing water supply does not meet the minimum property standards established by the Department of Housing and Urban Development and a...


The powers conferred by this chapter shall be exercised by the Secretary of Housing and Urban Development (hereinafter referred to as the ''Secretary''). In order to carry out...


...


(a) The Secretary is authorized and empowered upon such terms and conditions as he may prescribe, to insure banks, trust companies, personal finance companies, mortgage...


...


For the purposes of carrying out the provisions of this subchapter and subchapters II and III of this chapter the President, in his discretion, is authorized to provide such funds ...


...


...


Nothing in this subchapter shall be construed to exempt any real property acquired and held by the Secretary in connection with the payment of insurance heretofore or...


(a) Supplemental system; limitation on amount; termination of authority To assist in providing adequate housing for families of low and moderate income, particularly...


The provisions of sections 1703 and 1706c of this title shall be applicable in the several States and Puerto Rico, the District of Columbia, Guam, the Trust Territory of the...


...


As used in section 1709 of this title - (a) The term ''mortgage'' means a first mortgage on real estate, in fee simple, or on a leasehold (1) under a lease for not less ...


(a) Mutual Mortgage Insurance Fund There is created a Mutual Mortgage Insurance Fund (hereinafter referred to as the ''Fund''), which shall be used by the Secretary as a...


(a) Authorization The Secretary is authorized, upon application by the mortgagee, to insure as hereinafter provided any mortgage offered to him which is eligible for insurance...


...


(a) The provisions of the constitution of any State expressly limiting the amount of interest which may be charged, taken, received, or reserved by certain classes of lenders and...


Whoever, with intent to defraud, willfully engages in a pattern or practice of - (1) purchasing one- to four-family dwellings (including condominiums and cooperatives)...


The Secretary of Housing and Urban Development, in establishing maximum loan-to-value ratios for mortgages insured by him under the National Housing Act (12 U.S.C. 1701 et seq.),...


...


(a) In general (1) Authorized claims procedures The Secretary may, in accordance with this subsection and terms and conditions prescribed by the Secretary, pay insurance ...


(a) Establishment; abolishment of General Reinsurance Account The Secretary shall establish as of July 1, 1954, in the Mutual Mortgage Insurance Fund a General Surplus Account and a ...


Moneys in the Fund not needed for the current operations of the Department of Housing and Urban Development related to insurance under section 1709 of this title shall be...


(a) Definitions As used in this section - (1) The term ''mortgage'' means a first mortgage on real estate in fee simple, or on the interest of either the lessor or lessee ...


Nothing in this subchapter shall be construed to exempt any real property acquired and held by the Secretary under this subchapter from taxation by any State or political...


The Secretary shall cause to be made in connection with the insurance programs such statistical surveys and legal and economic studies as he shall deem useful to guide the...


...


The Secretary is authorized and directed to make such rules and regulations as may be necessary to carry out the provisions of this subchapter. ...


(a) The Secretary shall not insure under section 1713 or section 1715a of this title or under section 1743 of this title pursuant to any application for insurance filed subsequent...


If the Secretary of Housing and Urban Development finds that, because of higher costs prevailing in Alaska, Guam, Hawaii, or the Virgin Islands, it is not feasible to...


(a) Projects insurable In addition to mortgages insured under section 1713 of this title, the Secretary is authorized to insure mortgages as defined in section 1713(a) of...


The Secretary is authorized to process applications and issue commitments with respect to insurance of mortgages under section 1706c of this title and subchapter II, VI, VIII, or X...


The Secretary is hereby authorized to insure any mortgage otherwise eligible for insurance under any of the provisions of this chapter without regard to any requirement with...


...


...


...


(a) Purpose of section The purpose of this section is to aid in the elimination of slums and blighted conditions and the prevention of the deterioration of residential property...


(a) Purpose This section is designed to assist private industry in providing housing for low and moderate income families and displaced families. (b) Authorization ...


(a) Purpose; housing certificates The purpose of this section is to aid in the provision of housing accommodations for servicemen in the armed forces of the United States...


(a) Projects covered Notwithstanding any of the provisions of this chapter and without regard to limitations upon eligibility contained in any section or subchapter of...


Notwithstanding any other provisions of this chapter, debentures issued under any section of this chapter with respect to a loan or mortgage accepted for insurance on or after...


Notwithstanding any other provisions of this chapter, in connection with any mortgage insured pursuant to any section of this chapter which covers a property upon which there...


The Secretary is authorized and directed to require that in connection with any property upon which there is located a dwelling designed principally for a single-family residence or...


Notwithstanding any other provision of this chapter, no mortgage covering new or rehabilitated multifamily housing or a property or project described in subchapter IX-B of...


...


Notwithstanding any other provision of this chapter and with respect to any loan or mortgage heretofore or hereafter insured under this chapter, except under section 1703 of...


(a) Loss mitigation Upon default of any mortgage insured under this subchapter, mortgagees shall engage in loss mitigation actions for the purpose of providing an alternative...


(a) Purpose; definitions The purpose of this section is to assist in relieving the shortage of housing for elderly persons and to increase the supply of rental housing for...


(a) Purpose The purpose of this section is to assist in the provision of facilities for any of the following purposes or for a combination of such purposes: (1)...


(a) Purpose; authorization (1) In order to assist in lowering housing costs and improving housing standards, quality, livability, or durability or neighborhood design through...


(a) Purpose The purpose of this section is to provide an additional means of increasing the supply of privately owned dwelling units where, under the laws of the State in...


(a) Authorization for periodic assistance payments to mortgagees; assistance to manufactured home buyers (1) For the purpose of assisting lower income families in ...


(a) Authorization for periodic interest reduction payments on behalf of owner of rental housing project For the purpose of reducing rentals for lower income families, ...


(a) Purpose The purposes of this section are to provide assistance to restore or maintain the financial soundness, to assist in the improvement of the management, to...


(a) Purpose; definitions The purpose of this section is to recognize the importance and benefits of cooperation and participation of tenants in creating a suitable...


After December 1, 1987, the Secretary of Housing and Urban Development shall control rents and charges as they were controlled prior to April 19, 1983, for any multifamily...


(a) Purpose The purpose of this section is to help provide adequate housing for families of low and moderate income, including those who, for reasons of credit history,...


(a) Entitlement to benefits; computation and payment of benefits to mortgagee (1) Any mortgagee under a mortgage insured under section 1715z(i), (j)(4), 1715z-2, or 1715z-8...


The Secretary shall not consent to any request for an extension of the time for curing a default under any mortgage covering multifamily housing, as defined in the regulations of...


(a) Action to recover assets or income (1) The Secretary of Housing and Urban Development (referred to in this section as the ''Secretary'') may request the Attorney General...


(a) Authorization to insure loans for purpose of financing purchases The Secretary is authorized, upon such terms and conditions as he may prescribe, to make commitments...


(a) Authorization to insure; ''supplemental loan'' defined With respect to a multifamily project, hospital, or group practice facility covered by a mortgage insured under any...


(a) Purpose The purpose of this section is to assist the provision of urgently needed hospitals for the care and treatment of persons who are acutely ill or who otherwise...


(a) Determination by Secretary of necessity; interest subsidy payments; effective date Whenever he determines such action to be necessary in furtherance of the purposes...


(a) Authority of Secretary; request of mortgagee; premium charges; provisions of contract of co-insurance; non-applicability of state insurance laws In addition...


(a) Criteria; principal obligation limitation; termination date The Secretary may insure under any provision of this subchapter mortgages and loans with provisions of varying...


In any case which the Secretary sells a multifamily housing project acquired as the result of a default on a mortgage which was insured under this chapter to a cooperative which...


(a) Flexible authority for multifamily projects During fiscal year 1997 and fiscal years thereafter, the Secretary may manage and dispose of multifamily properties owned by ...


(a) One- to four-family residence; eligibility The Secretary, subject to such conditions as the Secretary may prescribe, may insure under any provision of this subchapter that ...


(a) One- to four-family residence; eligibility The Secretary, subject to such special conditions as the Secretary may prescribe, may insure under any provision of this ...


(a) Authority To provide access to sources of private financing to Indian families, Indian housing authorities, and Indian tribes, who otherwise could not acquire...


(a) Definitions In this section: (1) Department of Hawaiian Home Lands The term ''Department of Hawaiian Home Lands'' means the agency or department of the...


(a) Demonstration mortgage risk-sharing program; areas; number of mortgages The purpose of this section is to authorize a demonstration mortgage risk-sharing program...


(a) Acceptance of offer to prepay; qualifications During any period in which an owner of a multifamily rental housing project is required to obtain the approval of the Secretary ...


(a) One- to four-family dwellings; maximum term of mortgage; adjustments in effective rate of interest The Secretary may insure under any provision of this subchapter a ...


(a) One- to four-family dwellings; requirements Notwithstanding any provision of this subchapter that is inconsistent with this section, the Secretary may insure, under any ...


(a) Five or more family units; requirements Notwithstanding any provision of this subchapter that is inconsistent with this section, the Secretary may insure, under any ...


(a) In general Whoever, as an owner, agent, or manager, or who is otherwise in custody, control, or possession of a multifamily project or a 1- to 4-family residence that...


(a) Purpose The purpose of this section is to authorize the Secretary to carry out a program of mortgage insurance designed - (1) to meet the special needs of...


(a) Authority The Secretary may delegate, to one or more mortgagees approved by the Secretary under the direct endorsement program, the authority of the Secretary under...


(a) In general The Secretary of Housing and Urban Development (hereinafter referred to as the ''Secretary'') shall carry out programs through the Federal Housing Administration...


For purposes of this subtitle: (1) The term ''multifamily housing'' means housing accommodations on the mortgaged property that are designed principally for...


The Congress declares that the purposes of this subchapter are to establish secondary market facilities for residential mortgages, to provide that the operations thereof shall...


...


The purposes of this title include the partition of the Federal National Mortgage Association as heretofore existing into two separate and distinct corporations, each of which...


(a) Creation; succession; principal and other offices (1) There is created a body corporate to be known as the ''Federal National Mortgage Association'', which shall be in the ...


After June 30, 1966, no department or agency listed in section 1717(c)(2) of this title may sell any obligation held by it except as provided in section 1717(c) of this title, or...


(a) Common stock; preferred stock; transferability of shares The corporation shall have common stock, without par value, which shall be vested with all voting rights, each share...


(a) Purchase and sale of mortgages; secondary market operations; advance of funds or origination of loans; settlement or extinguishment of borrower's rights (1) To...


...


(a) Separate accountability of assets and liabilities To carry out the purposes set forth in paragraph (c) (FOOTNOTE 1) of section 1716 of this title, the Association is...


All of the benefits and burdens incident to the administration of the functions and operations of the Association under sections 1720 and 1721, respectively, of this title,...


(a) Government National Mortgage Association All the powers and duties of the Government National Mortgage Association shall be vested in the Secretary of Housing and Urban ...


(a) Seal, and other matters incident to operation Each of the bodies corporate named in section 1717(a)(2) of this title shall have power to adopt, alter, and use a corporate seal, ...


Moneys of the Association not invested in mortgages or other security holdings or in operating facilities shall be kept in cash on hand or on deposit, or invested in obligations...


All obligations, participations, or other instruments issued by either of the bodies corporate named in section 1717(a)(2) of this title shall be lawful investments, and may...


The functions of the Housing and Home Finance Administrator (including the function of making payments to the Secretary of the Treasury) under section 2 of Reorganization...


...


...


...


(a) In general (1) Authority Whenever an issuer or custodian approved under section 1721(g) of this title knowingly and materially violates any provisions of ...


...


...


...


...


Notwithstanding any other provision of law, the Secretary is authorized to refuse the benefits of participation (either directly as an insured lender or as a borrower, or...


(a) Intent of Congress The Congress declares that it has been its intent since the enactment of this chapter that housing built with the aid of mortgages insured under...


If any provision of this chapter, or the application thereof to any person or circumstances, is held invalid, the remainder of the chapter, and the application of such provision...


The provisions of section 1430(a)(1) (FOOTNOTE 1) and 1430b of this title; the seventh paragraph of section 24 of this title; section 371 of this title; subsection (n) of section...


At any time prior to final endorsement for insurance, the Secretary, in his discretion, may amend, extend, or increase the amount of any commitment, provided the mortgage, as...


The following funds shall be deemed an indebtedness to the United States of the particular insurance fund involved, and the Secretary is authorized and directed to pay the amount...


(a) Notwithstanding any other provision of this chapter, no adjusted premium charge shall be collected in connection with the payment in full, prior to maturity, of any...


(a) Prior to beginning of construction (1) The Secretary is authorized to make expenditures under this subsection with respect to any property that - (A) is a condominium...


(a) Establishment; purpose; mortgages or loans insurable; transfers to There is hereby created a General Insurance Fund which shall be used by the Secretary, on and...


(a) Notwithstanding any other provisions of this chapter with respect to the payment of insurance benefits, the Secretary is authorized, in his discretion, to pay in cash or...


The Secretary shall adopt a uniform procedure for the acceptance of materials and products to be used in structures approved for mortgages or loans insured under this chapter....


In the administration of housing assistance programs, the Secretary of Housing and Urban Development shall encourage the use of materials and products mined and produced in the...


Notwithstanding any other provision of this chapter, no mortgage which covers new construction shall be approved for insurance under this chapter (except pursuant to a commitment...


Notwithstanding any other provision of this chapter, from and after November 3, 1966, the Secretary, under such terms and conditions as he may approve, may waive all or a part of...


In determining whether properties should be approved by the Secretary prior to rehabilitation and covered by mortgages insured under subchapter II of this chapter, the Secretary...


The Secretary is authorized to insure mortgage proceeds advanced during construction or rehabilitation or otherwise prior to final endorsement of a project mortgage for the purpose...


(a) To the maximum extent feasible, the Secretary of Housing and Urban Development shall promote the use of energy saving techniques through minimum property standards established...


(a) No federally related mortgage loan, or Federal insurance, guaranty, or other assistance in connection therewith (under this chapter or any other Act), shall be denied to...


In carrying out the provisions of subchapter II of this chapter with respect to insuring mortgages secured by a one- to four-family dwelling unit, the Secretary may not deny...


(a) The provisions of the constitution of any State expressly limiting the rate or amount of interest, discount points, or other charges which may be charged, taken, received,...


(a) Applicability to loan, mortgage, credit sale, or advance; applicability to deposit, account, or obligation (1) The provisions of the constitution or the laws of any State ...


In carrying out the provisions of subchapters I, II, IV, (FOOTNOTE 1) VII, VIII, IX-B, and X of this chapter pertaining to the payment of loan or mortgage insurance premium charges...


(a) The authority of the Secretary to enter into commitments to insure loans and mortgages under this chapter shall be effective for any fiscal year only to such extent or in...


In carrying out the provisions of subchapter II of this chapter with respect to insuring mortgages secured by a one- to four-family residence, the Secretary may not exclude from...


(a) Periodic review of mortgagee performance To reduce losses in connection with single family mortgage insurance programs under this chapter, at least once a year the ...


(a) State offices In order to ensure the adequate processing of applications for insurance of loans and mortgages under this chapter, the Secretary shall maintain not less...


A mortgagee or lender may not require, as a condition of providing a loan insured under this chapter or secured by a mortgage insured under this chapter, that the principal amount...


(a) In general (1) Authority If a mortgagee approved under the (FOOTNOTE 1) chapter, a lender holding a contract of insurance under subchapter I of this chapter, or...


(a) In general The penalties set forth in this section shall be in addition to any other available civil remedy or any available criminal penalty, and may be imposed whether...


With respect to fiscal year 1989 and for every fiscal year thereafter, the Secretary shall make available to the public a financial statement of the insurance funds established...


(a) Examinations and sanctions (1) In connection with any examination of a mortgagee approved by the Secretary pursuant to this chapter, the Secretary shall assess the...


(a) In general The Secretary of Housing and Urban Development shall collect and maintain information regarding early defaults on mortgages as provided under this section....


(a) Defaulted mortgages Notwithstanding any other provision of law, if the Secretary is requested to accept assignment of a mortgage insured by the Secretary that covers...


