dreamproit/uscode huggingface dataset:
12 U.S.C. § 4718 (BANKS AND BANKING)
§ 4718. Authorization of appropriations
(a) Fund authorization
(1) In general
To carry out this subchapter, there are authorized to be appropriated to the Fund, to remain available until expended—
(A) $60,000,000 for fiscal year 1995;
(B) $104,000,000 for fiscal year 1996;
(C) $107,000,000 for fiscal year 1997; and
(D) $111,000,000 for fiscal year 1998;
or such greater sums as may be necessary to carry out this subchapter.
(2) Administrative expenses
(A) In general
Of amounts authorized to be appropriated to the Fund pursuant to this section, not more than $5,550,000 may be used by the Fund in each fiscal year to pay the administrative costs and expenses of the Fund. Costs associated with the training program established under section 4708 of this title and the technical assistance program established under section 4707 of this title shall not be considered to be administrative expenses for purposes of this paragraph.
(B) Calculations
The amounts referred to in paragraphs (3) and (4) shall be calculated after subtracting the amount referred to in subparagraph (A) of this paragraph from the total amount appropriated to the Fund in accordance with paragraph (1) in any fiscal year.
(3) Capitalization assistance
Not more than 5 percent of the amounts authorized to be appropriated under paragraph (1) may be used as provided in section 4712 of this title.
(4) Availability for funding section 4713 of this title
33⅓ percent of the amounts appropriated to the Fund for any fiscal year pursuant to the authorization in paragraph (1) shall be available for use in carrying out section 4713 of this title.
(5) Support of community development financial institutions
The Administrator shall allocate funds authorized under this section, to the maximum extent practicable, for the support of community development financial institutions.
(b) Community Development Credit Union Revolving Loan Fund
There are authorized to be appropriated for the purposes of the Community Development Credit Union Revolving Loan Fund—
(1) $4,000,000 for fiscal year 1995;
(2) $2,000,000 for fiscal year 1996;
(3) $2,000,000 for fiscal year 1997; and
(4) $2,000,000 for fiscal year 1998.
(c) Budgetary treatment
Amounts authorized to be appropriated under this section shall be subject to discretionary spending caps, as provided in section 665 1 of title 2, and therefore shall reduce by an equal amount funds made available for other discretionary spending programs.
(Pub. L. 103–325, title I, § 121, Sept. 23, 1994, 108 Stat. 2189.)
heading: References in Text
text: Section 665 of title 2, referred to in subsec. (c), was repealed by Pub. L. 105–33, title X, § 10118(a), Aug. 5, 1997, 111 Stat. 695.
12 U.S.C. § 4744 (BANKS AND BANKING)
§ 4744. Participation agreements
(a) In general
A participating State may enter into a participation agreement with any financial institution determined by the participating State, after consultation with the appropriate Federal banking agency, to have sufficient commercial lending experience and financial and managerial capacity to participate in the Program. The determination by the State shall not be reviewable by the Fund.
(b) Participating financial institutions
Upon entering into the participation agreement with the participating State, the financial institution shall become a participating financial institution eligible to enroll loans under the Program.
(Pub. L. 103–325, title II, § 254, Sept. 23, 1994, 108 Stat. 2207.)
12 U.S.C. § 4746 (BANKS AND BANKING)
§ 4746. Reports
(a) Reserve funds report
On or before the last day of each calendar quarter, a participating State shall submit to the Fund a report of contributions to reserve funds made by the participating State during the previous calendar quarter. If the participating State has made contributions to one or more reserve funds during the previous quarter, the report shall—
(1) indicate the total amount of such contributions;
(2) indicate the amount of contributions which is subject to reimbursement, which shall be equal to the total amount of contributions, unless one of the limitations contained in section 4747 of this title is applicable;
(3) if one of the limitations in section 4747 of this title is applicable, provide documentation of the applicability of such limitation for each loan for which the limitation applies; and
(4) include a certification by the participating State that—
(A) the information provided in accordance with paragraphs (1), (2), and (3) is accurate;
(B) funds in an amount meeting the minimum requirements of section 4743(b)(3) of this title continue to be available and legally committed to contributions by the State to reserve funds, less any amount that has been contributed by the State to reserve funds subsequent to the State being approved for participation in the Program;
(C) there has been no unapproved amendment to any participation agreement or the form of participation agreements; and
(D) the participating State is otherwise implementing the Program in accordance with this subchapter and regulations issued pursuant to section 4749 of this title.
