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12 U.S.C. § 1426a — Exclusion from certain requirements

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1426a — Exclusion from certain requirements

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Stable record: federal_law:legal_authorities:record_usc_8b3581eeba56882e9f123f9c
Source file: Laws/federal/codes/united-states-code/title-12/section-1426a-exclusion-from-certain-requirements--4664178c92.md
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Source location: Title 12, Chapter 11, § 1426a; chapter-011-federal-home-loan-banks.md

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**(a) In general** The Federal Home Loan Banks shall be exempt from compliance with— (1) sections 78m(e), 78n(a), and 78n(c) of title 15, and related Commission regulations; (2) section 78o of title 15, and related Commission regulations, with respect to transactions in the capital stock of a Federal Home Loan Bank; (3) [section 78q–1 of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78q–1&num=0&edition=prelim), and related Commission regulations, with respect to the transfer of the securities of a Federal Home Loan Bank; and (4) the Trust Indenture Act of 1939 [[15 U.S.C. 77aaa](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77aaa&num=0&edition=prelim) et seq.]. **(b) Member exemption** The members of the Federal Home Loan Bank System shall be exempt from compliance with sections 78m(d), 78m(f), 78m(g), 78n(d), and 78p of title 15, and related Commission regulations, with respect to ownership of or transactions in the capital stock of the Federal Home Loan Banks by such members. **(c) Exempted and Government securities** (1) **Capital stock** — The capital stock issued by each of the Federal Home Loan Banks under [section 1426 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1426&num=0&edition=prelim) are— (A) exempted securities, within the meaning of [section 77c(a)(2) of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77c/a/2&num=0&edition=prelim); and (B) exempted securities, within the meaning of [section 78c(a)(12)(A) of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/12/A&num=0&edition=prelim), except to the extent provided in section 78oo of title 15. (2) **Other obligations** — The debentures, bonds, and other obligations issued under [section 1431 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1431&num=0&edition=prelim) are— (A) exempted securities, within the meaning of [section 77c(a)(2) of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77c/a/2&num=0&edition=prelim); (B) government securities, within the meaning of [section 78c(a)(42) of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/42&num=0&edition=prelim); and (C) government securities, within the meaning of [section 80a–2(a)(16) of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–2/a/16&num=0&edition=prelim). (3) **Brokers and dealers** — A person (other than a Federal Home Loan Bank effecting transactions for members of the Federal Home Loan Bank System) that effects transactions in the capital stock or other obligations of a Federal Home Loan Bank, for the account of others or for that person’s own account, as applicable, is a broker or dealer, as those terms are defined in paragraphs (4) and (5), respectively, of [section 78c(a) of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a&num=0&edition=prelim), but is excluded from the definition of— (A) the term “government securities broker” under [section 78c(a)(43) of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/43&num=0&edition=prelim); and (B) the term “government securities dealer” under [section 78c(a)(44) of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/44&num=0&edition=prelim). **(d) Exemption from reporting requirements** The Federal Home Loan Banks shall be exempt from periodic reporting requirements under the securities laws pertaining to the disclosure of— (1) related party transactions that occur in the ordinary course of the business of the Banks with members; and (2) the unregistered sales of equity securities. **(e) Tender offers** Commission rules relating to tender offers shall not apply in connection with transactions in the capital stock of the Federal Home Loan Banks. **(f) Regulations** (1) **In general** — The Commission shall promulgate such rules and regulations as may be necessary or appropriate in the public interest or in furtherance of this section and the exemptions provided in this section. (2) **Considerations** — In issuing regulations under this section, the Commission shall consider the distinctive characteristics of the Federal Home Loan Banks when evaluating— (A) the accounting treatment with respect to the payment to the Resolution Funding Corporation; (B) the role of the combined financial statements of the Federal Home Loan Banks; (C) the accounting classification of redeemable capital stock; and (D) the accounting treatment related to the joint and several nature of the obligations of the Banks. **(g) Definitions** As used in this section— (1) the terms “Bank”, “Federal Home Loan Bank”, “member”, and “Federal Home Loan Bank System” have the same meanings as in [section 1422 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1422&num=0&edition=prelim); (2) the term “Commission” means the Securities and Exchange Commission; and (3) the term “securities laws” has the same meaning as in [section 78c(a)(47) of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/47&num=0&edition=prelim).

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 77aaa — Short title

This subchapter may be cited as the “Trust Indenture Act of 1939.”

