24 CFR 81.93 - Creation of Participant's Security Entitlement; security interests.

§ 81.93 Creation of Participant's Security Entitlement; security interests.
(a) A Participant's Security Entitlement is created when a Federal Reserve Bank indicates by book-entry that a Book-entry GSE Security has been credited to a Participant's Securities Account.
(b) A security interest in a Security Entitlement of a Participant in favor of the United States to secure deposits of public money, including without limitation deposits to the Treasury tax and loan accounts, or other security interest in favor of the United States that is required by Federal statute, regulation, or agreement, and that is marked on the books of a Federal Reserve Bank is thereby effected and perfected, and has priority over any other interest in the securities. Where a security interest in favor of the United States in a Security Entitlement of a Participant is marked on the books of a Federal Reserve Bank, such Reserve Bank may rely, and is protected in relying, exclusively on the order of an authorized representative of the United States directing the transfer of the security. For purposes of this paragraph, an “authorized representative of the United States” is the official designated in the applicable regulations or agreement to which a Federal Reserve Bank is a party, governing the security interest.
(c)
(1) A GSE and the Federal Reserve Banks have no obligation to agree to act on behalf of any Person or to recognize the interest of any transferee of a security interest or other limited interest in favor of any Person except to the extent of any specific requirement of Federal law or regulation or to the extent set forth in any specific agreement with the Federal Reserve Bank on whose books the interest of the Participant is recorded. To the extent required by such law or regulation or set forth in an agreement with a Federal Reserve Bank, or the Federal Reserve Bank Operating Circular, a security interest in a Security Entitlement that is in favor of a Federal Reserve Bank, a GSE, or a Person may be created and perfected by a Federal Reserve Bank marking its books to record the security interest. Except as provided in paragraph (b) of this section, a security interest in a Security Entitlement marked on the books of a Federal Reserve Bank shall have priority over any other interest in the securities.
(2) In addition to the method provided in paragraph (c)(1) of this section, a security interest, including a security interest in favor of a Federal Reserve Bank, may be perfected by any method by which a security interest may be perfected under applicable law as described in § 81.92(b) or (d). The perfection, effect of perfection or non-perfection and priority of a security interest are governed by such applicable law. A security interest in favor of a Federal Reserve Bank shall be treated as a security interest in favor of a clearing corporation in all respects under such law, including with respect to the effect of perfection and priority of such security interest. A Federal Reserve Bank Operating Circular shall be treated as a rule adopted by a clearing corporation for such purposes.
[61 FR 63948, Dec. 2, 1996, as amended at 62 FR 28977, May 29, 1997]

Title 24 published on 2014-04-01

no entries appear in the Federal Register after this date.

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.


United States Code
U.S. Code: Title 12 - BANKS AND BANKING

§ 1451 - Definitions

§ 1452 - Federal Home Loan Mortgage Corporation

§ 1453 - Capitalization of Federal Home Loan Mortgage Corporation

§ 1454 - Purchase and sale of mortgages; residential mortgages; conventional mortgages; terms and conditions of sale or other disposition; authority to enter into, perform, and carry out transactions

§ 1455 - Obligations and securities of the Corporation

§ 1456 - Immunity of Corporation; audits and reporting requirements; data collection; Housing Advisory Council

§ 1457 - Prohibited activities; penalties for violations by organizations, officers and members of organizations, and individuals

§ 1458 - Territorial applicability

§ 1459 - Separability

§ 1716 - Declaration of purposes of subchapter

12 U.S. Code § 1701i, 1701i–1 - Omitted

§ 1716b - Partition of Federal National Mortgage Association into Federal National Mortgage Association and Government National Mortgage Association; assets and liabilities; operations

§ 1717 - Federal National Mortgage Association and Government National Mortgage Association

§ 1717a - Prohibition against sale of obligations by Federal departments and agencies after June 30, 1966, without compliance with requirements of

§ 1718 - Capitalization of Federal National Mortgage Association

§ 1719 - Secondary market operations

§ 1720 - Repealed.

