12 U.S. Code § 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 examination and safe and sound operation of Federal savings associations.
(B) State savings associations
The Corporation shall provide for the examination 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 encouraged
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, prescribe uniform accounting and disclosure standards for savings associations, to be used in determining savings associations’ compliance with all applicable regulations.
(2) Specific requirements for accounting standards
Subject to section 1464 (t) of this title, the uniform accounting standards prescribed under paragraph (1) shall—
(A) incorporate generally accepted accounting principles to the same degree that such principles are used to determine compliance with regulations prescribed by the Federal banking agencies; and
(B) allow for no deviation from full compliance with such standards as are in effect after December 31, 1993.
(3) Authority to prescribe more stringent accounting standards
The Comptroller may at any time prescribe accounting standards more stringent than required under paragraph (2) if the Comptroller determines that the more stringent standards are necessary to ensure the safe and sound operation of savings associations.
(c) Stringency of standards
The regulations of the Comptroller and the policies of the Comptroller and the Corporation governing the safe and sound operation of savings associations, including regulations and policies governing asset classification and appraisals, shall be no less stringent than those established by the Comptroller for national banks.
(d) Investment of certain funds in accounts of savings associations
The savings accounts and share accounts of savings associations insured by the Corporation shall be lawful investments and may be accepted as security for all public funds of the United States, fiduciary and trust funds under the authority or control of the United States or any officer thereof, and for the funds of all corporations organized under the laws of the United States (subject to any regulatory authority otherwise applicable), regardless of any limitation of law upon the investment of any such funds or upon the acceptance of security for the investment or deposit of any of such funds.
(e) Participation by savings associations in lotteries and related activities
(1) Participation prohibited
No savings association may—
(A) deal in lottery tickets;
(B) deal in bets used as a means or substitute for participation in a lottery;
(C) announce, advertise, or publicize the existence of any lottery; or
(D) announce, advertise, or publicize the existence or identity of any participant or winner, as such, in a lottery.
(2) Use of facilities prohibited
No savings association may permit—
(A) the use of any part of any of its own offices by any person for any purpose forbidden to the institution under paragraph (1); or
(B) direct access by the public from any of its own offices to any premises used by any person for any purpose forbidden to the institution under paragraph (1).
(3) Definitions
For purposes of this subsection—
(A) Deal in
The term “deal in” includes making, taking, buying, selling, redeeming, or collecting.
(B) Lottery
The term “lottery” includes any arrangement under which—
(i) 3 or more persons (hereafter in this subparagraph referred to as the “participants”) advance money or credit to another in exchange for the possibility or expectation that 1 or more but not all of the participants (hereafter in this paragraph referred to as the “winners”) will receive by reason of those participants’ advances more than the amounts those participants have advanced; and
(ii) the identity of the winners is determined by any means which includes—
(I) a random selection;
(II) a game, race, or contest; or
(III) any record or tabulation of the result of 1 or more events in which any participant has no interest except for the bearing that event has on the possibility that the participant may become a winner.
(C) Lottery ticket
The term “lottery ticket” includes any right, privilege, or possibility (and any ticket, receipt, record, or other evidence of any such right, privilege, or possibility) of becoming a winner in a lottery.
(4) Exception for State lotteries
Paragraphs (1) and (2) shall not apply with respect to any savings association accepting funds from, or performing any lawful services for, any State operating a lottery, or any officer or employee of such a State who is charged with administering the lottery.
(5) Regulations
The Comptroller shall prescribe such regulations as may be necessary to provide for enforcement of this subsection and to prevent any evasion of any provision of this subsection.
(f) Federally related mortgage loan disclosures
A savings association may not make a federally related mortgage loan to an agent, trustee, nominee, or other person acting in a fiduciary capacity without requiring that the identity of the person receiving the beneficial interest of such loan shall at all times be revealed to the savings association. At the request of the appropriate Federal banking agency, the savings association shall report to the appropriate Federal banking agency the identity of such person and the nature and amount of the loan.
(g) Preemption of State usury laws
(1) Notwithstanding any State law, a savings association may charge interest on any extension of credit at a rate of not more than 1 percent in excess of the discount rate on 90-day commercial paper in effect at the Federal Reserve bank in the Federal Reserve district in which such savings association is located or at the rate allowed by the laws of the State in which such savings association is located, whichever is greater.
(2) If the rate prescribed in paragraph (1) exceeds the rate such savings association would be permitted to charge in the absence of this subsection, the receiving or charging a greater rate of interest than that prescribed by paragraph (1), when knowingly done, shall be deemed a forfeiture of the entire interest which the extension of credit carries with it, or which has been agreed to be paid thereon. If such greater rate of interest has been paid, the person who paid it may recover, in a civil action commenced in a court of appropriate jurisdiction not later than 2 years after the date of such payment, an amount equal to twice the amount of the interest paid from the savings association taking or receiving such interest.
(h) Form and maturity of securities
No savings association shall—
(1) issue securities which guarantee a definite maturity except with the specific approval of the appropriate Federal banking agency, or
(2) issue any securities the form of which has not been approved by the appropriate Federal banking agency.