There are authorized to be appropriated such sums as may be necessary for each of fiscal years 1994 and 1995, to be allocated in any manner that the Secretary determines...


(a) Definitions For the purposes of this section - (1) The term ''mortgage'' means a mortgage which (A) is insured under the National Housing Act (12 U.S.C. 1701 et...


...


As used in this subchapter - (a) The term ''mortgage'' means a first mortgage on real estate, in fee simple, or on a leasehold (1) under a lease for not less than...


...


(a) Relief of housing shortage; eligibility; limitations on time and amount In order to assist in relieving the acute shortage of housing which now exists and to increase...


(a) Conveyance and assignment by mortgagee after foreclosure; debentures and certificates of claim; cost of foreclosure In any case in which the mortgagee under a mortgage...


...


Nothing in this subchapter shall be construed to exempt any real property acquired and held by the Secretary under this subchapter from taxation by any State or political...


The Secretary is authorized and directed to make such rules and regulations as may be necessary to carry out the provisions of this subchapter. ...


(a) Additional authorization; advances during construction In addition to mortgages insured under section 1738 of this title, the Secretary is authorized to insure mortgages...


(a) Relief of housing shortage; advances In order to assist in relieving the acute shortage of housing which now exists and to promote the production of housing for veterans...


Notwithstanding any of the provisions of this subchapter, the Secretary is authorized, upon application by the mortgagee, to insure or to make commitments to insure under section...


(a) Additional authorization; encouragement of cost-reduction techniques; advances In addition to mortgages insured under other sections of this subchapter, and in order...


Notwithstanding any other provision of this subchapter, no mortgage or loan shall be insured under any section of this subchapter after August 2, 1954 except pursuant to a...


The purpose of this subchapter is to supplement the existing systems of mortgage insurance for rental housing under this chapter by a special system of insurance designed to...


(a) To be eligible for insurance under this subchapter, a project shall meet the following conditions: (1) The Secretary shall be satisfied that there is, in the locality...


(a) For insurance granted pursuant to this subchapter the Secretary shall fix and collect a premium charge in an amount not exceeding one-half of 1 per centum of the...


The Secretary shall require that the rents for the dwellings in any project insured under this subchapter shall be established in accordance with a rent schedule approved by...


For all of the purposes of any insurance contract made pursuant to this subchapter, 50 per centum of the excess earnings, if any, for any operating year may be applied, in addition...


With respect to each project insured under this subchapter, the Secretary shall provide that, after the close of each operating year, the investor shall submit to him for approval...


If in any operating year the net income of a project insured under this subchapter is less than the aggregate of the minimum annual amortization charge and the insured annual...


(a) Acquisition of project by Secretary; issuance of debentures If the aggregate of the amounts paid to the investor pursuant to section 1747f of this title with respect to a...


The investor, after written notice to the Secretary of his intention so to do, may terminate, as of the close of any operating year, any insurance contract made pursuant to...


...


Nothing in this subchapter shall be construed to exempt any real property acquired and held by the Secretary under this subchapter from taxation by any State or political...


The Secretary may make such rules and regulations as may be necessary or desirable to carry out the provisions of this subchapter, including, without limiting the foregoing,...


The following terms shall have the meanings, respectively, ascribed to them below, and, unless the context clearly indicates otherwise, shall include the plural as well as...


As used in this subchapter - (a) The term ''mortgage'' means a first mortgage on real estate, in fee simple, or on a leasehold (1) under a lease for not less than...


...


(a) Aggregate amount of insurance; termination date In order to assist in relieving the acute shortage and urgent need for family housing which now exists at or in areas adjacent to ...


...


Whenever the Secretary of the Army, Navy, or Air Force determines that it is necessary to lease any land held by the United States on or near a military installation to effectuate...


The second sentence of section 1715d of this title, as amended, relating to housing in the State of Alaska, shall not apply to mortgages insured under this subchapter on property...


The Secretary is authorized and directed to make such rules and regulations as may be necessary to carry out the provisions of this subchapter. ...


Except in the case of mortgages on multifamily rental housing projects insured under section 1748h-2 of this title, the cost certification required under section 1715r of this...


...


(a) Requirements; certificate of need for housing and employment status Notwithstanding any other provisions of this subchapter and in addition to mortgages insured...


(a) Authorization Notwithstanding any other provision of this subchapter, the Secretary may insure and make commitments to insure any mortgage under this section which meets...


(a) The Secretary is authorized to make payments in lieu of taxes on any real property to which title has been or is hereafter acquired by him in fee under section 1748b of this...


...


...


On and after December 19, 1963, necessary expenses of inspections and of providing representatives at the site of projects being planned or undertaken by local public...


...


(a) Authority of Secretary; termination date The Secretary is authorized (1) to insure mortgages (including advances on such mortgages during construction), upon such terms ...


The Secretary shall fix premium charges for the insurance of mortgages under this subchapter, but such charges shall not be more than 1 per centum per annum of the amount of...


The mortgagee shall be entitled to receive the benefits of the insurance under this subchapter in the manner provided in subsection (g) of section 1713 of this title with respect to ...


The Secretary shall prescribe such regulations as may be necessary to carry out this subchapter, after consulting with the Secretary of Health and Human Services with respect to...


(a) Technical assistance At the request of individuals or organizations operating or contemplating the operation of group practice facilities or medical practice facility...


For the purposes of this subchapter - (1) The term ''group practice facility'' means a facility in a State for the provision of preventive, diagnostic, and treatment ...


...


...


...


...


...


As used in this subchapter, the terms ''mortgage'', ''first mortgage'', ''mortgagee'', ''mortgagor'', ''maturity date'', and ''State'' shall have the same meaning as in section...


...


...


(a) Limitations; termination of certain commitments; requirements; discrimination against children This subchapter is designed to supplement systems of mortgage ...


(a) Conveyance and assignment by mortgagee after foreclosure; debentures and certificates of claim; cost of foreclosure In any case in which the mortgagee under a mortgage...


...


Nothing in this subchapter shall be construed to exempt any real property acquired and held by the Secretary under this subchapter from taxation by any State or political...


The Secretary is authorized and directed to make such rules and regulations as may be necessary to carry out the provisions of this subchapter. ...


(a) Authorization In addition to mortgages insured under section 1750b of this title, the Secretary is authorized to insure mortgages as defined in section 1750 of this...


...


This chapter may be cited as the ''Federal Credit Union Act''. ...


...


As used in this chapter - (1) the term ''Federal credit union'' means a cooperative association organized in accordance with the provisions of this chapter for the...


(a) Establishment; management under National Credit Union Administration Board There is established in the executive branch of the Government an independent agency to be...


Any seven or more natural persons who desire to form a Federal credit union shall each subscribe either individually or collectively before some officer competent to administer...


The organization certificate shall be presented to the Board for approval. Before any organization certificate is approved, an appropriate investigation shall be made for the...


(a) Payment by Federal credit union to Administration In accordance with rules prescribed by the Board, each Federal credit union shall pay to the Administration an annual operating ...


Federal credit unions shall be under the supervision of the Board, and shall make financial reports to it as and when it may require, but at least annually. Each Federal credit...


...


A Federal credit union shall have succession in its corporate name during its existence and shall have power - (1) to make contracts; (2) to sue and be sued; ...


(a) In general On and after August 7, 1998, no insured credit union may make any member business loan that would result in a total amount of such loans outstanding at that...


In order to simplify the organization of Federal credit unions the Board shall from time to time cause to be prepared a form of organization certificate and a form of...


(a) In general Subject to subsection (b) of this section, Federal credit union membership shall consist of the incorporators and such other persons and incorporated...


The fiscal year of all Federal credit unions shall end December 31. The annual meeting of each Federal credit union shall be held at such place as its bylaws shall prescribe....


(a) Board of directors, credit committee, and supervisory committee; election to board The management of a Federal credit union shall be by a board of directors, a...


At their first meeting after the annual meeting of the members, the directors shall elect from their number the board officers specified in the bylaws. Only one board officer may...


The board of directors shall meet at least once a month and shall have the general direction and control of the affairs of the Federal credit union. Minutes of all meetings shall...


(a) Members; meetings; lines of credit and approval of loans; delegation to loan officers If the bylaws provide for a credit committee, then pursuant to the provisions of...


The supervisory committee shall make or cause to be made an annual audit and shall submit a report of that audit to the board of directors and a summary of the report to the...


...


At such intervals as the board of directors may authorize, and after provision for required reserves, the board of directors may declare a dividend to be paid at different rates...


(a) Expulsion by two-thirds vote Except as provided in subsection (b) of this section, a member may be expelled by a two-thirds vote of the members of a Federal credit...


Shares may be issued in the name of a minor or in trust, subject to such conditions as may be prescribed by the bylaws. When shares are issued in trust, the name of the...


(a) The Board may prescribe rules and regulations for the administration of this chapter (including, but not by way of limitation, the merger, consolidation, and dissolution of ...


(a) Each Federal credit union organized under this chapter, when requested by the Secretary of the Treasury, shall act as fiscal agent of the United States and shall perform...


The Federal credit unions organized hereunder, their property, their franchises, capital, reserves, surpluses, and other funds, and their income shall be exempt from all taxation...


(a) If any provision of this chapter or the application thereof to any person or circumstance, is held invalid, the remainder of the chapter, and the application of such provision...


Upon application by any credit union organized under State law or by any Federal credit union organized in accordance with the terms of this chapter, which application shall...


(a) A Federal credit union may be converted into a State credit union under the laws of any State, the District of Columbia, the several Territories and possessions of the...


The provisions of this chapter shall apply to the several States, the District of Columbia, the several Territories, including the trust territories, and possessions of the...


The Board is authorized to accept gifts of money made unconditionally by will or otherwise for the carrying out of any of the functions under this chapter. A conditional gift...


Notwithstanding any other provision of law, funds received by the Board pursuant to any method provided by this chapter, and interest, dividend, or other income thereon, shall not...


Notwithstanding any other provision of law, all moneys of the Board shall be treated as trust funds for the purpose of section 906(a)(2) (FOOTNOTE 1) of title 2. This section...


(a) In general The Board may exercise the authority granted to it by the Community Development Credit Union Revolving Loan Fund Transfer Act, including any...


(a) Forfeiture of franchise for money laundering or cash transaction reporting offenses (1) Conviction of title 18 offenses (A) Duty to notify If a credit...


Any credit union organized under the District of Columbia Credit Unions Act, as amended, may apply for conversion into a Federal credit union by filing with the National Credit...


The Board shall approve any such organization certificate meeting such requirements. Upon such approval, the applicant credit union shall become a Federal credit union, and shall...


Any District of Columbia credit union converting into a Federal credit union in accordance with sections 1773 to 1775 of this title shall thereupon be subject to the...


(a) Eligibility The Board, as hereinafter provided, shall insure the member accounts of all Federal credit unions and it may insure the member accounts of (1) credit...


(a) Reports of condition (1) Each insured credit union shall make reports of condition to the Board upon dates which shall be selected by it. Such reports of condition shall...


(a) Creation; use of fund There is hereby created in the Treasury of the United States a National Credit Union Share Insurance Fund which shall be used by the Board as a...


(a) Examiners and claim agents; powers; report by examiner; jurisdiction of court The Board shall appoint examiners who shall have power, on its behalf, to examine any...


(a) Advertisement of insured status; exemptions; regulation of signs Every insured credit union shall display at each place of business maintained by it a sign or...


(a) Termination of insurance (1) Any insured credit union other than a Federal credit union may, upon not less than ninety days' written notice to the Board and upon...


(a) Regulation and examination of credit union organizations (1) General examination and regulatory authority A credit union organization shall be subject to examination and ...


(a) Liquidation by Board; bond; appointment of agent; fees to be fixed by Board (1)(A) Upon its finding that a Federal credit union insured under this subchapter is...


(a) Loans; purchase of assets; accounts; agreements affecting interest of Board in any asset acquired by it (1) In order to reopen a closed insured credit union or in order ...


(a) In carrying out the purposes of this subchapter, the Board may - (1) make contracts; (2) sue and be sued, complain and defend, in any court of law or...


Any credit union the accounts of which are insured under this title shall be a depositary of public money and may be employed as fiscal agent of the United States. The Secretary...


It is not the purpose of this subchapter to discriminate in any manner against State-chartered credit unions and in favor of Federal credit unions, but it is the purpose of...


(a) Prior notice required An insured credit union shall notify the Board of the proposed addition of any individual to the board of directors or committee or the employment of...


(a) In general (1) Employees of credit unions No insured credit union may discharge or otherwise discriminate against any employee with respect to compensation, terms, ...


The Board may pay rewards in connection with an offense affecting an insured credit union, under the same circumstances and subject to the same limitations that a Federal...


(a) Resolving problems to protect Fund (1) Purpose The purpose of this section is to resolve the problems of insured credit unions at the least possible long-term loss...


The Congress finds that the establishment of a National Credit Union Central Liquidity Facility is needed to improve general financial stability by meeting the liquidity needs...


As used in this subchapter, the term - (1) ''liquidity needs'' means the needs of credit unions primarily serving natural persons for - (A) short-term...


There is created the National Credit Union Administration Central Liquidity Facility. The Central Liquidity Facility, an instrumentality of the United States, shall exist within the ...


(a) Credit unions serving natural persons A credit union primarily serving natural persons may be a Regular member of the Facility by subscribing to the capital stock of the ...


(a) Opening of books; minimum subscription As soon as practicable, the Board shall open books for subscriptions to the capital stock of the Facility. The minimum ...


(a)(1) A member may apply for an extension of credit from the Facility to meet its liquidity needs. The Board shall approve or deny any such application within five working...


(a) General authorities The Board on behalf of the Facility shall have the ability to - (1) prescribe the manner in which the general business of the Facility shall...


The Federal Reserve Banks are authorized to act as depositories, custodians and/or fiscal agents for the Central Liquidity Facility in the general performance of its powers...


The Comptroller General of the United States shall audit the Central Liquidity Facility under such rules and regulations as the Comptroller may prescribe. ...


The annual report required by section 1752a(e) (FOOTNOTE 1) of this title shall include a full report of the activities of the Facility. (FOOTNOTE 1) So in original....


The facility is authorized to act upon the request of the Board of Governors of the Federal Reserve System as an agent of the Federal Reserve System in matters pertaining to...


(a) Franchise, activities, etc., of Central Liquidity Facility; exception The Central Liquidity Facility, and its franchise, activities, capital reserves, surplus, and...


...


(a) Establishment of Corporation There is hereby established a Federal Deposit Insurance Corporation (hereinafter referred to as the ''Corporation'') which shall insure,...


(a) Board of Directors (1) In general The management of the Corporation shall be vested in a Board of Directors consisting of 5 members - (A) 1 of whom shall...


As used in this chapter - (a) Definitions of Bank and Related Terms. - (1) Bank. - The term ''bank'' - (A) means any national bank, State bank, and District bank, ...


(a) Continuation of insurance (1) Banks Each bank, which is an insured depository institution on September 21, 1950, shall be and continue to be, without ...


(a) Application to Corporation required (1) In general Except as provided in paragraphs (2) and (3), any depository institution which is engaged in the business...


The factors that are required, under section 1814 of this title, to be considered in connection with, and enumerated in, any certificate issued pursuant to section 1814 of this...


(a) Reports of condition; access to reports (1) Each insured State nonmember bank (except a District bank) and each foreign bank having an insured branch which is not a ...


(a) Termination of insurance (1) Voluntary termination Any insured depository institution which is not - (A) a national member bank; (B) a State member bank; ...


(a) In general Upon June 16, 1933, the Corporation shall become a body corporate and as such shall have power - First. To adopt and use a corporate seal. Second. To...


(a) Board of Directors; use of mails; cooperation with other Federal agencies The Board of Directors shall administer the affairs of the Corporation fairly and impartially...


(a) Exclusive Commission authority Except as provided in subsection (c) of this section, a Federal banking agency may not inspect or examine any registered investment company...


(a) Deposit insurance (1) Insured amounts payable. - (A) In general. - The Corporation shall insure the deposits of all insured depository institutions as provided in...


