dreamproit/uscode huggingface dataset:
12 U.S.C. § 1433 (BANKS AND BANKING)
§ 1433. Exemption from taxation; obligations acceptable as credit on debt of home owner
Any and all notes, debentures, bonds, and other such obligations issued by any bank, and consolidated Federal Home Loan Bank bonds and debentures, shall be exempt both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority. The bank, including its franchise, its capital, reserves, and surplus, its advances, and its income, shall be exempt from all taxation now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority; except that in 1 any real property of the bank shall be subject to State, Territorial, county, municipal, or local taxation to the same extent according to its value as other real property is taxed. The notes, debentures, and bonds issued by any bank, with unearned coupons attached, shall be accepted at par by such bank in payment of or as a credit against the obligation of any home-owner debtor of such bank.
(July 22, 1932, ch. 522, § 13, 47 Stat. 735; May 28, 1935, ch. 150, § 8, 49 Stat. 295.)
heading: Amendments
text: 1935—Act May 28, 1935, inserted “and consolidated Federal Home Loan Bank bonds and debentures” in first sentence.
12 U.S.C. § 1434 (BANKS AND BANKING)
§ 1434. Depositaries of public money; financial agents
When designated for that purpose by the Secretary of the Treasury, each Federal Home Loan Bank shall be a depositary of public money, except receipts from customs, under such regulations as may be prescribed by said Secretary; and it may also be employed as a financial agent of the Government; and it shall perform all such reasonable duties as depositary of public money and financial agent of the Government as may be required of it.
(July 22, 1932, ch. 522, § 14, 47 Stat. 736.)
12 U.S.C. § 1435 (BANKS AND BANKING)
§ 1435. Obligations as lawful investments; liability of United States for debentures, etc., issued by banks
Obligations of the Federal Home Loan Banks issued with the approval of the Board or the Director under this chapter shall be lawful investments, and may be accepted as security, for all fiduciary, trust, and public funds the investment or deposit of which shall be under the authority or control of the United States or any officer or officers thereof. The Federal reserve banks are authorized to act as depositaries, custodians, and/or fiscal agents for Federal Home Loan Banks in the general performance of their powers under this chapter. All obligations of Federal Home Loan Banks shall plainly state that such obligations are not obligations of the United States and are not guaranteed by the United States.
(July 22, 1932, ch. 522, § 15, 47 Stat. 736; Pub. L. 101–73, title VII, § 701(b)(1), (3)(A), Aug. 9, 1989, 103 Stat. 412; Pub. L. 110–289, div. A, title II, § 1204(7), July 30, 2008, 122 Stat. 2786.)
heading: Amendments
text: 2008—Pub. L. 110–289 inserted “or the Director” after “the Board”.
1989—Pub. L. 101–73 substituted “Board” for “board”.
12 U.S.C. § 1438 (BANKS AND BANKING)
§ 1438. Omitted
heading: Codification
text: Section, act July 22, 1932, ch. 522, § 18, 47 Stat. 737; Pub. L. 89–754, title X, § 1016(b), Nov. 3, 1966, 80 Stat. 1293; Pub. L. 101–73, title VII, §§ 701(b)(2), (b)(3)(B), 711, 712, Aug. 9, 1989, 103 Stat. 412, 419; Pub. L. 104–66, title II, § 2191, Dec. 21, 1995, 109 Stat. 732; Pub. L. 106–102, title VI, § 606(h), Nov. 12, 1999, 113 Stat. 1455; Pub. L. 108–271, § 8(b), July 7, 2004, 118 Stat. 814; Pub. L. 110–289, div. A, title II, § 1204(2), July 30, 2008, 122 Stat. 2786; Pub. L. 111–203, title III, § 364(a), July 21, 2010, 124 Stat. 1555, was omitted in view of the repeal of subsecs. (a) to (c) which comprised this section. Subsec. (a), which related to authorization of appropriations for certain expenses of the Federal Home Loan Bank Board, was repealed by Pub. L. 101–73, title VII, § 712, Aug. 9, 1989, 103 Stat. 419. Subsec. (b), which related to assessments for administrative expenses of the Federal Housing Finance Board, was repealed by Pub. L. 110–289, div. A, title II, § 1204(2), July 30, 2008, 122 Stat. 2786. Subsec. (c), which related to acquisition of property by the Director of the Office of Thrift Supervision, was repealed by Pub. L. 111–203, title III, § 364(a), July 21, 2010, 124 Stat. 1555.
