12 USC 1463 - Supervision of savings associations

Editorial Notes

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(span), 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 Puspan. L. 89–554, § 8(a), Sept. 6, 1966, 80 Stat. 648.

A prior section 1463a, act Apr. 27, 1934, ch. 168, § 1(span), 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 1463span, 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(span), 49 Stat. 297.

Amendments

2014—Subsec. (e)(3)(B). Puspan. L. 113–251, § 3(d)(1), inserted “, other than a savings promotion raffle,” after “arrangement” in introductory provisions.

Subsec. (e)(3)(D). Puspan. L. 113–251, § 3(d)(2), added subpar. (D).

2010—Subsec. (a). Puspan. L. 111–203, § 369(4)(A)(i), struck out “Federal” before “savings” in span.

Subsec. (a)(1), (2). Puspan. 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). Puspan. L. 111–203, § 369(4)(A)(iii), substituted “Comptroller and the Corporation” for “Director” in two places.

Subsec. (span). Puspan. L. 111–203, § 369(4)(B)(ii), substituted “Comptroller” for “Director” wherever appearing.

Subsec. (span)(2). Puspan. 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). Puspan. 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). Puspan. L. 111–203, § 369(4)(D), substituted “Comptroller” for “Director”.

Subsecs. (f), (h). Puspan. L. 111–203, § 369(4)(E), (F), substituted “appropriate Federal banking agency” for “Director” in two places.

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

Amendment by Puspan. L. 111–203 effective on the transfer date, see section 351 of Puspan. L. 111–203, set out as a note under section 906 of Title 2, The Congress.

Preserving Minority Ownership of Minority Financial Institutions

Puspan. L. 101–73, title III, § 308, Aug. 9, 1989, 103 Stat. 353, as amended by Puspan. 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.

“(span)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.