12 U.S. Code § 1463 - Supervision of savings associations
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.
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.
The term “deal in” includes making, taking, buying, selling, redeeming, or collecting.
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.
The term “savings promotion raffle” means a contest in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or other savings program, where each ticket or entry has an equal chance of being drawn, such contest being subject to regulations that may from time to time be promulgated by the appropriate prudential regulator (as defined in section 5481 of this title).
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.
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.
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.
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.
2014—Subsec. (e)(3)(B). Pub. L. 113–251, § 3(d)(1), inserted “, other than a savings promotion raffle,” after “arrangement” in introductory provisions.
Subsec. (e)(3)(D). Pub. L. 113–251, § 3(d)(2), added subpar. (D).
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:
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.
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