heading: Effective Date of 2010 Amendment
text: Pub. L. 111–203, title III, § 364(a), July 21, 2010, 124 Stat. 1555, provided that, effective 90 days after the transfer date, subsection (c) of this section is repealed. For definition of “transfer date”, see section 5301 of this title.
12 U.S.C. § 1438a (BANKS AND BANKING)
§ 1438a. Nonadministrative expenses; expenses of studies and investigations
On and after July 12, 1960, expenses of the Board in making studies or investigations specifically directed by law, or requested by the Congress or either House thereof or by a committee of either House, including services authorized by section 3109 of title 5, shall be considered as nonadministrative expenses.
(Pub. L. 86–626, title II, § 201, July 12, 1960, 74 Stat. 441.)
heading: Codification
text: “Section 3109 of title 5” substituted in text for “section 15 of the Act of August 2, 1946 (5 U.S.C. 55a)” on authority of section 7(b) of Pub. L. 89–554, Sept. 6, 1966, 80 Stat. 631, section 1 of which enacted Title 5, Government Organization and Employees.
12 U.S.C. § 1439, 1439–1 (BANKS AND BANKING)
§§ 1439, 1439–1. Repealed. Pub. L. 101–73, title VII, §§ 708, 712, Aug. 9, 1989, 103 Stat. 418, 419
text: Section 1439, acts July 22, 1932, ch. 522, § 19, 47 Stat. 737; May 28, 1935, ch. 150, § 9, 49 Stat. 295; July 3, 1948, ch. 825, § 2, 62 Stat. 1240, related to appointment, compensation, etc., of officers and employees of Board.
text: Section 1439–1, act July 22, 1932, ch. 522, § 19A, as added Aug. 10, 1987, Pub. L. 100–86, title V, § 505(d), 101 Stat. 633, related to apportionment of monies received by Board.
12 U.S.C. § 1439a (BANKS AND BANKING)
§ 1439a. Deposits in special fund; availability for all purposes of Federal Home Loan Bank Board and Federal Home Loan Bank Administration
All moneys and funds heretofore deposited in the Treasury of the United States under the last sentence of section 1439 1 of this title (including unexpended balances of moneys appropriated therefrom for administrative expenses), and hereafter all moneys and funds which would, except for this provision, be so depositable thereunder, shall be deposited with the Treasurer of the United States in a special deposit account and shall be available, retroactively as well as prospectively, for expenditure for all purposes of the Federal Home Loan Bank Board and the Federal Home Loan Bank Administration, subject to subsections (a) and (b) of section 712a of title 15.
(June 26, 1943, ch. 145, title I, § 101, 57 Stat. 186; 1947 Reorg. Plan No. 3, eff. July 27, 1947, 12 F.R. 4981, 61 Stat. 954; Aug. 11, 1955, ch. 783, title I, § 109(a)(3), 69 Stat. 640.)
heading: References in Text
text: Section 1439 of this title, referred to in text, was repealed by Pub. L. 101–73, title VII, § 708, Aug. 9, 1989, 103 Stat. 418.
heading: Codification
text: Section was enacted as part of the Independent Offices Appropriation Act, 1944, and not as part of the Federal Home Loan Bank Act which comprises this chapter.