Source

(June 13, 1933, ch. 64, § 4, as added Pub. L. 101–73, title III, § 301,Aug. 9, 1989, 103 Stat. 280; amended Pub. L. 111–203, title III, § 369(4),July 21, 2010, 124 Stat. 1558.)
Prior Provisions

A prior section 1463, acts June 13, 1933, ch. 64, § 4,48 Stat. 129; Apr. 27, 1934, ch. 168, §§ 1(a), 2–4, 13,48 Stat. 643–645, 647; June 27, 1934, ch. 847, title V, §§ 506, 508(b),48 Stat. 1263, 1264; May 28, 1935, ch. 150, §§ 10–17(a),49 Stat. 296, 297; Aug. 11, 1939, ch. 684, 53 Stat. 1403; Oct. 24, 1942, ch. 621, 56 Stat. 986; June 30, 1947, ch. 166, title II, § 206(f),61 Stat. 206, related to creation of Home Owners’ Loan Corporation, for appointment and compensation of its board of directors, for appointment and compensation of its employees, and for other powers, prior to repeal by Pub. L. 89–554, § 8(a),Sept. 6, 1966, 80 Stat. 648.
A prior section 1463a, act Apr. 27, 1934, ch. 168, § 1(b),48 Stat. 644, provided that amendments made to subsec. (c) of former section 1463 of this title, except with respect to refunding, by act Apr. 27, 1934, should not apply to any bonds prior to Apr. 27, 1934, issued under subsec. (c), or to any bonds thereafter issued in compliance with commitments of the Corporation outstanding on Apr. 27, 1934.
A prior section 1463b, act Apr. 27, 1934, ch. 168, § 9,48 Stat. 646, related to purchase of obligations of, and loans to, Federal Home Loan Banks, prior to repeal by act May 28, 1935, ch. 150, § 17(b),49 Stat. 297.
Amendments

