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12 U.S.C. § 2902 — Definitions

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

12 U.S.C. § 2902 — Definitions

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Source location: Title 12, Chapter 30, § 2902; chapter-030-community-reinvestment.md

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For the purposes of this chapter— (1) the term “appropriate Federal financial supervisory agency” means— (A) the Comptroller of the Currency with respect to national banks and Federal savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation); (B) the Board of Governors of the Federal Reserve System with respect to State chartered banks which are members of the Federal Reserve System, bank holding companies, and savings and loan holding companies; (C) the Federal Deposit Insurance Corporation with respect to State chartered banks and savings banks which are not members of the Federal Reserve System and the deposits of which are insured by the Corporation, and State savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation).11 So in original. The period probably should be a semicolon. (2) the term “regulated financial institution” means an insured depository institution (as defined in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)); and (3) the term “application for a deposit facility” means an application to the appropriate Federal financial supervisory agency otherwise required under Federal law or regulations thereunder for— (A) a charter for a national bank or Federal savings and loan association; (B) deposit insurance in connection with a newly chartered State bank, savings bank, savings and loan association or similar institution; (C) the establishment of a domestic branch or other facility with the ability to accept deposits of a regulated financial institution; (D) the relocation of the home office or a branch office of a regulated financial institution; (E) the merger or consolidation with, or the acquisition of the assets, or the assumption of the liabilities of a regulated financial institution requiring approval under [section 1828(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1828/c&num=0&edition=prelim) or under regulations issued under the authority of title IV 22 See References in Text note below. of the National Housing Act [[12 U.S.C. 1724](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1724&num=0&edition=prelim) et seq.]; or (F) the acquisition of shares in, or the assets of, a regulated financial institution requiring approval under [section 1842 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1842&num=0&edition=prelim) or section 408(e) 2 of the National Housing Act [[12 U.S.C. 1730a(e)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1730a/e&num=0&edition=prelim)]. (4) A financial institution whose business predominately consists of serving the needs of military personnel who are not located within a defined geographic area may define its “entire community” to include its entire deposit customer base without regard to geographic proximity.

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

12 U.S.C. § 1842 — Acquisition of bank shares or assets

**(a) Prior approval of Board as necessary; exceptions; disposition, time extension; subsequent approval or disposition upon disapproval** It shall be unlawful, except with the prior approval of the Board, (1) for any action to be taken that causes any company to become a bank holding company; (2) for any action to be taken that causes a bank to become a subsidiary of a bank holding company; (3) for any bank holding company to acquire direct or indirect ownership or control of any voting shares of any bank if, after such acquisition, such company will directly or indirectly own or control more than 5 per centum of the voting shares of such bank; (4) for any bank holding company or subsidiary thereof, other than a bank, to acquire all or substantially all of the assets of a bank; or (5) for any bank holding company to merge or consolidate with any other bank holding company. Notwithstanding the foregoing this prohibition shall not apply to (A) shares acquired by a bank, (i) in good faith in a fiduciary capacity, except where such shares are held under a trust that constitutes a company as defined in [section 1841(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841/b&num=0&edition=prelim) and except as provided in paragraphs (2) and (3) of [section 1841(g) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841/g&num=0&edition=prelim), or (ii) in the regular course of securing or collecting a debt previously contracted in good faith, but any shares acquired after May 9, 1956, in securing or collecting any such previously contracted debt shall be disposed of within a period of two years from the date on which they were acquired; (B) additional shares acquired by a bank holding company in

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

12 U.S.C. § 27 — Certificate of authority to commence banking

**(a)** If, upon a careful examination of the facts so reported, and of any other facts which may come to the knowledge of the Comptroller, whether by means of a special commission appointed by him for the purpose of inquiring into the condition of such association, or otherwise, it appears that such association is lawfully entitled to commence the business of banking, the Comptroller shall give to such association a certificate, under his hand and official seal, that such association has complied with all the provisions required to be complied with before commencing the business of banking, and that such association is authorized to commence such business. But the Comptroller may withhold from an association his certificate authorizing the commencement of business, whenever he has reason to suppose that the shareholders have formed the same for any other than the legitimate objects contemplated by title 62 of the Revised Statutes. A National Bank Association, to which the Comptroller of the Currency has heretofore issued or hereafter issues such certificate, is not illegally constituted solely because its operations are or have been required by the Comptroller of the Currency to be limited to those of a trust company and activities related thereto. **(b)** (1) The Comptroller of the Currency may also issue a certificate of authority to commence the business of banking pursuant to this section to a national banking association which is owned exclusively (except to the extent directors’ qualifying shares are required by law) by other depository institutions or depository institution holding companies and is organized to engage exclusively in providing services to or for other depository institutions, their holding companies, and the officers, directors, and employees o

