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12 U.S.C. § 1462 — Definitions
Federal law — U.S. Code and appendices · legal_authorities
For purposes of this chapter—
(1) **Corporation** — The term “Corporation” means the Federal Deposit Insurance Corporation.
(2) **Savings association** — The term “savings association” means a savings association, as defined in section 3 of the Federal Deposit Insurance Act [[12 U.S.C. 1813](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)], the deposits of which are insured by the Corporation.
(3) **Federal savings association** — The term “Federal savings association” means a Federal savings association or a Federal savings bank chartered under [section 1464 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1464&num=0&edition=prelim).
(4) **National bank** — The term “national bank” has the same meaning as in section 3 of the Federal Deposit Insurance Act [[12 U.S.C. 1813](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)].
(5) **Federal banking agencies** — The term “Federal banking agencies” means the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation.
(6) **State** — The term “State” has the same meaning as in section 3 of the Federal Deposit Insurance Act [[12 U.S.C. 1813](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)].
(7) **Affiliate** — The term “affiliate” means any person that controls, is controlled by, or is under common control with, a savings association, except as provided in [section 1467a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1467a&num=0&edition=prelim).
(8) **Board** — The term “Board”, other than in
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Source location: Title 12, Chapter 12, § 1462; chapter-012-savings-associations.md
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For purposes of this chapter—
(1) **Corporation** — The term “Corporation” means the Federal Deposit Insurance Corporation.
(2) **Savings association** — The term “savings association” means a savings association, as defined in section 3 of the Federal Deposit Insurance Act [[12 U.S.C. 1813](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)], the deposits of which are insured by the Corporation.
(3) **Federal savings association** — The term “Federal savings association” means a Federal savings association or a Federal savings bank chartered under [section 1464 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1464&num=0&edition=prelim).
(4) **National bank** — The term “national bank” has the same meaning as in section 3 of the Federal Deposit Insurance Act [[12 U.S.C. 1813](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)].
(5) **Federal banking agencies** — The term “Federal banking agencies” means the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation.
(6) **State** — The term “State” has the same meaning as in section 3 of the Federal Deposit Insurance Act [[12 U.S.C. 1813](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)].
(7) **Affiliate** — The term “affiliate” means any person that controls, is controlled by, or is under common control with, a savings association, except as provided in [section 1467a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1467a&num=0&edition=prelim).
(8) **Board** — The term “Board”, other than in the context of the Board of Directors of the Corporation, means the Board of Governors of the Federal Reserve System.
(9) **Comptroller** — The term “Comptroller” means the Comptroller of the Currency.
(10) **Appropriate Federal banking agency** — The term “appropriate Federal banking agency” has the same meaning as in section 3(q) of the Federal Deposit Insurance Act ([12 U.S.C. 1813(q)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim)).
(11) **Functionally regulated subsidiary** — The term “functionally regulated subsidiary” has the same meaning as in section 5(c)(5) of the Bank Holding Company Act of 1956 ([12 U.S.C. 1844(c)(5)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1844/c/5&num=0&edition=prelim)).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) No other funding** Funds for the orderly liquidation of any covered financial company under this subchapter shall only be provided as specified under this subchapter.
**(b) Limit on governmental actions** No governmental entity may take any action to circumvent the purposes of this subchapter.
**(c) Conflict of interest** In the event that the Corporation is appointed receiver for more than 1 covered financial company or is appointed receiver for a covered financial company and receiver for any insured depository institution that is an affiliate of such covered financial company, the Corporation shall take appropriate action, as necessary to avoid any conflicts of interest that may arise in connection with multiple receiverships.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5411
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions**
(1) **In general** — As used in this section, unless the context otherwise requires—
(A) *Savings association* — The term “savings association” includes a savings bank or cooperative bank which is deemed by the appropriate Federal banking agency to be a savings association under subsection (l).
(B) *Uninsured institution* — The term “uninsured institution” means any depository institution the deposits of which are not insured by the Federal Deposit Insurance Corporation.
(C) *Company* — The term “company” means any corporation, partnership, trust, joint-stock company, or similar organization, but does not include the Federal Deposit Insurance Corporation, the Resolution Trust Corporation, any Federal home loan bank, or any company the majority of the shares of which is owned by the United States or any State, or by an instrumentality of the United States or any State.
(D) *Savings and loan holding company*
(i) *In general* — Except as provided in clause (ii), the term “savings and loan holding company” means any company that directly or indirectly controls a savings association or that controls any other company that is a savings and loan holding company.