(a) Established (1) In general There is established a separate fund to be designated as the FSLIC Resolution Fund which shall be managed by the Corporation ...


(a) Bond not required; agents; fee The Corporation as receiver of an insured depository institution or branch of a foreign bank shall not be required to furnish bond and...


(a) Investment of Corporation's funds (1) Authority Funds held in the Bank Insurance Fund, the Savings Association Insurance Fund, or the FSLIC Resolution Fund, that...


(a) Borrowing from Treasury The Corporation is authorized to borrow from the Treasury, and the Secretary of the Treasury is authorized and directed to loan to the Corporation...


(a) General rule All notes, debentures, bonds, or other such obligations issued by the Corporation shall be exempt, both as to principal and interest, from all taxation...


In order that the Corporation may be supplied with such forms of notes, debentures, bonds, or other such obligations as it may need for issuance under this chapter, the Secretary...


(a) Annual reports on BIF, SAIF, and the FSLIC Resolution Fund (1) In general The Corporation shall annually submit a full report of its operations, activities,...


(a) Insurance logo (1) Insured savings associations Each insured savings association shall display at each place of business maintained by such association a sign...


(a) Comptroller of the Currency (1) In general The Comptroller of the Currency may, by regulation or order, impose restrictions or requirements on relationships or ...


(a) In general To the extent not prohibited by other law, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Federal Deposit...


(a) Prohibition (1) In general Except with the prior written consent of the Corporation - (A) any person who has been convicted of any criminal offense ...


(a) Prohibited activities A State nonmember insured bank may not - (1) deal in lottery tickets; (2) deal in bets used as a means or substitute for participation in...


(a) Congressional findings and declaration of purpose (1) Findings Congress finds that - (A) adequate records maintained by insured depository institutions...


It is not the purpose of this chapter to discriminate in any manner against State nonmember banks or State savings associations and in favor of national or member banks or...


The provisions of this chapter limiting the insurance of the deposits of any depositor to a maximum less than the full amount shall be independent and separable from each and all...


(a) Permissible activities (1) In general After the end of the 1-year period beginning on December 19, 1991, an insured State bank may not engage as principal in any ...


(a) Identity of beneficiary interest as condition for a loan; report to Corporation No insured depository institution, insured branch of a foreign bank, or mutual savings...


...


(a) Interest rates In order to prevent discrimination against State-chartered insured depository institutions, including insured savings banks, or insured branches of...


(a) In general On and after January 1, 1990, a savings association chartered under State law may not engage as principal in any type of activity, or in any activity in an...


(a) In general An insured depository institution that is not well capitalized may not accept funds obtained, directly or indirectly, by or through any deposit broker for...


...


(a) In general An insured depository institution may not enter into a written or oral contract with any person to provide goods, products, or services to or for the benefit...


(a) Establishment There is hereby established the Savings Association Insurance Fund Industry Advisory Committee (hereinafter referred to in this section as the ''Committee''). ...


(a) Prior notice required An insured depository institution or depository institution holding company shall notify the appropriate Federal banking agency of the proposed...


(a) In general (1) Employees of depository institutions No insured depository institution may discharge or otherwise discriminate against any employee with respect...


(a) In general An appropriate Federal banking agency, with the concurrence of the Attorney General, may pay a reward to a person who provides original information which leads...


Any appropriate Federal banking agency shall notify the Securities and Exchange Commission of any concerns of the agency regarding significant financial or operational risks to any ...


(a) Annual report on financial condition and management (1) Report required Each insured depository institution shall submit an annual report to the Corporation,...


(a) Reports to appropriate Federal banking agencies (1) In general The Attorney General, the Secretary of the Treasury, and the head of any other agency or...


(a) In general (1) Objectives Accounting principles applicable to reports or statements required to be filed with Federal banking agencies by insured ...


(a) Resolving problems to protect deposit insurance funds (1) Purpose The purpose of this section is to resolve the problems of insured depository institutions at the...


...


(a) Operational and managerial standards Each appropriate Federal banking agency shall, for all insured depository institutions, prescribe - (1) standards relating to - ...


(a) Purpose The purpose of this section is to provide homeownership and rental housing opportunities for very low-income, low-income, and moderate-income families. (b)...


(a) In general Notwithstanding any other provision of law, the Corporation, the Board of Governors of the Federal Reserve System, the Resolution Trust Corporation, any...


(a) Notice to appropriate Federal banking agency (1) In general An insured depository institution which proposes to close any branch shall submit a notice of the...


...


(a) Annual independent audit of private deposit insurers (1) Audit required Any private deposit insurer shall obtain an annual audit from an independent auditor...


(a) Approval of interstate merger transactions authorized (1) In general Beginning on June 1, 1997, the responsible agency may approve a merger transaction under...


(a) In general Notwithstanding any other provision of law, the provisions of - (1) section 1844(c) of this title that limit the authority of the Board of Governors of...


(a) In general An insured State bank may control or hold an interest in a subsidiary that engages in activities as principal that would only be permissible for a national bank...


(a) Regulations required (1) In general The Federal banking agencies shall prescribe and publish in final form, before the end of the 1-year period beginning on ...


(a) Public disclosure of agreements Any agreement (as defined in subsection (e) of this section) entered into after November 12, 1999, by an insured depository institution...


(a) Authority of depository institution; applicability (1) Notwithstanding any other provision of law but subject to paragraph (2), a depository institution is authorized to...


...


(a) In general Whoever violates any provision of law to which this section is made applicable by subsection (c) of this section shall be subject to a civil penalty in an...


The Federal Deposit Insurance Corporation, the Comptroller of the Currency, the National Credit Union Administration Board, the Federal Housing Finance Board,, (FOOTNOTE 1) the...


(a) Audit of agencies or other persons performing functions under banking laws (1) In general Except as provided in paragraph (2), all agencies, ...


...


(a) In general For purposes of this Act, Executive Order Numbered 11478, providing for equal employment opportunity in the Federal Government, shall apply to - (1)...


(a) Qualification of lifeline accounts by Federal Reserve Board (1) In general The Board of Governors of the Federal Reserve System, and the Federal Deposit...


(a) Determination of credits for increases in community enterprise activities (1) In general The Community Enterprise Assessment Credit Board established ...


(a) Community development organizations described For purposes of this subtitle, any insured depository institution, or a qualified portion thereof, shall be treated as ...


(a) Accounting principles The accounting principles applicable to the transfer of a small business loan or a lease of personal property with recourse contained in reports...


(a) Regulations The appropriate Federal banking agencies shall prescribe uniform regulations effective June 1, 1997, which prohibit any out-of-State bank from using any...


(a)(1) Except as provided in paragraph (5) of this subsection, ''bank holding company'' means any company which has control over any bank or over any company that is or becomes a...


(a) Prior approval of Board as necessary; exceptions; disposition, time extension; subsequent approval or disposition upon disapproval It shall be unlawful, except...


(a) Ownership or control of voting shares of any company not a bank; engagement in activities other than banking Except as otherwise provided in this chapter, no bank holding ...


(a) Registration of bank holding company Within one hundred and eighty days after May 9, 1956, or within one hundred and eighty days after becoming a bank holding company, ...


...


(a) In general No provision of this chapter shall be construed as preventing any State from exercising such powers and jurisdiction which it now has or may hereafter have...


(a) Criminal penalty (1) Whoever knowingly violates any provision of this chapter or, being a company, violates any regulation or order issued by the Board under...


Any party aggrieved by an order of the Board under this chapter may obtain a review of such order in the United States Court of Appeals within any circuit wherein such party has...


(a) Limitation on direct action The Board may not prescribe regulations, issue or seek entry of orders, impose restraints, restrictions, guidelines, requirements, safeguards,...


(a) General rule Nothing herein contained shall be interpreted or construed as approving any act, action, or conduct which is or has been or may be in violation of existing...


With respect to any proceeding before the Federal Reserve Board wherein an applicant seeks authority to acquire a subsidiary which is a bank under section 1842 of this title or...


(a) Short title This chapter may be cited as the ''Bank Service Company Act''. (b) Definitions For the purpose of this chapter - (1) the term ''appropriate...


Notwithstanding any limitation or prohibition otherwise imposed by any provision of law exclusively relating to banks, an insured bank may invest not more than 10 per centum...


Without regard to the provisions of sections 1864 and 1865 of this title, an insured bank may invest in a bank service company that performs, and a bank service company may...


(a) Services permissible other than taking deposits A bank service company may provide to any person any service authorized by this section, except that a bank service company ...


(a) Approval of Federal banking agency No insured bank shall invest in the capital stock of a bank service company that performs any service under authority of subsection...


No bank service company shall unreasonably discriminate in the provision of any services authorized under this chapter to any depository institution that does not own stock in or...


(a) Principal investor A bank service company shall be subject to examination and regulation by the appropriate Federal banking agency of its principal investor to the same...


As used in this chapter the term ''Federal supervisory agency'' means - (1) The Comptroller of the Currency with respect to national banks and district banks, ...


(a) Rules for installation, maintenance, and operation of security devices and procedures Within six months from July 7, 1968, each Federal supervisory agency shall...


The Federal supervisory agencies shall consult with (1) insurers furnishing insurance protection against losses resulting from robberies, burglaries, and larcenies committed ...


A bank or savings and loan association which violates a rule promulgated pursuant to this chapter shall be subject to a civil penalty which shall not exceed $100 for each day of...


...


(a) The Congress finds that certain records maintained by businesses engaged in the functions described in section 1953(b) of this title have a high degree of usefulness in...


Where the Secretary determines that the making of appropriate reports by uninsured banks or uninsured institutions of any type with respect to their ownership, control,...


(a) Regulations If the Secretary determines that the maintenance of appropriate records and procedures by any uninsured bank or uninsured institution, or any person engaging...


Whenever it appears to the Secretary that any person has engaged, is engaged, or is about to engage in any acts or practices constituting a violation of any regulation under...


(a) For each willful or grossly negligent violation of any regulation under this chapter, the Secretary may assess upon any person to which the regulation applies, or any...


Whoever willfully violates any regulation under this chapter shall be fined not more than $1,000 or imprisoned not more than one year, or both. ...


Whoever willfully violates, or willfully causes a violation of any regulation under this chapter, section 1829b of this title, or section 1730d (FOOTNOTE 1) of this title, where...


The Secretary shall have the responsibility to assure compliance with the requirements of this chapter and sections 1730d (FOOTNOTE 1) and 1829b of this title and may delegate...


The administrative procedure and judicial review provisions of subchapter II of chapter 5 and chapter 7 of title 5 shall apply to all proceedings under this chapter, section 1829b...


As used in this chapter, the terms ''bank'', ''bank holding company'', ''subsidiary'', and ''Board'' have the meaning ascribed to such terms in section 1841 of this title....


(1) A bank shall not in any manner extend credit, lease or sell property of any kind, or furnish any service, or fix or vary the consideration for any of the foregoing, on...


The district courts of the United States have jurisdiction to prevent and restrain violations of section 1972 of this title and it is the duty of the United States attorneys,...


In any action brought by or on behalf of the United States under section 1972 of this title, subpenas for witnesses may run into any district, but no writ of subpena may issue...


Any person who is injured in his business or property by reason of anything forbidden in section 1972 of this title may sue therefor in any district court of the United States...


Any person may sue for and have injunctive relief, in any court of the United States having jurisdiction over the parties, against threatened loss or damage by reason of a...


(1) Subject to paragraph (2) of this section, any action to enforce any cause of action under this chapter shall be forever barred unless commenced within four years after the...


Nothing contained in this chapter shall be construed as affecting in any manner the right of the United States or any other party to bring an action under any other law of the...


(a) It is declared to be the policy of the Congress, recognizing that a prosperous, productive agriculture is essential to a free nation and recognizing the growing need for credit...


(a) Composition The Farm Credit System shall include the the (FOOTNOTE 1) Farm Credit Banks, the Federal land bank associations, the production credit associations, the banks...


(a) Establishment The banks established pursuant to the merger of each District Federal Intermediate Credit Bank and Federal Land Bank (hereinafter referred to in this...


Each Farm Credit Bank shall elect a board of directors of such number, for such term, in such manner, and with such qualifications, as may be required in its bylaws, except that, at ...


Each Farm Credit Bank shall be a body corporate and, subject to regulation by the Farm Credit Administration, shall have power to - (1) adopt and use a corporate seal; ...


In accordance with section 2154a of this title, the Farm Credit Banks shall provide, through bylaws and subject to Farm Credit Administration regulations, for the capitalization...


(a) Real estate loans and related assistance (1) Real estate loans The Farm Credit Banks may make or participate with other lenders in long-term real estate mortgage...


(a) In general Loans and discounts made by a Farm Credit Bank shall bear such rate or rates of interest or discount, and be on such terms and conditions, as may be determined...


The credit and financial services authorized in this subchapter may be made available to persons who are or become stockholders or members of the bank or associations in the...


(a) Real estate loans (1) Maximum level of loans (A) In general Real estate mortgage loans originated by a Farm Credit Bank, or in which a Farm Credit...


(a) Agricultural or aquatic purposes (1) In general Loans made by a Farm Credit Bank to farmers, ranchers, and producers or harvesters of aquatic products may be for any ...


(a) In general The Farm Credit Banks may provide technical assistance to borrowers, members, and applicants from the bank and associations in the district, including...


(a) In general The Farm Credit Banks shall, except as otherwise herein provided, make loans of the type authorized under section 2015(a) of this title through a Federal land...


The Farm Credit Banks shall have a first lien on the stock or participation certificates it issues for the payment of any liability of the stockholders to the bank. ...


The Farm Credit Banks and the capital, reserves, and surplus thereof, and the income derived therefrom, shall be exempt from Federal, State, municipal, and local taxation,...


(a) Charter Each production credit association shall continue as a Federally chartered instrumentality of the United States. (b) Organization (1) In general ...


Each production credit association shall elect from the voting members of such association, a board of directors of such number, for such terms, with such qualifications, and in...


Each production credit association shall be a body corporate and, subject to supervision by the Farm Credit Bank for the district and regulation by the Farm Credit...


(a) In general In accordance with section 2154a of this title, each production credit association shall provide, through its bylaws and subject to Farm Credit...


(a) Short- and intermediate-term loans Each production credit association, under standards prescribed by the board of directors of the Farm Credit Bank of the district, may ...


Each production credit association may provide technical assistance to borrowers, applicants, and members and may make available to them at their option such financial...


Except with regard to stock or participation certificates held by other Farm Credit System institutions, each production credit association shall have a first lien on stock...


Each production credit association and its obligations are instrumentalities of the United States and as such any and all notes, debentures, and other obligations issued by such ...


(a) Charter Each Federal land bank association shall continue as a federally chartered instrumentality of the United States. (b) Organization (1) In general ...


Each Federal land bank association shall elect from its voting shareholders a board of directors of such number, for such terms, in such manner, and with such qualifications as may...


Each Federal land bank association shall be a body corporate and, subject to supervision of the Farm Credit Bank for the district and the regulation of the Farm Credit...


In accordance with section 2154a of this title, the Federal land bank association shall provide, through its bylaws and subject to Farm Credit Administration regulations, for...


...


Each Farm Credit Bank may enter into agreements with Federal land bank associations in its district for sharing the gain or losses on loans or on security held therefor or acquired...


Each Federal land bank association shall have a first lien on the stock and participation certificates it issues, except on stock or participation certificates held by other...


Each Federal land bank association and the capital, reserves, and surplus thereof, and the income derived therefrom, shall be exempt from Federal, State, municipal, and...


The banks for cooperatives established pursuant to sections 2 and 30 of the Farm Credit Act of 1933, as amended, shall continue as federally chartered instrumentalities of the...


Each bank for cooperatives shall be a body corporate and, subject to regulation by the Farm Credit Administration, shall have power to - (1) Adopt and use a corporate seal. ...


(a)(1) Each bank for cooperatives not merged into the United Bank for Cooperatives or the National Bank for Cooperatives shall elect a board of directors of such number, for...


(a) Amount The Capital stock of each bank for cooperatives shall be in such amount as its board determines is required for the purpose of providing adequate capital to permit...


