12 U.S.C. § 1441a — Repealed. Pub. L. 111–203, title III,

Page 325 TITLE 12—BANKS AND BANKING § 1441a serve System, and the Director of the Office of Thrift Supervision shall take appropriate actions, including enforcement actions, denial of applications, or imposi- tion of entrance and exit fees as if such transactions qualified as conversion transactions pursuant to sec- tion 5(d) of the Federal Deposit Insurance Act [12 U.S.C. 1815(d)], to prevent insured depository institu- tions and depository institution holding companies from facilitating or encouraging the shifting of depos- its from SAIF-assessable deposits to BIF-assessable de- posits (as defined in section 21(k) of the Federal Home Loan Bank Act [12 U.S.C. 1441(k)]) for the purpose of evading the assessments imposed on insured depository institutions with respect to SAIF-assessable deposits under section 7(b) of the Federal Deposit Insurance Act [12 U.S.C. 1817(b)] and section 21(f)(2) of the Federal Home Loan Bank Act [12 U.S.C. 1441(f)(2)]. ‘‘(2) REGULATIONS.—The Board of Directors of the Federal Deposit Insurance Corporation may issue regu- lations, including regulations defining terms used in paragraph (1), to prevent the shifting of deposits de- scribed in such paragraph. ‘‘(3) RULE OF CONSTRUCTION.—No provision of this sub- section shall be construed as prohibiting conduct or ac- tivity of any insured depository institution which— ‘‘(A) is undertaken in the ordinary course of busi- ness of such depository institution; and ‘‘(B) is not directed towards the depositors of an in- sured depository institution affiliate (as defined in section 2(k) of the Bank Holding Company Act of 1956 [12 U.S.C. 1841(k)]) of such depository institution.’’ STATE COOPERATIVE BANKS DEEMED INSURED INSTITUTIONS UNDER SUBSECTION (f)(4)(F) Pub. L. 100–202, § 101(f) [title III, § 301], Dec. 22, 1987, 101 Stat. 1329–187, 1329–211, provided that any coopera- tive bank established under the law of any State which was directed by the State banking authority to obtain Federal deposit insurance between Jan. 1, 1985, and Jan. 1, 1987, would be deemed to be an insured institution de- scribed in 12 U.S.C. 1441(f)(4)(F). SUNSET AND SAVINGS PROVISION Pub. L. 100–86, title IV, § 416, Aug. 10, 1987, 101 Stat. 623, provided that: ‘‘(a) IN GENERAL.—The following provisions shall cease to be effective on the date that a notice is pub- lished in the Federal Register by the Financing Cor- poration pursuant to subsection (b): ‘‘(1) Paragraphs (2), (3), and (5) of— ‘‘(A) section 9(a) of the Home Owners’ Loan Act of 1933 [12 U.S.C. 1467(a)(2), (3), (5)]; and ‘‘(B) section 415(a) of the National Housing Act [12 U.S.C. 1730h(a)(2), (3), (5)], (as added by subsections (a) and (b), respectively, of section 402 of this title). ‘‘(2) Section 10 of the Home Owners’ Loan Act of 1933 [12 U.S.C. 1467a] and section 416 of the National Housing Act [12 U.S.C. 1730i] (as added by subsections (a) and (b), respectively, of section 404 of this title). ‘‘(3) Paragraph (6) of section 406(f) of the National Housing Act [12 U.S.C. 1729(f)(6)] (as added by section 405 of this title). ‘‘(4) Section 22A of the Federal Home Loan Bank Act [12 U.S.C. 1442a] (as added by section 407(d) of this title). ‘‘(5) Section 411 of this title [12 U.S.C. 1437 note]. ‘‘(b) NOTICE OF COMPLETION OF NET NEW BORROWING BY FINANCING CORPORATION.—When the Financing Cor- poration established pursuant to section 21 of the Fed- eral Home Loan Bank Act [12 U.S.C. 1441] has com- pleted all net new borrowing under such section, the Financing Corporation shall publish a notice of such fact in the Federal Register. [Notice that the Financing Corporation had completed all net new borrowings and would issue no additional obligations after Dec. 12, 1991, was published Mar. 30, 1992, 57 F.R. 10763.] ‘‘(c) SAVINGS PROVISION.—The termination by sub- section (a) of the effectiveness of any provision de- scribed in such subsection shall not be construed to af- fect or limit any authority of the Federal Home Loan Bank Board or the Federal Savings and Loan Insurance Corporation to prescribe any regulation or engage in any activity with respect to any association or insured institution under any other provision of law.’’ § 1441a. Repealed. Pub. L. 111–203, title III, § 364(b), July 21, 2010, 124 Stat. 1555 Section, act July 22, 1932, ch. 522, § 21A, as added Pub. L. 101–73, title V, § 501(a), Aug. 9, 1989, 103 Stat. 363; amended Pub. L. 101–625, title VIII, § 804(d), title IX, § 914(c), Nov. 28, 1990, 104 Stat. 4323, 4395; Pub. L. 101–647, title XXV, §§ 2526(c), 2540, Nov. 29, 1990, 104 Stat. 4876, 4885; Pub. L. 102–18, title I, §§ 101, 102(a), 103(a), 104, 105, title II, §§ 201, 202, title III, § 301, title IV, § 401, Mar. 23, 1991, 105 Stat. 58, 60–63, 65; Pub. L. 102–139, title V, § 523(a), Oct. 28, 1991, 105 Stat. 781; Pub. L. 102–233, title I, §§ 101, 103, 105, 106(a)–(e)(1), title II, § 201, title III, §§ 302(b), (c), 303–312, 314, 316, title IV, §§ 401, 402(a), 403–405, title V, § 501, title VI, §§ 601–611, 613–617, Dec. 12, 1991, 105 Stat. 1761–1765, 1767–1770, 1772–1774, 1776–1789; Pub. L. 102–242, title I, § 141(a)(3), title II, § 251(c)(1), title IV, § 471, Dec. 19, 1991, 105 Stat. 2276, 2333, 2385; Pub. L. 102–378, § 5(e), Oct. 2, 1992, 106 Stat. 1358; Pub. L. 102–550, title V, §§ 503(c)(3), 509(i), title XVI, §§ 1611(a), (d)(1)–(3), 1612, 1613(a)(1)–(6), (8), (b)–(h), 1614(a)(1)–(5), (7), (b), 1615(a)(2), 1616, Oct. 28, 1992, 106 Stat. 3780, 3783, 4090–4096; Pub. L. 103–204, §§ 2–3(b), 4(a), 5(a), (b)(2), 7, 12, 14(a)(1), (c)(2), (d)(1), (e)(1), (f)(1), 15(a), 16(a), 17(a), 21(b), 24, 27(a), 29–31, 36, Dec. 17, 1993, 107 Stat. 2370–2380, 2382, 2383, 2390, 2391, 2395–2400, 2406, 2408, 2410–2413, 2415; Pub. L. 103–211, title IV, § 406, Feb. 12, 1994, 108 Stat. 41; Pub. L. 103–325, title VI, § 602(b), Sept. 23, 1994, 108 Stat. 2291; Pub. L. 103–328, title II, § 201(b), Sept. 29, 1994, 108 Stat. 2368; Pub. L. 104–66, title II, § 2231, Dec. 21, 1995, 109 Stat. 733; Pub. L. 104–208, div. A, title II, § 2704(d)(11)(B)–(D), Sept. 30, 1996, 110 Stat. 3009–489; Pub. L. 105–135, title VI, § 604(b), Dec. 2, 1997, 111 Stat. 2633; Pub. L. 106–400, § 2, Oct. 30, 2000, 114 Stat. 1675; Pub. L. 108–271, § 8(b), July 7, 2004, 118 Stat. 814; Pub. L. 109–171, title II, § 2102(b), Feb. 8, 2006, 120 Stat. 9; Pub. L. 109–173, § 9(d)(3)–(6), Feb. 15, 2006, 119 Stat. 3616, 3617; Pub. L. 110–289, div. A, title II, § 1204(8), (12), July 30, 2008, 122 Stat. 2786, related to establishment of Thrift Depositor Protection Oversight Board and Resolution Trust Corporation. Statutory Notes and Related Subsidiaries CHANGE OF NAME Pub. L. 102–233, title III, § 302(a), Dec. 12, 1991, 105 Stat. 1767, redesignated the Oversight Board, as estab- lished by former subsec. (a)(1) of this section, as the Thrift Depositor Protection Oversight Board. EFFECTIVE DATE OF REPEAL Repeal effective on the transfer date, see section 351 of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 906 of Title 2, The Con- gress. SAVINGS PROVISION Pub. L. 102–233, title III, § 317, Dec. 12, 1991, 105 Stat. 1773, provided that the rights and duties, actions and proceedings, and orders and regulations that had at- tached to the Oversight Board as of Feb. 1, 1992, would not be affected by title III of Pub. L. 102–233 and that the Thrift Depositor Protection Oversight Board would assume the role of the Oversight Board where applica- ble. ABOLITION OF THRIFT DEPOSITOR PROTECTION OVERSIGHT BOARD Pub. L. 105–216, § 14(a)–(d), July 29, 1998, 112 Stat. 908–910, abolished the Thrift Depositor Protection Over- sight Board established under former section 1441a of this title, effective at the end of the 3-month period be- ginning July 29, 1998, provided that, effective July 29, Page 326 TITLE 12—BANKS AND BANKING § 1441a–1 1998, the Chairperson of the Oversight Board (or the designee of the Chairperson) may exercise on behalf of the Oversight Board any power of the Oversight Board necessary to settle and conclude the affairs of the Over- sight Board, included savings provisions, and trans- ferred authority and duties of the Oversight Board under former section 1441a(a)(6)(I) and section 1441b of this title to the Secretary of the Treasury (or the des- ignee of the Secretary). FDIC–RTC TRANSITION TASK FORCE Pub. L. 103–204, § 6, Dec. 17, 1993, 107 Stat. 2382, re- quired the Federal Deposit Insurance Corporation (FDIC) and the Resolution Trust Corporation (RTC) to establish an interagency transition task force to facili- tate the transfer of the assets, personnel, and oper- ations of the RTC to the FDIC or the FSLIC Resolution Fund, as the case may be, in a coordinated manner; prescribed the composition, appointment, and duties of