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12 U.S.C. § 2901 — Congressional findings and statement of purpose
Federal law — U.S. Code and appendices · legal_authorities
**(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 the communities in which they are chartered to do business;
(2) the convenience and needs of communities include the need for credit services as well as deposit services; and
(3) regulated financial institutions have continuing and affirmative obligation to help meet the credit needs of the local communities in which they are chartered.
**(b)** It is the purpose of this chapter to require each appropriate Federal financial supervisory agency to use its authority when examining financial institutions, to encourage such institutions to help meet the credit needs of the local communities in which they are chartered consistent with the safe and sound operation of such institutions.
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Stable record: federal_law:legal_authorities:record_usc_6b0e19e6b16dba5852e1ba3d
Source file: Laws/federal/codes/united-states-code/title-12/section-2901-congressional-findings-and-statement-of-purpose--de7aa76f03.md
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Source location: Title 12, Chapter 30, § 2901; chapter-030-community-reinvestment.md
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**(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 the communities in which they are chartered to do business;
(2) the convenience and needs of communities include the need for credit services as well as deposit services; and
(3) regulated financial institutions have continuing and affirmative obligation to help meet the credit needs of the local communities in which they are chartered.
**(b)** It is the purpose of this chapter to require each appropriate Federal financial supervisory agency to use its authority when examining financial institutions, to encourage such institutions to help meet the credit needs of the local communities in which they are chartered consistent with the safe and sound operation of such institutions.
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Federal law — U.S. Code and appendices · legal_authorities
**(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 the Bank, to fully secure advances obtained from the Bank under this section or [section 1431(g) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1431/g&num=0&edition=prelim).
(2) **Purposes of advances** — A long-term advance may only be made for the purposes of—
(A) providing funds to any member for residential housing finance; and
(B) providing funds to any community financial institution for small businesses, small farms, small agri-businesses, and community development activities.
(3) **Collateral** — A Bank, at the time of origination or renewal of a loan or advance, shall obtain and maintain a security interest in collateral eligible pursuant to one or more of the following categories:
(A) Fully disbursed, whole first mortgages on improved residential property (not more than 90 days delinquent), or securities representing a whole interest in such mortgages.
(B) Securities issued, insured, or guaranteed by the United States Government or any agency thereof (including without limitation, mortgage-backed securities issued or guaranteed by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Corporation, and the Government National Mortgage Association).
(C) Cash or deposits of a Federal Home Loan Bank.
(D) Other real estate related collateral acceptable to the Bank if such collateral has a readily ascertainable value and the Bank can perfect its interest in the collateral.
(E) Secured loans for small business, agriculture, or community development activities or securities representing a whole interest in such sec
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1430
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment of Corporation** There is hereby established a Federal Deposit Insurance Corporation (hereinafter referred to as the “Corporation”) which shall insure, as hereinafter provided, the deposits of all banks and savings associations which are entitled to the benefits of insurance under this chapter, and which shall have the powers hereinafter granted.
**(b) Asset disposition division**
(1) **Establishment** — The Corporation shall have a separate division of asset disposition.
(2) **Management** — The division of asset disposition shall have an administrator who shall be appointed by the Board of Directors.
(3) **Responsibilities of division** — The division of asset disposition shall carry out all of the responsibilities of the Corporation under this chapter relating to the liquidation of insured depository institutions and the disposition of assets of such institutions.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1811
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Public disclosure of agreements** Any agreement (as defined in subsection (e)) entered into after November 12, 1999, by an insured depository institution or affiliate with a nongovernmental entity or person made pursuant to or in connection with the Community Reinvestment Act of 1977 [[12 U.S.C. 2901](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2901&num=0&edition=prelim) et seq.] involving funds or other resources of such insured depository institution or affiliate—
(1) shall be in its entirety fully disclosed, and the full text thereof made available to the appropriate Federal banking agency with supervisory responsibility over the insured depository institution and to the public by each party to the agreement; and
(2) shall obligate each party to comply with this section.
**(b) Annual report of activity by insured depository institution** Each insured depository institution or affiliate that is a party to an agreement described in subsection (a) shall report to the appropriate Federal banking agency with supervisory responsibility over the insured depository institution, not less frequently than once each year, such information as the Federal banking agency may by rule require relating to the following actions taken by the party pursuant to the agreement during the preceding 12-month period:
(1) Payments, fees, or loans made to any party to the agreement or received from any party to the agreement and the terms and conditions of the same.