Dividends may be payable only on nonvoting investment stock, if declared by the board of directors of the bank, subject to the general direction of the Farm Credit Administration. ...


Nonvoting investment stock and participation certificates may be called for retirement at par. With the approval of the issuing bank, the holder may elect not to have the...


If any cooperative association is not authorized under the laws of the State in which it is organized to take and hold stock in a bank for cooperatives, the bank shall, in lieu of...


(a) Authorities The banks for cooperatives are authorized to make loans and commitments to eligible cooperative associations and to extend to them other technical and...


(a) Any association of farmers, producers or harvesters of aquatic products, or any federation of such associations, which is operated on a cooperative basis, and has the powers...


(a) Each borrower entitled to hold voting stock shall, at the time a loan is made by a bank for cooperatives, own at least one share of voting stock and shall be required by the...


(a) Interest rates and charges Loans made by a bank for cooperatives shall bear interest at a rate or rates determined by the board of directors of the bank from time to time....


(a) Application of savings At the end of each fiscal year, the net savings shall, under regulations prescribed by the Farm Credit Administration, continue to be applied on...


In the case of liquidation or dissolution of any bank for cooperatives, after payment or retirement, first, of all liabilities; second, of all capital stock issued before January 1, ...


Each bank for cooperatives and its obligations are instrumentalities of the United States and as such any and all notes, debentures, and other obligations issued by such bank shall ...


(a) Charter The National Bank for Cooperatives or the United Bank for Cooperatives, as the case may be (hereinafter in this part referred to as the ''consolidated...


(a) Initial board of directors The initial board of directors of a consolidated bank shall include the members of the boards of directors of the farm credit districts who...


On a determination by the board of directors of the consolidated bank that the bank's loan portfolio is concentrated in any one district or districts (according to the...


Subject to section 2143 of this title, to the greatest extent practicable, the functions of the consolidated bank shall be consolidated in the central office of the bank. ...


On the establishment of the consolidated bank, ownership interests of the stockholders and subscribers to the guaranty funds of the constituent district banks for...


In accordance with section 2154a of this title, each consolidated bank shall provide, through bylaws and subject to Farm Credit Administration regulations, for the capitalization...


Under such terms and conditions as may be determined by its board of directors, the consolidated bank may - (1) for a period of at least 3 years following January 6, 1988, ...


The receipt of assets or assumption of liabilities by the consolidated bank, the exchange of stock, equities, or other ownership interests, and any other transaction carried out in ...


The Farm Credit Administration may not establish lending limits for the consolidated bank with respect to any loans or borrowers that are more restrictive than the combined...


(a) In general When two or more banks for cooperatives merge, the resulting bank shall, not later than December 31 of each year of the succeeding 5 years following the date of...


The revolving fund established by this section (in effect immediately before January 6, 1988) shall be available to the Farm Credit Administration and the Assistance Board during...


...


Each of the banks of the System, in order to obtain funds for its authorized purposes, shall have power, subject to regulation by the Farm Credit Administration, and subject to...


(a) Minimum levels of capital The Farm Credit Administration shall cause System institutions to achieve and maintain adequate capital by establishing minimum levels of capital...


(a) Definitions As used in this section: (1) Permanent capital The term ''permanent capital'' means - (A) current year retained earnings; (B)...


(a) Joint and several liability of banks (1) Each bank of the System shall be fully liable on notes, bonds, debentures, or other obligations issued by it individually, and...


...


The bonds, debentures, and other similar obligations issued under the authority of this chapter shall be lawful investments for all fiduciary and trust funds and may be accepted...


Any member of the Federal Reserve System may buy and sell bonds, debentures, or other similar obligations issued under the authority of this chapter and any Federal Reserve bank...


(a) Each bank of the System may purchase its own obligations and the obligations of other banks of the System and may provide for the sale of obligations issued by it,...


(a) Establishment There is hereby established the Federal Farm Credit Banks Funding Corporation (hereinafter in this section referred to as the ''Corporation''), which shall be...


...


(a) Retirement of stock Notwithstanding any other section of this chapter, each institution of the Farm Credit System, when retiring eligible borrower stock in accordance...


...


(a) Voluntary liquidation; consent of Farm Credit Administration; rules and regulations; minimization of adverse effect; voluntary merger; mandatory merger on failure to...


(a) Provision of stockholder lists (1) In general Within 7 days after receipt of a written request by a stockholder, a bank for cooperatives, Federal land bank ...


(a) In general In accordance with regulations of the Farm Credit Administration, qualified lenders shall provide to borrowers, for all loans that are not subject to the Truth...


In accordance with regulations of the Farm Credit Administration, qualified lenders shall provide their borrowers, at the time of execution of loans, copies of all documents signed...


(a) Loan applications Each qualified lender to which a person has applied for a loan shall provide the person with prompt written notice of - (1) the action on...


(a) Credit review committees (1) In general The board of directors of each qualified lender shall establish one or more credit review committees, which shall include...


(a) Definitions As used in this part: (1) Application for restructuring The term ''application for restructuring'' means a written request - (A) from...


(a) Farm Credit Bank If a Farm Credit Bank forgives and writes off, under section 2202a of this title, any of the principal outstanding on a loan made to any borrower, the...


(a) Requirements for restructuring by System institutions (1) Existing nonaccrual loans Within 9 months after a qualified lender is certified under section 2278a-4 of...


(a) Foreclosure prohibited A qualified lender may not foreclose on any loan because of the failure of the borrower thereof to post additional collateral, if the borrower has...


No System institution may make a loan secured by a mortgage or lien on agricultural property to a borrower on the condition that the borrower waive any right under the...


Each production credit association and each Federal land bank association shall elect a nominating committee by vote of the stockholders at the annual meeting to serve for...


...


Interest rates on loans from institutions of the Farm Credit System shall not be subject to any interest rate limitation imposed by any State constitution or statute or other laws....


Notwithstanding any other provisions of this chapter, the terms of any loan participated in by two or more Farm Credit System institutions operating under different subchapters...


(a) Definitions As used in this section: (1) Participate and participation The terms ''participate'' and ''participation'' shall have the meaning provided in...


(a) Under policies of the district Farm Credit Bank board, each Federal land bank association and production credit association shall prepare a program for furnishing sound...


In any election or merger vote, or other proceeding subject to a vote of the stockholders (or subscribers to the guaranty fund of a bank for cooperatives), conducted by a...


(a) In general The Farm Credit Administration shall monitor the compensation of members of the board of directors of a System bank received as compensation for serving as...


Any bank of the Farm Credit System, or two or more of such banks acting together, may organize a corporation or corporations for the purpose of performing functions and services...


The Farm Credit Administration shall have power, under rules and regulations prescribed by the Farm Credit Administration, to provide for the organization of any corporation...


The corporations organized under this part shall be institutions of the Farm Credit System and shall be subject to the same regulation and examination by the Farm...


State and other laws shall apply to corporations organized pursuant to this part to the same extent such laws would apply to the organizing banks engaged in the same activity in...


In this part, the term ''bank'' includes each association operating under subchapter II of this chapter. ...


...


(a) Regulatory authorization (1) The regulations of the Farm Credit Administration governing financially related services that the banks and associations of the Farm Credit...


If real property is acquired by any institution of the Farm Credit System through foreclosure, no institution of the Farm Credit System shall sell the surface rights to that...


(a) General rule Agricultural real estate that is acquired by an institution of the System as a result of a loan foreclosure or a voluntary conveyance by a borrower...


(a) In general Money of a borrower held by a Farm Credit System institution in an uninsured voluntary or involuntary account as authorized under regulations issued by the...


The Assistance Board established under section 2278a of this title and all institutions of the Farm Credit System with more than 20 employees shall establish and maintain...


At the time a System institution or an agricultural mortgage loan originator (as defined in section 2279aa(7) of this title) approves a loan made to a borrower that, in the opinion...


(a) In general Any institution of the Farm Credit System, or any director, officer, employee, or agent of a Farm Credit System institution, that discloses to a...


...


...


The Farm Credit Administration shall be an independent agency in the executive branch of the Government. It shall be composed of the Farm Credit Administration Board and such...


(a) Appointment The management of the Farm Credit Administration shall be vested in a Farm Credit Administration Board (referred to in this part as ''the Board''). The Board...


The Board shall manage and administer, and establish policies for, the Farm Credit Administration. It - (1) shall approve the rules and regulations for the implementation...


(a) Chairman of Farm Credit Administration Board; power and authority (1) The Chairman of the Board shall be the chief executive officer of the Farm Credit Administration. ...


(a) Policies of Board The Chairman of the Farm Credit Administration Board, in carrying out the powers and duties vested in the Chairman by this chapter, and Acts...


The Chairman of the Board, subject to the approval of the Board, may establish one or more advisory committees in accordance with the Federal Advisory Committee Act and may appoint...


...


The Farm Credit Administration shall have a seal, as adopted by the Board, which shall be judicially noted. ...


The Farm Credit Administration may, within the limits of funds available therefor, make necessary expenditures for personnel services and rent at the seat of Government and...


(a) Determinations required (1) Generally Prior to the first day of each fiscal year, the Farm Credit Administration shall determine - (A) the cost...


As an alternate to the rental of quarters under section 2249 of this title, and without regard to any other provision of law, the banks of the System, with the concurrence...


(a) Enumerated powers The Farm Credit Administration shall have the following powers, functions, and responsibilities in connection with the institutions of the Farm Credit...


Any delegations by the Farm Credit Administration and redelegations thereof made in accordance with section 5.19 of the Farm Credit Act of 1971 as in effect prior to the...


(a) Scope and frequency of examinations; power, authority, and liability of examiners Except for Federal land bank associations, each institution of the System shall...


The Comptroller of the Currency is authorized and directed, upon request of the Farm Credit Administration to furnish for confidential use of an institution of the System...


Any organization other than State banks, trust companies, and savings associations shall, as a condition precedent to securing discount privileges with a bank of the Farm...


The executive departments, boards, commissions, and independent establishments of the Government of the United States, the Federal Deposit Insurance Corporation, the Comptroller...


(a) In general Each System institution shall comply with uniform financial reporting instructions required by the Farm Credit Administration, to standardize and facilitate...


Each institution of the System shall for the purposes of jurisdiction be deemed to be a citizen of the State, commonwealth, or District of Columbia in which its principal office...


Whenever it is determined by the Farm Credit Administration, or by judicial decision, that a State law is applicable to the obligations and securities authorized to be held by the ...


...


(a) If, in the opinion of the Farm Credit Administration, any institution in the Farm Credit System, or any director, officer, employee, agent, or other person participating in...


(a) Whenever the Farm Credit Administration shall determine that the violation or threatened violation or the unsafe or unsound practice or practices, specified in the notice...


In the case of violation or threatened violation of, or failure to obey, a temporary cease and desist order issued under section 2262 of this title, the Farm Credit Administration...


(a) Written notice of intention to remove; violation of law, rule, regulation, or final cease and desist order; unsafe or unsound practice; breach of fiduciary duty ...


(a) Whenever any director or officer of an institution in the Farm Credit System, or other person participating in the conduct of the affairs of such institution, is charged in...


(a) Venue; closed hearings; decisions and findings of fact; orders; modification or other action by Farm Credit Administration; judicial review Any hearing provided for...


The Farm Credit Administration may in its discretion apply to the United States district court, or the United States court of any territory, within the jurisdiction of which the...


(a) Forfeiture and payment; compromise, modification, or remitting by Farm Credit Administration; assessment and collection by written notice Any institution in the...


Any director or officer, or former director or officer of a System institution, or any other person, against whom there is outstanding and effective any notice or order (which is...


If at any time, because of the suspension or removal of one or more directors pursuant to section 2264 or 2265 of this title, there shall be on the board of directors of a...


As used in this part - (1) the terms ''cease and desist order that has become final'' and ''order which has become final'' mean a cease and desist order, or an...


Any service required or authorized to be made by the Farm Credit Administration under this section may be made by registered mail, or in such other manner reasonably calculated...


In the course of or in connection with any proceeding under this part or any examination or investigation under this chapter, the Farm Credit Administration or any...


Notwithstanding any other provision of this chapter, a farm credit district board, bank board, or bank officer or employee shall not remove any director or officer of any...


(a) The Comptroller General shall conduct an evaluation of the programs and activities authorized under the 1980 amendments to this chapter, and shall make an interim report to...


(a) In general Any approvals granted by the Farm Credit Administration before January 6, 1988, shall remain in effect on and after such date. (b) Authority to issue regulations ...


On and after December 19, 1985, the Comptroller General or his duly authorized representatives shall have access to and the right to examine all books, documents, papers, records,...


As used in this part: (1) Board of Directors The term ''Board of Directors'' means the Board of Directors of the Corporation. (2) Corporation The...


There is hereby established the Farm Credit System Insurance Corporation which shall insure, in accordance with this part, the timely payment of principal and interest on...


(a) Establishment The Corporation shall be managed by a Board of Directors that shall consist of the members of the Farm Credit Administration Board. (b) Chairman ...


Effective beginning on January 1, 1989, or 12 months after January 6, 1988, whichever is later, each System bank shall be an insured System bank and shall be subject to this part....


(a) Amount in Fund not exceeding secure base amount (1) In general If at the end of any calendar year the aggregate of amounts in the Farm Credit Insurance Fund does...


(a) Filing certified statement Annually, on a date to be determined in the sole discretion of the Board of Directors, each insured System bank that became insured before...


(a) Overpayments The Corporation may refund to any insured System bank any premium payment made by the bank exceeding the amount due the Corporation. (b) Underpayments ...


On January 6, 1988, the Corporation shall become a body corporate and as such shall have the following powers: (1) Seal The Corporation may adopt and use a corporate seal. ...


(a) Conduct of corporate affairs (1) Fair administration The Board of Directors shall administer the affairs of the Corporation fairly and impartially and...


(a) Establishment There is hereby established a Farm Credit Insurance Fund (hereinafter referred to in this section as the ''Insurance Fund'') for insuring the timely payment...


(a) Authority to provide assistance (1) Stand-alone assistance The Corporation, in its sole discretion and on such terms and conditions as the Board of Directors...


(a) ''Institution'' defined In this section, the term ''institution'' means - (1) an insured System bank; and (2) a production credit association or other...


(a) Definitions In this section: (1) Golden parachute payment The term ''golden parachute payment'' - (A) means a payment (or any agreement to make a payment) in ...


Money of the Corporation not otherwise employed shall be invested in obligations of the United States or in obligations guaranteed as to principal and interest by the United States. ...


Notwithstanding any other provision of law, the Corporation, including its franchise, and its capital, reserves, surplus, and income, shall be exempt from all taxation imposed by...


...


(a) Corporate name (1) Use of corporate name It shall be unlawful for any person or entity to use the words ''Farm Credit System Insurance Corporation'' or any combination ...


(a) Charters On the date which is 15 days after January 6, 1988, the Farm Credit Administration shall revoke the charter of the Farm Credit System Capital Corporation...


The purposes of the Assistance Board shall be to carry out a program to provide assistance to, and protect the stock of borrowers of, the institutions of the Farm Credit System,...


(a) Membership The Board of Directors of the Assistance Board (hereinafter referred to in this part as the ''Board of Directors'') shall consist of three members - (1)...


(a) In general The Assistance Board shall be a body corporate that shall have the power to - (1) operate under the direction of its Board of Directors; (2)...


(a) Book value less than par value of stock and equities If the book value of the stock, participation certificates, and other similar equities of a System institution, based...


(a) In general The Assistance Board shall assist an institution that has been certified under section 2278a-4 of this title by - (1) authorizing the institution to...


(a) In general In the case of a System institution that requests certification under section 2278a-4 of this title, the Assistance Board may - (1) require the institution...


(a) Expenses The Financial Assistance Corporation shall pay the necessary and reasonable administrative expenses of the Assistance Board from funds in the Assistance...


(a) Purposes The powers of the Assistance Board under this subchapter shall be exercised only for the purposes specified in this subchapter and shall not be exercised in a...