the task force; required the task force to submit cer- tain reports to certain congressional committees; and required the FDIC to submit a follow up report to cer- tain congressional committees. § 1441a–1. Definitions For purposes of section 1441a–2 of this title: (1) State housing finance authority The term ‘‘State housing finance authority’’ means any public agency, authority, or cor- poration which— (A) serves as an instrumentality of any State or any political subdivision of any State; and (B) functions as a source of residential mortgage loan financing in that State. (2) Nonprofit entity The term ‘‘nonprofit entity’’ means any not- for-profit corporation chartered under State law that is exempt from Federal taxation under section 501(c) of title 26 and no part of the net earnings of which inures to the benefit of any member, founder, contributor, or indi- vidual (including any nonprofit entity estab- lished by the corporation established under title IX of the Housing and Urban Develop- ment Act of 1968 [42 U.S.C. 3931 et seq.]). (3) Mortgage-related assets The term ‘‘mortgage-related assets’’ means— (A) residential mortgage loans secured by 1- to 4-family or multifamily dwellings; and (B) real property improved with 1- to 4- family or multifamily residential dwellings, which are located within the jurisdiction of the applicable State housing finance authority or within the geographical area served by the nonprofit entity. (4) Net income The term ‘‘net income’’ means income after deduction of all associated expenses calculated in accordance with generally accepted ac- counting principles. (Pub. L. 101–73, title XIII, § 1301, Aug. 9, 1989, 103 Stat. 547.) Editorial Notes REFERENCES IN TEXT The Housing and Urban Development Act of 1968, re- ferred to in par. (2), is Pub. L. 90–448, Aug. 1, 1968, 82 Stat. 476. Title IX of the Housing and Urban Develop- ment Act of 1968 is classified principally to chapter 49 (§ 3931 et seq.) of Title 42, The Public Health and Wel- fare. For complete classification of this Act to the Code, see Short Title of 1968 Amendment note set out under section 1701 of this title and Tables. CODIFICATION Section was enacted as part of the Financial Institu- tions Reform, Recovery, and Enforcement Act of 1989, and not as part of the Federal Home Loan Bank Act which comprises this chapter. § 1441a–2. Authorization for State housing fi- nance agencies and nonprofit entities to pur- chase mortgage-related assets (a) Authorization Notwithstanding any other provision of Fed- eral or State law, a State housing finance au- thority or nonprofit entity may purchase mort- gage-related assets from the Resolution Trust Corporation or from financial institutions with respect to which the Federal Deposit Insurance Corporation is acting as a conservator or re- ceiver (including assets associated with any trust business), and any contract for such pur- chase shall be effective in accordance with its terms without any further approval, assign- ment, or consent with respect to that contract. (b) Investment requirement Any State housing finance authority or non- profit entity which purchases mortgage-related assets pursuant to subsection (a) shall invest any net income attributable to the ownership of those assets in financing, refinancing, or reha- bilitating low- and moderate-income housing within the jurisdiction of the State housing fi- nance authority or within the geographical area served by the nonprofit entity. (Pub. L. 101–73, title XIII, § 1302, Aug. 9, 1989, 103 Stat. 548.) Editorial Notes CODIFICATION Section was enacted as part of the Financial Institu- tions Reform, Recovery, and Enforcement Act of 1989, and not as part of the Federal Home Loan Bank Act which comprises this chapter. Statutory Notes and Related Subsidiaries DEFINITIONS The definitions in section 1441a–1 of this title apply to this section. § 1441a–3. RTC and FDIC properties (a) Reports (1) Submission The Resolution Trust Corporation and the Federal Deposit Insurance Corporation shall each submit to the Congress for each year a report identifying and describing any property that is covered property of the corporation concerned as of September 30 of such year. The report shall be submitted on or before March 30 of the following year. (2) Consultation In preparing the reports required under this subsection, each corporation concerned may