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12 U.S.C. § 3301 — Declaration of purpose
Federal law — U.S. Code and appendices · legal_authorities
It is the purpose of this chapter to establish a Financial Institutions Examination Council which shall prescribe uniform principles and standards for the Federal examination of financial institutions by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Federal Home Loan Bank Board, and the National Credit Union Administration and make recommendations to promote uniformity in the supervision of these financial institutions. The Council’s actions shall be designed to promote consistency in such examination and to insure progressive and vigilant supervision.
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Source file: Laws/federal/codes/united-states-code/title-12/section-3301-declaration-of-purpose--589e28363f.md
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Source location: Title 12, Chapter 34, § 3301; chapter-034-federal-financial-institutions-examination-council.md
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It is the purpose of this chapter to establish a Financial Institutions Examination Council which shall prescribe uniform principles and standards for the Federal examination of financial institutions by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Federal Home Loan Bank Board, and the National Credit Union Administration and make recommendations to promote uniformity in the supervision of these financial institutions. The Council’s actions shall be designed to promote consistency in such examination and to insure progressive and vigilant supervision.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, acts July 22, 1932, ch. 522, § 17, 47 Stat. 736; 1947 Reorg. Plan No. 3, eff. July 27, 1947, 12 F.R. 4981, 61 Stat. 954; Aug. 11, 1955, ch. 783, title I, § 109(a)(3), 69 Stat. 640; June 29, 1977, Pub. L. 95–56, 91 Stat. 252; Aug. 4, 1977, Pub. L. 95–90, §§ 1, 2, 91 Stat. 564; Oct. 15, 1982, Pub. L. 97–320, title I, § 127, 96 Stat. 1486; Jan. 12, 1983, Pub. L. 97–457, § 8, 96 Stat. 2507; Nov. 30, 1983, Pub. L. 98–181, title I [title VII, § 702(b)], 97 Stat. 1267, set forth powers and duties, etc., of Federal Home Loan Bank Board.
#### Transfer of Functions, Personnel, and Property of Federal Savings and Loan Insurance Corporation and Federal Home Loan Bank Board
Pub. L. 101–73, title IV, §§ 401–406, Aug. 9, 1989, 103 Stat. 354–363, as amended by Pub. L. 102–233, title III, § 313, Dec. 12, 1991, 105 Stat. 1770; Pub. L. 111–203, title III, § 367(5), July 21, 2010, 124 Stat. 1556, provided that: “SEC. 401. FSLIC AND FEDERAL HOME LOAN BANK BOARD ABOLISHED.“(a) In general.—“(1) FSLIC.—Effective on the date of the enactment of this Act [Aug. 9, 1989], the Federal Savings and Loan Insurance Corporation established under section 402 of the National Housing Act [former [12 U.S.C. 1725](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1725&num=0&edition=prelim)] is abolished. “(2) FHLBB.—Effective at the end of the 60-day period beginning on the date of the enactment of this Act, the Federal Home Loan Bank Board and the position of Chairman of the Federal Home Loan Bank Board are abolished. “(b) Disposition of Affairs.—“(1) In general.—During the 60-day period beginning on the date of the enactment of this Act [Aug. 9, 1989], the Chairman of the Federal Home Loan Bank Board—“(A) shall, solely for the purpose of winding up t
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1437
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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
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Amount and term of coverage** After the expiration of sixty days following December 31, 1973, no Federal officer or agency shall approve any financial assistance for acquisition or construction purposes for use in any area that has been identified by the Administrator as an area having special flood hazards and in which the sale of flood insurance has been made available under the National Flood Insurance Act of 1968 [[42 U.S.C. 4001](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4001&num=0&edition=prelim) et seq.], unless the building or mobile home and any personal property to which such financial assistance relates is covered by flood insurance in an amount at least equal to its development or project cost (less estimated land cost) or to the maximum limit of coverage made available with respect to the particular type of property under the National Flood Insurance Act of 1968, whichever is less: Provided, That if the financial assistance provided is in the form of a loan or an insurance or guaranty of a loan, the amount of flood insurance required need not exceed the outstanding principal balance of the loan and need not be required beyond the term of the loan. The requirement of maintaining flood insurance shall apply during the life of the property, regardless of transfer of ownership of such property.
**(b) Requirement for mortgage loans**
(1) **Regulated lending institutions** — Each Federal entity for lending regulation (after consultation and coordination with the Financial Institutions Examination Council established under the Federal Financial Institutions Examination Council Act of 1974 [[12 U.S.C. 3301](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3301&num=0&edition=prelim) et seq.]) shall
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 4015a
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Federal law — U.S. Code and appendices · legal_authorities
Page 1516
TITLE 12—BANKS AND BANKING
§ 3301
1 So in original. The semicolon probably should be a period.
Attorney General under the Clayton Act [15
U.S.C. 12 et seq.] are available to the Attorney
General, irrespective of any jurisdictional tests
in the Clayton Act, including the power to take
enforcement actions in the same manner as if
the violation had been a violation of the Clayton
Act.
(b) All of the functions and powers of the At-
torney General or the Assistant Attorney Gen-
eral in charge of the Antitrust Division of the
Department of Justice are available to the At-
torney General or to such Assistant Attorney
General to investigate possible violations under
section 3206(6) 1 of this title in the same manner
as if such possible violations were possible viola-
tions of the Clayton Act [15 U.S.C. 12 et seq.].
(Pub. L. 95–630, title II, § 210, as added Pub. L.
97–320, title IV, § 426, Oct. 15, 1982, 96 Stat. 1524;
amended Pub. L. 111–203, title III, § 360(3), July
21, 2010, 124 Stat. 1549.)
Editorial Notes
REFERENCES IN TEXT
Section 3206(6) of this title, referred to in text, was
redesignated section 3206(5) by Pub. L. 111–203, title III,
§ 360(1)(E), July 21, 2010, 124 Stat. 1549.
The Clayton Act, referred to in text, is act Oct. 15,
1914, ch. 323, 38 Stat. 730, which is classified generally
to sections 12, 13, 14 to 19, 21, and 22 to 27 of Title 15,
Commerce and Trade, and sections 52 and 53 of Title 29,
Labor. For further details and complete classification
of this Act to the Code, see References in Text note set
out under section 12 of Title 15 and Tables.
AMENDMENTS
2010—Subsec. (a). Pub. L. 111–203 substituted ‘‘the en-
forcement functions of the Attorney General’’ for ‘‘his
enforcement functions’’.
Statutory Notes and Related
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3301
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