1
 So in original. No subsec. (f) has been enacted.
Community support requirements
2
 So in original. Probably should be “The Director’s”.
regulations shall permit Bank members to use subsidized advances received from the Banks to—
References in Text

The Community Reinvestment Act of 1977, referred to in subsec. (g)(2), is title VIII of Pub. L. 95–128, Oct. 12, 1977, 91 Stat. 1147, as amended, which is classified generally to chapter 30 (§ 2901 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 2901 of this title and Tables.

The Home Mortgage Disclosure Act of 1975, referred to in subsec. (k)(1)(B), is title III of Pub. L. 94–200, Dec. 31, 1975, 89 Stat. 1125, which is classified generally to chapter 29 (§ 2801 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 2801 of this title and Tables.

Amendments

2008—Subsec. (a)(2)(B). Pub. L. 110–289, § 1211(b)(1), struck out “and” before “small agri-businesses” and inserted “, and community development activities” before period at end.

Subsec. (a)(3)(E). Pub. L. 110–289, § 1211(b)(2), inserted “or community development activities” after “agriculture,”.

Subsec. (a)(5). Pub. L. 110–289, § 1204(9), substituted “The Director” for “The Board”.

Subsec. (a)(6). Pub. L. 110–289, § 1211(b)(3), struck out “and” before “ ‘small agri-business’ ” and inserted “, and ‘community development activities’ ” before “shall”.

Pub. L. 110–289, § 1204(10), substituted “the Director” for “the Finance Board”.

Subsec. (b). Pub. L. 110–289, § 1204(5), (8), substituted “approval of Director” for “formal Board resolution” in heading and substituted “the Director” for “the Board” and struck out “by formal resolution” before “such acceptance” in text.

Subsecs. (g)(1), (j)(1). Pub. L. 110–289, § 1204(8), substituted “the Director” for “the Board”.

Subsec. (j)(2)(C). Pub. L. 110–289, § 1218, added subpar. (C).

Subsec. (j)(6)(A), (B). Pub. L. 110–289, § 1204(12), substituted “Director” for “Federal Housing Finance Board”.

Subsec. (j)(6)(C). Pub. L. 110–289, § 1204(9), substituted “The Director” for “The Board”.

Subsec. (j)(6)(D). Pub. L. 110–289, § 1204(8), substituted “the Director” for “the Board”.

Subsec. (j)(6)(E). Pub. L. 110–289, § 1204(9), substituted “The Director” for “The Board”.

Subsec. (j)(6)(F). Pub. L. 110–289, § 1204(12), substituted “Director” for “Federal Housing Finance Board”.

Subsec. (j)(7). Pub. L. 110–289, § 1204(8), substituted “the Director” for “the Board” in two places.

Subsec. (j)(9). Pub. L. 110–289, § 1204(12), substituted “Director” for “Federal Housing Finance Board” in introductory provisions.

Subsec. (j)(11) to (12)(B). Pub. L. 110–289, § 1204(8), (9), substituted “the Director” for “the Board” and “The Director” for “The Board” wherever appearing.

Subsec. (j)(12)(C), (D). Pub. L. 110–289, § 1212(1), added subpars. (C) and (D) and struck out former subpar. (C) which read as follows: “The Comptroller General of the United States shall audit and evaluate the Affordable Housing Program established by this subsection after such program has been operating for 2 years. The Comptroller General shall report to Congress on the conclusions of the audit and recommend improvements or modifications to the program.”

Subsec. (k). Pub. L. 110–289, § 1212(2), added subsec. (k).

1999—Pub. L. 106–102, § 604(b), amended section catchline generally.

Subsec. (a). Pub. L. 106–102, § 604(a), inserted heading, designated first sentence of introductory provisions as par. (1) and inserted heading, substituted par. (2) for former second sentence of introductory provisions which read as follows: “All long-term advances shall only be made for the purpose of providing funds for residential housing finance.”, designated third sentence of introductory provisions as par. (3), inserted heading, redesignated former pars. (1) to (4) as subpars. (A) to (D), respectively, of par. (3) and realigned margins, in subpar. (C), substituted “Cash or deposits” for “Deposits”, in subpar. (D), struck out at end “The aggregate amount of outstanding advances secured by such other real estate related collateral shall not exceed 30 percent of such member’s capital.”, and added subpar. (E), redesignated former par. (5) as (4), inserted heading, substituted “Subparagraphs (A) through (E) of paragraph (3)” for “Paragraphs (1) through (4)”, struck out “and the Board” after “such collateral as the Bank” and substituted “determined by the Federal home loan bank” for “determined by the Board”, and added pars. (5) and (6).