(a) Assets and liabilities On the issuance by the Farm Credit Administration of the charter for the Assistance Board under this part, the Assistance Board shall succeed to...


(a) Issuance The Assistance Board may issue such regulations, policies, procedures, guidelines, or statements as the Board considers necessary or appropriate to carry out...


The Assistance Board, the capital, reserves, and surplus thereof, and the income derived therefrom, shall be exempt from Federal, State, municipal, and local taxation, except taxes...


The Assistance Board and the authority provided to the Assistance Board by this part shall terminate on December 31, 1992. ...


(a) Exercise of powers The powers of the Assistance Board under this subchapter shall be exercised by the Farm Credit Administration Board until the issuance of the charter of...


Not later than 5 days after January 6, 1988, the Farm Credit Administration shall charter the Farm Credit System Financial Assistance Corporation (hereinafter referred to in...


The purpose of the Financial Assistance Corporation shall be to carry out a program to provide capital to institutions of the Farm Credit System that are experiencing...


(a) Board of Directors (1) Composition The Board of Directors of the Financial Assistance Corporation (hereinafter referred to in this part as the ''Board of ...


The Financial Assistance Corporation shall issue stock with a par value of $5 to System institutions, as provided for in this part, and such stock shall not be transferable, except...


(a) In general The Financial Assistance Corporation shall have the power to - (1) operate under the direction of its Board of Directors; (2) adopt, alter, and use...


(a) Farm Credit Assistance Fund (1) Establishment The Financial Assistance Corporation shall establish an account called the Farm Credit Assistance Fund (referred to...


(a) Issuance During the period beginning 61 days after January 6, 1988, and ending September 30, 1992, the Financial Assistance Corporation, subject to the approval of...


(a) Issuance (1) In general Each System institution that is certified under section 2278a-4 of this title may issue a special class of preferred stock only in...


(a) In general Beginning in fiscal year 1989, the Secretary of the Treasury shall reimburse the Financial Assistance Corporation for any amounts such Corporation pays in...


(a) Amount of stock purchase (1) In general Except as provided in paragraphs (2) and (3), for the purpose of obtaining funds for the Trust Fund, each System institution ...


(a) Assets The Financial Assistance Corporation, and the capital, reserves, and surplus thereof, and the income derived therefrom, shall be exempt from Federal, State,...


(a) Financial Assistance Corporation The Financial Assistance Corporation and the authority provided to such Corporation by this part shall terminate on the complete discharge...


The banks within a district may merge into a single entity (hereinafter in this subchapter referred to as a ''merged bank'') if the plan of merger is approved by - (1)...


Each merged bank shall elect a board of directors of such number, for such term, in such manner, and with such qualifications, as may be required in its bylaws, except that at...


(a) In general Except as otherwise provided in this subchapter, a merged bank shall have all of the powers granted to, and shall be subject to all of the obligations imposed...


In accordance with section 2154a of this title, each merged bank shall provide, through bylaws and subject to Farm Credit Administration regulations, for the capitalization of...


...


...


(a) Voluntary transfers A Federal land bank or a merged bank having a Federal land bank as one of its constituents, may transfer to a Federal land bank association, and...


...


(a) In general Two or more associations within the same district, whether or not organized under the same subchapter of this chapter, may merge into a single entity...


(a) Period A stockholder vote in favor of - (1) the merger of districts under this chapter; (2) the merger of banks within a district under section 2279a of...


(a) Conditions A System institution may terminate the status of the institution as a System institution if - (1) the institution provides written notice to the Farm Credit ...


(a) Disclosure of information (1) Approval of plan With respect to any plan of merger, transfer of lending authority, dissolution, or termination, prior to submission to ...


(a) In general Banks organized or operating under this chapter may merge with banks in other districts operating under the same subchapter if the plan of merger is approved by - ...


(a) In general Associations may voluntarily merge with other like associations if the plan of merger is approved by - (1) the Farm Credit Administration Board; (2)...


No State or political subdivision thereof may treat the merger or consolidation of two or more institutions of the Farm Credit System under this subchapter or title IV of...


For purposes of this subchapter: (1) Agricultural real estate The term ''agricultural real estate'' means - (A) a parcel or parcels of land, or a building...


(a) Establishment (1) In general There is hereby established a corporation to be known as the Federal Agricultural Mortgage Corporation, which shall be a ...


(a) Interim board (1) Number and appointment Until the permanent board of directors established in subsection (b) of this section first meets with a quorum of its ...


(a) Guarantees After the Board has been duly constituted, subject to the other provisions of this subchapter and other commitments and requirements established pursuant to...


(a) Voting common stock (1) Issue The Corporation shall issue voting common stock having such par value as may be fixed by the Board from time to time. Each share ...


(a) Eligibility standards (1) Establishment required Within 120 days after the date on which the permanent board first meets with a quorum present, the Corporation...


(a) Guarantee authorized for certified facilities (1) In general Subject to the requirements of this section and on such other terms and conditions as the Corporation...


...


(a) Standards Not later than 120 days after the appointment and election of the permanent Board, the Corporation, in consultation with originators, shall establish...


(a) Restructuring Notwithstanding any other provision of law, sections 2202, 2202a, 2202b, 2202c, 2202d, and 2219a of this title shall not apply to any loan included in a pool...


(a) Guarantee The Corporation shall provide guarantees for securities representing interests in, or obligations backed by, pools of qualified loans through commitments issued...


(a) Regulation (1) Authority Notwithstanding any other provision of this chapter, the Farm Credit Administration shall have the authority to provide, acting ...


(a) Federal laws (1) Applicability of certain Federal securities laws For purposes of section 77c(a)(2) of title 15, no security representing an interest in, or...


(a) Sale of obligations to Treasury (1) In general Subject to the limitations contained in section 2279aa-10(c) of this title and the requirement of paragraph (2),...


Notwithstanding section 1349 of title 28 or any other provision of law: (1) The Corporation shall be considered an agency under sections 1345 and 1442 of such title. ...


For purposes of this part: (1) Compensation The term ''compensation'' means any payment of money or the provision of any other thing of current or potential value in ...


(a) Risk-based capital test Not sooner than the expiration of the 3-year period beginning on February 10, 1996, the Director of the Office of Secondary Market Oversight shall,...


(a) In general Except as provided in subsection (b) of this section, for purposes of this part, the minimum capital level for the Corporation shall be an amount of core...


For purposes of this part, the critical capital level for the Corporation shall be an amount of core capital equal to 50 percent of the total minimum capital amount determined...


(a) In general The Director shall classify the Corporation, for purposes of this part, according to the following enforcement levels: (1) Level I The Corporation...


(a) Capital restoration plan If the Corporation is classified as within level II, the Corporation shall, within the time period determined by the Director, submit to the...


(a) Mandatory supervisory actions (1) Capital restoration plan If the Corporation is classified as within level III, the Corporation shall, within the time period...


(a) Mandatory recapitalization The Corporation shall increase the core capital of the Corporation to an amount equal to or greater than $25,000,000, not later than the earlier...


(a) Voluntary liquidation The Corporation may voluntarily liquidate only with the consent of, and in accordance with a plan of liquidation approved by, the Farm...


The Congress finds that demands for funds through Federal and federally assisted borrowing programs are increasing faster than the total supply of credit and that such borrowings...


For the purposes of this chapter - (1) The term ''Federal agency'' means an executive department, an independent Federal establishment, or a corporation or other entity ...


There is hereby created a body corporate to be known as the Federal Financing Bank, which shall have succession until dissolved by an Act of Congress. The Bank shall be subject to...


(a) The Bank shall have a Board of Directors consisting of five persons, one of whom shall be the Secretary of the Treasury as Chairman of the Board, and four of whom shall...


(a) Purchase and sale of obligations issued, sold, or guaranteed by Federal agencies The Bank is authorized to make commitments to purchase and sell, and to purchase and...


Nothing in any provision of law shall be construed to authorize the Federal Financing Bank to acquire any obligation the payment of interest or principal of which has at any time...


(a) Method, source, timing, terms, and conditions of sale of obligations issued or sold by Federal agencies To insure the orderly and coordinated marketing of Treasury and ...


The Secretary of the Treasury is authorized to advance the funds necessary to provide initial capital to the Bank. Each such advance shall be upon such terms and conditions as...


(a) Maximum amount of obligations issued publicly and outstanding at any one time The Bank is authorized, with the approval of the Secretary of the Treasury, to issue...


The Bank shall have power - (1) to sue and be sued, complain, and defend, in its corporate name; (2) to adopt, alter, and use a corporate seal, which shall be ...


(a) Federal, State, and local taxes The Bank, its property, its franchise, capital, reserves, surplus, security holdings, and other funds, and its income shall be exempt from...


In order to furnish obligations for delivery by the Bank, the Secretary of the Treasury is authorized to prepare such obligations in such form as the Bank may approve,...


The Bank shall, as soon as practicable after the end of each fiscal year, transmit to the President and the Congress an annual report of its operations and activities. ...


The budget and audit provisions of chapter 91 of title 31 shall be applicable to the Federal Financing Bank in the same manner as they are applied to the wholly owned...


(a) Notwithstanding any other provision of this chapter, the purchase by the Bank of the obligations of any local public body or agency within the United States shall be made...


In addition to any authority provided before October 1, 1981, the Secretary of Housing and Urban Development may, on and after October 1, 1981, enter into contracts for...


Nothing in this chapter shall be construed as impairing any authority or responsibility of the President or the Secretary of the Treasury under any other provision of law, nor...


Nothing in this chapter shall be construed as authorizing an increase in the amounts of obligations issued, sold, or guaranteed by any Federal agency which issues, sells,...


There is established the National Commission on Electronic Fund Transfers (hereinafter referred to as the ''Commission'') which shall be an independent instrumentality of the...


(a) Composition The Commission shall be composed of twenty-six members as follows: (1) the Chairman of the Board of Governors of the Federal Reserve System or...


(a) Study, investigation, and recommendations; considerations The Commission shall conduct a thorough study and investigation and recommend appropriate administrative action...


(a) Hearings; administration of oaths The Commission may for the purpose of carrying out this chapter hold such hearings, sit and act at such times and places, take such ...


(a) The Commission - (1) may appoint with the advice and consent of the Senate and fix the compensation of an Executive Director, and such additional staff personnel as...


(a) A member of the Commission who is an officer or employee of the United States shall serve as a member of the Commission without additional compensation, but shall be entitled...


(a) Each department, agency, and instrumentality of the executive branch of the Government, including independent agencies, is authorized and directed to furnish to the...


There are authorized to be appropriated without fiscal year limitations such sums, not to exceed $2,000,000, as may be necessary to carry out the provisions of this chapter. ...


The Congress finds and declares that - (1) the books and records of banking and financial organizations and business associations engaged in issuing and selling...


As used in this chapter - (1) ''banking organization'' means any bank, trust company, savings bank, safe deposit company, or a private banker engaged in business in...


Where any sum is payable on a money order, traveler's check, or other similar written instrument (other than a third party bank check) on which a banking or financial organization...


(a) The Congress finds that significant reforms in the real estate settlement process are needed to insure that consumers throughout the Nation are provided with greater and...


For purposes of this chapter - (1) the term ''federally related mortgage loan'' includes any loan (other than temporary financing such as a construction loan) which - ...


(a) The Secretary, in consultation with the Administrator of Veteran's Affairs, the Federal Deposit Insurance Corporation, and the Director of the Office of Thrift Supervision,...


(a) Distribution by Secretary to lenders to help borrowers The Secretary shall prepare and distribute booklets to help persons borrowing money to finance the purchase of...


(a) Disclosure to applicant relating to assignment, sale, or transfer of loan servicing Each person who makes a federally related mortgage loan shall disclose to each...


(a) In general This chapter does not apply to credit transactions involving extensions of credit - (1) primarily for business, commercial, or agricultural purposes; or ...


(a) Business referrals No person shall give and no person shall accept any fee, kickback, or thing of value pursuant to any agreement or understanding, oral or otherwise,...


(a) No seller of property that will be purchased with the assistance of a federally related mortgage loan shall require directly or indirectly, as a condition to selling...


(a) In general A lender, in connection with a federally related mortgage loan, may not require the borrower or prospective borrower - (1) to deposit in any escrow...


No fee shall be imposed or charge made upon any other person (as a part of settlement costs or otherwise) by a lender in connection with a federally related mortgage loan made by...


...


Any action pursuant to the provisions of section 2605, 2607, or 2608 of this title may be brought in the United States district court or in any other court of competent...


Nothing in this chapter shall affect the validity or enforceability of any sale or contract for the sale of real property or any loan, loan agreement, mortgage, or lien made or ...


This chapter does not annul, alter, or affect, or exempt any person subject to the provisions of this chapter from complying with, the laws of any State with respect to...


(a) Issuance of regulations; exemptions The Secretary is authorized to prescribe such rules and regulations, to make such interpretations, and to grant such reasonable...


(a) The Congress finds that - (1) the Nation is in a severe recession and that the sharp downturn in economic activity has driven large numbers of workers ...


No assistance shall be extended with respect to any mortgage under this chapter unless - (1) the holder of the mortgage has indicated to the mortgagor its intention...


(a) Form of assistance Assistance under this chapter with respect to a mortgage which meets the requirements of section 2702 of this title may be provided in the form of...


(a) Institutions eligible The Secretary is authorized, upon such terms and conditions as the Secretary may prescribe, to insure banks, trust companies, finance companies,...


(a) Direct payments to mortgagee In the case of any mortgagee which would otherwise be eligible to participate in the program authorized under section 2704 of this title but...


(a) To carry out the purposes of this chapter, the Secretary is authorized to establish in the Treasury of the United States an Emergency Homeowners' Relief Fund (hereinafter in...


(a) Rules and regulations The Secretary is authorized to make such rules and regulations as may be necessary to carry out the provisions of this chapter. (b) Payment of...


(a) There are authorized to be appropriated for purposes of this chapter such sums as may be necessary, except that the funds authorized to be appropriated for section 2705 of...


Each Federal supervisory agency with respect to financial institutions subject to its jurisdiction, and the Secretary, with respect to other approved mortgagees, shall (1) prior...


Within sixty days after July 2, 1975, and within each sixty-day period thereafter prior to October 1, 1977, the Secretary shall make a report to the Congress on (1) the current...


Notwithstanding any provision of law which limits the nature, amount, term, form, or rate of interest, or the nature, amount, or form of security of loans or advances of...


Notwithstanding any other provision of law, the Federal Deposit Insurance Corporation is authorized, upon such terms and conditions as the Corporation may prescribe, to make...


(a) Findings of Congress The Congress finds that some depository institutions have sometimes contributed to the decline of certain geographic areas by their failure pursuant...


For purposes of this chapter - (1) the term ''mortgage loan'' means a loan which is secured by residential real property or a home improvement loan; (2) the...


(a) Duty of depository institutions; nature and content of information (1) Each depository institution which has a home office or branch office located within a...


(a) Regulations The Board shall prescribe such regulations as may be necessary to carry out the purposes of this chapter. These regulations may contain such...


(a) This chapter does not annul, alter, or affect, or exempt any State chartered depository institution subject to the provisions of this chapter from complying with the laws of...


(a)(1) The Director of the Office of Thrift Supervision, with the assistance of the Secretary, the Director of the Bureau of the Census, the Comptroller of the Currency, the Board...


The Board, in consultation with the Secretary of Housing and Urban Development, shall report annually to the Congress on the utility of the requirements of section 2803(b)(4) of...


(a) In general This chapter shall take effect on the one hundred and eightieth day beginning after December 31, 1975. Any institution specified in section 2802(2)(A) of this...


(a) Commencement; scope of data and tables Beginning with data for calendar year 1980, the Federal Financial Institutions Examination Council shall compile each year, for each ...


Beginning with data for calendar year 1980, the Secretary shall make publicly available data in the Secretary's possession for each mortgagee which is not otherwise subject to...


...


(a) The Congress finds that - (1) regulated financial institutions are required by law to demonstrate that their deposit facilities serve the convenience and needs of...


For the purposes of this chapter - (1) the term ''appropriate Federal financial supervisory agency'' means - (A) the Comptroller of the Currency with respect...


