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12 U.S.C. § 1463 — Supervision of savings associations

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

12 U.S.C. § 1463 — Supervision of savings associations

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Source file: Laws/federal/codes/united-states-code/title-12/section-1463-supervision-of-savings-associations--2747b303b2.md
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Source location: Title 12, Chapter 12, § 1463; chapter-012-savings-associations.md

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**(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** — The Comptroller may at any time prescribe accounting standards more stringent than required under paragraph (2) if the Comptroller determines that the more stringent standards are necessary to ensure the safe and sound operation of savings associations. **(c) Stringency of standards** The regulations of the Comptroller and the policies of the Comptroller and the Corporation governing the safe and sound operation of savings associations, including regulations and policies governing asset classification and appraisals, shall be no less stringent than those established by the Comptroller for national banks. **(d) Investment of certain funds in accounts of savings associations** The savings accounts and share accounts of savings associations insured by the Corporation shall be lawful investments and may be accepted as security for all public funds of the United States, fiduciary and trust funds under the authority or control of the United States or any officer thereof, and for the funds of all corporations organized under the laws of the United States (subject to any regulatory authority otherwise applicable), regardless of any limitation of law upon the investment of any such funds or upon the acceptance of security for the investment or deposit of any of such funds. **(e) Participation by savings associations in lotteries and related activities** (1) **Participation prohibited** — No savings association may— (A) deal in lottery tickets; (B) deal in bets used as a means or substitute for participation in a lottery; (C) announce, advertise, or publicize the existence of any lottery; or (D) announce, advertise, or publicize the existence or identity of any participant or winner, as such, in a lottery. (2) **Use of facilities prohibited** — No savings association may permit— (A) the use of any part of any of its own offices by any person for any purpose forbidden to the institution under paragraph (1); or (B) direct access by the public from any of its own offices to any premises used by any person for any purpose forbidden to the institution under paragraph (1). (3) **Definitions** — For purposes of this subsection— (A) *Deal in* — The term “deal in” includes making, taking, buying, selling, redeeming, or collecting. (B) *Lottery* — The term “lottery” includes any arrangement, other than a savings promotion raffle, under which— (i) 3 or more persons (hereafter in this subparagraph referred to as the “participants”) advance money or credit to another in exchange for the possibility or expectation that 1 or more but not all of the participants (hereafter in this paragraph referred to as the “winners”) will receive by reason of those participants’ advances more than the amounts those participants have advanced; and (ii) the identity of the winners is determined by any means which includes— (I) a random selection; (II) a game, race, or contest; or (III) any record or tabulation of the result of 1 or more events in which any participant has no interest except for the bearing that event has on the possibility that the participant may become a winner. (C) *Lottery ticket* — The term “lottery ticket” includes any right, privilege, or possibility (and any ticket, receipt, record, or other evidence of any such right, privilege, or possibility) of becoming a winner in a lottery. (D) *Savings promotion raffle* — The term “savings promotion raffle” means a contest in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or other savings program, where each ticket or entry has an equal chance of being drawn, such contest being subject to regulations that may from time to time be promulgated by the appropriate prudential regulator (as defined in [section 5481 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5481&num=0&edition=prelim)). (4) **Exception for State lotteries** — Paragraphs (1) and (2) shall not apply with respect to any savings association accepting funds from, or performing any lawful services for, any State operating a lottery, or any officer or employee of such a State who is charged with administering the lottery. (5) **Regulations** — The Comptroller shall prescribe such regulations as may be necessary to provide for enforcement of this subsection and to prevent any evasion of any provision of this subsection. **(f) Federally related mortgage loan disclosures** A savings association may not make a federally related mortgage loan to an agent, trustee, nominee, or other person acting in a fiduciary capacity without requiring that the identity of the person receiving the beneficial interest of such loan shall at all times be revealed to the savings association. At the request of the appropriate Federal banking agency, the savings association shall report to the appropriate Federal banking agency the identity of such person and the nature and amount of the loan. **(g) Preemption of State usury laws** (1) Notwithstanding any State law, a savings association may charge interest on any extension of credit at a rate of not more than 1 percent in excess of the discount rate on 90-day commercial paper in effect at the Federal Reserve bank in the Federal Reserve district in which such savings association is located or at the rate allowed by the laws of the State in which such savings association is located, whichever is greater. (2) If the rate prescribed in paragraph (1) exceeds the rate such savings association would be permitted to charge in the absence of this subsection, the receiving or charging a greater rate of interest than that prescribed by paragraph (1), when knowingly done, shall be deemed a forfeiture of the entire interest which the extension of credit carries with it, or which has been agreed to be paid thereon. If such greater rate of interest has been paid, the person who paid it may recover, in a civil action commenced in a court of appropriate jurisdiction not later than 2 years after the date of such payment, an amount equal to twice the amount of the interest paid from the savings association taking or receiving such interest. **(h) Form and maturity of securities** No savings association shall— (1) issue securities which guarantee a definite maturity except with the specific approval of the appropriate Federal banking agency, or (2) issue any securities the form of which has not been approved by the appropriate Federal banking agency.