(ii) *Exclusion* — The term “savings and loan holding company” does not include—
(I) a bank holding company that is registered under, and subject to, the Bank Holding Company Act of 1956 ([12 U.S.C. 1841](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim) et seq.), or to any company directly or indirectly controlled by such company (other than a savings association);
(II) a company that controls a savings association that functions solely in a trust or fiduciary capacity as described in section 2(c)(2)(D) of the
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1467a
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Federal law — U.S. Code and appendices · legal_authorities
**(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 Comptroller of the Currency is authorized, under such regulations as the Comptroller of the Currency may prescribe—
(1) to provide for the organization, incorporation, examination, operation, and regulation of associations to be known as Federal savings associations (including Federal savings banks), and
(2) to issue charters therefor,
giving primary consideration of the best practices of thrift institutions in the United States. The lending and investment powers conferred by this section are intended to encourage such institutions to provide credit for housing safely and soundly.
**(b) Deposits and related powers**
(1) **Deposit accounts**
(A) Subject to the terms of its charter and regulations of the Comptroller of the Currency, a Federal savings association may—
(i) raise funds through such deposit, share, or other accounts, including demand deposit accounts (hereafter in this section referred to as “accounts”); and
(ii) issue passbooks, certificates, or other evidence of accounts.
(B) A Federal savings association may not permit any overdraft (including an intraday overdraft) on behalf of an affiliate, or incur any such overdraft in such savings association’s account at a Federal reserve bank or Federal home loan bank on behalf of an affiliate.All savings accounts and demand accounts shall have the same priority upon liquidation. Holders of accounts and obligors of a Federal savings association shall, to such extent as may be provided by its charter or by regulations of the Comptroller of the Currency, be members of the savings association, and shall have such voting rights and such other
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Federal law — U.S. Code and appendices · legal_authorities
(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 the extent permitted under paragraphs (2), (3), (4), (5), and (6).
(2) **Preferential terms prohibited**
(A) *In general* — A member bank may extend credit to its executive officers, directors, or principal shareholders, or to any related interest of such a person, only if the extension of credit—
(i) is made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions by the bank with persons who are not executive officers, directors, principal shareholders, or employees of the bank;
(ii) does not involve more than the normal risk of repayment or present other unfavorable features; and
(iii) the bank follows credit underwriting procedures that are not less stringent than those applicable to comparable transactions by the bank with persons who are not executive officers, directors, principal shareholders, or employees of the bank.
(B) *Exception* — Nothing in this paragraph shall prohibit any extension of credit made pursuant to a benefit or compensation program—
(i) that is widely available to employees of the member bank; and
(ii) that does not give preference to any officer, director, or principal shareholder of the member bank, or to any related interest of such person, over other employees of the member bank.
(3) **Prior approval required** — A member bank may extend credit to a person described in paragraph (1) in an amount that, when aggregated with the amount of all other outstanding extensions of credit by that bank to each such person and that person’s related interests, would e
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 375b
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Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter—
**(a) Definitions of bank and related terms**
(1) **Bank** — The term “bank”—
(A) means any national bank and State bank, and any Federal branch and insured branch;
(B) includes any former savings association.
(2) **State bank** — The term “State bank” means any bank, banking association, trust company, savings bank, industrial bank (or similar depository institution which the Board of Directors finds to be operating substantially in the same manner as an industrial bank), or other banking institution which—
(A) is engaged in the business of receiving deposits, other than trust funds (as defined in this section); and
(B) is incorporated under the laws of any State or which is operating under the Code of Law for the District of Columbia,
including any cooperative bank or other unincorporated bank the deposits of which were insured by the Corporation on the day before August 9, 1989.
(3) **State** — The term “State” means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands.
**(b) Definition of savings associations and related terms**
(1) **Savings association** — The term “savings association” means—
(A) any Federal savings association;
(B) any State savings association; and
(C) any corporation (other than a bank) that the Board of Directors and the Comptroller of the Currency jointly determine to be operating in substantially the same manner as a savings association.
(2) **Federal savings association** — The term “Federal savings association” means any Federal savings association or Federal savings bank which is chartered under [section 1464 of t
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1813
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Repealed. Pub. L. 111–139, title I, § 10(a), Feb. 12, 2010, 124 Stat. 21**
**(b) Student loans** For all student loans under part B or D of title IV of the Higher Education Act of 1965 [[20 U.S.C. 1071](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1071&num=0&edition=prelim) et seq., 1087a et seq.] made during the period when a sequestration order under [section 904 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section904&num=0&edition=prelim) is in effect as required by section 902 or 903 of this title, origination fees under sections 438(c)(2) and (6) and 455(c) [[20 U.S.C. 1087–1(c)(2)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087–1/c/2&num=0&edition=prelim), (6), 1087e(c)] and loan processing and issuance fees under section 428(f)(1)(A)(ii) of that Act [[20 U.S.C. 1078(f)(1)(A)(ii)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078/f/1/A/ii&num=0&edition=prelim)] shall each be increased by the uniform percentage specified in that sequestration order, and, for student loans originated during the period of the sequestration, special allowance payments under section 438(b) of that Act [[20 U.S.C. 1087–1(b)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087–1/b&num=0&edition=prelim)] accruing during the period of the sequestration shall be reduced by the uniform percentage specified in that sequestration order.
