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12 U.S.C. § 1440 — Examinations and audits
Federal law — U.S. Code and appendices · legal_authorities
The Director 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 Director shall prescribe and shall furnish periodically statements based upon the reports of the banks to the Director. For the purposes of this chapter, examiners appointed by the Director shall be subject to the same requirements, responsibilities, and penalties as are applicable to examiners under the National Bank Act [[12 U.S.C. 21](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section21&num=0&edition=prelim) et seq.] and the Federal Reserve Act [[12 U.S.C. 221](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section221&num=0&edition=prelim) et seq.], and shall have, in the exercise of functions under this chapter, the same powers and privileges as are vested in such examiners by law. In addition to such examinations, the Comptroller General may audit or examine the Director and the Banks, to determine the extent to which the Director and the Banks are fairly and effectively fulfilling the purposes of this chapter.
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Stable record: federal_law:legal_authorities:record_usc_894d1107fc03f5a343a05b3a
Source file: Laws/federal/codes/united-states-code/title-12/section-1440-examinations-and-audits--b63ff2a9af.md
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Source location: Title 12, Chapter 11, § 1440; chapter-011-federal-home-loan-banks.md
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The Director 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 Director shall prescribe and shall furnish periodically statements based upon the reports of the banks to the Director. For the purposes of this chapter, examiners appointed by the Director shall be subject to the same requirements, responsibilities, and penalties as are applicable to examiners under the National Bank Act [[12 U.S.C. 21](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section21&num=0&edition=prelim) et seq.] and the Federal Reserve Act [[12 U.S.C. 221](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section221&num=0&edition=prelim) et seq.], and shall have, in the exercise of functions under this chapter, the same powers and privileges as are vested in such examiners by law. In addition to such examinations, the Comptroller General may audit or examine the Director and the Banks, to determine the extent to which the Director and the Banks are fairly and effectively fulfilling the purposes of this chapter.
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Federal law — U.S. Code and appendices · legal_authorities
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 Federal reserve banks are specifically referred to. For purposes of this chapter, a State bank includes any bank which is operating under the Code of Law for the District of Columbia.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 221
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Federal law — U.S. Code and appendices · legal_authorities
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 3, 1864, shall be known as “The National Bank Act.”
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 38
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Federal law — U.S. Code and appendices · legal_authorities
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 shall enter into articles of association, which shall specify in general terms the object for which the association is formed, and may contain any other provisions, not inconsistent with law, which the association may see fit to adopt for the regulation of its business and the conduct of its affairs. These articles shall be signed by the persons uniting to form the association, and a copy of them shall be forwarded to the Comptroller of the Currency, to be filed and preserved in his office.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 21
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Federal law — U.S. Code and appendices · legal_authorities
The short title of the Act of December 23, 1913, ch. 6, 38 Stat. 251, shall be the “Federal Reserve Act.”
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 226
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Regular and special reports**
(1) **Regular reports** — The Director may require, by general or specific orders, a regulated entity to submit regular reports, including financial statements determined on a fair value basis, on the condition (including financial condition), management, activities, or operations of the regulated entity, as the Director considers appropriate (in addition to the annual and quarterly reports required under [section 1723a(k) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1723a/k&num=0&edition=prelim) and [section 1456(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1456/c&num=0&edition=prelim)).
(2) **Special reports** — The Director may also require, by general or specific orders, a regulated entity to submit special reports on any of the topics specified in paragraph (1) or any other relevant topics, if, in the judgment of the Director, such reports are necessary to carry out the purposes of this chapter.
(3) **Limitation** — The Director may not require the inclusion, in any report pursuant to paragraph (1) or (2), of any information that is not reasonably obtainable by the regulated entity.