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

12 U.S.C. § 1818 — Termination of status as insured depository institution

**(a) Termination of insurance** (1) **Voluntary termination** — Any insured depository institution which is not— (A) a national member bank; (B) a State member bank; (C) a Federal branch; (D) a Federal savings association; or (E) an insured branch which is required to be insured under subsection (a) or (b) 11 See References in Text note below. of [section 3104 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3104&num=0&edition=prelim), may terminate such depository institution’s status as an insured depository institution if such insured institution provides written notice to the Corporation of the institution’s intent to terminate such status not less than 90 days before the effective date of such termination. (2) **Involuntary termination** (A) *Notice to primary regulator* — If the Board of Directors determines that— (i) an insured depository institution or the directors or trustees of an insured depository institution have engaged or are engaging in unsafe or unsound practices in conducting the business of the depository institution; (ii) an insured depository institution is in an unsafe or unsound condition to continue operations as an insured institution; or (iii) an insured depository institution or the directors or trustees of the insured institution have violated any applicable law, regulation, order, condition imposed in writing by the Corporation in connection with the approval of any application or other request by the insured depository institution, or written agreement entered into between the insured depository institution and the Corporation, the Board of Directors shall notify the appropriate Federal banking agency with respect to such institution (if other than the Corp

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

12 U.S.C. § 1813 — Definitions

As used in this chapter— **(a) Definitions of bank and related terms** (1) **Bank** — The term “bank”— (A) means any national bank and State bank, and any Federal branch and insured branch; (B) includes any former savings association. (2) **State bank** — The term “State bank” means any bank, banking association, trust company, savings bank, industrial bank (or similar depository institution which the Board of Directors finds to be operating substantially in the same manner as an industrial bank), or other banking institution which— (A) is engaged in the business of receiving deposits, other than trust funds (as defined in this section); and (B) is incorporated under the laws of any State or which is operating under the Code of Law for the District of Columbia, including any cooperative bank or other unincorporated bank the deposits of which were insured by the Corporation on the day before August 9, 1989. (3) **State** — The term “State” means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. **(b) Definition of savings associations and related terms** (1) **Savings association** — The term “savings association” means— (A) any Federal savings association; (B) any State savings association; and (C) any corporation (other than a bank) that the Board of Directors and the Comptroller of the Currency jointly determine to be operating in substantially the same manner as a savings association. (2) **Federal savings association** — The term “Federal savings association” means any Federal savings association or Federal savings bank which is chartered under [section 1464 of t

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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. § 1701 — Information regarding early defaults and foreclosures on insured mortgages

**(a) In general** The Secretary of Housing and Urban Development shall collect and maintain information regarding early defaults on mortgages as provided under this section. The Secretary shall make such information available for public inspection upon request. Information shall be collected quarterly with respect to each applicable collection period (as such term is defined in subsection (c)) and shall be available for inspection not more than 30 days after the conclusion of the calendar quarter relating to each such period. Information shall first be made available under this section for the applicable collection period relating to the first calendar quarter ending more than 180 days after November 28, 1990. **(b) Contents** (1) **Mortgage lender analysis** — Information collected under this section shall include, for each lender originating mortgages during the applicable collection period that are insured pursuant to [section 1709 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709&num=0&edition=prelim) and secured by property in a designated census tract, the following information with respect to such mortgages: (A) The name of the lender and the number of each designated census tract in which the lender originated 1 or more such mortgages during the applicable collection period. (B) The total number of such mortgages originated by such lender during the applicable collection period in each designated census tract and the number of mortgages originated each year in each designated census tract. (C) The total number of defaults and foreclosures on such mortgages during the applicable collection period in each designated census tract and the number of defaults and foreclosures in each designated census tract in

