12 USC § 2808 - Effective date | Title 12 - Banks and Banking | U.S. Code

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Current through Pub. L. 113-99. (See Public Laws for the current Congress.)

(a) In general

This chapter shall take effect on the one hundred and eightieth day beginning after December 31, 1975. Any institution specified in section 2802 (2)(A) ^[1] of this title which has total assets as of its last full fiscal year of $10,000,000 or less is exempt from the provisions of this chapter. The Bureau, in consultation with the Secretary, may exempt institutions described in section 2802 (2)(B) ^[1] of this title that are comparable within their respective industries to institutions that are exempt under the preceding sentence (as determined without regard to the adjustment made by subsection (b) of this section).

(b) CPI adjustments

(1) In general

Subject to paragraph (2), the dollar amount applicable with respect to institutions described in section 2802 (2)(A) ^[1] of this title under the 2d sentence of subsection (a) of this section shall be adjusted annually after December 31, 1996, by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers published by the Bureau of Labor Statistics.

(2) 1-time adjustment for prior inflation

The first adjustment made under paragraph (1) after September 30, 1996, shall be the percentage by which—

(A) the Consumer Price Index described in such paragraph for the calendar year 1996, exceeds

(B) such Consumer Price Index for the calendar year 1975.

(3) Rounding

The dollar amount applicable under paragraph (1) for any calendar year shall be the amount determined in accordance with subparagraphs (A) and (B) of paragraph (2) and rounded to the nearest multiple of $1,000,000.

[1] See References in Text note below.

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(a) In general

This chapter shall take effect on the one hundred and eightieth day beginning after December 31, 1975. Any institution specified in section 2802 (2)(A) ^[1] of this title which has total assets as of its last full fiscal year of $10,000,000 or less is exempt from the provisions of this chapter. The Bureau, in consultation with the Secretary, may exempt institutions described in section 2802 (2)(B) ^[1] of this title that are comparable within their respective industries to institutions that are exempt under the preceding sentence (as determined without regard to the adjustment made by subsection (b) of this section).

(b) CPI adjustments

(1) In general

Subject to paragraph (2), the dollar amount applicable with respect to institutions described in section 2802 (2)(A) ^[1] of this title under the 2d sentence of subsection (a) of this section shall be adjusted annually after December 31, 1996, by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers published by the Bureau of Labor Statistics.

(2) 1-time adjustment for prior inflation

The first adjustment made under paragraph (1) after September 30, 1996, shall be the percentage by which—

(A) the Consumer Price Index described in such paragraph for the calendar year 1996, exceeds

(B) such Consumer Price Index for the calendar year 1975.

(3) Rounding

The dollar amount applicable under paragraph (1) for any calendar year shall be the amount determined in accordance with subparagraphs (A) and (B) of paragraph (2) and rounded to the nearest multiple of $1,000,000.

[1] See References in Text note below.

Source

(Pub. L. 94–200, title III, § 309,Dec. 31, 1975, 89 Stat. 1128; Pub. L. 102–242, title II, § 224(a),Dec. 19, 1991, 105 Stat. 2307; Pub. L. 102–550, title XVI, § 1604(a)(15),Oct. 28, 1992, 106 Stat. 4083; Pub. L. 104–208, div. A, title II, § 2225(a),Sept. 30, 1996, 110 Stat. 3009–415; Pub. L. 111–203, title X, § 1094(1),July 21, 2010, 124 Stat. 2097.)

References in Text

Section 2802 (2) of this title, referred to in subsecs. (a) and (b)(1), was redesignated section 2802 (3) of this title by Pub. L. 111–203, title X, § 1094(2)(A),July 21, 2010, 124 Stat. 2097.

Amendments

2010—Subsec. (a). Pub. L. 111–203substituted “Bureau” for “Board”.

1996—Pub. L. 104–208designated existing provisions as subsec. (a), inserted heading, inserted “(as determined without regard to the adjustment made by subsection (b) of this section)” before period at end, and added subsec. (b).

1992—Pub. L. 102–550, § 1604(a)(15), amended directory language of Pub. L. 102–242, § 224(a). See 1991 Amendment note below.

1991—Pub. L. 102–242, § 224(a), as amended by Pub. L. 102–550, § 1604(a)(15), struck out “depository” before “institution”, inserted “specified in section 2802 (2)(A) of this title” after “institution”, and inserted at end: “The Board, in consultation with the Secretary, may exempt institutions described in section 2802 (2)(B) of this title that are comparable within their respective industries to institutions that are exempt under the preceding sentence.”

Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203effective on the designated transfer date, see section 1100H ofPub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

Effective Date of 1992 Amendment

Amendment by Pub. L. 102–550effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, see section 1609(a) ofPub. L. 102–550, set out as a note under section 191 of this title.

Effective Date of 1991 Amendment

Section 224(b) ofPub. L. 102–242provided that: “This section [amending this section] shall become effective on January 1, 1992.”

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 Friday, May 3, 2013

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12 USC	Description of Change	Session Year	Public Law	Statutes at Large

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

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12 CFR - Title 12—Banks and Banking

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

12 CFR Part 203 - HOME MORTGAGE DISCLOSURE (REGULATION C)

12 CFR Part 261 - RULES REGARDING AVAILABILITY OF INFORMATION

12 CFR Part 338 - FAIR HOUSING

12 USC § 2808 - Effective date

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