heading: Change of Name
text: “Home Loan Bank Board” changed to “Federal Home Loan Bank Board” by act Aug. 11, 1955, ch. 783, § 109(a)(3), which was classified to section 1437(b) of this title prior to the repeal of section 1437 by Pub. L. 101–73, title VII, § 703(a), Aug. 9, 1989, 103 Stat. 415. Previously, “Home Loan Bank Board” had been substituted for “Federal Home Loan Bank Board” by Reorg. Plan No. 3 of 1947.
heading: Transfer of Functions
text: Federal Home Loan Bank Board abolished and functions transferred, see sections 401 to 406 of Pub. L. 101–73, set out as a note under section 1437 of this title.
For transfer of functions to Secretary of the Treasury, see note set out under section 55 of this title.
12 U.S.C. § 1440 (BANKS AND BANKING)
§ 1440. Examinations and audits
The Director shall from time to time, at least annually, require examinations and reports of condition of all Federal Home Loan Banks in such form as the Director shall prescribe and shall furnish periodically statements based upon the reports of the banks to the Director. For the purposes of this chapter, examiners appointed by the Director shall be subject to the same requirements, responsibilities, and penalties as are applicable to examiners under the National Bank Act [12 U.S.C. 21 et seq.] and the Federal Reserve Act [12 U.S.C. 221 et seq.], and shall have, in the exercise of functions under this chapter, the same powers and privileges as are vested in such examiners by law. In addition to such examinations, the Comptroller General may audit or examine the Director and the Banks, to determine the extent to which the Director and the Banks are fairly and effectively fulfilling the purposes of this chapter.
(July 22, 1932, ch. 522, § 20, 47 Stat. 738; June 27, 1950, ch. 369, § 10, 64 Stat. 259; Aug. 2, 1954, ch. 649, title VIII, § 802(f), 68 Stat. 643; Pub. L. 101–73, title VII, §§ 701(b)(1), (3)(A), 702(b), Aug. 9, 1989, 103 Stat. 412, 415; Pub. L. 110–289, div. A, title II, § 1204(8), (9), July 30, 2008, 122 Stat. 2786.)
heading: References in Text
text: The National Bank Act, referred to in text, is act June 3, 1864, ch. 106, 13 Stat. 99, as amended, which is classified principally to chapter 2 (§ 21 et seq.) of this title. For complete classification of this Act to the Code, see References in Text note set out under section 38 of this title.
The Federal Reserve Act, referred to in text, is act Dec. 23, 1913, ch. 6, 38 Stat. 251, as amended, which is classified principally to chapter 3 (§ 221 et seq.) of this title. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables.
heading: Amendments
text: 2008—Pub. L. 110–289 substituted “The Director” for “The Board” and “the Director” for “the Board” wherever appearing.
1989—Pub. L. 101–73, § 702(b), inserted provisions relating to audit or examination by the Comptroller General.
Pub. L. 101–73, § 701(b)(1), (3)(A), substituted “Board” for “board” wherever appearing.
1954—Act Aug. 2, 1954, struck out second sentence relating to annual report of the board to Congress. See section 1437(b) of this title.
1950—Act June 27, 1950, struck out “twice” before “annually”.
12 U.S.C. § 1440a (BANKS AND BANKING)
§ 1440a. Sharing of information among Federal Home Loan Banks
(a) Information on financial condition
In order to enable each Federal Home Loan Bank to evaluate the financial condition of one or more of the other Federal Home Loan Banks individually and the Federal Home Loan Bank System (including any risks associated with the issuance or repayment of consolidated Federal Home Loan Bank bonds and debentures or other borrowings and the joint and several liabilities of the Banks incurred due to such borrowings), as well as to comply with any of its obligations under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.), the Director shall make available to the Banks such reports, records, or other information as may be available, relating to the condition of any Federal Home Loan Bank.
(b) Sharing of information
(1) In general
The Director shall promulgate regulations to facilitate the sharing of information made available under subsection (a) directly among the Federal Home Loan Banks.