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12 U.S.C. § 1831y — CRA sunshine requirements

**(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

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12 U.S.C. § 3103 — Interstate banking by foreign banks

**(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

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12 U.S.C. § 1724 — Untitled legal text

Page 780 TITLE 12—BANKS AND BANKING §§ 1724 to 1730d (h) Regulations The Secretary shall issue such regulations as the Secretary deems appropriate to implement this section. (i) Deposit of penalties The Secretary shall deposit all civil money penalties collected under this section into mon- eys of the Association pursuant to section 1722 of this title. (June 27, 1934, ch. 847, title III, § 317, as added Pub. L. 101–235, title I, § 110(a), Dec. 15, 1989, 103 Stat. 2011; amended Pub. L. 104–208, div. A, title II, § 2704(d)(13)(A), Sept. 30, 1996, 110 Stat. 3009–490; Pub. L. 109–171, title II, § 2102(b), Feb. 8, 2006, 120 Stat. 9; Pub. L. 109–173, § 9(f)(1), Feb. 15, 2006, 119 Stat. 3618.) Editorial Notes AMENDMENTS 2006—Subsec. (b)(1)(B). Pub. L. 109–173 substituted ‘‘Deposit Insurance Fund’’ for ‘‘Bank Insurance Fund for banks or through the Savings Association Insurance Fund for savings associations’’. Pub. L. 109–171 repealed Pub. L. 104–208, § 2704(d)(13)(A). See 1996 Amendment note below. 1996—Subsec. (b)(1)(B). Pub. L. 104–208, § 2704(d)(13)(A), which directed substitution of ‘‘Deposit Insurance Fund’’ for ‘‘Bank Insurance Fund for banks or through the Savings Association Insurance Fund for savings as- sociations’’, was repealed by Pub. L. 109–171. See Effec- tive Date of 1996 Amendment note below and 2006 Amendment note above. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2006 AMENDMENT Amendment by Pub. L. 109–173 effective Mar. 31, 2006, see section 9(j) of Pub. L. 109–173, set out as a note under section 24 of this title. Amendment by Pub. L. 109–171 effective no later than the first day of the first calendar quarter that begins after the end of the 90-day period beginning Feb. 8, 2006, see section 2102(c) of

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

12 U.S.C. § 2902 — Definitions

Page 1473 TITLE 12—BANKS AND BANKING § 2902 Act are classified generally to subchapters I (§ 1702 et seq.) and II (§ 1707 et seq.), respectively, of chapter 13 of this title. For complete classification of this Act to the Code, see section 1701 of this title and Tables. AMENDMENTS 1989—Pub. L. 101–73 inserted ‘‘(or for which completed applications are received)’’ after ‘‘approved’’. 1988—Pub. L. 100–242 inserted ‘‘(and for each mort- gagee making mortgage loans exempted under section 2803(g) of this title)’’ after ‘‘section 2805(b) of this title’’. 1983—Pub. L. 98–181 substituted ‘‘primary metropoli- tan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statis- tical areas’’ for ‘‘standard metropolitan statistical areas’’ in two places. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1989 AMENDMENT Amendment by Pub. L. 101–73 applicable to each cal- endar year beginning after Dec. 31, 1989, see section 1211(k) of Pub. L. 101–73, set out as a note under section 2802 of this title. EFFECTIVE DATE OF 1988 AMENDMENT Amendment by Pub. L. 100–242 applicable to the por- tion of calendar year 1988 that begins Aug. 19, 1988, and to each calendar year beginning after Dec. 31, 1988, see section 565(a)(4) of Pub. L. 100–242, as amended, set out as a note under section 2802 of this title. § 2811. Repealed. Pub. L. 100–242, title V, § 565(b), Feb. 5, 1988, 101 Stat. 1945 Section, Pub. L. 94–200, title III, § 312, as added Pub. L. 96–399, title III, § 340(c), Oct. 8, 1980, 94 Stat. 1659; amended Pub. L. 99–120, § 5(c), Oct. 8, 1985, 99 Stat. 504; Pub. L. 99–156, § 5(c), Nov. 15, 1985, 99 Stat. 817; Pub. L. 99–219, § 5(c), Dec. 26, 1985, 99 Stat.

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