§ 1721 - Management and liquidation functions of Government National Mortgage Association

§ 1722 - Benefits and burdens incident to administration of functions and operations under

§ 1723 - Management

§ 1723a - General powers of Government National Mortgage Association and Federal National Mortgage Association

§ 1723b - Investment of funds

§ 1723c - Obligations, participations, or other instruments as lawful investments; acceptance as security; exempt securities

§ 1723d - Transfer of certain functions to Association

§ 1723e - Repealed.

§ 1723f - Repealed.

§ 1723h - Repealed.

§ 4501 - Congressional findings

§ 4502 - Definitions

§ 4503 - Protection of taxpayers against liability

§ 4511 - Establishment of the Federal Housing Finance Agency

§ 4512 - Director

§ 4513 - Duties and authorities of Director

§ 4513a - Federal Housing Finance Oversight Board

§ 4513b - Prudential management and operations standards

§ 4514 - Authority to require reports by regulated entities

§ 4514a - Study and reports on guarantee fees

§ 4515 - Personnel

§ 4516 - Funding

§ 4517 - Examinations

§ 4518 - Prohibition and withholding of executive compensation

§ 4518a - Limitation on bonuses to executives of Fannie Mae and Freddie Mac

§ 4519 - Authority to provide for review of regulated entities

§ 4520 - Minority and women inclusion; diversity requirements

§ 4521 - Annual reports by Director

§ 4522 - Public disclosure of final orders and agreements

§ 4523 - Limitation on subsequent employment

§ 4524 - Audits by GAO

§ 4525 - Information, records, and meetings

§ 4526 - Regulations and orders

§ 4541 - Prior approval authority for products

§ 4542 - Housing Price Index

§ 4543 - Public access to mortgage information

§ 4544 - Annual housing report

§ 4545 - Fair housing

§ 4546 - Prohibition of public disclosure of proprietary information

§ 4547 - Enterprise guarantee fees

§ 4548 - Repealed.

§ 4561 - Establishment of housing goals

§ 4562 - Single-family housing goals

§ 4563 - Multifamily special affordable housing goal

§ 4564 - Discretionary adjustment of housing goals

§ 4565 - Duty to serve underserved markets and other requirements

§ 4566 - Monitoring and enforcing compliance with housing goals

§ 4567 - Affordable housing allocations

§ 4568 - Housing Trust Fund

§ 4569 - Capital Magnet Fund

§ 4581 - Cease and desist proceedings

§ 4582 - Hearings

§ 4583 - Judicial review

§ 4584 - Enforcement and jurisdiction

§ 4585 - Civil money penalties

§ 4586 - Public disclosure of final orders and agreements

§ 4587 - Notice of service

§ 4588 - Subpoena authority

§ 4589 - Repealed.

§ 4601 - Review of underwriting guidelines

§ 4602 - Studies of effects of privatization of FNMA and FHLMC

§ 4603 - Transition

§ 4611 - Risk-based capital levels for regulated entities

§ 4612 - Minimum capital levels

§ 4613 - Critical capital levels

§ 4614 - Capital classifications

§ 4615 - Supervisory actions applicable to undercapitalized regulated entities

§ 4616 - Supervisory actions applicable to significantly undercapitalized regulated entities

§ 4617 - Authority over critically undercapitalized regulated entities

§ 4618 - Notice of classification and enforcement action

§ 4619 to 4621 - Repealed.

§ 4622 - Capital restoration plans

§ 4623 - Judicial review of Director action

§ 4624 - Reviews of enterprise assets and liabilities

§ 4631 - Cease-and-desist proceedings

§ 4632 - Temporary cease-and-desist orders

§ 4633 - Hearings

§ 4634 - Judicial review

§ 4635 - Enforcement and jurisdiction

§ 4636 - Civil money penalties

§ 4636a - Removal and prohibition authority

§ 4636b - Criminal penalty

§ 4637 - Notice after separation from service

§ 4638 - Private rights of action

§ 4639 - Public disclosure of final orders and agreements

§ 4640 - Notice of service

§ 4641 - Subpoena authority

U.S. Code: Title 28 - JUDICIARY AND JUDICIAL PROCEDURE
U.S. Code: Title 42 - THE PUBLIC HEALTH AND WELFARE