(4) **Notice and declaration** — The Director shall notify the regulated entity, a reasonable period in advance of the date for submission of any report under this subsection, of any specific information to be contained in the report and the date for the submission of the report. Each report under this subsection shall contain a declaration by the president, vice president, treasurer, or any other officer designated by the board of directors of the regulated entity to make such declaration, that the report is true and correct to the best of such officer’
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4516
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Annual assessments** The Director shall establish and collect from the regulated entities annual assessments in an amount not exceeding the amount sufficient to provide for reasonable costs (including administrative costs) and expenses of the Agency, including—
(1) the expenses of any examinations under [section 4517 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4517&num=0&edition=prelim) and under [section 1440 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1440&num=0&edition=prelim);
(2) the expenses of obtaining any reviews and credit assessments under [section 4519 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4519&num=0&edition=prelim);
(3) such amounts in excess of actual expenses for any given year as deemed necessary by the Director to maintain a working capital fund in accordance with subsection (e); and
(4) the windup of the affairs of the Office of Federal Housing Enterprise Oversight and the Federal Housing Finance Board under title III of the Federal Housing Finance Regulatory Reform Act of 2008.
**(b) Allocation of annual assessment to enterprises**
(1) **Amount of payment** — Each enterprise shall pay to the Director a proportion of the annual assessment made pursuant to subsection (a) that bears the same ratio to the total annual assessment that the total assets of each enterprise bears 11 So in original. Probably should be “bear”. to the total assets of both enterprises.
(2) **Separate treatment of Federal home loan bank and enterprise assessments** — Assessments collected from the enterprises shall not exceed the amounts sufficient to provide for the costs and expenses described in subsection (a) relating to
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4518a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Office of Minority and Women Inclusion** Each regulated entity shall establish an Office of Minority and Women Inclusion, or designate an office of the entity, that shall be responsible for carrying out this section and all matters of the entity relating to diversity in management, employment, and business activities in accordance with such standards and requirements as the Director shall establish.
**(b) Inclusion in all levels of business activities** Each regulated entity shall develop and implement standards and procedures to ensure, to the maximum extent possible, the inclusion and utilization of minorities (as such term is defined in section 1204(c) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ([12 U.S.C. 1811](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1811&num=0&edition=prelim) note)) and women, and minority- and women-owned businesses (as such terms are defined in section 1441a(r)(4) 11 See References in Text note below. of this title) (including financial institutions, investment banking firms, mortgage banking firms, asset management firms, broker-dealers, financial services firms, underwriters, accountants, brokers, investment consultants, and providers of legal services) in all business and activities of the regulated entity at all levels, including in procurement, insurance, and all types of contracts (including contracts for the issuance or guarantee of any debt, equity, or mortgage-related securities, the management of its mortgage and securities portfolios, the making of its equity investments, the purchase, sale and servicing of single- and multi-family mortgage loans, and the implementation of its affordable housing program and initiatives). The processes established by each regula
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4523
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Deduction not allowed for dividends from certain corporations**
(1) **In general** — The deductions allowed by sections 243 11 So in original. Probably should be followed by a comma. 245, and 245A shall not apply to any dividend from a corporation which, for the taxable year of the corporation in which the distribution is made, or for the next preceding taxable year of the corporation, is a corporation exempt from tax under section 501 (relating to certain charitable, etc., organizations) or section 521 (relating to farmers’ cooperative associations).
(2) **Subsection not to apply to certain dividends of Federal Home Loan Banks**
(A) *Dividends out of current earnings and profits* — In the case of any dividend paid by any FHLB out of earnings and profits of the FHLB for the taxable year in which such dividend was paid, paragraph (1) shall not apply to that portion of such dividend which bears the same ratio to the total dividend as—
(i) the dividends received by the FHLB from the FHLMC during such taxable year, bears to
(ii) the total earnings and profits of the FHLB for such taxable year.