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1426 — Capital structure of Federal home loan banks

**(a) Regulations** (1) **Capital standards** — Not later than 18 months after November 12, 1999, the Director shall issue regulations prescribing uniform capital standards applicable to each Federal home loan bank, which shall require each such bank to meet— (A) the leverage requirement specified in paragraph (2); and (B) the risk-based capital requirements, in accordance with paragraph (3). (2) **Leverage requirement** (A) *In general* — The leverage requirement shall require each Federal home loan bank to maintain a minimum amount of total capital based on the total assets of the bank and shall be 5 percent. (B) *Treatment of stock and retained earnings* — In determining compliance with the minimum leverage ratio established under subparagraph (A), the paid-in value of the outstanding Class B stock and the amount of retained earnings shall be multiplied by 1.5, and such higher amounts shall be deemed to be capital for purposes of meeting the 5 percent minimum leverage ratio, except that a Federal home loan bank’s total capital (determined without taking into account any such multiplier) shall not be less than 4 percent of the total assets of the bank. (3) **Risk-based capital standards** (A) *Risk-based capital standards* — The Director shall, by regulation, establish risk-based capital standards for the Federal Home Loan Banks to ensure that the Federal Home Loan Banks operate in a safe and sound manner, with sufficient permanent capital and reserves to support the risks that arise in the operations and management of the Federal Home Loans Banks. (B) *Consideration of other risk-based standards* — In establishing the risk-based standard under subparagraph (A), the Director shall take due consideration of any risk-based capital test established p

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1426

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 78q–1 — National system for clearance and settlement of securities transactions

**(a) Congressional findings; facilitating establishment of system** (1) The Congress finds that— (A) The prompt and accurate clearance and settlement of securities transactions, including the transfer of record ownership and the safeguarding of securities and funds related thereto, are necessary for the protection of investors and persons facilitating transactions by and acting on behalf of investors. (B) Inefficient procedures for clearance and settlement impose unnecessary costs on investors and persons facilitating transactions by and acting on behalf of investors. (C) New data processing and communications techniques create the opportunity for more efficient, effective, and safe procedures for clearance and settlement. (D) The linking of all clearance and settlement facilities and the development of uniform standards and procedures for clearance and settlement will reduce unnecessary costs and increase the protection of investors and persons facilitating transactions by and acting on behalf of investors. (2) (A) The Commission is directed, therefore, having due regard for the public interest, the protection of investors, the safeguarding of securities and funds, and maintenance of fair competition among brokers and dealers, clearing agencies, and transfer agents, to use its authority under this chapter— (i) to facilitate the establishment of a national system for the prompt and accurate clearance and settlement of transactions in securities (other than exempt securities); and (ii) to facilitate the establishment of linked or coordinated facilities for clearance and settlement of transactions in securities, securities options, contracts of sale for future delivery and options thereon, and commodity options; in accordance with the findi

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1422 — Definitions

As used in this chapter— (1) (A) *Bank.—* — The term “Federal Home Loan Bank” or “Bank” means a bank established under the authority of this chapter. (B) *Bank system.—* — The term “Federal Home Loan Bank System” means the Federal Home Loan Banks under the supervision of the Director. (2) **State.—** — The term “State”, in addition to the States of the United States, includes the District of Columbia, Guam, Puerto Rico, the United States Virgin Islands, American Samoa, and the Commonwealth of the Northern Mariana Islands. (3) The term “member” means any institution which has subscribed for the stock of a Federal Home Loan Bank. (4) The term “home mortgage loan” means a loan made by a member upon the security of a home mortgage. (5) The term “home mortgage” means a mortgage upon real estate, in fee simple, or on a leasehold (1) under a lease for not less than ninety-nine years which is renewable or (2) under a lease having a period of not less than fifty years to run from the date the mortgage was executed, upon which is located, or which comprises or includes, one or more homes or other dwelling units, all of which may be defined by the Director and shall include, in addition to first mortgages, such classes of first liens as are commonly given to secure advances on real estate by institutions authorized under this chapter to become members, under the laws of the State in which the real estate is located, together with the credit instruments, if any, secured thereby. (6) The term “unpaid principal,” when used in respect of a loan secured by a home mortgage means the principal thereof less the sum of (1) payments made on such principal, and (2) in cases where shares or stock are pledged as security for the loan, the payments made on such shares or stock plus

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1431 — Powers and duties of banks