(b) Annual data
Not later than March 31 of each year, each participating State shall submit to the Fund annual data indicating the number of borrowers financed under the Program, the total amount of covered loans, and breakdowns by industry type, loan size, annual sales, and number of employees of the borrowers financed.
(c) Form
The reports and data filed pursuant to subsections (a) and (b) of this section shall be in such form as the Fund may require.
(Pub. L. 103–325, title II, § 256, Sept. 23, 1994, 108 Stat. 2212.)
12 U.S.C. § 4747 (BANKS AND BANKING)
§ 4747. Reimbursement by Fund
(a) Reimbursements
Not later than 30 calendar days after receiving a report filed in compliance with section 4746 of this title, the Fund shall reimburse the participating State in an amount equal to 50 percent of the amount of contributions by the participating State to the reserve funds that are subject to reimbursement by the Fund pursuant to section 4746 of this title and this section. The Fund shall reimburse participating States, as it receives reports pursuant to section 4746(a) of this title, until available funds are expended.
(b) Size of assisted borrower
The Fund shall not provide any reimbursement to a participating State with respect to an enrolled loan made to a borrower that has 500 or more employees at the time that the loan is enrolled in the Program.
(c) Three-year maximum
The amount of reimbursement to be provided by the Fund to a participating State over any 3-year period in connection with loans made to any single borrower or any group of borrowers among which a common enterprise exists shall not exceed $75,000. For purposes of this subsection, “common enterprise” shall have the same meaning as in part 32 of title 12 of the Code of Federal Regulations, or any successor to that part.
(d) Loans totaling less than $2,000,000
In connection with a loan in which the covered amount of the loan plus the covered amount of all previous loans enrolled by a participating financial institution does not exceed $2,000,000, the amount of reimbursement by the Fund to the participating State shall not exceed the lesser of—
(1) 75 percent of the sum of the premium charges paid to the reserve fund by the borrower and the participating financial institution; or
(2) 5.25 percent of the covered amount of the loan.
(e) Loans totaling more than $2,000,000
In connection with a loan in which the sum of the covered amounts of all previous loans enrolled by the participating financial institution in the Program equals or exceeds $2,000,000, the amount of reimbursement to be provided by the Fund to the participating State shall not exceed the lesser of—
(1) 50 percent of the sum of the premium charges paid by the borrower and the participating financial institution; or
(2) 3.5 percent of the covered amount of the loan.
(f) Other amounts
In connection with the enrollment of a loan that will cause the aggregate covered amount of all enrolled loans to exceed $2,000,000, the amount of reimbursement by the Fund to the participating State shall be determined—
(1) by applying subsection (d) of this section to the portion of the loan, which when added to the aggregate covered amount of all previously enrolled loans equals $2,000,000; and
(2) by applying subsection (e) of this section to the balance of the loan.
(Pub. L. 103–325, title II, § 257, Sept. 23, 1994, 108 Stat. 2212.)
12 U.S.C. § 4748 (BANKS AND BANKING)
§ 4748. Reimbursement to Fund
(a) In general
If a participating State withdraws funds from a reserve fund pursuant to terms of the participation agreement permitted by subsection (d) or (r) of section 4745 of this title, such participating State shall, not later than 15 calendar days after such withdrawal, submit to the Fund an amount computed by multiplying the amount withdrawn by the appropriate factor, as determined under subsection (b) of this section.
(b) Factor
The appropriate factor shall be obtained by dividing the total amount of contributions that have been made by the participating State to all reserve funds which were subject to reimbursement—
(1) by 2; and
(2) by the total amount of contributions made by the participating State to all reserve funds, including if applicable, contributions that have been made by the State prior to becoming a participating State if the State continued its own capital access program in accordance with section 4743(b) of this title.
(c) Use of reimbursements
The Fund may use funds reimbursed pursuant to this section to make reimbursements under section 4747 of this title.
(Pub. L. 103–325, title II, § 258, Sept. 23, 1994, 108 Stat. 2213.)
12 U.S.C. § 4750 (BANKS AND BANKING)
§ 4750. Authorization of appropriations
(a) Amount
There are authorized to be appropriated to the Fund $50,000,000 to carry out this subchapter.
(b) Budgetary treatment
The amount authorized to be appropriated under subsection (a) of this section shall be subject to discretionary spending caps, as provided in section 665 1 of title 2, and therefore shall reduce by an equal amount funds made available for other discretionary spending programs.
