12 U.S.C. § 1467 — Examination fees

Page 391 TITLE 12—BANKS AND BANKING § 1467 1 So in original. Probably should be followed by a comma. (June 13, 1933, ch. 64, § 7, 48 Stat. 134; July 14, 1952, ch. 723, § 10(b), 66 Stat. 604; Pub. L. 86–70, § 9(b), June 25, 1959, 73 Stat. 142; Pub. L. 86–624, § 5(b), July 12, 1960, 74 Stat. 411; Pub. L. 101–73, title III, § 301, Aug. 9, 1989, 103 Stat. 315.) Editorial Notes AMENDMENTS 1989—Pub. L. 101–73 amended section generally. Prior to amendment, section read as follows: ‘‘The provisions of this chapter shall apply to the continental United States (including Alaska), to the State of Hawaii, and to Puerto Rico, Guam and the Virgin Islands.’’ 1960—Pub. L. 86–624 substituted ‘‘State of Hawaii’’ for ‘‘Territory of Hawaii’’. 1959—Pub. L. 86–70 substituted ‘‘continental United States (including Alaska), to the Territory of Hawaii’’ for ‘‘continental United States, to the Territories of Alaska and Hawaii’’. 1952—Act July 14, 1952, inserted ‘‘Guam’’. § 1466a. District associations (a) In general The Comptroller shall, with respect to all in- corporated or unincorporated building, building or loan, building and loan, or homestead asso- ciations, and similar institutions, of or transacting or doing business in the District of Columbia, or maintaining any office in the Dis- trict of Columbia (other than Federal savings associations), have the same powers and func- tions as to examination, operation, and regula- tion as the Comptroller has with respect to Fed- eral savings associations. (b) Additional powers Any such association or institution incor- porated under the laws of, or organized in, the District of Columbia shall have in addition to any existing statutory authority such statutory authority as is vested in Federal savings asso- ciations. (c) Charter amendments Charters, certificates of incorporation, arti- cles of incorporation, constitutions, bylaws, or other organic documents of associations or in- stitutions referred to in subsection (b) of this section may, without regard to anything con- tained therein or otherwise, be amended in such manner and to such extent and upon such votes if any as the Comptroller may by regulation or otherwise provide. (d) Limitation Nothing in this section shall cause, or permit the Comptroller to cause, District of Columbia associations to be or become Federal savings as- sociations, or require the Comptroller to impose on District of Columbia associations the same regulations as are imposed on Federal savings associations. (June 13, 1933, ch. 64, § 8, as added Pub. L. 91–609, title IX, § 913, Dec. 31, 1970, 84 Stat. 1815; amend- ed Pub. L. 101–73, title III, § 301, Aug. 9, 1989, 103 Stat. 315; Pub. L. 111–203, title III, § 369(6), July 21, 2010, 124 Stat. 1563.) Editorial Notes PRIOR PROVISIONS A prior section 8 of act June 13, 1933, ch. 64, 48 Stat. 134, was classified to section 1467 of this title, prior to repeal by act June 25, 1948, ch. 645, § 21, 62 Stat. 862, eff. Sept. 1, 1948. AMENDMENTS 2010—Pub. L. 111–203 substituted ‘‘Comptroller’’ for ‘‘Director’’ wherever appearing. 1989—Pub. L. 101–73 amended section generally, sub- stituting provisions relating to Director and Federal savings associations for former provisions relating to Federal Home Loan Bank Board and Federal savings and loan associations. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the trans- fer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress. § 1467. Examination fees (a) Examination of savings associations The cost of conducting examinations of sav- ings associations pursuant to section 1464(d) of this title shall be assessed by— (1) the Comptroller, against each such Fed- eral savings association, as the Comptroller deems necessary or appropriate; and (2) the Corporation, against each such State savings association, as the Corporation deems necessary or appropriate. (b) Examination of affiliates The cost of conducting examinations of affili- ates of savings associations pursuant to this chapter may be assessed by the Comptroller or Corporation, as appropriate 1 against each affil- iate that is examined as the Comptroller or Cor- poration, as appropriate 1 deems necessary or ap- propriate. (c) Assessment against association in case of af- filiate’s refusal to pay (1) In general Subject to paragraph (2), if any affiliate of any savings association— (A) refuses to pay any assessment under subsection (b); or (B) fails to pay any such assessment before the end of the 60-day period beginning on the date of the assessment, the appropriate Federal banking agency may assess such cost against, and collect such cost from, such