The Comptroller shall provide for the examination and safe and sound operation of Federal savings associations.
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.
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.
Subject to sectionof this title, the uniform accounting standards prescribed under paragraph (1) shall-
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.
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.
No savings association may-
No savings association may permit-
For purposes of this subsection-
The term "deal in" includes making, taking, buying, selling, redeeming, or collecting.
The term "lottery" includes any arrangement, other than a savings promotion raffle, under which-
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 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.
No savings association shall-
12 U.S.C. § 1463
PRIOR PROVISIONSA 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.
AMENDMENTS2014-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:"(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.
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 2010 AMENDMENTAmendment by Pub. L. 111-203 effective on the transfer date, see section 351 of Pub. L. 111-203 set out as a note under sectionof 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 CORPORATIONAct 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 term "Comptroller" means the Comptroller of the Currency.
- The term "Corporation" means the Federal Deposit Insurance Corporation.
- The term "Director" means the Director of the Bureau.
- Federal banking agencies
- The term "Federal banking agencies" means the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation.
- The term "State" means any State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands or any federally recognized Indian tribe, as defined by the Secretary of the Interior under section 5131(a) of title 25.
- The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.
- The term "person" means an individual, partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity.
- prudential regulator
- The term "prudential regulator" means-(A) in the case of an insured depository institution or depository institution holding company (as defined in section 1813 of this title), or subsidiary of such institution or company, the appropriate Federal banking agency, as that term is defined in section 1813 of this title; and(B) in the case of an insured credit union, the National Credit Union Administration.
- savings association
- The term "savings association" means a savings association, as defined in section 3 of the Federal Deposit Insurance Act [ 12 U.S.C. 1813 ], the deposits of which are insured by the Corporation.