(2) Aggregate data on loans, investments, and services provided by each party in its community or communities pursuant to the agreement.
(3) Such other pertinent matters as determined by regulation by the appropriate Federal banking agency with supervisory responsibility over the insured de
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1831y
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Federal law — U.S. Code and appendices · legal_authorities
**(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 authority to engage in interstate branching pursuant to this title,11 See References in Text note below. or any amendment made by this title 1 to any other provision of law, primarily for the purpose of deposit production.
**(b) Guidelines for meeting credit needs** Regulations issued under subsection (a) shall include guidelines to ensure that interstate branches operated by an out-of-State bank in a host State are reasonably helping to meet the credit needs of the communities which the branches serve.
**(c) Limitation on out-of-State loans**
(1) **Limitation** — Regulations issued under subsection (a) shall require that, beginning no earlier than 1 year after establishment or acquisition of an interstate branch or branches in a host State by an out-of-State bank, if the appropriate Federal banking agency for the out-of-State bank determines that the bank’s level of lending in the host State relative to the deposits from the host State (as reasonably determinable from available information including the agency’s sampling of the bank’s loan files during an examination or such data as is otherwise available) is less than half the average of total loans in the host State relative to total deposits from the host State (as determinable from relevant sources) for all banks the home State of which is such State—
(A) the appropriate Federal banking agency for the out-of-State bank shall review the loan portfolio of the bank and determine whether the bank is reasonably helping to meet the credit needs of the communities served by the bank in the host State; and
(B) if the agency determines that the
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1835a
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Federal law — U.S. Code and appendices · legal_authorities
**(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 company shall—
(1) after May 9, 1956, acquire direct or indirect ownership or control of any voting shares of any company which is not a bank, or
(2) after two years from the date as of which it becomes a bank holding company, or in the case of a company which has been continuously affiliated since May 15, 1955, with a company which was registered under the Investment Company Act of 1940 [[15 U.S.C. 80a–1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–1&num=0&edition=prelim) et seq.], prior to May 15, 1955, in such a manner as to constitute an affiliated company within the meaning of that Act, after December 31, 1978, or, in the case of any company which becomes, as a result of the enactment of the Bank Holding Company Act Amendments of 1970, a bank holding company on December 31, 1970, after December 31, 1980, retain direct or indirect ownership or control of any voting shares of any company which is not a bank or bank holding company or engage in any activities other than (A) those of banking or of managing or controlling banks and other subsidiaries authorized under this chapter or of furnishing services to or performing services for its subsidiaries, and (B) those permitted under paragraph (8) of subsection (c) of this section subject to all the conditions specified in such paragraph or in any order or regulation issued by the Board under such paragraph: Provided, That a company covered in 1970 may also engage in those activities in which directly or through a subsidiary (i) it was lawfully engaged on June 30, 1968 (or on a date subsequent to June 30, 196
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1843
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Federal law — U.S. Code and appendices · legal_authorities
**(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 and the Comptroller of the Currency of an application, a foreign bank may establish and operate a Federal branch or agency in any State outside the home State of such foreign bank to the extent that the establishment and operation of such branch would be permitted under [section 36(g) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section36/g&num=0&edition=prelim) or [section 1831u of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1831u&num=0&edition=prelim) if the foreign bank were a national bank whose home State is the same State as the home State of the foreign bank.
(2) **State branch or agency** — Subject to the provisions of this chapter and with the prior written approval by the Board and the appropriate State bank supervisor of an application, a foreign bank may establish and operate a State branch or agency in any State outside the home State of such foreign bank to the extent that such establishment and operation would be permitted under section 1828(d)(4) or 1831u of this title if the foreign bank were a State bank whose home State is the same State as the home State of the foreign bank.
(3) **Criteria for determination** — In approving an application under paragraph (1) or (2), the Board and (in the case of an application under paragraph (1)) the Comptroller of the Currency—
(A) shall apply the standards applicable to the establishment of a foreign bank office in the United States under [section 3105(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3105/d&n
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3103
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment of principles and standards** The Council shall establish uniform principles and standards and report forms for the examination of financial institutions which shall be applied by the Federal financial institutions regulatory agencies.