**(c) Repealed. Pub. L. 111–139, title I, § 10(c), Feb. 12, 2010, 124 Stat. 22**
**(d) Special rules for Medicare program**
(1) **Calculation of reduction in payment amounts** — To achieve the total percentage reduction in those programs required by section 902 or 903 of this title, subject
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, act May 9, 1956, ch. 240, § 10A, as added Pub. L. 106–102, title I, § 113, Nov. 12, 1999, 113 Stat. 1368, related to limitation on rulemaking, prudential, supervisory, and enforcement authority of the Board.
#### Effective Date of Repeal
Repeal effective on the transfer date, see section 604(j) of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under [section 1462 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1462&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1848a
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Federal law — U.S. Code and appendices · legal_authorities
**(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 by supplementing the insurance of mortgages under sections 1709 and 1713 of this title with a system of loan and mortgage insurance designed to assist the financing required for the rehabilitation of existing dwelling accommodations and the construction of new dwelling accommodations where such dwelling accommodations are located in an area referred to in paragraph (1) of subsection (d) of this section.
**(b) Authorization** The Secretary is authorized, upon application by the mortgagee, to insure, as hereinafter provided, any mortgage (including advances during construction on mortgages covering property of the character described in paragraph (3)(B) of subsection (d) of this section) which is eligible for insurance as hereinafter provided, and, upon such terms and conditions as he may prescribe, to make commitments for the insurance of such mortgages prior to the date of their execution or disbursement thereon.
**(c) Definitions** As used in this section, the terms “mortgage”, “first mortgage”, “mortgagee”, “mortgagor”, “maturity date”, and “State” shall have the same meaning as in [section 1707 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1707&num=0&edition=prelim).
**(d) Eligibility for insurance; conditions; limits** To be eligible for insurance under this section a mortgage shall meet the following conditions:
(1) The mortgaged property shall—
(A) be located in (i) the area of a slum clearance and urban redevelopment project covered by a Federal-aid contract executed or a prior approval granted, pursuant to title I of the Housing Act
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1723i
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Representations of deposit insurance**
(1) **Insured depository institutions**
(A) *In general* — Each insured depository institution shall display at each place of business maintained by that institution a sign or signs relating to the insurance of the deposits of the institution, in accordance with regulations to be prescribed by the Corporation.
(B) *Statement to be included* — Each sign required under subparagraph (A) shall include a statement that insured deposits are backed by the full faith and credit of the United States Government.
(2) **Regulations** — The Corporation shall prescribe regulations to carry out this subsection, including regulations governing the substance of signs required by paragraph (1) and the manner of display or use of such signs.
(3) **Penalties** — For each day that an insured depository institution continues to violate paragraph (1) or any regulation issued under paragraph (2), it shall be subject to a penalty of not more than $100, which the Corporation may recover for its use.
(4) **False advertising, misuse of FDIC names, and misrepresentation to indicate insured status**
(A) *Prohibition on false advertising and misuse of FDIC names* — No person may represent or imply that any deposit liability, obligation, certificate, or share is insured or guaranteed by the Corporation, if such deposit liability, obligation, certificate, or share is not insured or guaranteed by the Corporation—
(i) by using the terms “Federal Deposit”, “Federal Deposit Insurance”, “Federal Deposit Insurance Corporation”, any combination of such terms, or the abbreviation “FDIC” as part of the business name or firm name of any person, including any corporation, partnership, business trust, association, or other business entity; or
(ii)
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Prior approval of Board as necessary; exceptions; disposition, time extension; subsequent approval or disposition upon disapproval** It shall be unlawful, except with the prior approval of the Board, (1) for any action to be taken that causes any company to become a bank holding company; (2) for any action to be taken that causes a bank to become a subsidiary of a bank holding company; (3) for any bank holding company to acquire direct or indirect ownership or control of any voting shares of any bank if, after such acquisition, such company will directly or indirectly own or control more than 5 per centum of the voting shares of such bank; (4) for any bank holding company or subsidiary thereof, other than a bank, to acquire all or substantially all of the assets of a bank; or (5) for any bank holding company to merge or consolidate with any other bank holding company. Notwithstanding the foregoing this prohibition shall not apply to (A) shares acquired by a bank, (i) in good faith in a fiduciary capacity, except where such shares are held under a trust that constitutes a company as defined in [section 1841(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841/b&num=0&edition=prelim) and except as provided in paragraphs (2) and (3) of [section 1841(g) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841/g&num=0&edition=prelim), or (ii) in the regular course of securing or collecting a debt previously contracted in good faith, but any shares acquired after May 9, 1956, in securing or collecting any such previously contracted debt shall be disposed of within a period of two years from the date on which they were acquired; (B) additional shares acquired by a bank holding company in
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1842
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