12 U.S.C. § 1831cc — Data standards

Page 1200 TITLE 12—BANKS AND BANKING § 1831cc sign a heightened risk weight to a high vola- tility commercial real estate (HVCRE) exposure (as such term is defined under section 324.2 of title 12, Code of Federal Regulations, as of Octo- ber 11, 2017, or if a successor regulation is in ef- fect as of May 24, 2018, such term or any suc- cessor term contained in such successor regula- tion) under any risk-based capital requirement if such exposure is an HVCRE ADC loan. (b) HVCRE ADC loan defined For purposes of this section and with respect to a depository institution, the term ‘‘HVCRE ADC loan’’— (1) means a credit facility secured by land or improved real property that, prior to being re- classified by the depository institution as a non-HVCRE ADC loan pursuant to subsection (d)— (A) primarily finances, has financed, or re- finances the acquisition, development, or construction of real property; (B) has the purpose of providing financing to acquire, develop, or improve such real property into income-producing real prop- erty; and (C) is dependent upon future income or sales proceeds from, or refinancing of, such real property for the repayment of such credit facility; (2) does not include a credit facility financ- ing— (A) the acquisition, development, or con- struction of properties that are— (i) one- to four-family residential prop- erties; (ii) real property that would qualify as an investment in community development; or (iii) agricultural land; (B) the acquisition or refinance of existing income-producing real property secured by a mortgage on such property, if the cash flow being generated by the real property is suffi- cient to support the debt service and ex- penses of the real property, in accordance with the institution’s applicable loan under- writing criteria for permanent financings; (C) improvements to existing income-pro- ducing improved real property secured by a mortgage on such property, if the cash flow being generated by the real property is suffi- cient to support the debt service and ex- penses of the real property, in accordance with the institution’s applicable loan under- writing criteria for permanent financings; or (D) commercial real property projects in which— (i) the loan-to-value ratio is less than or equal to the applicable maximum super- visory loan-to-value ratio as determined by the appropriate Federal banking agen- cy; (ii) the borrower has contributed capital of at least 15 percent of the real property’s appraised, ‘‘as completed’’ value to the project in the form of— (I) cash; (II) unencumbered readily marketable assets; (III) paid development expenses out-of- pocket; or (IV) contributed real property or im- provements; and (iii) the borrower contributed the min- imum amount of capital described under clause (ii) before the depository institu- tion advances funds (other than the ad- vance of a nominal sum made in order to secure the depository institution’s lien against the real property) under the credit facility, and such minimum amount of capital contributed by the borrower is con- tractually required to remain in the project until the credit facility has been reclassified by the depository institution as a non-HVCRE ADC loan under sub- section (d); (3) does not include any loan made prior to January 1, 2015; and (4) does not include a credit facility reclassi- fied as a non-HVCRE ADC loan under sub- section (d). (c) Value of contributed real property For purposes of this section, the value of any real property contributed by a borrower as a capital contribution shall be the appraised value of the property as determined under standards prescribed pursuant to section 3339 of this title, in connection with the extension of the credit facility or loan to such borrower. (d) Reclassification as a Non-HVRCE ADC loan For purposes of this section and with respect to a credit facility and a depository institution, upon— (1) the substantial completion of the devel- opment or construction of the real property being financed by the credit facility; and (2) cash flow being generated by the real property being sufficient to support the debt service and expenses of the real property, in accordance with the institution’s applicable loan underwriting criteria for permanent financings, the credit facility may be reclassi- fied by the depository institution as a Non- HVCRE ADC loan. (e) Existing authorities Nothing in this section shall limit the super- visory, regulatory, or enforcement authority of an appropriate Federal banking agency to fur- ther the safe and sound operation of an institu- tion under the supervision of the appropriate Federal banking agency. (Sept. 21, 1950, ch. 967, § 2[51], as added Pub. L. 115–174, title II, § 214, May 24, 2018, 132 Stat. 1321.) § 1831cc. Data standards (a) Definition In this section, the term ‘‘financial company’’ has the meaning given the term in section 201(a) of the Dodd-Frank Wall Street Reform and Con- sumer Protection Act (12 U.S.C. 5381(a)). (b) Requirement The Corporation shall, by rule, adopt data standards for all collections of information with respect to information received by the Corpora- Page 1201 TITLE 12—BANKS AND BANKING § 1832 tion from any depository institution or financial company under this chapter or under title II of the Dodd-Frank Wall Street Reform and Con- sumer Protection Act (12 U.S.C. 5381 et seq.). (c) Consistency The data standards