(a) In general In connection with its examination of a financial institution, the appropriate Federal financial supervisory agency shall - (1) assess the institution's...


Each appropriate Federal financial supervisory agency shall include in its annual report to the Congress a section outlining the actions it has taken to carry out its...


Regulations to carry out the purposes of this chapter shall be published by each appropriate Federal financial supervisory agency, and shall take effect no later than 390 days...


(a) Required (1) In general Upon the conclusion of each examination of an insured depository institution under section 2903 of this title, the appropriate...


(a) In general In the case of any depository institution which donates, sells on favorable terms (as determined by the appropriate Federal financial supervisory agency), or...


(a) In general Except as provided in subsections (b) and (c) of this section, any regulated financial institution with aggregate assets of not more than $250,000,000 shall...


The economic and financial structure of this country in combination with the Nation's natural resources and the productivity of the American people has produced one of the highest ...


The Congress of the United States hereby creates and charters a body corporate to be known as the National Consumer Cooperative Bank (hereinafter in this chapter referred to as...


The Bank shall have the power to make and service loans, commitments for credit, guarantees, furnish financially related services, technical assistance and the results of...


(a) Composition; term of office; removal by President The Bank shall be governed by a Board of Directors (hereinafter in this chapter referred to as the ''Board'') which...


(a) Subscriptions for capital; authorization of appropriations The capital of the Bank shall consist of capital subscribed by borrowers from the Bank, by cooperatives eligible...


(a) General requirements For the purpose of all subchapters of this chapter, subject to the limitations of subsection (d) of this section, an eligible cooperative is...


The Bank shall hold an annual meeting of its stockholders which shall be open to the public. At least 30 days' advance notice of the time and place of the annual meeting shall...


(a) Authorization for public or private sale; time of issuance, interest rates, and terms and conditions; outstanding amount The Bank is authorized to obtain funds through...


Only for purposes of section 3017(a) of this title, class A notes shall be deemed to be paid-in capital of the Bank. ...


(a) General requirements for loans and commitments for loans; limitations; allocation of assistance for low-income persons; criteria and factors for making loans,...


(a) The Bank, including its franchise, capital, reserves, surplus, mortgages, or other security holdings and income shall be exempt from taxation now or hereafter imposed by...


Until the Final Government Equity Redemption Date, space for the principal office and any branch offices of the Bank shall be provided by the General Services...


The Board of the Bank shall report annually to the appropriate committees of the Congress on the Bank's capital, operations, and financial condition and make recommendations...


In addition to appropriations specifically authorized in this chapter, there are authorized to be appropriated $2,000,000 for the fiscal year ending September 30, 1979, and for...


(a) If an application for assistance under this chapter is denied in whole or in part, the applicant shall be informed within thirty days in writing of the reasons for the denial...


The Board of Directors shall adopt and publish its own conflict of interest rules which shall be no less stringent in effect than the Federal Executive conflict of interest...


The Farm Credit Administration and the General Accounting Office are hereby authorized and directed to examine and audit the Bank. Reports regarding such examinations and audits...


(a)(1)(A) The Final Government Equity Redemption Date shall occur on December 31, 1981, or not later than 10 days after the date of the enactment of the first Act providing...


(a) There is hereby established within the Bank an Office of Self-Help Development and Technical Assistance (hereinafter the ''Office''). (b) The Office shall have a...


There are hereby authorized to be appropriated to the Office for the purpose of making advances under section 3043 of this title an amount not to exceed $14,000,000 for fiscal...


(a) Capital investment advances; criteria The Office may make a capital investment advance to any eligible cooperative, either in conjunction with or without a loan if the ...


The Office shall make available information and services concerning the organization, financing, and management of cooperatives to best achieve the objectives of this chapter and to ...


The Office may undertake investigations of new types of services which can more effectively be provided through cooperative not-for-profit organizations and make surveys of...


The Office may, at the request of any eligible cooperative, provide a financial analysis of the applicant's capital structure and needs and its cost of operations, survey the...


The Office shall develop and make available, alone or in concert with other organizations, a program for training directors and staff of eligible cooperatives to improve...


The Office shall work closely with all United States Government agencies offering programs for which consumer cooperatives may be eligible to assure that information concerning...


There are authorized to be appropriated to the Office $2,000,000 for the fiscal year ending September 30, 1979, and for each of the two succeeding fiscal years, such sums as may...


The Office may make the technical assistance services under this subchapter available for such fees as it may establish, except that such services as the Office may determine may...


(a) Office of Self-Help Development and Technical Assistance abolished; transfer of assets, etc. (1) Upon the incorporation of the nonprofit corporation described ...


For the purposes of this chapter - (1) ''agency'' means any office or any place of business of a foreign bank located in any State of the United States at which ...


(a) Establishment and operation of Federal branches and agencies (1) Initial Federal branch or agency Except as provided in section 3103 of this title, a foreign bank...


(a) Interstate branching and agency operations (1) Federal branch or agency Subject to the provisions of this chapter and with the prior written approval by the Board...


(a) Objective In implementing this section, the Comptroller and the Federal Deposit Insurance Corporation shall each, by affording equal competitive opportunities to foreign...


(a) Bank reserves (1)(A) Except as provided in paragraph (2) of this subsection, sections 371a, 371b, 371b-1, (FOOTNOTE 1) 374, 374a, 461, 464, and 465 of this title shall...


(a) Applicability of Bank Holding Company Acts Except as otherwise provided in this section (1) any foreign bank that maintains a branch or agency in a State, (2) any foreign bank ...


(1) Every branch or agency of a foreign bank and every commercial lending company controlled by one or more foreign banks or by one or more foreign companies that control a...


(a) Prior approval to establish representative offices (1) In general No foreign bank may establish a representative office without the prior approval of the Board. ...


(a) Rules, regulations and orders The Comptroller, the Board, and the Federal Deposit Insurance Corporation, are authorized and empowered to issue such rules, regulations,...


(a) Disclosure of supervisory information to foreign supervisors Notwithstanding any other provision of law, the Board, Comptroller of the Currency, Federal Deposit...


(a) Civil money penalty (1) In general Any foreign bank, and any office or subsidiary of a foreign bank, that violates, and any individual who participates in a ...


Whoever, with the intent to deceive, to gain financially, or to cause financial gain or loss to any person, knowingly violates any provision of this chapter or any regulation or...


As used in this chapter - (1) the term ''depository institution'' means a commercial bank, a savings bank, a trust company, a savings and loan association, a building...


A management official of a depository institution or a depository holding company may not serve as a management official of any other depository institution or depository...


If a depository institution or a depository holding company has total assets exceeding $2,500,000,000, a management official of such institution or any affiliate thereof may not...


The prohibitions contained in sections 3202 and 3203 of this title shall not apply in the case of any one or more of the following or subsidiary thereof: (1) A...


(a) Continuation of service A person whose service in a position as a management official began prior to November 10, 1978, and who was not immediately prior to November 10,...


This chapter shall be administered and enforced by - (1) the Comptroller of the Currency with respect to national banks and banks located in the District of Columbia, ...


Regulations to carry out this chapter, including regulations that permit service by a management official that would otherwise be prohibited by section 3202 of this title or...


(a) For the purpose of the exercise by the Attorney General of his enforcement functions under section 3206(6) of this title, all of the functions and powers of the Attorney...


It is the purpose of this chapter to establish a Financial Institutions Examination Council which shall prescribe uniform principles and standards for the Federal examination...


As used in this chapter - (1) the term ''Federal financial institutions regulatory agencies'' means the Office of the Comptroller of the Currency, the Board of...


(a) Establishment; composition There is established the Financial Institutions Examination Council which shall consist of - (1) the Comptroller of the Currency, ...


One-fifth of the costs and expenses of the Council, including the salaries of its employees, shall be paid by each of the Federal financial institutions regulatory agencies....


(a) Establishment of principles and standards The Council shall establish uniform principles and standards and report forms for the examination of financial institutions which ...


To encourage the application of uniform examination principles and standards by State and Federal supervisory agencies, the Council shall establish a liaison committee composed...


(a) Authority of Chairman of Council The Chairman of the Council is authorized to carry out and to delegate the authority to carry out the internal administration of the...


For the purpose of carrying out this chapter, the Council shall have access to all books, accounts, records, reports, files, memorandums, papers, things, and property belonging to...


(a) Seminars The Council shall develop and administer training seminars in risk management for its employees and the employees of insured financial institutions. (b) Study...


There shall be within the Council a subcommittee to be known as the ''Appraisal Subcommittee'', which shall consist of the designees of the heads of the Federal...


(a) In general Not less frequently than once every 10 years, the Council and each appropriate Federal banking agency represented on the Council shall conduct a review of...


The purpose of this chapter is to provide that Federal financial and public policy interests in real estate related transactions will be protected by requiring that real...


(a) In general The Appraisal Subcommittee shall - (1) monitor the requirements established by States for the certification and licensing of individuals who are qualified...


(a) Chairperson The Council shall select the Chairperson of the subcommittee. The term of the Chairperson shall be 2 years. (b) Meetings; quorum; voting The...


The Chairperson of the Appraisal Subcommittee shall appoint such officers and staff as may be necessary to carry out the functions of this chapter consistent with the appointment...


The Appraisal Subcommittee may, for the purpose of carrying out this chapter, establish advisory committees, hold hearings, sit and act at times and places, take testimony,...


Appraisal standards and requirements for using State certified and licensed appraisers in federally related transactions pursuant to this chapter shall be prescribed in...


(a) In general For purposes of this chapter, the Secretary of the Treasury shall pay to the Appraisal Subcommittee a one-time payment of $5,000,000 on August 9, 1989....


(a) In general Each State with an appraiser certifying and licensing agency whose certifications and licenses comply with this chapter, shall - (1) transmit to the...


Each Federal financial institutions regulatory agency and the Resolution Trust Corporation shall prescribe appropriate standards for the performance of real estate appraisals...


Appraisal standards established under this chapter shall be proposed not later than 6 months and shall be adopted in final form and become effective not later than 12 months...


(a) In general Each Federal financial institutions regulatory agency and the Resolution Trust Corporation shall prescribe, in accordance with sections 3342 and 3343 of this...


In determining whether an appraisal in connection with a federally related transaction shall be performed by a State certified appraiser, an agency or instrumentality under this ...


All federally related transactions not requiring the services of a State certified appraiser shall be performed by either a State certified or licensed appraiser. ...


As appropriate, rules issued under sections 3342 and 3343 of this title shall be proposed not later than 6 months and shall be effective upon adoption in final form not later than...


(a) In general For purposes of this chapter, the term ''State certified real estate appraiser'' means any individual who has satisfied the requirements for State certification...


To assure the availability of State certified and licensed appraisers for the performance in a State of appraisals in federally related transactions and to assure...


(a) In general The Appraisal Subcommittee shall monitor State appraiser certifying and licensing agencies for the purpose of determining whether a State agency's...


(a) Effective date for use of certified or licensed appraisers only (1) In general Not later than December 31, 1992, all appraisals performed in connection with...


(a) Violations Except as authorized by the Appraisal Subcommittee in exercising its waiver authority pursuant to section 3348(b) of this title, it shall be a violation of...


For purposes of this chapter: (1) State appraiser certifying and licensing agency The term ''State appraiser certifying and licensing agency'' means a State...


(a) Temporary practice (1) In general A State appraiser certifying or licensing agency shall recognize on a temporary basis the certification or license of an ...


(a) In general Each Federal financial institutions regulatory agency may, by regulation or order, make exceptions to this chapter, and to standards prescribed pursuant to...


For the purpose of this chapter, the term - (1) ''financial institution'' means any office of a bank, savings bank, card issuer as defined in section 1602(n) of title ...


Except as provided by section 3403(c) or (d), 3413, or 3414 of this title, no Government authority may have access to or obtain copies of, or the information contained in...


(a) Release of records by financial institutions prohibited No financial institution, or officer, employees, or agent of a financial institution, may provide to any...


(a) Statement furnished by customer to financial institution and Government authority; contents A customer may authorize disclosure under section 3402(1) of this title if...


A Government authority may obtain financial records under section 3402(2) of this title pursuant to an administrative subpena or summons otherwise authorized by law only if - ...


(a) Applicability of Federal Rules of Criminal Procedure A Government authority may obtain financial records under section 3402(3) of this title only if it obtains a search...


A Government authority may obtain financial records under section 3402(4) of this title pursuant to judicial subpena only if - (1) such subpena is authorized by law and there...


A Government authority may request financial records under section 3402(5) of this title pursuant to a formal written request only if - (1) no administrative summons...


(a) Application by Government authority; findings Upon application of the Government authority, the customer notice required under section 3404(c), 3405(2), 3406(c),...


(a) Filing of motion to quash or application to enjoin; proper court; contents Within ten days of service or within fourteen days of mailing of a subpena, summons, or...


Upon receipt of a request for financial records made by a Government authority under section 3405 or 3407 of this title, the financial institution shall, unless otherwise provided...


(a) Transfer of financial records to other agencies or departments; certification Financial records originally obtained pursuant to this chapter shall not be transferred...


(a) Disclosure of financial records not identified with particular customers Nothing in this chapter prohibits the disclosure of any financial records or information which...


(a)(1) Nothing in this chapter (except sections 3415, 3417, 3418, and 3421 (FOOTNOTE 1) of this title) shall apply to the production and disclosure of financial records pursuant...


Except for records obtained pursuant to section 3403(d) or 3413(a) through (h) of this title, or as otherwise provided by law, a Government authority shall pay to the...


An action to enforce any provision of this chapter may be brought in any appropriate United States district court without regard to the amount in controversy within three years...


(a) Liability of agencies or departments of United States or financial institutions Any agency or department of the United States or financial institution obtaining...


In addition to any other remedy contained in this chapter, injunctive relief shall be available to require that the procedures of this chapter are complied with. In the event of...


If any individual files a motion or application under this chapter which has the effect of delaying the access of a Government authority to financial records pertaining to...


(a) Financial records about a customer obtained from a financial institution pursuant to a subpena issued under the authority of a Federal grand jury - (1) shall be...


...


Except as provided in the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.), this chapter shall apply with respect to the Securities and Exchange Commission. ...


...


...


...


(a) The Congress finds that - (1) disparate State laws under which the Secretary of Housing and Urban Development forecloses multifamily mortgages burden the ...


As used in this chapter - (1) ''mortgage'' means a deed of trust, mortgage, deed to secure debt, security agreement, or any other form of instrument under which...


Multifamily mortgages held by the Secretary encumbering real estate located in any State may be foreclosed by the Secretary in accordance with this chapter, or pursuant to...


A foreclosure commissioner or commissioners designated pursuant to this chapter shall have a nonjudicial power of sale as provided in this chapter. Where the Secretary is the...


Foreclosure by the Secretary under this chapter of a multifamily mortgage may be commenced, as provided in section 3707 of this title, upon the breach of a covenant or condition...


(a) The notice of default and foreclosure sale to be served in accordance with this chapter shall be subscribed with the name and address of the foreclosure commissioner and the...


(a) If the Secretary as holder of a multifamily mortgage determines that the prerequisites to foreclosure set forth in section 3705 of this title are satisfied, the Secretary...


The foreclosure commissioner shall serve the notice of default and foreclosure sale provided for in section 3706 of this title upon the following persons and in the following...


(a) Grounds Except as provided in sections 3707(b) and 3710(c) of this title, the foreclosure commissioner shall withdraw the security property from foreclosure and cancel...


(a) Time of sale; public auction; location The date of foreclosure sale set forth in the notice of default and foreclosure sale shall not be prior to thirty days after the ...


The following foreclosure costs shall be paid from the sale proceeds prior to satisfaction of any other claim to such sale proceeds: (1) necessary advertising costs...


Money realized from a foreclosure sale shall be made available for obligation and expenditure - (1) first to cover the costs of foreclosure provided for in section 3711...


(a) Payment and delivery of deeds The foreclosure commissioner shall deliver a deed or deeds to the purchaser or purchasers and obtain the balance of the purchase price...


(a) To establish a sufficient record of foreclosure and sale, the foreclosure commissioner shall include in the recitals of the deed to the purchaser or prepare an affidavit...