(2) Limitation
Notwithstanding paragraph (1), a Federal Home Loan Bank responding to a request from another Bank or from the Director for information pursuant to this section may request that the Director determine that such information is proprietary and that the public interest requires that such information not be shared.
(c) Limitation
Nothing in this section shall affect the obligations of any Federal Home Loan Bank under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) or the regulations issued by the Securities and Exchange Commission thereunder.
(d) No waiver of privilege
The Director shall not be deemed to have waived any privilege applicable to any information concerning a Federal Home Loan Bank by transferring, or permitting the transfer of, that information to any other Federal Home Loan Bank for the purposes set out in subsection (a).
(July 22, 1932, ch. 522, § 20A, as added Pub. L. 110–289, div. A, title II, § 1207, July 30, 2008, 122 Stat. 2787.)
heading: References in Text
text: The Securities Exchange Act of 1934, referred to in subsecs. (a) and (c), is act June 6, 1934, ch. 404, 48 Stat. 881, which is classified principally to chapter 2B (§ 78a et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 78a of Title 15 and Tables.
12 U.S.C. § 1441a–1 (BANKS AND BANKING)
§ 1441a–1. Definitions
For purposes of section 1441a–2 of this title:
(1) State housing finance authority
The term “State housing finance authority” means any public agency, authority, or corporation which—
(A) serves as an instrumentality of any State or any political subdivision of any State; and
(B) functions as a source of residential mortgage loan financing in that State.
(2) Nonprofit entity
The term “nonprofit entity” means any not-for-profit corporation chartered under State law that is exempt from Federal taxation under section 501(c) of title 26 and no part of the net earnings of which inures to the benefit of any member, founder, contributor, or individual (including any nonprofit entity established by the corporation established under title IX of the Housing and Urban Development Act of 1968 [42 U.S.C. 3931 et seq.]).
(3) Mortgage-related assets
The term “mortgage-related assets” means—
(A) residential mortgage loans secured by 1- to 4-family or multifamily dwellings; and
(B) real property improved with 1- to 4-family or multifamily residential dwellings,
which are located within the jurisdiction of the applicable State housing finance authority or within the geographical area served by the nonprofit entity.
(4) Net income
The term “net income” means income after deduction of all associated expenses calculated in accordance with generally accepted accounting principles.
(Pub. L. 101–73, title XIII, § 1301, Aug. 9, 1989, 103 Stat. 547.)
heading: References in Text
text: The Housing and Urban Development Act of 1968, referred to in par. (2), is Pub. L. 90–448, Aug. 1, 1968, 82 Stat. 476, as amended. Title IX of the Housing and Urban Development Act of 1968 is classified principally to chapter 49 (§ 3931 et seq.) of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title of 1968 Amendment note set out under section 1701 of this title and Tables.
heading: Codification
text: Section was enacted as part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and not as part of the Federal Home Loan Bank Act which comprises this chapter.
12 U.S.C. § 1441a–2 (BANKS AND BANKING)
§ 1441a–2. Authorization for State housing finance agencies and nonprofit entities to purchase mortgage-related assets
(a) Authorization
Notwithstanding any other provision of Federal or State law, a State housing finance authority or nonprofit entity may purchase mortgage-related assets from the Resolution Trust Corporation or from financial institutions with respect to which the Federal Deposit Insurance Corporation is acting as a conservator or receiver (including assets associated with any trust business), and any contract for such purchase shall be effective in accordance with its terms without any further approval, assignment, or consent with respect to that contract.
(b) Investment requirement
Any State housing finance authority or nonprofit entity which purchases mortgage-related assets pursuant to subsection (a) of this section shall invest any net income attributable to the ownership of those assets in financing, refinancing, or rehabilitating low- and moderate-income housing within the jurisdiction of the State housing finance authority or within the geographical area served by the nonprofit entity.