Subsec. (c). Pub. L. 106–102, § 606(f)(2)(A), substituted “Federal home loan bank” for “Board” before “may approve or determine” and struck out at end “At no time shall the aggregate outstanding advances made by any Federal Home Loan Bank to any member exceed twenty times the amounts paid in by such member for outstanding capital stock held by it exceed twenty times the value of the security required to be deposited under subsection (e) of section 1426 of this title.”

Subsec. (d). Pub. L. 106–102, § 606(f)(2)(B), struck out “and the approval of the Board” after “requirements of the bank” in first sentence and substituted “Any” for “Subject to the approval of the Board, any” in third sentence.

Subsec. (e). Pub. L. 106–102, § 604(c), struck out subsec. (e) relating to qualified thrift lender status.

1992—Subsec. (e)(2). Pub. L. 102–550 added sentence at end and struck out former second sentence which read as follows: “The aggregate amount of any Bank’s advances to members that are not qualified thrift lenders shall not exceed 30 percent of a Bank’s total advances.”

1989—Subsec. (a). Pub. L. 101–73, § 714(a), substituted “upon collateral sufficient, in the judgment of the Bank, to fully secure advances obtained from the Bank under this section or section 1431(g) of this title. All long-term advances shall only be made for the purpose of providing funds for residential housing finance. A Bank, at the time of origination or renewal of a loan or advance, shall obtain and maintain a security interest in collateral eligible pursuant to one or more of the following categories:” and pars. (1) to (5) for “upon such security as the Board may prescribe.”

Subsec. (b). Pub. L. 101–73, § 701(b)(1), (3)(A), substituted “Board” for “board”.

Subsec. (c). Pub. L. 101–73, § 710(b)(4), (5), struck out “or nonmember borrower” after “obligation of the member”, and “, or made to a nonmember borrower” after “stock held by it”.

Pub. L. 101–73, § 701(b)(1), (3)(A), substituted “Board” for “board”.

Subsec. (d). Pub. L. 101–73, § 701(b)(1), (3)(A), substituted “Board” for “board” wherever appearing.

Subsec. (e). Pub. L. 101–73, § 714(b), which directed the general amendment of subsec. (e), was executed to the subsec. (e) added by section 105 of Pub. L. 100–86, as the probable intent of Congress. As thus executed, the amendment substituted provisions relating to qualified thrift lender status for provisions relating to reduced eligibility for advances for certain members which were not qualified thrift lenders.

Subsec. (g). Pub. L. 101–73, § 710(c), added subsec. (g).

Subsec. (h). Pub. L. 101–73, § 714(c), added subsec. (h).

Subsecs. (i), (j). Pub. L. 101–73, § 721, added subsecs. (i) and (j).

1987—Subsec. (e). Pub. L. 100–86, § 306(d), added subsec. (e) relating to priority of certain secured interests.

Pub. L. 100–86, § 105, added subsec. (e) relating to reduced eligibility for advances for certain members which are not qualified thrift lenders.

1982—Subsec. (a). Pub. L. 97–320, § 352(1), as amended by Pub. L. 97–457, amended subsec. (a) generally. Prior to amendment subsec. (a) read as follows: “Each Federal Home Loan Bank is authorized to make advances to its members upon the security of home mortgages, or obligations of the United States, or obligations fully guaranteed by the United States, subject to such regulations, restrictions, and limitations as the Board may prescribe. Any such advance shall be subject to the following limitations as to amount:

“(1) If secured by a mortgage insured under the provisions of title I, title II, title VI, title VIII, or title IX of the National Housing Act [12 U.S.C. 1702 et seq., 1707 et seq., 1736 et seq., 1748 et seq., and 1750 et seq., respectively], the advance may be for an amount not in excess of 90 per centum of the unpaid principal of the mortgage loan.

“(2) If secured by a home mortgage given in respect of an amortized home mortgage loan which was for an original term of six years or more, or in cases where shares of stock, which are pledged as security for such loan, mature in a period of six years or more, the advance may be for an amount not in excess of 65 per centum of the unpaid principal of the home mortgage loan; but in no case shall the amount of the advance exceed 60 per centum of the value of the real estate securing the home mortgage loan.

“(3) If secured by a home mortgage given in respect of any other home mortgage loan, the advance shall not be for an amount in excess of 50 per centum of the unpaid principal of the home mortgage loan; but in no case shall the amount of such advance exceed 40 per centum of the value of the real estate securing the home mortgage loan.

“(4) If secured by obligations of the United States, or obligations fully guaranteed by the United States, the advance shall not be for an amount in excess of the face value of such obligations.”

Subsec. (b). Pub. L. 97–320, § 352(2), struck out provisions relating to acceptance of home mortgages as collateral security for advances by a Home Loan Bank.

Subsec. (c). Pub. L. 97–320, § 352(3), substituted “twenty” for “twelve” wherever appearing.