Periods of time provided for in this chapter shall be calculated in consecutive calendar days including the day or days on which the actions or events occur or are to occur for...


If any clause, sentence, paragraph or part of this chapter shall, for any reason, be adjudged by a court of competent jurisdiction to be invalid or invalid as applied to a class...


The Secretary is authorized to issue such regulations as may be necessary to carry out the provisions of this chapter. ...


(a) Findings The Congress finds that - (1) the disparate State laws under which mortgages are foreclosed on behalf of the Secretary covering 1- to 4-family ...


For purposes of this chapter, the following definitions shall apply: (1) Bona fide purchaser The term ''bona fide purchaser'' means a purchaser for value in good...


Single family mortgages encumbering real estate located in any State may be foreclosed by the Secretary in accordance with this chapter, or pursuant to other foreclosure...


(a) In general The Secretary may designate a person or persons to serve as a foreclosure commissioner or commissioners for the purpose of foreclosing upon a single...


(a) In general (1) Upon breach of covenant or condition The Secretary is authorized to foreclose a mortgage under this chapter upon the breach of a covenant or condition...


(a) Request to foreclosure commissioner If the Secretary, as holder of a single family mortgage, determines that the prerequisites to foreclosure set forth in section 3755 of...


The notice of default and foreclosure sale to be served in accordance with this chapter shall set forth - (1) the name and address of the foreclosure commissioner; (2)...


The foreclosure commissioner shall serve the notice of default and foreclosure sale described in section 3757 of this title upon the following persons and in the following manner,...


(a) Withdrawal and cancellation (1) In general Except as provided in sections 3756(b) and 3760(c) of this title, the foreclosure commissioner shall withdraw the security ...


(a) In general (1) Manner and time A foreclosure sale pursuant to this chapter shall be held at public auction and shall be scheduled to begin between the hours of...


The following foreclosure costs shall be paid from the sale proceeds before satisfaction of any other claim to such sale proceeds: (1) Advertising and postage ...


(a) Priority payments Money realized from a foreclosure sale shall be made available for obligation and expenditure in the following order: (1) Costs of foreclosure ...


(a) Delivery of deeds The foreclosure commissioner shall, upon delivery of a deed or deeds to the purchaser or purchasers (which shall be without warranty or covenants to...


(a) Statements included To establish a sufficient record of foreclosure and sale, the foreclosure commissioner shall include in the recitals of the deed to the purchaser,...


A sale, made and conducted as prescribed in this chapter to a bona fide purchaser, shall bar all claims upon, or with respect to, the property sold, for each of the...


Periods of time provided for in this chapter shall be calculated in consecutive calendar days, including the day or days on which the actions or events occur or are to occur for...


If any part of this chapter shall, for any reason, be adjudged by a court of competent jurisdiction to be invalid, or invalid as applied to a class of cases, such judgment shall...


(a) In general (1) Referral to Attorney General If after deducting the payments provided for in section 3762 of this title, the price at which the security property is...


(a) The Congress hereby finds that - (1) increasingly volatile and dynamic changes in interest rates have seriously impared (FOOTNOTE 1) the ability of housing ...


As used in this chapter - (1) the term ''alternative mortgage transaction'' means a loan or credit sale secured by an interest in residential real property, a...


(a) General authority; compliance by banks, credit unions and all other housing creditors with applicable regulations In order to prevent discrimination against State-chartered ...


(a) The provisions of section 3803 of this title shall not apply to any alternative mortgage transaction in any State made on or after the effective date (if such effective...


Section 501(c)(1) of the Depository Institutions Deregulation and Monetary Control Act of 1980 shall not apply to transactions which are subject to this chapter. ...


(a) In general Any adjustable rate mortgage loan originated by a creditor shall include a limitation on the maximum interest rate that may apply during the term of the...


(a)(1) It is the policy of the Congress to assure that the economic health and stability of the United States and the other nations of the world shall not be adversely affected...


For purposes of this chapter - (1) the term ''appropriate Federal banking agency'' has the same meaning given such term in section 1813(q) of this title, except that...


(a) Each appropriate Federal banking agency shall evaluate banking institution foreign country exposure and transfer risk for use in banking institution examination and supervision. ...


(a) Establishment and maintenance of special reserves (1) Each appropriate Federal banking agency shall require a banking institution to establish and maintain a special reserve ...


(a) In general Each appropriate Federal banking agency shall review the exposure to risk of United States banking institutions arising from the medium- and long-term loans made...


(a)(1) In order to avoid excessive debt service burdens on debtor countries, no banking institution shall charge, in connection with the restructuring of an international loan,...


(a) Submission of information to Federal banking agencies Each appropriate Federal banking agency shall require, by regulation, each banking institution with foreign country...


(a)(1) Each appropriate Federal banking agency shall cause banking institutions to achieve and maintain adequate capital by establishing minimum levels of capital for such banking ...


(a) Projects requiring an economic feasibility evaluation; content of evaluation (1) In any case in which one or more banking institutions extend credit, whether by...


(a) Rules and regulations (1) The appropriate Federal banking agencies are authorized to interpret and define the terms used in this chapter, and each appropriate Federal...


(a) Scope of audit (1) Under regulations of the Comptroller General, the Comptroller General shall audit the appropriate Federal banking agencies (as defined in section 3902...


As one of the three Federal bank regulatory and supervisory agencies, and as the insurer of the United States banks involved in international lending, the Federal Deposit...


...


For purposes of this chapter - (1) Account The term ''account'' means a demand deposit account or other similar transaction account at a depository institution. ...


(a) Next business day availability for certain deposits (1) Cash deposits; wire transfers Except as provided in subsection (e) of this section and in section 4003 of...


(a) New accounts Notwithstanding section 4002 of this title, in the case of any account established at a depository institution by a new depositor, the following provisions...


(a) Notice for new accounts Before an account is opened at a depository institution, the depository institution shall provide written notice to the potential customer of...


(a) In general Except as provided in subsection (b) or (c) of this section and notwithstanding any other provision of law, interest shall accrue on funds deposited in...


(a) After-hours deposits For purposes of this chapter, any deposit which is made on a Saturday, Sunday, legal holiday, or after the close of business on any business day shall...


(a) In general Any law or regulation of any State in effect on September 1, 1989, which requires that funds deposited or received for deposit in an account at a...


(a) In general After notice and opportunity to submit comment in accordance with section 553(c) of title 5, the Board shall prescribe regulations - (1) to carry out...


(a) Administrative enforcement Compliance with the requirements imposed under this chapter, including regulations prescribed by and orders issued by the Board of Governors of...


(a) Civil liability Except as otherwise provided in this section, any depository institution which fails to comply with any requirement imposed under this chapter or...


(a) Prepayment and termination An owner of eligible low-income housing may prepay, and a mortgagee may accept prepayment of, a mortgage on such housing only in accordance with...


(a) Filing with Secretary An owner of eligible low-income housing that intends to terminate the low-income affordability restrictions through prepayment or voluntary...


(a) Appraisal Upon receiving notice of intent regarding an eligible low-income housing project indicating an intent to extend the low-income affordability restrictions...


(a) Annual authorized return Pursuant to an appraisal under section 4103 of this title, the Secretary shall determine the annual authorized return on the appraised housing,...


(a) Determination of relationship to Federal cost limits (1) Initial determination For each eligible low-income housing project appraised under section 4103(a) of...


(a) Information to owners terminating affordability restrictions The Secretary shall provide each owner who submits a notice of intent to terminate the low-income...


(a) Submission to Secretary (1) Timing Not later than 6 months after receipt of the information from the Secretary under section 4106 of this title an owner seeking ...


(a) Approval The Secretary may approve a plan of action that provides for termination of the low-income affordability restrictions through prepayment of the mortgage or...


(a) Agreements by Secretary After approving a plan of action from an owner of eligible low-income housing that includes the owner's plan to extend the low-income...


(a) In general With respect to any eligible low-income housing for which an owner has submitted a second notice of intent under section 4106(d) of this title to transfer...


(a) In general With respect to any eligible low-income housing for which the aggregate preservation rents determined under section 4104(b) of this title exceed the Federal...


(a) In general The Secretary may approve a plan of action for extension of the low-income affordability restrictions on any eligible low-income housing or transfer the housing...


(a) Section 1437f assistance Each low-income family that is displaced as a result of the prepayment of the mortgage or voluntary termination of an insurance contract on...


(a) In general Notwithstanding any limitations on prepayment or voluntary termination under this subchapter, an owner may terminate the low-income affordability...


(a) Notification of deficiencies Not later than 60 days after receipt of a plan of action, the Secretary shall notify the owner in writing of any deficiencies that prevent...


(a) Formation of resident council Tenants seeking to purchase eligible low-income housing in accordance with section 4110 of this title shall organize a resident council for...


(a) In general In addition to any responsibilities delegated under section 4103(c) of this title, the Secretary shall delegate some or all responsibility for implementing...


The Secretary shall confer with any appropriate State or local government agency to confirm any State or local assistance that is available to achieve the purposes of this...


For purposes of this subchapter: (1) The term ''eligible low-income housing'' means any housing financed by a loan or mortgage - (A) that is - (i)...


Where a provision of this subchapter requires that information or material be given to tenants of the housing, the requirement may be met by (1) posting a copy of the information...


(a) Priority purchaser The term ''priority purchaser'' means (A) a resident council organized to acquire the housing in accordance with a resident homeownership program that...


(a) In general No State or political subdivision of a State may establish, continue in effect, or enforce any law or regulation that - (1) restricts or inhibits the...


If any provision of this subchapter, or the application of such provision with respect to any person or circumstance, is held invalid, the remainder of this Act, and the...


(a) In general There are authorized to be appropriated for assistance and incentives authorized under this subchapter $638,252,784 for fiscal year 1993 and $665,059,401 for...


(1) In general Upon application by a State or local housing authority (including public housing agencies), the Secretary of Housing and Urban Development may make available,...


The Secretary of Housing and Urban Development may provide technical assistance and capacity building to further the preservation program established under this title. (FOOTNOTE 1) ...


The purposes of this subchapter are - (1) to promote the ability of residents of eligible low-income housing to meaningfully participate in the preservation process ...


(a) In general Assistance made available under this section shall be used for direct assistance grants to resident organizations and community-based nonprofit housing...


The Secretary may provide grants under this subchapter - (1) to resident-controlled or community-based nonprofit organizations with experience in resident education and ...


(a) In general The Secretary shall approve and disburse assistance under section 4143 of this title through eligible intermediaries selected by the Secretary under subsection...


For purposes of this subchapter - (1) the term ''community-based nonprofit housing developer'' means a nonprofit community development corporation that - (A) has...


The Secretary shall use not more than $25,000,000 of the amounts made available under section 4124(a) of this title for fiscal year 1993, and not more than $25,000,000 of the...


(a) In general Any person may file a declaration of a violation giving rise to an action for civil penalties under section 1833a of this title affecting a depository...


A declaration filed pursuant to section 4201 of this title shall - (1) set forth the name and address of the declarant and the basis for the declarant's knowledge of...


(a) Period of confidentiality A declarant and the declarant's agents shall not disclose the existence or filing of a declaration filed pursuant to section 4201 of this title...


(a) In general A declaration filed pursuant to section 4201 (FOOTNOTE 1) of this title and in accordance with sections 4202 and 4203 of this title is valid unless - ...


(a) In general A person who has filed a declaration that meets the requirements of sections 4201 through 4204 of this title shall have the rights stated in this section. ...


(a) In general A person who has filed a declaration that meets the requirements of sections 4201 through 4204 of this title shall have the rights stated in this section. ...


(a) Notification (1) If, pursuant to section 4206(d)(2) of this title, the Attorney General notifies a declarant that the declarant's allegations have not yet been addressed,...


Notwithstanding any other law, no court shall have jurisdiction over any claim based on any action taken by the Attorney General or any refusal to take action under this...


(a) Establishment There is established in the United States Treasury a special fund to be known as the Financial Institution Information Award Fund (referred to as the...


Notwithstanding any other law, an award under this chapter (FOOTNOTE 1) may be paid to a declarant, or to an individual providing information, from the amounts recovered...


...


A declarant under this subchapter shall enjoy the protections of section 3059A(e) of title 18. ...


The Attorney General may promulgate any rules, regulations, or guidelines that, in the Attorney General's judgment, are necessary and appropriate to the effective administration...


(a) In general After the United States obtains a final judgment or settlement in any action referred to in section 4201 of this title, any person may file a...


A declaration filed pursuant to section 4221 of this title shall - (1) set forth the name and address of the declarant and the basis for the declarant's knowledge of...


(a) Period of confidentiality A declarant and the declarant's agents shall not disclose the existence or filing of a declaration filed pursuant to section 4221 of this...


(a) In general A declaration filed pursuant to section 4221 of this title and in accordance with sections 4222 and 4223 of this title is valid unless - (1) the...


(a) In general A person who has filed a declaration that meets the requirements of sections 4221 through 4224 of this title shall have the rights stated in this section. ...


(a) In general A person who has filed a declaration that meets the requirements of sections 4221 through 4224 of this title shall have the rights stated in this section. ...


(a) Notification (1) If, pursuant to section 4226(d)(1)(B) of this title, the Attorney General notifies a declarant that the declarant's allegations have not yet been...


Notwithstanding any other law, no court shall have jurisdiction over any claim based on any action taken by the Attorney General or any refusal to take action under this...


A declarant under this subchapter shall enjoy the protections of section 3059A(e) of title 18. ...


The Attorney General may promulgate any rules, regulations, or guidelines that, in the Attorney General's judgment, are necessary and appropriate to the effective administration...


(a) In general The Attorney General may enter into contracts retaining private counsel to furnish legal services, including representation in investigation,...


Notwithstanding any other law, no court shall have jurisdiction over any claim based on the Attorney General's decision to refuse to enter into a contract for legal services...


Notwithstanding sections 516, 518(b), 519, and 547(2) of title 28, private counsel retained under section 4241 of this title may represent the United States in litigation...


A contract made with a private counsel under section 4241 of this title shall include - (1) a provision permitting the Attorney General to terminate either the contract...


Any counterclaim filed in any action brought on behalf of the United States by private counsel retained under section 4241 of this title may not be asserted unless the...


When the United States, through private counsel retained under this subchapter, prevails in any civil action, the court, in its discretion, may allow the United States...


The Attorney General may promulgate any rules, regulations, or guidelines that, in the Attorney General's judgment, are necessary and appropriate to the effective administration...


(a) Findings The Congress hereby finds that economic stability would be enhanced, competition between depository institutions would be improved, and the ability of the consumer...


(a) In general Except as provided in subsections (b) and (c) of this section, each advertisement, announcement, or solicitation initiated by any depository institution or...


(a) In general Each depository institution shall maintain a schedule of fees, charges, interest rates, and terms and conditions applicable to each class of accounts offered by...


The Board shall require, in regulations which the Board shall prescribe, such modification in the disclosure requirements under this chapter relating to annual percentage yield as...


(a) In general A schedule required under section 4303 of this title for an appropriate account shall be - (1) made available to any person upon request; (2)...


(a) Calculated on full amount of principal Interest on an interest-bearing account at any depository institution shall be calculated by such institution on the full amount...


Each depository institution shall include on or with each periodic statement provided to each account holder at such institution a clear and conspicuous disclosure of the following ...


(a) In general (1) Regulations required Before the end of the 9-month period beginning on December 19, 1991, the Board, after consultation with each agency referred to ...


(a) In general Compliance with the requirements imposed under this chapter shall be enforced under - (1) section 8 of the Federal Deposit Insurance Act (12 U.S.C. ...


...


(a) In general No regulation prescribed by the Board under this chapter shall apply directly with respect to any depository institution described in clause (iv) of...


The provisions of this chapter do not supersede any provisions of the law of any State relating to the disclosure of yields payable or terms for accounts to the extent such State...


For the purposes of this chapter - (1) Account The term ''account'' means any account intended for use by and generally used by consumers primarily for personal,...


The Congress finds that - (1) many financial institutions engage daily in thousands of transactions with other financial institutions directly and through...