**(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 Director, to borrow and give security therefor and to pay interest thereon, to issue debentures, bonds, or other obligations upon such terms and conditions as the Director may approve, and to do all things necessary for carrying out the provisions of this chapter and all things incident thereto. **(b) Issuance of consolidated Federal Home Loan Bank debentures; restrictions** The Office of Finance, as agent for the Banks, may issue consolidated Federal Home Loan Bank debentures which shall be the joint and several obligations of all Federal Home Loan Banks organized and existing under this chapter, in order to provide funds for any such bank or banks, and such debentures shall be issued upon such terms and conditions as such Office may prescribe. No such debentures shall be issued at any time if any of the assets of any Federal Home Loan Bank are pledged to secure any debts or subject to any lien, and neither the Office of Finance nor any Federal Home Loan Bank shall have power to pledge any of the assets of any Federal Home Loan Bank, or voluntarily to permit any lien to attach to the same while any of such debentures so issued are outstanding. The debentures issued under this section and outstanding shall at no time exceed five times the total paid-in capital of all the Federal Home Loan Banks as of the time of the issue of such debentures. It shall be the duty of the Office of Finance not to issue debentures under this section in excess of the notes or obligations of member institutions held and secured under [section 1430(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-ti

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12 U.S.C. § 1426a — Exclusion from certain requirements

Page 289 TITLE 12—BANKS AND BANKING § 1426a ducing stock to less than the amount held on Sept. 8, 1961, except for a reduction at any time to not less than 2 percent of its aggregate unpaid loan principal as of the beginning of the calendar year in which reduction was made, but not less than $500, or if reduced to less than 2 percent, such reduction to be in the discretion of the Board; and reenacted cl. (ii) limitations as par. (2), substituting ‘‘the Board defining such term’’ for ‘‘said Board defining said term’’. Subsec. (i). Pub. L. 97–320, § 355(a), provided for treat- ment of a liquidation of indebtedness, in the case of a voluntary withdrawal of an institution from member- ship, as a prepayment of the indebtedness, subject to applicable prepayment penalties. Subsec. (m). Pub. L. 97–320, § 355(b), added subsec. (m). 1979—Subsec. (c)(2)(ii). Pub. L. 96–153 substituted ‘‘twenty’’ for ‘‘twelve’’. 1961—Subsec. (c). Pub. L. 87–210, § 1, amended sub- section generally, and among other changes, authorized the bank to adjust at the end of each calendar year, under Board regulations, the stock held by each mem- ber, to retire stock of members in excess of required amounts, prohibited members to reduce stock to less than the amount held on Sept. 8, 1961, except for a re- duction at any time to not less than 2 percent of its ag- gregate unpaid loan principal as of the beginning of the calendar year in which reduction is made, but not less than $500, or if reduced to less than 2 percent, such re- duction to be in the discretion of the Board, provided that no bank shall act so as to cause the aggregate out- standing advances, within the meaning of regulations of the Board defining said term, to exceed 12 times the amounts paid in by members for outsta

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 77aaa — Short title

Page 176 TITLE 15—COMMERCE AND TRADE § 77ff tion, vindication, and preservation or reserva- tion of the rights and interests of holders of foreign securities either on any default in or on breach or contemplated breach of the con- ditions on which such foreign securities may have been issued, or otherwise; obtain for such holders such legal and other assistance and ad- vice as the board of directors may deem expe- dient; and do all such other things as are inci- dent or conducive to the attainment of the above objects. (May 27, 1933, ch. 38, title II, § 204, 48 Stat. 94.) § 77ff. Accounts and annual balance sheet of Cor- poration; audits The board of directors shall cause accounts to be kept of all matters relating to or connected with the transactions and business of the Cor- poration, and cause a general account and bal- ance sheet of the Corporation to be made out in each year, and cause all accounts to be audited by one or more auditors who shall examine the same and report thereon to the board of direc- tors. (May 27, 1933, ch. 38, title II, § 205, 48 Stat. 94.) § 77gg. Annual report by Corporation; printing and distribution The Corporation shall make, print, and make public an annual report of its operations during each year, send a copy thereof, together with a copy of the account and balance sheet and audi- tor’s report, to the Commission and to both Houses of Congress, and provide one copy of such report but not more than one on the application of any person and on receipt of a sum not ex- ceeding $1: Provided, That the board of directors in its discretion may distribute copies gratu- itously. (May 27, 1933, ch. 38, title II, § 206, 48 Stat. 95.) § 77hh. Assessments by Corporation on holders of foreign securities The Corporation may

Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 77aaa

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