(B) *Dividends out of accumulated earnings and profits* — In the case of any dividend which is paid out of any accumulated earnings and profits of any FHLB, paragraph (1) shall not apply to that portion of the dividend which bears the same ratio to the total dividend as—
(i) the amount of dividends received by such FHLB from the FHLMC which are out of earnings and profits of the FHLMC—
(I) for taxable years ending after December 31, 1984, and
(II) which were not previously treated as distributed under subparagraph (A) or this subparagraph, bears to
(ii) the total accumulated earnings and profits of the FHLB as of the time such dividend i
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 246
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Federal law — U.S. Code and appendices · legal_authorities
Page 317
TITLE 12—BANKS AND BANKING
§ 1440a
Statutory Notes and Related Subsidiaries
CHANGE OF NAME
‘‘Home Loan Bank Board’’ changed to ‘‘Federal Home
Loan Bank Board’’ by act Aug. 11, 1955, ch. 783,
§ 109(a)(3), which was classified to section 1437(b) of this
title prior to the repeal of section 1437 by Pub. L.
101–73, title VII, § 703(a), Aug. 9, 1989, 103 Stat. 415. Pre-
viously, ‘‘Home Loan Bank Board’’ had been sub-
stituted for ‘‘Federal Home Loan Bank Board’’ by
Reorg. Plan No. 3 of 1947.
TRANSFER OF FUNCTIONS
Federal Home Loan Bank Board abolished and func-
tions transferred, see sections 401 to 406 of Pub. L.
101–73, set out as a note under section 1437 of this title.
Executive Documents
TRANSFER OF FUNCTIONS
For transfer of functions to Secretary of the Treas-
ury, see note set out under section 55 of this title.
§ 1440. Examinations and audits
The Director 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 Director shall prescribe and
shall furnish periodically statements based upon
the reports of the banks to the Director. For the
purposes of this chapter, examiners appointed
by the Director shall be subject to the same re-
quirements, responsibilities, and penalties as
are applicable to examiners under the National
Bank Act [12 U.S.C. 21 et seq.] and the Federal
Reserve Act [12 U.S.C. 221 et seq.], and shall
have, in the exercise of functions under this
chapter, the same powers and privileges as are
vested in such examiners by law. In addition to
such examinations, the Comptroller General
may audit or examine the Director and the
Banks, to determine the extent to which the Di-
rector and the Banks are fairly and effectively
fulfilling th
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1440
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Federal law — U.S. Code and appendices · legal_authorities
Page 8
TITLE 12—BANKS AND BANKING
§ 21
Sec.
178.
Repealed.
SUBCHAPTER XII—VOLUNTARY DISSOLUTION
181.
Voluntary dissolution; appointment and re-
moval of liquidating agent or committee;
examination.
182.
Notice of intent to dissolve.
183 to 186. Repealed.
SUBCHAPTER XIII—RECEIVERSHIP
191.
Appointment of receiver for a national bank.
192.
Default in payment of circulating notes.
193.
Notice to present claims.
194.
Dividends on adjusted claims; distribution of
assets.
195.
Repealed.
196.
Expenses.
197.
Shareholders’ meeting; continuance of receiv-
ership; appointment of agent; winding up
business; distribution of assets.
197a.
Resumption of business by closed bank on
consent of depositors.
198.
Purchase by receiver of property of bank; re-
quest to Comptroller.
199.
Approval of request.
200.
Payment.
SUBCHAPTER XIV—BANK CONSERVATION ACT
201.
Short title.
202.
Definitions.
203.
Appointment of conservator.
204.
Examinations.
205.
Termination of conservatorship.
206.
Conservator; powers and duties.
207, 208.
Repealed.
209.
Liability protection.
210.
Governmental powers unimpaired.
211.
Rules and regulations.
212.
Right to amend; separability.
213.
Transferred.
SUBCHAPTER XV—CONVERSION OF NATIONAL
BANKS INTO STATE BANKS
214.
Definitions.
214a.
Procedure for conversion, merger, or consoli-
dation; vote of stockholders.
214b.
Continuation of business and corporate enti-
ty.
214c.
Conversions in contravention of State law.
214d.
Prohibition on conversion.
SUBCHAPTER XVI—CONSOLIDATION AND
MERGER
215.
Consolidation of banks within same State.
215a.
Merger of national banks or State banks into
national banks.
215a–1.
Interstate consolidations and mergers.
215a–2.
Expedited procedures for certain reorg
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 21
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