12 U.S.C. § 1831b — Disclosures with respect to certain fed-

Page 1142 TITLE 12—BANKS AND BANKING § 1831b 1 See References in Text note below. stitution is a savings association on that date, see sec- tion 2704(c) of Pub. L. 104–208, formerly set out as a note under section 1821 of this title. EFFECTIVE DATE OF 1992 AMENDMENT Amendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improve- ment Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, see section 1609(a) of Pub. L. 102–550, set out as a note under section 191 of this title. RIGHT OF STATE TO OPT OUT Pub. L. 105–24, § 3, July 3, 1997, 111 Stat. 239, provided that: ‘‘Nothing in this Act [amending this section and section 36 of this title and enacting provisions set out as a note under section 1811 of this title] alters the right of States under section 525 of Public Law 96–221 [12 U.S.C. 1785 note].’’ § 1831b. Disclosures with respect to certain fed- erally related mortgage loans (a) Identity of beneficiary interest as condition for a loan; report to Corporation No insured depository institution, insured branch of a foreign bank, or mutual savings or cooperative bank which is not an insured deposi- tory institution, shall make any federally re- lated mortgage loan to any agent, trustee, nominee, or other person acting in a fiduciary capacity without the prior condition that the identity of the person receiving the beneficial interest of such loan shall at all times be re- vealed to the insured depository institution, in- sured branch, or bank. At the request of the Cor- poration, the insured depository institution, in- sured branch, or bank shall report to the Cor- poration on the identity of such person and the nature and amount of the loan, discount, or other extension of credit. (b) Enforcement; bank status In addition to other available remedies, this section may be enforced with respect to mutual savings and cooperative banks which are not in- sured depository institutions in accordance with section 1818 of this title, and for such purpose such mutual savings and cooperative banks shall be held and considered to be State non- member insured banks and the appropriate Fed- eral agency with respect to such mutual savings and cooperative banks shall be the Federal De- posit Insurance Corporation. (Sept. 21, 1950, ch. 967, § 2[25], as added Pub. L. 93–533, § 11(a), Dec. 22, 1974, 88 Stat. 1729; amend- ed Pub. L. 95–369, § 6(c)(30), Sept. 17, 1978, 92 Stat. 620; Pub. L. 101–73, title II, § 201(a), Aug. 9, 1989, 103 Stat. 187; Pub. L. 103–325, title VI, § 602(a)(55), Sept. 23, 1994, 108 Stat. 2290.) Editorial Notes AMENDMENTS 1994—Subsec. (a). Pub. L. 103–325 substituted ‘‘the in- sured depository institution, insured branch, or bank’’ for ‘‘the bank’’ in two places. 1989—Pub. L. 101–73 substituted references to insured depository institutions for references to insured banks wherever appearing in this section. 1978—Subsec. (a). Pub. L. 95–369 inserted ‘‘insured branch of a foreign bank’’ after ‘‘No insured bank’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective 180 days after Dec. 22, 1974, see sec- tion 20 of Pub. L. 93–533, set out as a note under section 2601 of this title. EXEMPTIONS; REGULATIONS Pub. L. 93–533, § 11(c), Dec. 22, 1974, 88 Stat. 1729, pro- vided that: ‘‘The Federal Deposit Insurance Corpora- tion or the Federal Home Loan Bank Board as appro- priate may by regulation exempt classes or types of transactions from the provisions added by this section [enacting this section and section 1730f of this title] if the Corporation or the Board determines that the pur- poses of such provisions would not be advanced materi- ally by their application to such transactions.’’ § 1831c. Assuring consistent oversight of subsidi- aries of holding companies (a) Definitions For purposes of this section: (1) Board The term ‘‘Board’’ means the Board of Gov- ernors of the Federal Reserve System. (2) Functionally regulated subsidiary The term ‘‘functionally regulated sub- sidiary’’ has the same meaning as in section 1844(c)(5) 1 of this title. (3) Lead insured depository institution The term ‘‘lead insured depository institu- tion’’ has the same meaning as in section 1841(o)(8) 1 of this title. (b) Examination requirements Subject to subtitle B of the Consumer Finan- cial Protection Act of 2010 [12 U.S.C. 5511 et seq.], the Board shall examine the activities of a nondepository institution subsidiary (other than a functionally regulated subsidiary or a sub- sidiary of a depository institution) of a deposi- tory institution holding company that are per- missible for the insured depository institution subsidiaries of the depository institution hold- ing company in the same manner, subject to the same standards, and with the same frequency as would be required if such activities were con- ducted in the lead insured depository institution of the depository institution holding company. (c) State coordination (1) Consultation and coordination If a nondepository institution subsidiary is supervised by a State bank supervisor or other State regulatory authority, the Board, in con- ducting the examinations required in sub- section (b), shall consult and coordinate with such State regulator. (2) Alternating examinations permitted The examinations required under subsection (b) may be conducted in joint or alternating manner with a State regulator, if the Board determines that an examination of a non- depository institution subsidiary conducted by the State carries out the purposes of this sec- tion.