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

12 U.S.C. § 5481 — Transition oversight

**(a) Purpose** The purpose of this section is to ensure that the Bureau— (1) has an orderly and organized startup; (2) attracts and retains a qualified workforce; and (3) establishes comprehensive employee training and benefits programs. **(b) Reporting requirement** (1) **In general** — The Bureau shall submit an annual report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives that includes the plans described in paragraph (2). (2) **Plans** — The plans described in this paragraph are as follows: (A) *Training and workforce development plan* — The Bureau shall submit a training and workforce development plan that includes, to the extent practicable— (i) identification of skill and technical expertise needs and actions taken to meet those requirements; (ii) steps taken to foster innovation and creativity; (iii) leadership development and succession planning; and (iv) effective use of technology by employees. (B) *Workplace flexibilities plan* — The Bureau shall submit a workforce flexibility plan that includes, to the extent practicable— (i) telework; (ii) flexible work schedules; (iii) phased retirement; (iv) reemployed annuitants; (v) part-time work; (vi) job sharing; (vii) parental leave benefits and childcare assistance; (viii) domestic partner benefits; (ix) other workplace flexibilities; or (x) any combination of the items described in clauses (i) through (ix). (C) *Recruitment and retention plan* — The Bureau shall submit a recruitment and retention plan that includes, to the extent practicable, provisions relating to— (i) the steps necessary to target highly qualified applicant pools

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

2 U.S.C. § 906 — General and special sequestration rules

**(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

12 U.S.C. § 1702 — Short title

This chapter may be cited as the “National Housing Act.”

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

12 U.S.C. § 24 — Corporate powers of associations

Upon duly making and filing articles of association and an organization certificate a national banking association shall become, as from the date of the execution of its organization certificate, a body corporate, and as such, and in the name designated in the organization certificate, it shall have power—

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

12 U.S.C. § 347 — Advances to member banks on their notes

Any Federal reserve bank may make advances for periods not exceeding fifteen days to its member banks on their promissory notes secured by the deposit or pledge of bonds, notes, certificates of indebtedness, or Treasury bills of the United States, or by the deposit or pledge of debentures or other such obligations of Federal intermediate credit banks which are eligible for purchase by Federal reserve banks under [section 350 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section350&num=0&edition=prelim), or by the deposit or pledge of bonds issued under the provisions of subsection (c) of section 1463 11 See References in Text note below. of this title; and any Federal reserve bank may make advances for periods not exceeding ninety days to its member banks on their promissory notes secured by such notes, drafts, bills of exchange, or bankers’ acceptances as are eligible for rediscount or for purchase by Federal reserve banks under the provisions of this chapter, or secured by such obligations as are eligible for purchase under [section 355 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section355&num=0&edition=prelim). All such advances shall be made at rates to be established by such Federal reserve banks, such rates to be subject to the review and determination of the Board of Governors of the Federal Reserve System. If any member bank to which any such advance has been made shall, during the life or continuance of such advance, and despite an official warning of the reserve bank of the district or of the Board of Governors of the Federal Reserve System to the contrary, increase its outstanding loans secured by collateral in the form of stocks, bonds, debentures, or other such obligations, or lo

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

12 U.S.C. § 355 — Purchase and sale of obligations of National, State, and municipal governments; open market operations; purchases and sales from or to United States; maximum aggregate amount of obligations acquired directly from or loaned directly to United States

Every Federal Reserve bank shall have power: (1) To buy and sell, at home or abroad, bonds and notes of the United States, bonds issued under the provisions of subsection (c) of section 1463 11 See References in Text note below. of this title and having maturities from date of purchase of not exceeding six months, and bills, notes, revenue bonds, and warrants with a maturity from date of purchase of not exceeding six months, issued in anticipation of the collection of taxes or in anticipation of the receipt of assured revenues by any State, county, district, political subdivision, or municipality in the continental United States, including irrigation, drainage and reclamation districts, and obligations of, or fully guaranteed as to principal and interest by, a foreign government or agency thereof, such purchases to be made in accordance with rules and regulations prescribed by the Board of Governors of the Federal Reserve System. Notwithstanding any other provision of this chapter, any bonds, notes, or other obligations which are direct obligations of the United States or which are fully guaranteed by the United States as to principal and interest may be bought and sold without regard to maturities but only in the open market. (2) To buy and sell in the open market, under the direction and regulations of the Federal Open Market Committee, any obligation which is a direct obligation of, or fully guaranteed as to principal and interest by, any agency of the United States.