savings association. (2) Affiliate of more than 1 savings association If any affiliate referred to in paragraph (1) is an affiliate of more than 1 savings association, the assessment with respect to the affiliate against, and collected from, any affiliated sav- ings association in such proportions as the ap- propriate Federal banking agency may pre- scribe. (d) Civil money penalty for affiliate’s refusal to cooperate (1) Penalty imposed If any affiliate of any savings association— (A) refuses to permit any examiner ap- pointed by the appropriate Federal banking agency to make an examination; or Page 392 TITLE 12—BANKS AND BANKING § 1467 (B) refuses to provide any information re- quired to be disclosed in the course of any examination, the savings association shall forfeit and pay a civil penalty of not more than $5,000 for each day that any such refusal continues. (2) Assessment and collection Any penalty imposed under paragraph (1) shall be assessed and collected by the appro- priate Federal banking agency, in the manner provided in section 8(i)(2) of the Federal De- posit Insurance Act [12 U.S.C. 1818(i)(2)]. (e) Regulations The Comptroller may prescribe regulations with respect to— (1) the computation of, and the assessment for, the cost of conducting examinations pur- suant to this section; and (2) the collection and use of such assess- ments and any fees under this section. Such regulations may establish formulas to de- termine a fee or schedule of fees to cover the costs of examinations and also to cover the cost of processing applications, filings, notices, and requests for approvals by the appropriate Fed- eral banking agency or the designee of the Comptroller. (f) [Reserved]. (g) Costs of other examinations (1) Examination of fiduciary activities In addition to any assessment imposed pur- suant to subsection (a), the cost of conducting examinations of fiduciary activities of savings associations which exercise fiduciary powers (including savings associations or similar in- stitutions in the District of Columbia) shall be assessed by the appropriate Federal banking agency against such savings associations (or similar institutions). (2) Examinations in excess of 2 per calendar year If any savings association or affiliate of a savings association is examined by the appro- priate Federal banking agency for the savings association more than 2 times in any calendar year, the cost of conducting such additional examinations shall be assessed, in addition to any assessment imposed pursuant to sub- section (a), by the appropriate Federal bank- ing agency or the Corporation, as the case may be, against such savings association or af- filiate. (h) Additional information Any savings association and any affiliate of any savings association shall provide the appro- priate Federal banking agency with access to any information or report with respect to any examination made by any public regulatory au- thority and furnish any additional information with respect thereto as the appropriate Federal banking agency may require. (i) Treatment of examination assessments (1) Deposits Amounts received by the appropriate Fed- eral banking agency from assessments under this section (other than an assessment under subsection (d)(2)) or section 1467a(b)(4) of this title may be deposited in the manner provided in section 5234 of the Revised Statutes [12 U.S.C. 192] with respect to assessments by the Comptroller of the Currency. (2) Assessments are not Government funds The amounts received by the appropriate Federal banking agency from any assessment under this section shall not be construed to be Government or public funds or appropriated money. (3) Assessments are not subject to apportion- ment of funds Notwithstanding any other provision of law, the amounts received by the appropriate Fed- eral banking agency from any assessment under this section shall not be subject to ap- portionment for the purpose of chapter 15 of title 31 or under any other authority. (j) Processing fee The appropriate Federal banking agency may, in the sole discretion of the appropriate Federal banking agency, assess against any person that submits to the appropriate Federal banking agency an application, filing, notice, or request a fee to cover the cost of processing such sub- mission. (k) Fees for examinations and supervisory activi- ties The appropriate Federal banking agency may assess against an institution fees to fund the di- rect and indirect expenses of the Office as the appropriate Federal banking agency deems nec- essary or appropriate. The fees may be imposed more frequently than annually at the discretion of the