12 U.S.C. § 1462a — Administrative provisions

Page 356 TITLE 12—BANKS AND BANKING § 1462a (6) State The term ‘‘State’’ has the same meaning as in section 3 of the Federal Deposit Insurance Act [12 U.S.C. 1813]. (7) Affiliate The term ‘‘affiliate’’ means any person that controls, is controlled by, or is under common control with, a savings association, except as provided in section 1467a of this title. (8) Board The term ‘‘Board’’, other than in the context of the Board of Directors of the Corporation, means the Board of Governors of the Federal Reserve System. (9) Comptroller The term ‘‘Comptroller’’ means the Comp- troller of the Currency. (10) Appropriate Federal banking agency The term ‘‘appropriate Federal banking agency’’ has the same meaning as in section 3(q) of the Federal Deposit Insurance Act (12 U.S.C. 1813(q)). (11) Functionally regulated subsidiary The term ‘‘functionally regulated sub- sidiary’’ has the same meaning as in section 5(c)(5) of the Bank Holding Company Act of 1956 (12 U.S.C. 1844(c)(5)). (June 13, 1933, ch. 64, § 2, 48 Stat. 128; June 27, 1934, ch. 847, title V, § 508(a), 48 Stat. 1264; May 28, 1935, ch. 150, § 10, 49 Stat. 296; 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; Pub. L. 95–630, title XII, § 1201, Nov. 10, 1978, 92 Stat. 3710; Pub. L. 97–320, title I, § 114(a), Oct. 15, 1982, 96 Stat. 1475; Pub. L. 101–73, title III, § 301, Aug. 9, 1989, 103 Stat. 277; Pub. L. 111–203, title III, § 369(2), title VI, § 604(h)(1), July 21, 2010, 124 Stat. 1557, 1602.) Editorial Notes AMENDMENTS 2010—Pars. (1) to (9). Pub. L. 111–203, § 369(2), redesig- nated pars. (2) and (4) to (9) as (1) and (2) to (7), respec- tively, added pars. (8) and (9), and struck out former pars. (1) and (3) which read as follows: ‘‘(1) DIRECTOR.—The term ‘Director’ means the Direc- tor of the Office of Thrift Supervision. ‘‘(3) OFFICE.—The term ‘Office’ means the Office of Thrift Supervision.’’ Pars. (10), (11). Pub. L. 111–203, § 604(h)(1), added pars. (10) and (11). 1989—Pub. L. 101–73 amended section generally, sub- stituting definition of ‘‘Director’’, ‘‘Corporation’’, ‘‘Of- fice’’, ‘‘savings association’’, ‘‘Federal savings associa- tion’’, ‘‘national bank’’, ‘‘Federal banking agencies’’, ‘‘State’’, and ‘‘affiliate’’, designated as pars. (1) to (9), for definition of ‘‘Board’’, ‘‘Corporation’’, ‘‘home mort- gage’’, ‘‘first mortgage’’, and ‘‘association’’, designated as subsecs. (a) to (d). 1982—Subsec. (d). Pub. L. 97–320 substituted reference to Federal savings bank or Federal savings banks for reference to Federal mutual savings bank wherever ap- pearing. 1978—Subsec. (d). Pub. L. 95–630 included a Federal mutual savings bank chartered by the Board within definition of ‘‘association’’, and inserted provisions that a reference to a Federal savings and loan associa- tion shall be deemed also a reference to a Federal mu- tual savings bank. 1935—Subsec. (c). Act May 28, 1935, inserted ‘‘or dwell- ings’’ and ‘‘in whole or in part’’ in cl. (2). 1934—Subsec. (c). Act June 27, 1934, substituted ‘‘(1) under a lease for not less than ninety-nine years which is renewable, or (2) under a lease having a period of not less than fifty years to run from the date the mortgage was executed’’ for ‘‘under a lease renewable for not less than ninety nine years’’. 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. EFFECTIVE DATE OF 2010 AMENDMENT Amendment by section 369(2) of Pub. L. 111–203 effec- tive on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress. Pub. L. 111–203, title VI, § 604(j), July 21, 2010, 124 Stat. 1604, provided that: ‘‘The amendments made by this section [amending this section and sections 1467a, 1828, and 1842 to 1844 of this title and repealing section 1848a of this title] shall take effect on the transfer date.’’ [For definition of ‘‘transfer date’’ as used in section 604(j) of Pub. L. 111–203, set out above, see section 5411 of this title.] EFFECTIVE DATE OF 1978 AMENDMENT Amendment effective upon expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630 set out as an Effective Date note under section 375b of this title. Executive Documents TRANSFER OF FUNCTIONS Reorg. Plan No. 3 of 1947, set out in the Appendix to Title 5, Government Organization and Employees, abol- ished Federal Home Loan Bank Board and transferred its functions to Home Loan Bank Board created by the Plan. § 1462a. Administrative provisions (a) Powers In accordance with subtitle A of title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the appropriate Federal banking agency shall have all powers which— (1) were vested in the Federal Home Loan Bank Board (in the Board’s capacity as such) or the Chairman of such Board on the day be- fore the date of the enactment of the Finan- cial Institutions Reform, Recovery, and En- forcement Act of 1989 [Aug. 9, 1989]; and (2) were not— (A) transferred to the Federal Deposit In- surance Corporation, the Federal Housing Finance Board, the Resolution Trust Cor- poration, or the Federal Home Loan Mort- gage Corporation pursuant to any amend- ment made by such Act; or (B) established under any provision of law repealed by such Act. (b) State homestead provisions No provision of this chapter or any other pro- vision of law administered by the appropriate Federal banking agency shall be construed as superseding any homestead provision of any Page 357 TITLE 12—BANKS AND BANKING § 1463 State constitution, including any implementing State statute, in effect on September 29, 1994, or any subsequent amendment to such a State con- stitutional or statutory provision in effect on September 29, 1994, that exempts the homestead of any person from foreclosure, or forced sale, for the payment of all debts, other than a pur- chase money obligation relating to the home- stead, taxes due on the homestead, or an obliga- tion arising from work and material used in con- structing improvements on the homestead. (June 13, 1933, ch. 64, § 3, as added Pub. L. 101–73, title III, § 301, Aug. 9, 1989, 103 Stat. 278; amended Pub. L. 103–325, title III, § 331(c), Sept. 23, 1994, 108 Stat. 2232; Pub. L. 103–328, title I, § 102(b)(5), Sept. 29, 1994, 108 Stat. 2352; Pub. L. 109–351, title VII, § 712, Oct. 13, 2006, 120 Stat. 1994; Pub. L. 111–203, title III, § 369(3), July 21, 2010, 124 Stat. 1558.) Editorial Notes REFERENCES IN TEXT The Dodd-Frank Wall Street Reform and Consumer Protection Act, referred to in subsec. (a), is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376. Subtitle A (§§ 311–319) of title III of the Act enacted part A (§ 5411 et seq.) of subchapter III of chapter 53 and sections 4b and 16 of this title, amended sections 1, 11, 248, 481, 482, 1813, and 1820 of this title and section 3502 of Title 44, Public Printing and Documents, and enacted provisions set out as notes under sections 1 and 16 of this title. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of this title and Tables. The Financial Institutions Reform, Recovery, and Enforcement Act of 1989, referred to in subsec. (a), is Pub. L. 101–73, Aug. 9, 1989, 103 Stat. 183. For complete classification of this Act to the Code, see Tables. PRIOR PROVISIONS A prior section 3 of act June 13, 1933, amended section 1424 of this title prior to the general revision of this chapter by Pub. L. 101–73, § 301. AMENDMENTS 2010—Pub. L. 111–203, § 369(3)(A), inserted section catchline and struck out former section catchline ‘‘Di- rector of the Office of Thrift Supervision’’. Pub. L. 111–203, § 369(3)(B), (C), redesignated subsecs. (e) and (f) as (a) and (b), respectively, and struck out former subsecs. (a) to (d), which related to establish- ment of the Office of Thrift Supervision, position, ap- pointment and term of Director, and prohibition on fi- nancial interests by Director; and subsecs. (g) to (j), which related to annual report requirement, staff, fund- ing through assessments, and GAO audits. Subsec. (a). Pub. L. 111–203, § 369(3)(D), struck out ‘‘of the Director’’ after ‘‘Powers’’ in heading and sub- stituted ‘‘In accordance with subtitle A of title III of the Dodd-Frank Wall Street Reform and Consumer Pro- tection Act, the appropriate Federal banking agency’’ for ‘‘The Director’’ in introductory provisions. Subsec. (b). Pub. L. 111–203, § 369(3)(E), substituted ‘‘appropriate Federal banking agency’’ for ‘‘Director’’. 2006—Subsec. (c)(3). Pub. L. 109–351, § 712(b), des- ignated existing provisions as subpar. (A), inserted sub- par. heading, and added subpar. (B). Subsec. (c)(5). Pub. L. 109–351, § 712(a), amended head- ing and text of par. (5) generally. Prior to amendment, text read as follows: ‘‘Notwithstanding paragraphs (1) and (2), the Chairman of the Federal Home Loan Bank Board on the date of enactment of the Financial Insti- tutions Reform, Recovery, and Enforcement Act of 1989, shall be the Director until the date on which that individual’s term as Chairman of the Federal Home Loan Bank Board would have expired.’’ 1994—Subsec. (b)(3). Pub. L. 103–325, § 331(c)(1), sub- stituted ‘‘(including agency enforcement actions) un- less otherwise specifically provided by law’’ for ‘‘unless otherwise provided by law’’. Subsec. (b)(4). Pub. L. 103–325, § 331(c)(2), added par. (4). Subsecs. (f) to (j). Pub. L. 103–328 added subsec. (f) and redesignated former subsecs. (f) to (i) as (g) to (j), re- spectively. 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. Executive Documents DELEGATION OF AUTHORITY TO RATIFY OFFICE OF THRIFT SUPERVISION ACTIONS Memorandum of the President of the United States, Apr. 18, 1990, 55 F.R. 15207, provided: Memorandum for the Director of the Office of Thrift Supervision By the authority vested in me as President of the United States by the Constitution and laws of the United States, including section 301 of title 3 of the United States Code, I hereby delegate to the Director of the Office of Thrift Supervision my authority to ratify actions taken on behalf of, or in the name of, the Office of Thrift Supervision or its Director before April 9, 1990. This memorandum shall be published in the Federal Register. GEORGE BUSH. § 1463. Supervision of savings associations (a) Savings associations (1) Examination and safe and sound operation (A) Federal savings associations The Comptroller shall provide for the ex- amination and safe and sound operation of Federal savings associations. (B) State savings associations The Corporation shall provide for the ex- amination and safe and sound operation of State savings associations. (2) Regulations for savings associations The Comptroller may prescribe regulations with respect to savings associations, as the Comptroller determines to be appropriate to carry out the purposes of this chapter. (3) Safe and sound housing credit to be encour- aged The Comptroller and the Corporation shall exercise all powers granted to the Comptroller and the Corporation under this chapter so as to encourage savings associations to provide credit for housing safely and soundly. (b) Accounting and disclosure (1) In general The Comptroller shall, by regulation, pre- scribe uniform accounting and disclosure standards for savings associations, to be used in determining savings associations’ compli- ance with all applicable regulations. (2) Specific requirements for accounting stand- ards Subject to section 1464(t) of this title, the uniform accounting standards prescribed under paragraph (1) shall—