required under subsection (b) shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under section 5334 of this title, including, to the extent practicable, by having the characteristics described in clauses (i) through (vi) of sub- section (c)(1)(B) of such section 5334. (Sept. 21, 1950, ch. 967, § 2[52], as added Pub. L. 117–263, div. E, title LVIII, § 5831, Dec. 23, 2022, 136 Stat. 3430.) Editorial Notes REFERENCES IN TEXT The Dodd-Frank Wall Street Reform and Consumer Protection Act, referred to in subsec. (b), is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376. Title II of the Act is classified principally to subchapter II (§ 5381 et seq.) of chapter 53 of this title. For complete classification of the Act to the Code, see Short Title note set out under section 5301 of this title and Tables. Statutory Notes and Related Subsidiaries RULEMAKING Pub. L. 117–263, div. E, title LVIII, § 5833, Dec. 23, 2022, 136 Stat. 3431, provided that: ‘‘(a) IN GENERAL.—The Federal Deposit Insurance Corporation shall issue rules to carry out the amend- ments made by this subtitle [subtitle C (§§ 5831–5834) of title LVIII of div. E of Pub. L. 117–263, enacting this section and section 1831dd of this title], which shall take effect not later than 2 years after the date on which final rules are promulgated under section 124(b)(2) of the Financial Stability Act of 2010 [12 U.S.C. 5334(b)(2)], as added by section 5811(a) of this title. ‘‘(b) SCALING OF REGULATORY REQUIREMENTS; MINI- MIZING DISRUPTION.—In issuing the rules required under subsection (a), the Federal Deposit Insurance Corpora- tion— ‘‘(1) may scale data reporting requirements in order to reduce any unjustified burden on smaller regulated entities; and ‘‘(2) shall seek to minimize disruptive changes to the persons affected by those regulations.’’ RULE OF CONSTRUCTION REGARDING NO NEW DISCLOSURE REQUIREMENTS Pub. L. 117–263, div. E, title LVIII, § 5834, Dec. 23, 2022, 136 Stat. 3431, provided that: ‘‘Nothing in this title [probably means ‘‘this subtitle’’, subtitle C (§§ 5831–5834) of title LVIII of div. E of Pub. L. 117–263, enacting this section, section 1831dd of this title, and provisions set out as a note under this section], or the amendments made by this title, shall be construed to require the Federal Deposit Insurance Corporation to collect or make publicly available additional information under the Acts amended by this title (or under any provision of law referenced in an amendment made by this title), beyond information that was collected or made pub- licly available under any such provision, as of the day before the date of enactment of this Act [Dec. 23, 2022].’’ § 1831dd. Open data publication All public data assets published by the Cor- poration under this chapter or under the Dodd- Frank Wall Street Reform and Consumer Pro- tection Act (Public Law 111–203; 124 Stat. 1376) shall be— (1) made available as an open Government data asset (as defined in section 3502 of title 44); (2) freely available for download; (3) rendered in a human-readable format; and (4) accessible via application programming interface where appropriate. (Sept. 21, 1950, ch. 967, § 2[53], as added Pub. L. 117–263, div. E, title LVIII, § 5832, Dec. 23, 2022, 136 Stat. 3431.) Editorial Notes REFERENCES IN TEXT The Dodd-Frank Wall Street Reform and Consumer Protection Act, referred to in text, is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376, which enacted chapter 53 (§ 5301 et seq.) of this title and chapters 108 (§ 8201 et seq.) and 109 (§ 8301 et seq.) of Title 15, Commerce and Trade, and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of this title and Tables. Statutory Notes and Related Subsidiaries RULE OF CONSTRUCTION REGARDING NO NEW DISCLOSURE REQUIREMENTS Enactment of section not to be construed to require certain additional information to be collected or dis- closed, see section 5834 of Pub. L. 117–263, set out as a note under section 1831cc of this title. § 1832. Withdrawals by negotiable or transferable instruments for transfers to third parties (a) Authority of depository institution; applica- bility (1) Notwithstanding any other provision of law but subject to paragraph (2), a depository insti- tution is authorized to permit the owner of a de- posit or account on which interest or dividends are paid to make withdrawals by negotiable or transferable instruments for the purpose of making transfers to third parties. (2) Paragraph (1) shall apply only with respect to deposits or accounts which consist solely of funds in which the entire beneficial interest is held by one or more individuals or by an organi- zation which is operated primarily for religious, philanthropic, charitable, educational, political, or other similar purposes and which is not oper- ated for profit, and with respect to deposits of public funds by an officer, employee, or agent of the United States, any State, county, munici- pality, or political subdivision thereof, the Dis- trict of Columbia, the Commonwealth of Puerto Rico, American Samoa, Guam, any territory or possession of the United States, or any political subdivision thereof. (b) ‘‘Depository institution’’ defined For purposes of this section, the term ‘‘deposi- tory institution’’ means— (1) any insured bank as defined in section 1813 of this title; (2) any State bank as defined in section 1813 of this title; (3) any mutual savings bank as defined in section 1813 of this title;