(Pub. L. 101–73, title XIII, § 1302, Aug. 9, 1989, 103 Stat. 548.)
heading: Codification
text: Section was enacted as part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and not as part of the Federal Home Loan Bank Act which comprises this chapter.
heading: Definitions
text: The definitions in section 1441a–1 of this title apply to this section.
12 U.S.C. § 1442a (BANKS AND BANKING)
§ 1442a. Repealed. Pub. L. 106–102, title VI, § 606(c), Nov. 12, 1999, 113 Stat. 1454
text: Section, act July 22, 1932, ch. 522, § 22A, as added Aug. 10, 1987, Pub. L. 100–86, title IV, § 407(d), 101 Stat. 617, related to informal review of certain supervisory decisions.
12 U.S.C. § 1443 (BANKS AND BANKING)
§ 1443. Forms of bank stock and obligations
Any stock, debentures, bonds, notes, or other obligations issued under the authority of this chapter may be issued in uncertificated form, utilizing a book entry method, or in certificated form under such rules, regulations, or guidelines as the Director 1 may provide.
(July 22, 1932, ch. 522, § 23, 47 Stat. 739; Pub. L. 101–73, title VII, § 717, Aug. 9, 1989, 103 Stat. 422; Pub. L. 110–289, div. A, title II, § 1204(8), (12), July 30, 2008, 122 Stat. 2786.)
heading: Amendments
text: 2008—Pub. L. 110–289, which directed amendment of the Federal Home Loan Bank Act (this chapter) by substituting “the Director” for “the Board” and “Director” for “Federal Housing Finance Board” wherever appearing, was executed to this section by substituting “the Director” for “the Board of Directors of the Federal Housing Finance Board”, to reflect the probable intent of Congress.
1989—Pub. L. 101–73 amended section generally. Prior to amendment, section read as follows: “In order that the Federal Home Loan Banks may be supplied with such forms of stock, debentures, and bonds as may be necessary under this chapter, the Secretary of the Treasury is authorized to prepare such forms thereof as shall be suitable and approved by the board, which shall be held in the Treasury subject to delivery, upon order of the board. The engraved plates, dies, and bed pieces executed in connection therewith shall remain in the custody of the Secretary of the Treasury. The board shall reimburse the Secretary of the Treasury for any expense incurred in the preparation, custody, and delivery of such stock, debentures, and bonds.”
12 U.S.C. § 1444 (BANKS AND BANKING)
§ 1444. Eligibility to membership in banks
(a) Any organization organized under the laws of any State and subject to inspection and regulation under the banking or similar laws of such State shall be eligible to become a member under this chapter if—
(1) it is organized solely for the purpose of supplying credit to its members;
(2) its membership (A) is confined exclusively to building and loan associations, savings and loan associations, cooperative banks, and homestead associations; or (B) is confined exclusively to savings banks; and
(3) of the institutions to which its membership is confined which are organized within the State, its membership includes a majority of such institutions.
(b) In all respects, but subject to such additional rules and regulations as the Director may provide, any such organization shall be a member for the purposes of this chapter.
(July 22, 1932, ch. 522, § 24, 47 Stat. 739; Pub. L. 101–73, title VII, § 701(b)(1), (3)(A), Aug. 9, 1989, 103 Stat. 412; Pub. L. 110–289, div. A, title II, § 1204(8), July 30, 2008, 122 Stat. 2786.)
heading: Amendments
text: 2008—Subsec. (b). Pub. L. 110–289 substituted “the Director” for “the Board”.
1989—Subsec. (b). Pub. L. 101–73 substituted “Board” for “board”.
12 U.S.C. § 1445 (BANKS AND BANKING)
§ 1445. Succession of Federal Home Loan Banks
Each Federal Home Loan Bank shall have succession until dissolved by the Director under this chapter or by further act of Congress.
