12 U.S.C. § 1439a — Deposits in special fund; availability for

Page 316 TITLE 12—BANKS AND BANKING § 1438 1 See References in Text note below. ‘‘(b) REPORT REQUIRED.—Not later than 18 months after the date of enactment of this Act [Aug. 10, 1987], the Federal Home Loan Bank Board shall submit to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, a report containing the findings and conclusions of the Board with respect to the study required under sub- section (a), including— ‘‘(1) the findings and conclusions of the Board con- cerning the losses to the insurance fund and the de- gree to which such losses were the result of direct in- vestment activities with respect to each of the class- es of institutions described in subsection (a); and ‘‘(2) a comparison of the effects of direct invest- ment activities prior to April 16, 1987, and the effect of such activities on or after April 16, 1987, for each of the classes of institutions described in subsection (a) and the losses to the insurance fund as a result of such activities. ‘‘(c) PRIOR REPORTS TO CONGRESS ON CHANGES TO DI- RECT INVESTMENT REGULATIONS.— ‘‘(1) IN GENERAL.—Not less than 90 days before final approval is given by the Federal Home Loan Bank Board to any regulation which repeals or modifies (or has the effect of repealing or modifying) any regula- tion limiting direct investment activities, the Board shall submit to the Committee on Banking, Finance and Urban Affairs [now Committee on Financial Services] of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report describing the proposed regula- tion and the reasons for the proposed regulation, in- cluding the effect of such regulation on the insurance fund. ‘‘(2) PROSPECTIVE APPLICATION OF RULE.—Paragraph (1) shall not apply with respect to Board Resolution Numbered 87–215 and Board Resolution Numbered 87–215A. ‘‘(d) DIRECT INVESTMENT ACTIVITY DEFINED.—For pur- poses of this section, the term ‘direct investment ac- tivities’ means activities which are limited under Board Resolution Numbered 87–215 and Board Resolu- tion Numbered 87–215A.’’ § 1438. Omitted Editorial Notes CODIFICATION Section, act July 22, 1932, ch. 522, § 18, 47 Stat. 737; Pub. L. 89–754, title X, § 1016(b), Nov. 3, 1966, 80 Stat. 1293; Pub. L. 101–73, title VII, §§ 701(b)(2), (b)(3)(B), 711, 712, Aug. 9, 1989, 103 Stat. 412, 419; Pub. L. 104–66, title II, § 2191, Dec. 21, 1995, 109 Stat. 732; Pub. L. 106–102, title VI, § 606(h), Nov. 12, 1999, 113 Stat. 1455; Pub. L. 108–271, § 8(b), July 7, 2004, 118 Stat. 814; Pub. L. 110–289, div. A, title II, § 1204(2), July 30, 2008, 122 Stat. 2786; Pub. L. 111–203, title III, § 364(a), July 21, 2010, 124 Stat. 1555, was omitted in view of the repeal of subsecs. (a) to (c) which comprised this section. Subsec. (a), which related to authorization of appropriations for certain expenses of the Federal Home Loan Bank Board, was repealed by Pub. L. 101–73, title VII, § 712, Aug. 9, 1989, 103 Stat. 419. Subsec. (b), which related to assessments for adminis- trative expenses of the Federal Housing Finance Board, was repealed by Pub. L. 110–289, div. A, title II, § 1204(2), July 30, 2008, 122 Stat. 2786. Subsec. (c), which related to acquisition of property by the Director of the Office of Thrift Supervision, was repealed by Pub. L. 111–203, title III, § 364(a), July 21, 2010, 124 Stat. 1555. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Pub. L. 111–203, title III, § 364(a), July 21, 2010, 124 Stat. 1555, provided that, effective 90 days after the transfer date, subsection (c) of this section is repealed. For definition of ‘‘transfer date’’, see section 5301 of this title. § 1438a. Nonadministrative expenses; expenses of studies and investigations On and after July 12, 1960, expenses of the Board in making studies or investigations spe- cifically directed by law, or requested by the Congress or either House thereof or by a com- mittee of either House, including services au- thorized by section 3109 of title 5, shall be con- sidered as nonadministrative expenses. (Pub. L. 86–626, title II, § 201, July 12, 1960, 74 Stat. 441.) Editorial Notes CODIFICATION ‘‘Section 3109 of title 5’’ substituted in text for ‘‘sec- tion 15 of the Act of August 2, 1946 (5 U.S.C. 55a)’’ on au- thority of section 7(b) of Pub. L. 89–554, Sept. 6, 1966, 80 Stat. 631, section 1 of which enacted Title 5, Govern- ment Organization and Employees. §§ 1439, 1439–1. Repealed. Pub. L. 101–73, title VII, §§ 708, 712, Aug. 9, 1989, 103 Stat. 418, 419 Section 1439, acts July 22, 1932, ch. 522, § 19, 47 Stat. 737; May 28, 1935, ch. 150, § 9, 49 Stat. 295; July 3, 1948, ch. 825, § 2, 62 Stat. 1240, related to appointment, com- pensation, etc., of officers and employees of Board. Section 1439–1, act July 22, 1932, ch. 522, § 19A, as added Aug. 10, 1987, Pub. L. 100–86, title V, § 505(d), 101 Stat. 633, related to apportionment of monies received by Board. § 1439a. Deposits in special fund; availability for all purposes of Federal Home Loan Bank Board and Federal Home Loan Bank Admin- istration All moneys and funds heretofore deposited in the Treasury of the United States under the last sentence of section 1439 1 of this title (including unexpended balances of moneys appropriated therefrom for administrative expenses), and hereafter all moneys and funds which would, ex- cept for this provision, be so depositable there- under, shall be deposited with the Treasurer of the United States in a special deposit account and shall be available, retroactively as well as prospectively, for expenditure for all purposes of the Federal Home Loan Bank Board and the Federal Home Loan Bank Administration, sub- ject to subsections (a) and (b) of section 712a of title 15. (June 26, 1943, ch. 145, title I, § 101, 57 Stat. 186; 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.) Editorial Notes REFERENCES IN TEXT Section 1439 of this title, referred to in text, was re- pealed by Pub. L. 101–73, title VII, § 708, Aug. 9, 1989, 103 Stat. 418. CODIFICATION Section was enacted as part of the Independent Of- fices Appropriation Act, 1944, and not as part of the Federal Home Loan Bank Act which comprises this chapter. Page 317 TITLE 12—BANKS AND BANKING § 1440a Statutory Notes and Related Subsidiaries CHANGE OF NAME ‘‘Home Loan Bank Board’’ changed to ‘‘Federal Home Loan Bank Board’’ by act Aug. 11, 1955, ch. 783, § 109(a)(3), which was classified to section 1437(b) of this title prior to the repeal of section 1437 by Pub. L. 101–73, title VII, § 703(a), Aug. 9, 1989, 103 Stat. 415. Pre- viously, ‘‘Home Loan Bank Board’’ had been sub- stituted for ‘‘Federal Home Loan Bank Board’’ by Reorg. Plan No. 3 of 1947. TRANSFER OF FUNCTIONS Federal Home Loan Bank Board abolished and func- tions transferred, see sections 401 to 406 of Pub. L. 101–73, set out as a note under section 1437 of this title. Executive Documents TRANSFER OF FUNCTIONS For transfer of functions to Secretary of the Treas- ury, see note set out under section 55 of this title. § 1440. Examinations and audits The Director shall from time to time, at least annually, require examinations and reports of condition of all Federal Home Loan Banks in such form as the Director shall prescribe and shall furnish periodically statements based upon the reports of the banks to the Director. For the purposes of this chapter, examiners appointed by the Director shall be subject to the same re- quirements, responsibilities, and penalties as are applicable to examiners under the National Bank Act [12 U.S.C. 21 et seq.] and the Federal Reserve Act [12 U.S.C. 221 et seq.], and shall have, in the exercise of functions under this chapter, the same powers and privileges as are vested in such examiners by law. In addition to such examinations, the Comptroller General may audit or examine the Director and