(Pub. L. 103–325, title II, § 260, Sept. 23, 1994, 108 Stat. 2214.)
heading: References in Text
text: Section 665 of title 2, referred to in subsec. (b), was repealed by Pub. L. 105–33, title X, § 10118(a), Aug. 5, 1997, 111 Stat. 695.
12 U.S.C. § 4802 (BANKS AND BANKING)
§ 4802. Administrative consideration of burden with new regulations
(a) Agency considerations
In determining the effective date and administrative compliance requirements for new regulations that impose additional reporting, disclosure, or other requirements on insured depository institutions, each Federal banking agency shall consider, consistent with the principles of safety and soundness and the public interest—
(1) any administrative burdens that such regulations would place on depository institutions, including small depository institutions and customers of depository institutions; and
(2) the benefits of such regulations.
(b) Adequate transition period for new regulations
(1) In general
New regulations and amendments to regulations prescribed by a Federal banking agency which impose additional reporting, disclosures, or other new requirements on insured depository institutions shall take effect on the first day of a calendar quarter which begins on or after the date on which the regulations are published in final form, unless—
(A) the agency determines, for good cause published with the regulation, that the regulation should become effective before such time;
(B) the regulation is issued by the Board of Governors of the Federal Reserve System in connection with the implementation of monetary policy; or
(C) the regulation is required to take effect on a date other than the date determined under this paragraph pursuant to any other Act of Congress.
(2) Early compliance
Any person who is subject to a regulation described in paragraph (1) may comply with the regulation before the effective date of the regulation.
(Pub. L. 103–325, title III, § 302, Sept. 23, 1994, 108 Stat. 2214.)
12 U.S.C. § 4804 (BANKS AND BANKING)
§ 4804. Elimination of duplicative filings
The Federal banking agencies shall work jointly—
(1) to eliminate, to the extent practicable, duplicative or otherwise unnecessary requests for information in connection with applications or notices to the agencies; and
(2) to harmonize, to the extent practicable, any inconsistent publication and public notice requirements.
(Pub. L. 103–325, title III, § 304, Sept. 23, 1994, 108 Stat. 2215.)
12 U.S.C. § 4805 (BANKS AND BANKING)
§ 4805. Call report simplification
(a) Modernization of call report filing and disclosure system
In order to reduce the administrative requirements pertaining to bank reports of condition, savings association financial reports, and bank holding company consolidated and parent-only financial statements, and to improve the timeliness of such reports and statements, the Federal banking agencies shall—
(1) work jointly to develop a system under which—
(A) insured depository institutions and their affiliates may file such reports and statements electronically; and
(B) the Federal banking agencies may make such reports and statements available to the public electronically; and
(2) not later than 1 year after September 23, 1994, report to the Congress and make recommendations for legislation that would enhance efficiency for filers and users of such reports and statements.
(b) Uniform reports and simplification of instructions
The Federal banking agencies shall, consistent with the principles of safety and soundness, work jointly—
(1) to adopt a single form for the filing of core information required to be submitted under Federal law to all such agencies in the reports and statements referred to in subsection (a) of this section; and
(2) to simplify instructions accompanying such reports and statements and to provide an index to the instructions that is adequate to meet the needs of both filers and users.
(c) Review of call report schedule
Each Federal banking agency shall—
(1) review the information required by schedules supplementing the core information referred to in subsection (b) of this section; and
(2) eliminate requirements that are not warranted for reasons of safety and soundness or other public purposes.
(Pub. L. 103–325, title III, § 307, Sept. 23, 1994, 108 Stat. 2217.)
heading: Codification
text: Provisions similar to this section are contained in section 4805a of this title.
12 U.S.C. § 4805a (BANKS AND BANKING)
§ 4805a. Call report simplification
(a) Modernization of call report filing and disclosure system
In order to reduce the administrative requirements pertaining to bank reports of condition, savings association financial reports, and bank holding company consolidated and parent-only financial statements, and to improve the timeliness of such reports and statements, the Federal banking agencies shall—
(1) work jointly to develop a system under which—
(A) insured depository institutions and their affiliates may file such reports and statements electronically; and
(B) the Federal banking agencies may make such reports and statements available to the public electronically; and
(2) not later than 1 year after December 27, 2000, report to the Congress and make recommendations for legislation that would enhance efficiency for filers and users of such reports and statements.
(b) Uniform reports and simplification of instructions
The Federal banking agencies shall, consistent with the principles of safety and soundness, work jointly—
(1) to adopt a single form for the filing of core information required to be submitted under Federal law to all such agencies in the reports and statements referred to in subsection (a) of this section; and
(2) to simplify instructions accompanying such reports and statements and to provide an index to the instructions that is adequate to meet the needs of both filers and users.