(July 22, 1932, ch. 522, § 25, 47 Stat. 740; Pub. L. 101–73, title VII, § 701(b)(1), (3)(A), Aug. 9, 1989, 103 Stat. 412; Pub. L. 110–289, div. A, title II, § 1204(8), July 30, 2008, 122 Stat. 2786.)
heading: Amendments
text: 2008—Pub. L. 110–289 substituted “the Director” for “the Board”.
1989—Pub. L. 101–73 substituted “Board” for “board”.
12 U.S.C. § 1446 (BANKS AND BANKING)
§ 1446. Liquidation or reorganization; acquisition of assets by other banks; assumption of liabilities
(a) In general
Whenever the Director finds that the efficient and economical accomplishment of the purposes of this chapter will be aided by such action, and in accordance with such rules, regulations, and orders as the Director may prescribe, any Federal Home Loan Bank may be liquidated or reorganized, and its stock paid off and retired in whole or in part in connection therewith after paying or making provision for the payment of its liabilities. In the case of any such liquidation or reorganization, any other Federal Home Loan Bank may, with the approval of the Director, acquire assets of any such liquidated or reorganized bank and assume liabilities thereof, in whole or in part. At least 30 days prior to liquidating or reorganizing any Bank under this section, the Director shall notify the Bank of its determination and the facts and circumstances upon which such determination is based. The Bank may contest that determination in a hearing before the Director, in which all issues shall be determined on the record pursuant to section 554 of title 5.
(b) Voluntary mergers authorized
(1) In general
Any Federal Home Loan Bank may, with the approval of the Director and of the boards of directors of the Banks involved, merge with another Bank.
(2) Regulations required
The Director shall promulgate regulations establishing the conditions and procedures for the consideration and approval of any voluntary merger described in paragraph (1), including the procedures for Bank member approval.
(July 22, 1932, ch. 522, § 26, 47 Stat. 740; Pub. L. 101–73, title VII, § 701(b)(1), (3)(A), Aug. 9, 1989, 103 Stat. 412; Pub. L. 110–289, div. A, title II, §§ 1204(8), 1209, 1214, July 30, 2008, 122 Stat. 2786, 2789, 2791.)
heading: Amendments
text: 2008—Pub. L. 110–289, § 1209, designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).
Pub. L. 110–289, § 1204(8), substituted “the Director” for “the Board” wherever appearing.
Subsec. (a). Pub. L. 110–289, § 1214, which directed insertion of “At least 30 days prior to liquidating or reorganizing any Bank under this section, the Director shall notify the Bank of its determination and the facts and circumstances upon which such determination is based. The Bank may contest that determination in a hearing before the Director, in which all issues shall be determined on the record pursuant to section 554 of title 5.” at the end of this section, was executed by making the insertion at the end of subsec. (a), to reflect the probable intent of Congress and the amendment by Pub. L. 110–289, § 1209. See above.
1989—Pub. L. 101–73 substituted “Board” for “board” wherever appearing.
12 U.S.C. § 1447 (BANKS AND BANKING)
§ 1447. Repealed. Pub. L. 106–102, title VI, § 606(c), Nov. 12, 1999, 113 Stat. 1454
text: Section, act July 22, 1932, ch. 522, § 27, as added Pub. L. 103–204, § 18, Dec. 17, 1993, 107 Stat. 2401, related to Housing Opportunity Hotline program.
text: A prior section 1447, act July 22, 1932, ch. 522, § 27, 47 Stat. 740, related to institutions authorized to subscribe for stock of banks, prior to repeal by Pub. L. 101–73, title VII, § 704(c), Aug. 9, 1989, 103 Stat. 416.
12 U.S.C. § 1448 (BANKS AND BANKING)
§ 1448. Effect of partial invalidity of chapter
If any provision of this chapter, or the application thereof to any person or circumstances, is held invalid, the remainder of the chapter, and the application of such provision to other persons or circumstances, shall not be affected thereby.
(July 22, 1932, ch. 522, § 28, 47 Stat. 740.)