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

12 U.S.C. § 394 — Federal reserve banks as depositaries for and fiscal agents of Home Owners’ Loan Corporation

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

12 U.S.C. § 4703a — Capital investments for neighborhoods disproportionately impacted by the COVID–19 pandemic

**(a) Definitions** In this section— (1) the term “bank holding company” has the meaning given the term in [section 1841 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim); (2) the term “eligible institution” means any low- and moderate-income community financial institution that is eligible to participate in the Program; (3) the term “Emergency Capital Investment Fund” means the Emergency Capital Investment Fund established under subsection (b); (4) the term “low- and moderate-income community financial institution” means any financial institution that is— (A) (i) a community development financial institution; or (ii) a minority depository institution; and (B) (i) an insured depository institution that is not controlled by a bank holding company or savings and loan holding company that is also an eligible institution; (ii) a bank holding company; (iii) a savings and loan holding company; or (iv) a federally insured credit union; (5) the term “minority” means any Black American, Native American, Hispanic American, Asian American, Native Alaskan, Native Hawaiian, or Pacific Islander; (6) the term “minority depository institution” means an entity that is— (A) a minority depository institution, as defined in section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ([12 U.S.C. 1463](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1463&num=0&edition=prelim) note); or (B) considered to be a minority depository institution by— (i) the appropriate Federal banking agency; or (ii) the National Credit Union Administration, in the case of an insured credit union; or (C) listed in the Federal Deposi

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

12 U.S.C. § 5701 — Definitions

In this chapter, the following definitions shall apply: (1) **Appropriate committees of Congress** — The term “appropriate committees of Congress” means— (A) the Committee on Small Business and Entrepreneurship, the Committee on Agriculture, Nutrition, and Forestry, the Committee on Banking, Housing, and Urban Affairs, the Committee on Finance, the Committee on the Budget, and the Committee on Appropriations of the Senate; and (B) the Committee on Small Business, the Committee on Agriculture, the Committee on Financial Services, the Committee on Ways and Means, the Committee on the Budget, and the Committee on Appropriations of the House of Representatives. (2) **Appropriate Federal banking agency** — The term “appropriate Federal banking agency”— (A) has the same meaning as in [section 1813(q) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim); and (B) includes the National Credit Union Administration Board in the case of any credit union the deposits of which are insured in accordance with the Federal Credit Union Act [[12 U.S.C. 1751](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1751&num=0&edition=prelim) et seq.]. (3) **Enrolled loan** — The term “enrolled loan” means a loan made by a financial institution lender that is enrolled by a participating State in an approved State capital access program in accordance with this chapter. (4) **Federal contribution** — The term “Federal contribution” means the portion of the contribution made by a participating State to, or for the account of, an approved State program that is made with Federal funds allocated to the State by the Secretary under [section 5702 of this title](https://uscode.house.gov/view.xhtml?r

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

15 U.S.C. § 3722a — Regional Technology and Innovation Hub Program

**(a) Definitions** In this section: (1) **Appropriate committees of Congress** — The term “appropriate committees of Congress” means— (A) the Committee on Commerce, Science, and Transportation, the Committee on Environment and Public Works, and the Committee on Appropriations of the Senate; and (B) the Committee on Science, Space, and Technology and the Committee on Appropriations of the House of Representatives. (2) **Cooperative extension services** — The term “cooperative extension services” has the meaning given the term in [section 3103 of title 7](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section3103&num=0&edition=prelim). (3) **Site connectivity infrastructure** — The term “site connectivity infrastructure” means localized driveways and access roads to a facility as well as hookups to the new facility for drinking water, waste water, broadband, and other basic infrastructure services already present in the area. (4) **Venture development organization** — The term “venture development organization” has the meaning given such term in [section 3722(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section3722/a&num=0&edition=prelim).11 See References in Text note below. (5) **Community development financial institution** — The term “community development financial institution” has the meaning given in [section 4702 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4702&num=0&edition=prelim). (6) **Minority depository institution** — The term “minority depository institution” means an entity that is— (A) a minority depository institution, as defined in section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ([12 U.S.C.

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