1977—Subsec. (b). Pub. L. 95–128 substituted prohibition against acceptance of a home mortgage as collateral security for an advance by a Federal Home Loan Bank if, at the time the advance is made, the home mortgage exceeds a sum equal to the dollar limitation under the first proviso of the first sentence of section 1464(c) of this title for each home or other dwelling unit covered by such mortgage for prior prohibition where the home mortgage exceeded a sum equal to $55,000 (except that with respect to dwellings in Alaska, Guam, and Hawaii the foregoing limitation, might, by regulation of the Board, be increased by not to exceed 50 per centum) for each home or other dwelling unit covered by the mortgage.

1974—Subsec. (b). Pub. L. 93–449 substituted provisions limiting the home mortgage to a sum not to exceed $55,000, except with respect to dwellings in Alaska, Guam, etc., for provisions limiting the home mortgage to a sum not to exceed $40,000.

1964—Subsec. (b). Pub. L. 88–560 substituted “thirty” for “twenty-five” in cl. (1) and “$40,000” for “$35,000” in cl. (2).

1962—Subsec. (b). Pub. L. 87–779 substituted “exceeds a sum equal to $35,000 for each home or other dwelling unit covered by such mortgage” for “exceeds $35,000”.

1958—Subsec. (b). Pub. L. 85–857 inserted “chapter 37 of title 38,” after “Servicemen’s Readjustment Act of 1944, as amended,”.

1954—Subsec. (b)(2). Act Aug. 2, 1954, substituted “$35,000” for “$20,000”.

1951—Subsec. (a)(1). Act Sept. 1, 1951, inserted a reference to subchapter X of chapter 13 of this title.

1950—Subsec. (a) (1). Act Apr. 20, 1950, § 501(1), substituted “subchapters I, II, VI, and VIII of chapter 13 of this title” for “sections 1707–1715b and 1736–1742 of this title”.

Subsec. (b). Act Apr. 20, 1950, § 501(2), inserted “unless such home mortgage is insured under the National Housing Act, as amended, or insured or guaranteed under the Servicemen’s Readjustment Act of 1944, as amended” after “Maturity” in first sentence.

1947—Subsec. (b). Act Aug. 1, 1947, increased period collateral security can run from twenty years to twenty-five years.

1941—Subsec. (a)(1). Act Mar. 28, 1941, inserted reference to sections 1736–1742 of this title.

1935—Subsec. (a). Act May 28, 1935, § 5, added cl. (4).

Subsec. (b)(1). Act May 28, 1935, § 6, substituted “twenty” for “fifteen” and omitted reference to value of real estate in cl. 2.

1934—Subsec. (a). Act June 27, 1934, amended subsec. (a) generally.

Subsec. (b). Act Apr. 27, 1934, inserted “unless the amount,” etc. to end of first sentence.

Change of Name

Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) of Pub. L. 104–14, set out as a note preceding section 21 of Title 2, The Congress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.

Effective Date of 1958 Amendment

Amendment by Pub. L. 85–857 effective Jan. 1, 1959, see section 2 of Pub. L. 85–857, set out as an Effective Date note preceding Part 1 of Title 38, Veterans’ Benefits.

Termination of Reporting Requirements

For termination, effective May 15, 2000, of provisions in subsec. (j)(12)(A) of this section relating to requirement to report annually to Congress, see section 3003 of Pub. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance, and page 170 of House Document No. 103–7.

Authorization of Appropriations for Disbursement to Federal Home Loan Banks for Adjustment of Interest Charges

Pub. L. 91–351, title I, § 101, July 24, 1970, 84 Stat. 450, provided that:

“(a)
There is authorized to be appropriated not to exceed $250,000,000, without fiscal year limitation, to be used by the Federal Home Loan Bank Board for disbursement to Federal home loan banks for the purpose of adjusting the effective interest charged by such banks on short-term and long-term borrowing to promote an orderly flow of funds into residential construction. The disbursement of sums appropriated hereunder shall be made under such terms and conditions as may be prescribed by the Board to assure that such sums are used to assist in the provision of housing for low- and middle-income families, and that such families share fully in the benefits resulting from the disbursement of such sums. No member of a Federal home loan bank shall use funds the interest charges on which have been adjusted pursuant to the provisions of this section to make any loan, if—
“(1)
the effective rate of interest on such loan exceeds the effective rate of interest on such funds payable by such member by a percentile amount which is in excess of such amount as the Board determines to be appropriate in furtherance of the purposes of this section; or
“(2)
the principal obligation of any such loan which is secured by a mortgage on a residential structure exceeds the dollar limitations on the maximum mortgage amount, in effect on the date the mortgage was originated, which would be applicable if the mortgage was insured by the Secretary of Housing and Urban Development under section 203(b) or 207 of the National Housing Act [section 1709(b) or 1713 of this title].
“(b)
Not more than 20 per centum of the sums appropriated pursuant to subsection (a) shall be disbursed in any one Federal home loan bank district.”