appropriate Federal banking agency. (l) Working capital The appropriate Federal banking agency is au- thorized to impose fees and assessments pursu- ant to subsections (a), (b), (e), and (k) of this section, in excess of actual expenses for any given year, to permit the appropriate Federal banking agency to maintain a working capital fund. The appropriate Federal banking agency shall remit to the payors of such fees and assess- ments any funds collected in excess of what he deems necessary to maintain such working cap- ital fund. (m) Use of funds The appropriate Federal banking agency is au- thorized to use the combined resources retained through fees and assessments imposed pursuant to this section to pay all direct and indirect sal- ary and administrative expenses of the Office, including contracts and purchases of property and services, and the direct and indirect ex- penses of the examinations and supervisory ac- tivities of the Office. (June 13, 1933, ch. 64, § 9, as added Pub. L. 100–86, title IV, § 402(a), Aug. 10, 1987, 101 Stat. 605; amended Pub. L. 101–73, title III, § 301, Aug. 9, 1989, 103 Stat. 316; Pub. L. 102–242, title I, § 114(c), Dec. 19, 1991, 105 Stat. 2248; Pub. L. 111–203, title III, § 369(7), July 21, 2010, 124 Stat. 1563.) Page 393 TITLE 12—BANKS AND BANKING § 1467 Editorial Notes PRIOR PROVISIONS A prior section 1467, acts June 13, 1933, ch. 64, § 8, 48 Stat. 134; Apr. 27, 1934, ch. 168, § 12, 48 Stat. 647; May 28, 1935, ch. 150, §§ 20, 21, 49 Stat. 298, related to penalties, prior to repeal by act June 25, 1948, ch. 645, § 21, 62 Stat. 862, eff. Sept. 1, 1948. See sections 223, 433, 493, 657, 1006, and 1014 of Title 18, Crimes and Criminal Procedure. A prior section 9 of act June 13, 1933, was renumbered section 11 and is classified to section 1468 of this title. AMENDMENTS 2010—Subsec. (a). Pub. L. 111–203, § 369(7)(A), sub- stituted ‘‘assessed by—’’ for ‘‘assessed by the Director against each such savings association as the Director deems necessary or appropriate.’’ and added pars. (1) and (2). Subsec. (b). Pub. L. 111–203, § 369(7)(B), substituted ‘‘Comptroller or Corporation, as appropriate’’ for ‘‘Di- rector’’ in two places. Subsecs. (c), (d). Pub. L. 111–203, § 369(7)(I), substituted ‘‘appropriate Federal banking agency’’ for ‘‘Director’’ in two places. Subsec. (e). Pub. L. 111–203, § 369(7)(I), substituted ‘‘appropriate Federal banking agency’’ for ‘‘Director’’ in concluding provisions. Pub. L. 111–203, § 369(7)(C), substituted ‘‘The Comp- troller’’ for ‘‘Only the Director’’ in introductory provi- sions and ‘‘designee of the Comptroller’’ for ‘‘Director’s designee’’ in concluding provisions. Subsec. (f). Pub. L. 111–203, § 369(7)(D), substituted ‘‘[Reserved].’’ for text which read as follows: ‘‘The Cor- poration or the Federal home loan banks shall, upon re- quest of and by agreement with the Director, collect fees and assessments on behalf of the Director and be reimbursed for the actual cost of collection.’’ Subsec. (g)(1). Pub. L. 111–203, § 369(7)(E)(i), sub- stituted ‘‘appropriate Federal banking agency’’ for ‘‘Di- rector’’. Subsec. (g)(2). Pub. L. 111–203, § 369(7)(I), substituted ‘‘appropriate Federal banking agency or the Corpora- tion’’ for ‘‘Director or the Corporation’’. Pub. L. 111–203, § 369(7)(E)(ii), substituted ‘‘appro- priate Federal banking agency for the savings associa- tion’’ for ‘‘Director, or the Corporation, as the case may be,’’. Subsec. (h). Pub. L. 111–203, § 369(7)(I), substituted ‘‘appropriate Federal banking agency’’ for ‘‘Director’’ in two places. Subsec. (i). Pub. L. 111–203, § 369(7)(F), substituted ‘‘appropriate Federal banking agency’’ for ‘‘Director’’ wherever appearing. Subsec. (j). Pub. L. 111–203, § 369(7)(I), substituted ‘‘The appropriate Federal banking agency’’ for ‘‘The Director’’ and ‘‘submits to the appropriate Federal banking agency’’ for ‘‘submits to the Director’’. Pub. L. 111–203, § 369(7)(G), substituted ‘‘sole discre- tion of the appropriate Federal banking agency’’ for ‘‘Director’s sole discretion’’. Subsec. (k). Pub. L. 111–203, § 369(7)(I), substituted ‘‘appropriate Federal banking agency deems’’ for ‘‘Di- rector deems’’ and ‘‘discretion of the appropriate Fed- eral banking agency’’ for ‘‘discretion of the Director’’. Pub. L. 111–203, § 369(7)(H), substituted ‘‘appropriate Federal banking agency may assess against an institu- tion’’ for ‘‘Director may assess against institutions for which the Director is the appropriate Federal banking agency, as defined in section 3 of the Federal Deposit Insurance Act,’’. Subsecs. (l), (m). Pub. L. 111–203, § 369(7)(I), sub- stituted ‘‘appropriate Federal banking agency’’ for ‘‘Di- rector’’ wherever appearing. 