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12 U.S.C. § 394 — Federal reserve banks as depositaries for and fiscal agents of Home Owners’ Loan Corporation
Federal law — U.S. Code and appendices · legal_authorities
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’ Loan Corporation.
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Source location: Title 12, Chapter 3, § 394; chapter-003-federal-reserve-system.md
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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’ Loan Corporation.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Savings associations**
(1) **Examination and safe and sound operation**
(A) *Federal savings associations* — The Comptroller shall provide for the examination and safe and sound operation of Federal savings associations.
(B) *State savings associations* — The Corporation shall provide for the examination and safe and sound operation of State savings associations.
(2) **Regulations for savings associations** — The Comptroller may prescribe regulations with respect to savings associations, as the Comptroller determines to be appropriate to carry out the purposes of this chapter.
(3) **Safe and sound housing credit to be encouraged** — The Comptroller and the Corporation shall exercise all powers granted to the Comptroller and the Corporation under this chapter so as to encourage savings associations to provide credit for housing safely and soundly.
**(b) Accounting and disclosure**
(1) **In general** — The Comptroller shall, by regulation, prescribe uniform accounting and disclosure standards for savings associations, to be used in determining savings associations’ compliance with all applicable regulations.
(2) **Specific requirements for accounting standards** — Subject to [section 1464(t) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1464/t&num=0&edition=prelim), the uniform accounting standards prescribed under paragraph (1) shall—
(A) incorporate generally accepted accounting principles to the same degree that such principles are used to determine compliance with regulations prescribed by the Federal banking agencies; and
(B) allow for no deviation from full compliance with such standards as are in effect after December 31, 1993.
(3) **Authority to prescribe more stringent accounting standards** —
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Federal law — U.S. Code and appendices · legal_authorities
Page 157
TITLE 12—BANKS AND BANKING
§ 411
Editorial Notes
REFERENCES IN TEXT
This chapter, referred to in text, was in the original
‘‘this Act’’, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251,
known as the Federal Reserve Act. For complete classi-
fication of this Act to the Code, see References in Text
note set out under section 226 of this title and Tables.
CODIFICATION
Words ‘‘of the Philippine Islands, or’’ after ‘‘No public
funds’’ were deleted on authority of 1946 Proc. No. 2695,
which granted independence to the Philippine Islands
pursuant to section 1394 of Title 22. Proc. No. 2695 is set
out as a note under section 1394 of Title 22, Foreign Re-
lations and Intercourse.
Section is comprised of second par. of section 15 of
act Dec. 23, 1913. Par. 1 of section 15 and par. 3 of sec-
tion 15, as added Mar. 4, 1923, ch. 252, title IV, § 406, 42
Stat. 1480, are classified to sections 391 and 393, respec-
tively, of this title.
§ 393. Federal reserve banks as depositaries for
Farm Credit System
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 institu-
tions of the Farm Credit System.
(Dec. 23, 1913, ch. 6, § 15 (par.), as added Mar. 4,
1923, ch. 252, title IV, § 406, 42 Stat. 1480; amended
Pub. L. 92–181, title V, § 5.41, formerly § 5.27(b),
Dec. 10, 1971, 85 Stat. 625; renumbered § 5.41(b),
Pub. L. 99–205, title II, § 205(a)(2), Dec. 23, 1985, 99
Stat. 1703; renumbered § 5.41, Pub. L. 100–233,
title VIII, § 805(ff)(2), Jan. 6, 1988, 101 Stat. 1717.)
Editorial Notes
CODIFICATION
Section is comprised of third par. of section 15 of act
Dec. 23, 1913, as added Mar. 4, 1923. Pars. 1 and 2 of sec-
tion 15 are classif
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