the Banks, to determine the extent to which the Di- rector and the Banks are fairly and effectively fulfilling the purposes of this chapter. (July 22, 1932, ch. 522, § 20, 47 Stat. 738; June 27, 1950, ch. 369, § 10, 64 Stat. 259; Aug. 2, 1954, ch. 649, title VIII, § 802(f), 68 Stat. 643; Pub. L. 101–73, title VII, §§ 701(b)(1), (3)(A), 702(b), Aug. 9, 1989, 103 Stat. 412, 415; Pub. L. 110–289, div. A, title II, § 1204(8), (9), July 30, 2008, 122 Stat. 2786.) Editorial Notes REFERENCES IN TEXT The National Bank Act, referred to in text, is act June 3, 1864, ch. 106, 13 Stat. 99, which is classified prin- cipally to chapter 2 (§ 21 et seq.) of this title. For com- plete classification of this Act to the Code, see Ref- erences in Text note set out under section 38 of this title. The Federal Reserve Act, referred to in text, is act Dec. 23, 1913, ch. 6, 38 Stat. 251, which is classified prin- cipally to chapter 3 (§ 221 et seq.) of this title. For com- plete classification of this Act to the Code, see Ref- erences in Text note set out under section 226 of this title and Tables. AMENDMENTS 2008—Pub. L. 110–289 substituted ‘‘The Director’’ for ‘‘The Board’’ and ‘‘the Director’’ for ‘‘the Board’’ wher- ever appearing. 1989—Pub. L. 101–73, § 702(b), inserted provisions relat- ing to audit or examination by the Comptroller Gen- eral. Pub. L. 101–73, § 701(b)(1), (3)(A), substituted ‘‘Board’’ for ‘‘board’’ wherever appearing. 1954—Act Aug. 2, 1954, struck out second sentence re- lating to annual report of the board to Congress. See section 1437(b) of this title. 1950—Act June 27, 1950, struck out ‘‘twice’’ before ‘‘annually’’. § 1440a. Sharing of information among Federal Home Loan Banks (a) Information on financial condition In order to enable each Federal Home Loan Bank to evaluate the financial condition of one or more of the other Federal Home Loan Banks individually and the Federal Home Loan Bank System (including any risks associated with the issuance or repayment of consolidated Federal Home Loan Bank bonds and debentures or other borrowings and the joint and several liabilities of the Banks incurred due to such borrowings), as well as to comply with any of its obligations under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.), the Director shall make available to the Banks such reports, records, or other information as may be available, relating to the condition of any Federal Home Loan Bank. (b) Sharing of information (1) In general The Director shall promulgate regulations to facilitate the sharing of information made available under subsection (a) directly among the Federal Home Loan Banks. (2) Limitation Notwithstanding paragraph (1), a Federal Home Loan Bank responding to a request from another Bank or from the Director for infor- mation pursuant to this section may request that the Director determine that such infor- mation is proprietary and that the public in- terest requires that such information not be shared. (c) Limitation Nothing in this section shall affect the obliga- tions of any Federal Home Loan Bank under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) or the regulations issued by the Securities and Exchange Commission thereunder. (d) No waiver of privilege The Director shall not be deemed to have waived any privilege applicable to any informa- tion concerning a Federal Home Loan Bank by transferring, or permitting the transfer of, that information to any other Federal Home Loan Bank for the purposes set out in subsection (a). (July 22, 1932, ch. 522, § 20A, as added Pub. L. 110–289, div. A, title II, § 1207, July 30, 2008, 122 Stat. 2787.) Editorial Notes REFERENCES IN TEXT The Securities Exchange Act of 1934, referred to in subsecs. (a) and (c), is act June 6, 1934, ch. 404, 48 Stat. 881, which is classified principally to chapter 2B (§ 78a et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 78a of Title 15 and Tables.