1991—Subsec. (a). Pub. L. 102–242, § 114(c)(1), added subsec. (a) and struck out former subsec. (a) which read as follows: ‘‘The cost of conducting examinations of savings associations pursuant to section 1464(d) of this title shall be assessed by the Director against each such savings association in proportion to the assets or resources of the savings association.’’ Subsec. (b). Pub. L. 102–242, § 114(c)(1), added subsec. (b) and struck out former subsec. (b) which read as fol- lows: ‘‘The cost of conducting examinations of affili- ates of savings associations pursuant to this chapter may be assessed by the Director against each affiliate which is examined in proportion to the assets or re- sources held by the affiliate on the date of any such ex- amination.’’ Subsec. (k). Pub. L. 102–242, § 114(c)(2), amended sub- sec. (k) generally. Prior to amendment, subsec. (k) read as follows: ‘‘The Director may assess against institu- tions for which the Director is the appropriate Federal banking agency, within the meaning of section 3 of the Federal Deposit Insurance Act, fees to fund the direct and indirect expenses of the Office. Such fees shall be imposed in proportion of the assets or resources of the institutions. The fees may be imposed more frequently than annually at the discretion of the Director. The an- nual rate of such fees shall be the same for all institu- tions subject to such fees.’’ 1989—Pub. L. 101–73 amended section generally, sub- stituting subsecs. (a) to (m) relating to examination fees for former subsecs. (a) to (f) relating to accounting principles and other standards and requirements. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the trans- fer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress. EFFECTIVE DATE OF 1989 AMENDMENT Amendment by Pub. L. 101–73 relating to civil pen- alties applicable with respect to violations committed and activities engaged in after Aug. 9, 1989, except that the increased maximum civil penalties of $5,000 and $25,000 per violation or per day may apply to such viola- tions or activities committed or engaged in before such date with respect to an institution if such violations or activities (1) are not already subject to a notice issued by the appropriate Federal banking agency or the Board (initiating an administrative proceeding); and (2) occurred after the completion of the last report of ex- amination of the institution by the appropriate Federal banking agency (as defined in section 1813 of this title) occurring before Aug. 9, 1989, see section 305(c) of Pub. L. 101–73, set out as a note under section 1461 of this title. SUBMISSION OF PROPOSED REGULATIONS TO CONGRESS Pub. L. 100–86, title IV, § 402(c), Aug. 10, 1987, 101 Stat. 608, provided that: ‘‘Not later than the end of the 90-day period beginning on the date of the enactment of this Act [Aug. 10, 1987]— ‘‘(1) the Federal Home Loan Bank Board shall sub- mit a copy of the proposed regulations required to be prescribed under the amendment made by subsection (a) [enacting this section] to the Congress; and ‘‘(2) the Federal Savings and Loan Insurance Cor- poration shall submit a copy of the proposed regula- tions required to be prescribed under the amendment made by subsection (b) [enacting section 1730h of this title] to the Congress.’’ EFFECTIVE DATE OF REGULATIONS Pub. L. 100–86, title IV, § 402(d), Aug. 10, 1987, 101 Stat. 608, provided that: ‘‘(1) IN GENERAL.—Except as provided in paragraph (2), any regulation required to be prescribed under the amendment made by subsections (a) and (b) [enacting sections 1467 and 1730h of this title] shall be imple- mented not later than the end of the 150-day period be- ginning on the date of the enactment of this Act [Aug. 10, 1987]. ‘‘(2) UNIFORM GAAP ACCOUNTING STANDARDS.— ‘‘(A) IN GENERAL.—Except as provided in subpara- graph (B), the regulations required to be prescribed pursuant to subsection (b) of the amendments made Page 394 TITLE 12—BANKS AND BANKING § 1467a by subsections (a) and (b) of this section shall take ef- fect on December 31, 1987. ‘‘(B) COMPLIANCE AT A LATER DATE.—If any associa- tion or insured institution demonstrates to the satis- faction of the Home Loan Bank Board or the Federal Savings and Loan Insurance Corporation, as the case may be, that it is not feasible for such association or institution to achieve compliance with the regula- tions referred to in subparagraph (A) by the date con- tained in such subparagraph, the Board or Corpora- tion may approve a plan submitted by an association or insured institution which allows such association or institution to comply with such regulations at a later date to the extent such later date is the earlier of— ‘‘(i) the date by which, in the determination of the Board or Corporation, it is feasible for such as- sociation or insured institution to achieve compli- ance with such regulations; or ‘‘(ii) December 31, 1993.’’ SUNSET AND SAVINGS PROVISION Subsec. (a)(2), (3), (5) ceases to be effective on date that notice of completion of all net new borrowing by Financing Corporation is published in Federal Register [Mar. 30, 1992, 57 F.R. 10763], with such termination not to be construed to affect or limit any authority of Fed- eral Home Loan Bank Board or Federal Savings and Loan Insurance Corporation to prescribe any regula- tion or engage in any activity with respect to any asso- ciation or insured institution under any other provi- sion of law, see section 416 of Pub. L. 100–86, set out as a note under section 1441 of this title. § 1467a. Regulation of holding companies (a) Definitions (1) In general As used in this section, unless the context otherwise requires— (A) Savings association The term ‘‘savings association’’ includes a savings bank or cooperative bank which is deemed by the appropriate Federal banking agency to be a savings association under subsection (l). (B) Uninsured institution The term ‘‘uninsured institution’’ means any depository institution the deposits of which are not insured by the Federal Deposit Insurance Corporation. (C) Company The term ‘‘company’’ means any corpora- tion, partnership, trust, joint-stock com- pany, or similar organization, but does not include the Federal Deposit Insurance Cor- poration, the Resolution Trust Corporation, any Federal home loan bank, or any com- pany the majority of the shares of which is owned by the United States or any State, or by an instrumentality of the United States or any State. (D) Savings and loan holding company (i) In general Except as provided in clause (ii), the term ‘‘savings and loan holding company’’ means any company that directly or indi- rectly controls a savings association or that controls any other company that is a savings and loan holding company. (ii) Exclusion The term ‘‘savings and loan holding company’’ does not include— (I) a bank holding company that is reg- istered under, and subject to, the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.), or to any company directly or indirectly controlled by such com- pany (other than a savings association); (II) a company that controls a savings association that functions solely in a trust or fiduciary capacity as described in section 2(c)(2)(D) of the Bank Holding Company Act of 1956 (12 U.S.C. 1841(c)(2)(D)); or (III) a company described in subsection (c)(9)(C) solely by virtue of such com- pany’s control of an intermediate hold- ing company established pursuant to sec- tion 1467b of this title. (E) Multiple savings and loan holding com- pany The term ‘‘multiple savings and loan hold- ing company’’ means any savings and loan holding company which directly or indi- rectly controls 2 or more savings associa- tions. (F) Diversified savings and loan holding com- pany The term ‘‘diversified savings and loan holding company’’ means any savings and loan holding company whose subsidiary sav- ings association and related activities as permitted under paragraph (2) of subsection (c) of this section represented, on either an actual or a pro forma basis, less than 50 per- cent of its consolidated net worth at the close of its preceding fiscal year and of its consolidated net earnings for such fiscal year, as determined in accordance with regu- lations issued by the appropriate Federal banking agency. (G) Subsidiary The term ‘‘subsidiary’’ has the same mean- ing as in section 1813 of this title. (H) Affiliate The term ‘‘affiliate’’ of a savings associa- tion means any person which controls, is controlled by, or is under common control with, such savings association. (I) Bank holding company The terms ‘‘bank holding company’’ and ‘‘bank’’ have the meanings given to such terms in section 2 of the Bank Holding Com- pany Act of 1956 [12 U.S.C. 1841]. (J) Acquire The term ‘‘acquire’’ has the meaning given to such term in section 1823(f)(8) of this title. (2) Control For purposes of this section, a person shall be deemed to have control of— (A) a savings association if the person di- rectly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, or holds with power to vote, or holds proxies rep- resenting, more than 25 percent of the voting shares of such savings association, or con- trols in any manner the election of a major- ity of the directors of such association;