**(b) Making recommendations regarding supervisory matters and adequacy of supervisory tools**
(1) The Council shall make recommendations for uniformity in other supervisory matters, such as, but not limited to, classifying loans subject to country risk, identifying financial institutions in need of special supervisory attention, and evaluating the soundness of large loans that are shared by two or more financial institutions. In addition, the Council shall make recommendations regarding the adequacy of supervisory tools for determining the impact of holding company operations on the financial institutions within the holding company and shall consider the ability of supervisory agencies to discover possible fraud or questionable and illegal payments and practices which might occur in the operation of financial institutions or their holding companies.
(2) When a recommendation of the Council is found unacceptable by one or more of the applicable Federal financial institutions regulatory agencies, the agency or agencies shall submit to the Council, within a time period specified by the Council, a written statement of the reasons the recommendation is unacceptable.
**(c) Development of uniform reporting system** The Council shall develop uniform reporting systems for federally supervised financial institutions, their holding companies, and nonfinancial institution subsidiaries of such institutions or holding companies. The authority to develop uniform reporting systems shall not restrict or amend the requirements of s
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3305
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Duty to serve underserved markets**
(1) **11 So in original. No par. (2) has been enacted. Duty** — To increase the liquidity of mortgage investments and improve the distribution of investment capital available for mortgage financing for underserved markets, each enterprise shall provide leadership to the market in developing loan products and flexible underwriting guidelines to facilitate a secondary market for mortgages for very low-, low-, and moderate-income families with respect to the following underserved markets:
(A) *Manufactured housing* — The enterprise shall develop loan products and flexible underwriting guidelines to facilitate a secondary market for mortgages on manufactured homes for very low-, low-, and moderate-income families.
(B) *Affordable housing preservation* — The enterprise shall develop loan products and flexible underwriting guidelines to facilitate a secondary market to preserve housing affordable to very low-, low-, and moderate-income families, including housing projects subsidized under_22 So in original.
(i) the project-based and tenant-based rental assistance programs under [section 1437f of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1437f&num=0&edition=prelim);
(ii) the program under [section 1715z–1 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715z-1&num=0&edition=prelim);
(iii) the below-market interest rate mortgage program under section 1715l(d)(4) of this title;
(iv) the supportive housing for the elderly program under [section 1701q of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701q&num=0&edition=prelim);
(v) the supportive housing program for persons with di
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4568
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** In this section, the following definitions shall apply:
(1) **Eligible community development financial institution** — The term “eligible community development financial institution” means a community development financial institution (as described in section 1805.201 of title 12, Code of Federal Regulations, or any successor thereto) certified by the Secretary that has applied to a qualified issuer for, or been granted by a qualified issuer, a loan under the Program.
(2) **Eligible community or economic development purpose** — The term “eligible community or economic development purpose”—
(A) means any purpose described in [section 4707(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4707/b&num=0&edition=prelim); and
(B) includes the provision of community or economic development in low-income or underserved rural areas.
(3) **Guarantee** — The term “guarantee” means a written agreement between the Secretary and a qualified issuer (or trustee), pursuant to which the Secretary ensures repayment of the verifiable losses of principal, interest, and call premium, if any, on notes or bonds issued by a qualified issuer to finance or refinance loans to eligible community development financial institutions.
(4) **Loan** — The term “loan” means any credit instrument that is extended under the Program for any eligible community or economic development purpose.
(5) **Master servicer**
(A) *In general* — The term “master servicer” means any entity approved by the Secretary in accordance with subparagraph (B) to oversee the activities of servicers, as provided in subsection (f)(4).
(B) *Approval criteria for master servicers* — The Secretary shall approve or deny any application to become a master se
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4713a
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Federal law — U.S. Code and appendices · legal_authorities
Unless otherwise specifically provided in this chapter, for purposes of this chapter—
(1) the terms “appropriate Federal banking agency”, “Federal banking agencies”, “insured depository institution”, and “State bank supervisor” have the same meanings as in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim); and
(2) the term “insured credit union” has the same meaning as in [section 1752 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1752&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4801
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