12 U.S.C. § 1468b — Powers of examiners

Page 420 TITLE 12—BANKS AND BANKING § 1468a 1 So in original. ‘‘(a) CONSISTENCY OF CERTAIN REGULATIONS WITH SEC- TION 23A OF THE FEDERAL RESERVE ACT [12 U.S.C. 371c].—Not later than 6 months after the date of enact- ment of this Act [Aug. 9, 1989], the Director of the Of- fice of Thrift Supervision shall revise the Director’s conflicts regulations so as not to prohibit a thrift insti- tution from purchasing mortgages from a mortgage- banking affiliate to the same extent as a member bank may do so under section 250.250 of title 12, Code of Fed- eral Regulations. ‘‘(b) TRANSITIONAL PERIOD.—Notwithstanding section 11(a) of the Home Owners’ Loan Act [12 U.S.C. 1468(a)] (as added by section 301 of this Act), a thrift institution that, before May 1, 1989, had received approval from the Federal Savings and Loan Insurance Corporation pur- suant to section 408(d)(6) of the National Housing Act [former 12 U.S.C. 1730a(d)(6)] as then in effect to pur- chase mortgages from a mortgage-banking affiliate may, during the 6-month period following the date on which final regulations are prescribed pursuant to sub- section (a), continue to engage in transactions for which it had received such approval. Any savings asso- ciation that engages in such transactions pursuant to this subsection shall comply with the standards that were applicable under section 408(d)(6) as in effect on May 1, 1989. ‘‘(c) AUTHORITY TO EXTEND REGULATORY APPROVALS THAT WOULD OTHERWISE LAPSE DURING THE TRANSI- TIONAL PERIOD.—The Director of the Office of Thrift Supervision may extend until the expiration of the 6- month period described in subsection (b) any approval granted by the Federal Savings and Loan Insurance Corporation that expires or would expire before the ex- piration of that 6-month period. In determining wheth- er to grant such exemptions, the Director shall apply the standards that were applicable under section 408(d)(6) of the National Housing Act [former 12 U.S.C. 1730a(d)(6)] as in effect on May 1, 1989.’’ § 1468a. Advertising No savings association shall carry on any sale, plan, or practices, or any advertising, in viola- tion of regulations promulgated by a Federal banking agency. (June 13, 1933, ch. 64, § 12, as added Pub. L. 101–73, title III, § 301, Aug. 9, 1989, 103 Stat. 343; amended Pub. L. 111–203, title III, § 369(10), July 21, 2010, 124 Stat. 1565.) Editorial Notes AMENDMENTS 2010—Pub. L. 111–203 substituted ‘‘a Federal banking agency’’ for ‘‘the Director’’. 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. § 1468b. Powers of examiners For the purposes of this chapter, examiners appointed by the a 1 Federal banking agency shall— (1) be subject to the same requirements, re- sponsibilities, and penalties as are applicable to examiners under the Federal Reserve Act [12 U.S.C. 221 et seq.] and title LXII of the Re- vised Statutes; and (2) have, in the exercise of functions under this chapter, the same powers and privileges as are vested in such examiners by law. (June 13, 1933, ch. 64, § 13, as added Pub. L. 101–73, title III, § 301, Aug. 9, 1989, 103 Stat. 343; amended Pub. L. 111–203, title III, § 369(11), July 21, 2010, 124 Stat. 1565.) Editorial Notes REFERENCES IN TEXT The Federal Reserve Act, referred to in par. (1), 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. Title LXII of the Revised Statutes, referred to in par. (1), consists of R.S. §§ 5133 to 5244, which are classified to sections 16, 21, 22 to 24a, 25a, 25b, 26, 27, 29, 35 to 37, 39, 43, 52, 53, 55 to 57, 59 to 62, 66, 71, 72 to 76, 81, 83 to 86, 90, 91, 93, 93a, 94, 141 to 144, 161, 164, 181, 182, 192 to 194, 196, 215c, 481 to 485, 501, 541, 548, and 582 of this title. See, also, sections 8, 333, 334, 475, 656, 709, 1004, and 1005 of Title 18, Crimes and Criminal Procedure. For com- plete classification of R.S. §§ 5133 to 5244 to the Code, see Tables. AMENDMENTS 2010—Pub. L. 111–203 substituted ‘‘a Federal banking agency’’ for ‘‘Director’’ in introductory provisions. 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. § 1468c. Separability If any provision of this chapter, or the applica- tion thereof to any person or circumstances, is held invalid, the remainder of the chapter, and the application of such provision to other per- sons or circumstances, shall not be affected thereby. (June 13, 1933, ch. 64, § 14, as added Pub. L. 101–73, title III, § 301, Aug. 9, 1989, 103 Stat. 343.) § 1469. Authority to invest in State housing cor- porations The Congress finds that Federal savings and loan associations and national banks should have the authority to assist in financing the or- ganization and operation of any State housing corporation established under the laws of the State in which the corporation will carry on its operation. It is the purpose of this section to provide a means whereby private financial insti- tutions can assist in providing housing, particu- larly for families of low- or moderate-income, by purchasing stock of and investing in loans to any such State housing corporation situated in the particular State in which the Federal sav- ings and loan association or national bank in- volved is located. (Pub. L. 93–100, § 5(a), Aug. 16, 1973, 87 Stat. 343.) Editorial Notes REFERENCES IN TEXT This section, referred to in text, means section 5 of Pub. L. 93–100, which enacted this section and section 1470 of this title and amended sections 24 and 1464 of this title.