2010—Subsec. (a). Pub. L. 111–203, § 369(4)(A)(i), struck out “Federal” before “savings” in heading.
Subsec. (a)(1), (2). Pub. L. 111–203, § 369(4)(A)(ii), added pars. (1) and (2) and struck out former pars. (1) and (2) which read as follows:
“(1) In general.—The Director shall provide for the examination, safe and sound operation, and regulation of savings associations.
“(2) Regulations.—The Director may issue such regulations as the Director determines to be appropriate to carry out the responsibilities of the Director or the Office.”
Subsec. (a)(3). Pub. L. 111–203, § 369(4)(A)(iii), substituted “Comptroller and the Corporation” for “Director” in two places.
Subsec. (b). Pub. L. 111–203, § 369(4)(B)(ii), substituted “Comptroller” for “Director” wherever appearing.
Subsec. (b)(2). Pub. L. 111–203, § 369(4)(B)(i), inserted “and” at end of subpar. (A), substituted a period for “; and” at end of subpar. (B), and struck out subpar. (C) which read as follows: “prior to January 1, 1994, require full compliance by savings associations with accounting standards in effect at any time before such date not later than provided under the schedule in section 563.23–3 of title 12, Code of Federal Regulations (as in effect on May 1, 1989).”
Subsec. (c). Pub. L. 111–203, § 369(4)(C), substituted “The regulations of the Comptroller and the policies of the Comptroller and the Corporation” for “All regulations and policies of the Director” and struck out “of the Currency” before “for national”.
Subsec. (e)(5). Pub. L. 111–203, § 369(4)(D), substituted “Comptroller” for “Director”.
Subsecs. (f), (h). Pub. L. 111–203, § 369(4)(E), (F), substituted “appropriate Federal banking agency” for “Director” in two places.
Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203effective on the transfer date, see section 351 ofPub. L. 111–203, set out as a note under section 906 of Title 2, The Congress.
Preserving Minority Ownership of Minority Financial Institutions

Pub. L. 101–73, title III, § 308,Aug. 9, 1989, 103 Stat. 353, as amended by Pub. L. 111–203, title III, § 367(4),July 21, 2010, 124 Stat. 1556, provided that:
“(a) Consultation on Methods.—The Secretary of the Treasury shall consult with the Chairman of the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Chairman of the National Credit Union Administration, and the Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation on methods for best achieving the following goals:
“(1) Preserving the present number of minority depository institutions.
“(2) Preserving their minority character in cases involving mergers or acquisition of a minority depository institution by using general preference guidelines in the following order:
“(A) Same type of minority depository institution in the same city.
“(B) Same type of minority depository institution in the same State.
“(C) Same type of minority depository institution nationwide.
“(D) Any type of minority depository institution in the same city.
“(E) Any type of minority depository institution in the same State.
“(F) Any type of minority depository institution nationwide.
“(G) Any other bidders.
“(3) Providing technical assistance to prevent insolvency of institutions not now insolvent.
“(4) Promoting and encouraging creation of new minority depository institutions.
“(5) Providing for training, technical assistance, and educational programs.
“(b) Definitions.—For purposes of this section—
“(1) Minority financial institution.—The term ‘minority depository institution’ means any depository institution that—
“(A) if a privately owned institution, 51 percent is owned by one or more socially and economically disadvantaged individuals;
“(B) if publicly owned, 51 percent of the stock is owned by one or more socially and economically disadvantaged individuals; and
“(C) in the case of a mutual institution where the majority of the Board of Directors, account holders, and the community which it services is predominantly minority.
“(2) Minority.—The term ‘minority’ means any black American, Native American, Hispanic American, or Asian American.
“(c) Reports.—The Secretary of the Treasury, the Chairman of the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Chairman of the National Credit Union Administration, and the Chairperson of Board of Directors of the Federal Deposit Insurance Corporation shall each submit an annual report to the Congress containing a description of actions taken to carry out this section.”
Abolition of Home Owners’ Loan Corporation

Act June 30, 1953, ch. 170, § 21,67 Stat. 126, provided for dissolution and abolition of Home Owners’ Loan Corporation established by former section 1463 of this title.

The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013

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12 USCDescription of ChangeSession YearPublic LawStatutes at Large

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

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.