For purposes of this subchapter - (1) Broker or dealer The term ''broker or dealer'' means - (A) any company that is registered or licensed under Federal ...


(a) General rule Notwithstanding any other provision of law, the covered contractual payment obligations and the covered contractual payment entitlements between any 2...


(a) General netting rule Notwithstanding any other provision of law, the covered contractual payment obligations and covered contractual payment entitlements of a member of...


No stay, injunction, avoidance, moratorium, or similar proceeding or order, whether issued or granted by a court, administrative agency, or otherwise, shall limit or delay...


This chapter shall have no effect by implication or otherwise on the validity or legal enforceability of a netting arrangement of any payment system which is not subject to...


The provisions of this chapter may not be construed to limit the authority of the President under the Trading With the Enemy Act (50 U.S.C. App. 1 et seq.) or the...


For purposes of this subchapter, the following definitions shall apply: (1) Multilateral clearing organization The term ''multilateral clearing organization'' means...


(a) In general Except with respect to clearing organizations described in subsection (b) of this section, no person may operate a multilateral clearing organization...


The Congress finds that - (1) the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (referred to in this section collectively as...


For purposes of this chapter: (1) Affiliate Except as provided by the Director, the term ''affiliate'' means any entity that controls, is controlled by, or is under ...


This chapter may not be construed as obligating the Federal Government, either directly or indirectly, to provide any funds to the Federal Home Loan Mortgage Corporation, the...


There is hereby established an office within the Department of Housing and Urban Development, which shall be known as the Office of Federal Housing Enterprise Oversight. ...


(a) Appointment The Office shall be under the management of a Director, who shall be appointed by the President, by and with the advice and consent of the Senate, from...


(a) Duty The duty of the Director shall be to ensure that the enterprises are adequately capitalized and operating safely, in accordance with this chapter. (b)...


(a) Special reports and reports of financial condition (1) Financial condition The Director may require an enterprise to submit reports of financial condition and...


(a) Office personnel The Director may appoint and fix the compensation of such officers and employees of the Office as the Director considers necessary to carry out the...


(a) Annual assessments The Director may, to the extent provided in appropriation Acts, establish and collect from the enterprises annual assessments in an amount not exceeding...


(a) Annual examination The Director shall annually conduct an on-site examination under this section of each enterprise to determine the condition of the enterprise for...


(a) In general The Director shall prohibit the enterprises from providing compensation to any executive officer of the enterprise that is not reasonable and comparable...


The Director may, on such terms and conditions as the Director deems appropriate, contract with any entity effectively recognized by the Division of Market Regulation of...


(a) In general Each enterprise shall establish a minority outreach program to ensure the inclusion (to the maximum extent possible) in contracts entered into by the enterprises...


(a) General report The Director shall submit to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing,...


(a) In general The Director shall make available to the public - (1) any written agreement or other written statement for which a violation may be redressed by the...


Neither the Director nor any former officer or employee of the Office who, while employed by the Office, was compensated at a rate in excess of the lowest rate for a...


The Comptroller General may audit the operations of the Office, and any such audit shall be conducted in accordance with generally accepted Government auditing standards. All...


For purposes of subchapter II of chapter 5 of title 5 - (1) the Office, and (2) the Department of Housing and Urban Development, with respect to activities under...


(a) Authority The Director shall issue any regulations and orders necessary to carry out the duties of the Director and to carry out this chapter before the expiration of...


Except for the authority of the Director of the Office of Federal Housing Enterprise Oversight described in section 4513(b) of this title and all other matters relating to the...


(a) Authority The Secretary shall require each enterprise to obtain the approval of the Secretary for any new program of the enterprise before implementing the program. ...


(a) In general The Secretary shall make available to the public, in forms useful to the public (including forms accessible by computers), the data submitted by the enterprises...


(a) In general After reviewing and analyzing the reports submitted under section 1723a(n) of this title and section 1456(f) of this title, the Secretary shall submit a report,...


The Secretary shall - (1) by regulation, prohibit each enterprise from discriminating in any manner in the purchase of any mortgage because of race, color, religion,...


(a) In general The Secretary may, by regulation or order, provide that certain information shall be treated as proprietary information and not subject to disclosure under...


The Secretary shall require each enterprise to submit reports on its activities to the Secretary as the Secretary considers appropriate. ...


(a) Annual report The Secretary shall, not later than June 30 of each year, submit a report to the Committee on Banking, Finance and Urban Affairs of the House of...


(a) In general The Secretary shall establish, by regulation, housing goals under this subpart for each enterprise. The housing goals shall include a low- and...


(a) In general The Secretary shall establish an annual goal for the purchase by each enterprise of mortgages on housing for low- and moderate-income families. The Secretary...


(a) Establishment (1) In general The Secretary shall establish a special annual goal designed to adjust the purchase by each enterprise of mortgages on rental and ...


(a) In general The Secretary shall establish an annual goal for the purchase by each enterprise of mortgages on housing located in central cities, rural areas, and...


(a) In general To meet the low- and moderate-income housing goal under section 4562 of this title, the special affordable housing goal under section 4563 of this title, and...


(a) In general (1) Authority The Secretary shall monitor and enforce compliance with the housing goals established under sections 4562, 4563, and 4564 of this...


Each enterprise shall submit to the Secretary, the Committee on Banking, Finance and Urban Affairs of the House of Representatives, and the Committee on Banking, Housing, and...


(a) Grounds for issuance The Secretary may issue and serve a notice of charges under this section upon an enterprise if, in the determination of the Secretary - (1)...


(a) Requirements (1) Venue and record Any hearing under section 4581 or 4585 of this title shall be held on the record and in the District of Columbia. (2) Timing ...


(a) Commencement An enterprise that is a party to a proceeding under section 4581 or 4585 of this title may obtain review of any final order issued under such section by filing...


(a) Enforcement The Secretary may request the Attorney General of the United States to bring an action in the United States District Court for the District of Columbia for...


(a) Authority The Secretary may impose a civil money penalty, in accordance with the provisions of this section, on any enterprise that has failed - (1) to submit...


(a) In general The Secretary shall make available to the public - (1) any written agreement or other written statement for which a violation may be redressed by...


Any service required or authorized to be made by the Secretary under this subpart may be made by registered mail or in such other manner reasonably calculated to give actual...


(a) In general In the course of or in connection with any administrative proceeding under this subpart, the Secretary shall have the authority - (1) to administer...


The Secretary shall issue any final regulations necessary to implement the provisions of this part (not including the provisions of sections 4562(d), 4563(d), and 4564(d) of...


(a) Study Each of the enterprises shall conduct a study to review the underwriting guidelines of the enterprise. The studies shall examine - (1) the extent to which...


(a) In general The Comptroller General of the United States, the Secretary of Housing and Urban Development, the Secretary of the Treasury, and the Director of the...


Before the expiration of the period ending 18 months after the appointment of the Director under section 4512 of this title, any rules and regulations promulgated before October...


(a) Risk-based capital test The Director shall, by regulation, establish a risk-based capital test under this section for the enterprises. When applied to an enterprise,...


(a) In general For purposes of this subchapter, the minimum capital level for each enterprise shall be the sum of - (1) 2.50 percent of the aggregate on-balance sheet...


For purposes of this subchapter, the critical capital level for each enterprise shall be the sum of - (1) 1.25 percent of the aggregate on-balance sheet assets of ...


(a) In general For purposes of this subchapter, the Director shall classify the enterprises according to the following capital classifications: (1) Adequately capitalized ...


(a) Mandatory actions (1) Capital restoration plan An enterprise that is classified as undercapitalized shall, within the time period provided in section 4622(b) and (d)...


(a) Mandatory supervisory actions (1) Capital restoration plan An enterprise that is classified as significantly undercapitalized shall, within the time period...


(a) Appointment (1) In general Upon a determination and notice under section 4618(d) of this title that an enterprise is critically undercapitalized and not later...


(a) Notice Before taking any action referred to in subsection (b) of this section, the Director shall provide to the enterprise written notice of the proposed action, which...


(a) Appointment (1) Discretionary authority The Director may, after providing notice under paragraph (3), appoint a conservator for an enterprise upon a determination in ...


(a) General powers A conservator shall have all the powers of the shareholders, directors, and officers of the enterprise under conservatorship and may operate the enterprise...


(a) Federal agencies and employees In any case in which a conservator appointed under this subchapter is a Federal agency or an officer or employee of the Federal Government,...


(a) Contents Each capital restoration plan submitted under this subchapter shall set forth a feasible plan for restoring the core capital of the enterprise subject to the plan...


(a) Jurisdiction (1) Filing of petition An enterprise that is not classified as critically undercapitalized and is the subject of a classification under section...


(a) Grounds for issuance against adequately capitalized enterprises The Director may issue and serve a notice of charges under this section upon an enterprise that is classified...


(a) Grounds for issuance and scope Whenever the Director determines that any conduct or violation, or threatened conduct or violation, specified in the notice of charges...


(a) Requirements (1) Venue and record Any hearing under section 4631 or 4636(c) of this title shall be held on the record and in the District of Columbia. (2) Timing ...


(a) Commencement Any party to a proceeding under section 4631 or 4636 of this title may obtain review of any final order issued under such section by filing in the United...


(a) Enforcement The Director may request the Attorney General of the United States to bring an action in the United States District Court for the District of Columbia for...


(a) In general The Director may impose a civil money penalty in accordance with this section on any enterprise, or any executive officer or director of any enterprise, that - ...


The resignation, termination of employment or participation, or separation of a director or executive officer of an enterprise shall not affect the jurisdiction and authority of...


This chapter shall not create any private right of action on behalf of any person against an enterprise, or any director or executive officer of an enterprise, or impair any...


(a) In general The Director shall make available to the public - (1) any written agreement or other written statement for which a violation may be redressed by the...


Any service required or authorized to be made by the Director under this subchapter may be made by registered mail, or in such other manner reasonably calculated to give actual...


(a) In general In the course of or in connection with any administrative proceeding under this subchapter, the Director shall have the authority - (1) to administer...


(a) Findings The Congress finds that - (1) many of the Nation's urban, rural, and Native American communities face critical social and economic problems arising in ...


For purposes of this subchapter, the following definitions shall apply: (1) Administrator The term ''Administrator'' means the Administrator of the Fund ...


(a) Establishment (1) In general There is established a corporation to be known as the Community Development Financial Institutions Fund that shall have the duties...


(a) Form and procedures An application for assistance under this subchapter shall be submitted in such form and in accordance with such procedures as the Fund shall establish. ...


(a) Application An application for assistance may be filed jointly by a community development financial institution and a community partner to carry out a community partnership. ...


(a) Selection criteria Except as provided in section 4712 of this title, the Fund shall, in its sole discretion, select community development financial institution...


(a) Forms of assistance (1) In general The Fund may provide - (A) financial assistance through equity investments, deposits, credit union shares, loans,...


(a) In general The Fund may operate a training program to increase the capacity and expertise of community development financial institutions and other members of the...


The Fund may facilitate the organization of corporations in which the Federal Government has no ownership interest. The purpose of any such entity shall be to assist...


The Fund shall - (1) collect and compile information pertinent to community development financial institutions that will assist in creating, developing, expanding,...


(a) Establishment of account Any dividends on equity investments and proceeds from the disposition of investments, deposits, or credit union shares that are received by the...


(a) Assistance (1) In general The Fund may provide assistance for the purpose of providing capital to organizations to purchase loans or otherwise enhance ...


(a) Function of Administrator (1) In general Of any funds appropriated pursuant to the authorization in section 4718(a) of this title, the funds made available for use ...


(a) In general A community development financial institution receiving assistance from the Fund shall keep such records, for such periods as may be prescribed by the Fund...


(a) Consultation with appropriate agencies The Fund shall consult with and consider the views of the appropriate Federal banking agency prior to providing assistance under...


(a) Annual report by Fund The Fund shall conduct an annual evaluation of the activities carried out by the Fund and the community development financial institutions and...


(a) Regulations (1) In general Not later than 180 days after the appointment and qualification of the Administrator, the Fund shall promulgate such regulations as...


(a) Fund authorization (1) In general To carry out this subchapter, there are authorized to be appropriated to the Fund, to remain available until expended - ...


(a) Findings The Congress finds that - (1) small business concerns are a vital part of the economy, accounting for the majority of new jobs, new products, and new ...


For purposes of this subchapter - (1) the term ''Fund'' means the Community Development Financial Institutions Fund established under section 4703 of this title; (2)...


(a) Application Any State may apply to the Fund for approval to be a participating State under the Program and to be eligible for reimbursement by the Fund pursuant to...


(a) In general A participating State may enter into a participation agreement with any financial institution determined by the participating State, after consultation with...


(a) In general The participation agreement to be entered into by a participating State and a participating financial institution shall include all provisions required by...


(a) Reserve funds report On or before the last day of each calendar quarter, a participating State shall submit to the Fund a report of contributions to reserve funds made by...


(a) Reimbursements Not later than 30 calendar days after receiving a report filed in compliance with section 4746 of this title, the Fund shall reimburse the participating...


(a) In general If a participating State withdraws funds from a reserve fund pursuant to terms of the participation agreement permitted by subsection (d) or (r) of section 4745...


The Fund shall promulgate appropriate regulations to implement this subchapter. ...


(a) Amount There are authorized to be appropriated to the Fund $50,000,000 to carry out this subchapter. (b) Budgetary treatment The amount authorized to be...


Unless otherwise specifically provided in this chapter, for purposes of this chapter - (1) the terms ''appropriate Federal banking agency'', ''Federal banking...


(a) Agency considerations In determining the effective date and administrative compliance requirements for new regulations that impose additional reporting, disclosure, or...


(a) Review of regulations; regulatory uniformity During the 2-year period beginning on September 23, 1994, each Federal banking agency shall, consistent with the principles of ...


The Federal banking agencies shall work jointly - (1) to eliminate, to the extent practicable, duplicative or otherwise unnecessary requests for information in connection with ...


(a) Modernization of call report filing and disclosure system In order to reduce the administrative requirements pertaining to bank reports of condition, savings association...


(a) Modernization of call report filing and disclosure system In order to reduce the administrative requirements pertaining to bank reports of condition, savings association...


(a) In general Not later than 180 days after September 23, 1994, each appropriate Federal banking agency and the National Credit Union Administration Board shall establish...


(a) In general Each Federal banking agency shall take final action on any application to the agency before the end of the 1-year period beginning on the date on which a...


(a) Review and revision of regulations (1) In general During the 180-day period beginning on September 23, 1994, each appropriate Federal banking agency shall,...


(a) In general Each Federal banking agency shall use plain language in all proposed and final rulemakings published by the agency in the Federal Register after January 1, 2000. ...


In this chapter, the following definitions shall apply: (1) Adjustable rate mortgage The term ''adjustable rate mortgage'' means a residential mortgage that has...


(a) Borrower cancellation A requirement for private mortgage insurance in connection with a residential mortgage transaction shall be canceled on the cancellation date or...


(a) Disclosures for new mortgages at time of transaction (1) Disclosures for non-exempted transactions In any case in which private mortgage insurance is required in ...


(a) In general Not later than 30 days after the date of cancellation or termination of a private mortgage insurance requirement in accordance with this chapter, the servicer...


(a) Definitions For purposes of this section - (1) the term ''borrower paid mortgage insurance'' means private mortgage insurance that is required in connection with a ...


No fee or other cost may be imposed on any mortgagor with respect to the provision of any notice or information to the mortgagor pursuant to this chapter. ...


(a) In general Any servicer, mortgagee, or mortgage insurer that violates a provision of this chapter shall be liable to each mortgagor to whom the violation relates for - ...


(a) Effect on State law (1) In general With respect to any residential mortgage or residential mortgage transaction consummated after the effective date of this ...


(a) In general Compliance with the requirements imposed under this chapter shall be enforced under - (1) section 8 of the Federal Deposit Insurance Act (12 U.S.C. ...


(a) PMI not required Nothing in this chapter shall be construed to impose any requirement for private mortgage insurance in connection with a residential mortgage transaction. ...




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