12 U.S.C. § 1430c — Housing goals

Page 302 TITLE 12—BANKS AND BANKING § 1430c 1 See References in Text note below. title VII, § 701(b)(1), (3)(A), Aug. 9, 1989, 103 Stat. 412; Pub. L. 102–550, title XIII, § 1392(b), Oct. 28, 1992, 106 Stat. 4009; Pub. L. 110–289, div. A, title II, § 1204(8), July 30, 2008, 122 Stat. 2786.) Editorial Notes REFERENCES IN TEXT The National Housing Act, referred to in text, is act June 27, 1934, ch. 847, 48 Stat. 1246. Title II of the Act is classified generally to subchapter II (§ 1707 et seq.) of chapter 13 of this title. For complete classification of this Act to the Code, see section 1701 of this title and Tables. AMENDMENTS 2008—Subsec. (a). Pub. L. 110–289 substituted ‘‘the Di- rector’’ for ‘‘the Board’’. 1992—Pub. L. 102–550 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b). 1989—Pub. L. 101–73 substituted ‘‘Board’’ for ‘‘Federal Home Loan Bank Board’’. § 1430c. Housing goals (a) In general The Director shall establish housing goals with respect to the purchase of mortgages, if any, by the Federal Home Loan Banks. Such goals shall be consistent with the goals estab- lished under sections 4561 through 4564 of this title. (b) Considerations In establishing the goals required by sub- section (a), the Director shall consider the unique mission and ownership structure of the Federal Home Loan Banks. (c) Transition period To facilitate an orderly transition, the Direc- tor shall establish interim target goals for pur- poses of this section for each of the 2 calendar years following July 30, 2008. (d) Monitoring and enforcement of goals The requirements of section 4566 1 of this title, shall apply to this section, in the same manner and to the same extent as that section applies to the Federal housing enterprises. (e) Annual report The Director shall annually report to Congress on the performance of the Banks in meeting the goals established under this section. (July 22, 1932, ch. 522, § 10C, as added Pub. L. 110–289, div. A, title II, § 1205, July 30, 2008, 122 Stat. 2786.) Editorial Notes REFERENCES IN TEXT Section 4566 of this title, referred to in subsec. (d), was in the original ‘‘section 1336 of the Federal Housing Enterprises Safety and Soundness Act of 1992’’, which was translated as meaning section 1336 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, to reflect the probable intent of Congress. § 1431. Powers and duties of banks (a) Borrowing money; issuing bonds and deben- tures; general powers Each Federal Home Loan Bank shall have power, subject to rules and regulations pre- scribed by the Director, to borrow and give secu- rity therefor and to pay interest thereon, to issue debentures, bonds, or other obligations upon such terms and conditions as the Director may approve, and to do all things necessary for carrying out the provisions of this chapter and all things incident thereto. (b) Issuance of consolidated Federal Home Loan Bank debentures; restrictions The Office of Finance, as agent for the Banks, may issue consolidated Federal Home Loan Bank debentures which shall be the joint and several obligations of all Federal Home Loan Banks organized and existing under this chap- ter, in order to provide funds for any such bank or banks, and such debentures shall be issued upon such terms and conditions as such Office may prescribe. No such debentures shall be issued at any time if any of the assets of any Federal Home Loan Bank are pledged to secure any debts or subject to any lien, and neither the Office of Finance nor any Federal Home Loan Bank shall have power to pledge any of the as- sets of any Federal Home Loan Bank, or volun- tarily to permit any lien to attach to the same while any of such debentures so issued are out- standing. The debentures issued under this sec- tion and outstanding shall at no time exceed five times the total paid-in capital of all the Federal Home Loan Banks as of the time of the issue of such debentures. It shall be the duty of the Office of Finance not to issue debentures under this section in excess of the notes or obli- gations of member institutions held and secured under section 1430(a) of this title by all the Fed- eral Home Loan Banks. (c) Issuance of Federal Home Loan Bank bonds At any time that no debentures are out- standing under this chapter, or in order to re- fund all outstanding consolidated debentures issued under this section, the Office of Finance, as agent for the Banks, may issue consolidated Federal Home Loan Bank bonds which shall be the joint and several obligations of all the Fed- eral Home Loan Banks, and shall be secured and be issued upon such terms and conditions as such Office may prescribe. (d) Additional or substituted collateral on adjust- ment of equities The Director shall have full power to require any Federal Home Loan Bank to deposit addi- tional collateral or to make substitutions of col- lateral or to adjust equities between the Federal Home Loan Banks. (e) Acceptance of deposits; restrictions on trans- action of banking business; collection and settlement of checks, drafts, etc.; charges; rules and regulations (1) Each Federal Home Loan Bank shall have power to accept deposits made by members of such bank or by any other Federal Home Loan Bank or other instrumentality of the United States, upon such terms and conditions as the Director may prescribe, but no Federal Home Loan Bank shall transact any banking or other business not incidental to activities authorized by this chapter. (2)(A) The Director may, subject to such rules and regulations, including definitions of terms