12 CFR - Banks and Banking

12 CFR Part 4 - ORGANIZATION AND FUNCTIONS, AVAILABILITY AND RELEASE OF INFORMATION, CONTRACTING OUTREACH PROGRAM, POST-EMPLOYMENT RESTRICTIONS FOR SENIOR EXAMINERS

12 CFR Part 32 - LENDING LIMITS

12 CFR Part 46 - ANNUAL STRESS TEST

12 CFR Part 48 - RETAIL FOREIGN EXCHANGE TRANSACTIONS

12 CFR Part 100 - RULES APPLICABLE TO SAVINGS ASSOCIATIONS

12 CFR Part 112 - RULES FOR INVESTIGATIVE PROCEEDINGS AND FORMAL EXAMINATION PROCEEDINGS

12 CFR Part 116 - APPLICATION PROCESSING PROCEDURES

12 CFR Part 133 - DISCLOSURE AND REPORTING OF CRA-RELATED AGREEMENTS

12 CFR Part 136 - CONSUMER PROTECTION IN SALES OF INSURANCE

12 CFR Part 141 - DEFINITIONS FOR REGULATIONS AFFECTING FEDERAL SAVINGS ASSOCIATIONS

12 CFR Part 143 - FEDERAL MUTUAL SAVINGS ASSOCIATIONS—INCORPORATION, ORGANIZATION, AND CONVERSION

12 CFR Part 144 - FEDERAL MUTUAL SAVINGS ASSOCIATIONS—CHARTER AND BYLAWS

12 CFR Part 145 - FEDERAL SAVINGS ASSOCIATIONS—OPERATIONS

12 CFR Part 146 - FEDERAL MUTUAL SAVINGS ASSOCIATIONS—MERGER, DISSOLUTION, REORGANIZATION, AND CONVERSION

12 CFR Part 150 - FIDUCIARY POWERS OF FEDERAL SAVINGS ASSOCIATIONS

12 CFR Part 151 - RECORDKEEPING AND CONFIRMATION REQUIREMENTS FOR SECURITIES TRANSACTIONS

12 CFR Part 152 - FEDERAL STOCK ASSOCIATIONS—INCORPORATION, ORGANIZATION, AND CONVERSION

12 CFR Part 155 - ELECTRONIC OPERATIONS

12 CFR Part 157 - DEPOSITS

12 CFR Part 159 - SUBORDINATE ORGANIZATIONS

12 CFR Part 160 - LENDING AND INVESTMENT

12 CFR Part 161 - DEFINITIONS FOR REGULATIONS AFFECTING ALL SAVINGS ASSOCIATIONS

12 CFR Part 162 - REGULATORY REPORTING STANDARDS

12 CFR Part 163 - SAVINGS ASSOCIATIONS—OPERATIONS

12 CFR Part 164 - APPRAISALS

12 CFR Part 167 - CAPITAL

12 CFR Part 168 - SECURITY PROCEDURES

12 CFR Part 169 - PROXIES

12 CFR Part 170 - SAFETY AND SOUNDNESS GUIDELINES AND COMPLIANCE PROCEDURES

12 CFR Part 171 - FAIR CREDIT REPORTING

12 CFR Part 172 - LOANS IN AREAS HAVING SPECIAL FLOOD HAZARDS

12 CFR Part 192 - CONVERSIONS FROM MUTUAL TO STOCK FORM

12 CFR Part 193 - ACCOUNTING REQUIREMENTS

12 CFR Part 194 - SECURITIES OF FEDERAL SAVINGS ASSOCIATIONS

12 CFR Part 195 - COMMUNITY REINVESTMENT

12 CFR Part 197 - SECURITIES OFFERINGS

12 CFR Part 238 - SAVINGS AND LOAN HOLDING COMPANIES (REGULATION LL)

12 CFR Part 390 - REGULATIONS TRANSFERRED FROM THE OFFICE OF THRIFT SUPERVISION

12 CFR Part 500 - AGENCY ORGANIZATION AND FUNCTIONS

12 CFR Part 502 - ASSESSMENTS AND FEES

12 CFR Part 503 - PRIVACY ACT

12 CFR Part 505 - FREEDOM OF INFORMATION ACT

12 CFR Part 507 - RESTRICTIONS ON POST-EMPLOYMENT ACTIVITIES OF SENIOR EXAMINERS

12 CFR Part 510 - MISCELLANEOUS ORGANIZATIONAL REGULATIONS

12 CFR Part 512 - RULES FOR INVESTIGATIVE PROCEEDINGS AND FORMAL EXAMINATION PROCEEDINGS

12 CFR Part 513 - PRACTICE BEFORE THE OFFICE

12 CFR Part 516 - APPLICATION PROCESSING PROCEDURES

12 CFR Part 533 - DISCLOSURE AND REPORTING OF CRA-RELATED AGREEMENTS

12 CFR Part 535 - UNFAIR OR DECEPTIVE ACTS OR PRACTICES

12 CFR Part 536 - CONSUMER PROTECTION IN SALES OF INSURANCE

12 CFR Part 541 - DEFINITIONS FOR REGULATIONS AFFECTING FEDERAL SAVINGS ASSOCIATIONS

12 CFR Part 543 - FEDERAL MUTUAL SAVINGS ASSOCIATIONS—INCORPORATION, ORGANIZATION, AND CONVERSION

12 CFR Part 544 - FEDERAL MUTUAL SAVINGS ASSOCIATIONS—CHARTER AND BYLAWS

12 CFR Part 545 - FEDERAL SAVINGS ASSOCIATIONS—OPERATIONS

12 CFR Part 546 - FEDERAL MUTUAL SAVINGS ASSOCIATIONS—MERGER, DISSOLUTION, REORGANIZATION, AND CONVERSION

12 CFR Part 550 - FIDUCIARY POWERS OF SAVINGS ASSOCIATIONS

12 CFR Part 551 - RECORDKEEPING AND CONFIRMATION REQUIREMENTS FOR SECURITIES TRANSACTIONS

12 CFR Part 552 - FEDERAL STOCK ASSOCIATIONS—INCORPORATION, ORGANIZATION, AND CONVERSION

12 CFR Part 555 - ELECTRONIC OPERATIONS

12 CFR Part 557 - DEPOSITS

12 CFR Part 558 - POSSESSION BY CONSERVATORS AND RECEIVERS FOR FEDERAL AND STATE SAVINGS ASSOCIATIONS

12 CFR Part 559 - SUBORDINATE ORGANIZATIONS

12 CFR Part 560 - LENDING AND INVESTMENT

12 CFR Part 561 - DEFINITIONS FOR REGULATIONS AFFECTING ALL SAVINGS ASSOCIATIONS

12 CFR Part 562 - REGULATORY REPORTING STANDARDS

12 CFR Part 563 - SAVINGS ASSOCIATIONS—OPERATIONS

12 CFR Part 563b - CONVERSIONS FROM MUTUAL TO STOCK FORM

12 CFR Part 563c - ACCOUNTING REQUIREMENTS

12 CFR Part 563d - SECURITIES OF SAVINGS ASSOCIATIONS

12 CFR Part 563e - COMMUNITY REINVESTMENT

12 CFR Part 563g - SECURITIES OFFERINGS

12 CFR Part 564 - APPRAISALS

12 CFR Part 567 - CAPITAL

12 CFR Part 568 - SECURITY PROCEDURES

12 CFR Part 569 - PROXIES

12 CFR Part 570 - SAFETY AND SOUNDNESS GUIDELINES AND COMPLIANCE PROCEDURES

12 CFR Part 571 - FAIR CREDIT REPORTING

12 CFR Part 572 - LOANS IN AREAS HAVING SPECIAL FLOOD HAZARDS

12 CFR Part 573 - PRIVACY OF CONSUMER FINANCIAL INFORMATION

12 CFR Part 575 - MUTUAL HOLDING COMPANIES

12 CFR Part 583 - DEFINITIONS FOR REGULATIONS AFFECTING SAVINGS AND LOAN HOLDING COMPANIES

12 CFR Part 584 - SAVINGS AND LOAN HOLDING COMPANIES

12 CFR Part 585 - PROHIBITED SERVICE AT SAVINGS AND LOAN HOLDING COMPANIES

 

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