(c) Review of call report schedule
Each Federal banking agency shall—
(1) review the information required by schedules supplementing the core information referred to in subsection (b) of this section; and
(2) eliminate requirements that are not warranted for reasons of safety and soundness or other public purposes.
(d) Definition
In this section, the term “Federal banking agency” has the same meaning as in section 1813 of this title.
(Pub. L. 106–569, title XII, § 1211, Dec. 27, 2000, 114 Stat. 3035.)
heading: Codification
text: Section was enacted as part of the Financial Regulatory Relief and Economic Efficiency Act of 2000, and also as part of the American Homeownership and Economic Opportunity Act of 2000, and not as part of title III of Pub. L. 103–325 which comprises this chapter.
Provisions similar to this section are contained in section 4805 of this title.
12 U.S.C. § 4807 (BANKS AND BANKING)
§ 4807. Time limit on agency consideration of completed applications
(a) In general
Each Federal banking agency shall take final action on any application to the agency before the end of the 1-year period beginning on the date on which a completed application is received by the agency.
(b) Waiver by applicant authorized
Any person submitting an application to a Federal banking agency may waive the applicability of subsection (a) of this section with respect to such application at any time.
(Pub. L. 103–325, title III, § 343, Sept. 23, 1994, 108 Stat. 2238.)
12 U.S.C. § 4808 (BANKS AND BANKING)
§ 4808. Revising regulatory requirements for transfers of all types of assets with recourse
(a) Review and revision of regulations
(1) In general
During the 180-day period beginning on September 23, 1994, each appropriate Federal banking agency shall, consistent with the principles of safety and soundness and the public interest—
(A) review the agency’s regulations and written policies relating to transfers of assets with recourse by insured depository institutions; and
(B) in consultation with the other Federal banking agencies, promulgate regulations that better reflect the exposure of an insured depository institution to credit risk from transfers of assets with recourse.
(2) Regulations required
Before the end of the 180-day period beginning on September 23, 1994, each appropriate Federal banking agency shall prescribe the regulations developed pursuant to paragraph (1)(B).
(b) Regulations required
(1) In general
After the end of the 180-day period beginning on September 23, 1994, the amount of risk-based capital required to be maintained, under regulations prescribed by the appropriate Federal banking agency, by any insured depository institution with respect to assets transferred with recourse by such institution may not exceed the maximum amount of recourse for which such institution is contractually liable under the recourse agreement.
(2) Exception for safety and soundness
The appropriate Federal banking agency may require any insured depository institution to maintain risk-based capital in an amount greater than the amount determined under paragraph (1), if the agency determines, by regulation or order, that such higher amount is necessary for safety and soundness reasons.
(c) Coordination with section 1835(b) of this title
This section shall not be construed as superseding the applicability of section 1835(b) of this title.
(d) Definitions
For purposes of this section, the terms “appropriate Federal banking agency”, “Federal banking agency”, and “insured depository institution” have the same meanings as in section 1813 of this title.
(Pub. L. 103–325, title III, § 350, Sept. 23, 1994, 108 Stat. 2242.)
12 U.S.C. § 4809 (BANKS AND BANKING)
§ 4809. “Plain language” requirement for Federal banking agency rules
(a) In general
Each Federal banking agency shall use plain language in all proposed and final rulemakings published by the agency in the Federal Register after January 1, 2000.
(b) Report
Not later than March 1, 2001, each Federal banking agency shall submit to the Congress a report that describes how the agency has complied with subsection (a) of this section.
(c) Definition
For purposes of this section, the term “Federal banking agency” has the meaning given that term in section 1813 of this title.
(Pub. L. 106–102, title VII, § 722, Nov. 12, 1999, 113 Stat. 1471.)
heading: Codification
text: Section was enacted as part of the Gramm-Leach-Bliley Act, and not as part of title III of Pub. L. 103–322 which comprises this chapter.
12 U.S.C. § 4904 (BANKS AND BANKING)
§ 4904. Notification upon cancellation or termination
(a) In general
Not later than 30 days after the date of cancellation or termination of a private mortgage insurance requirement in accordance with this chapter, the servicer shall notify the mortgagor in writing—
(1) that the private mortgage insurance has terminated and that the mortgagor no longer has private mortgage insurance; and
(2) that no further premiums, payments, or other fees shall be due or payable by the mortgagor in connection with the private mortgage insurance.
(b) Notice of grounds
(1) In general
If a servicer determines that a mortgage did not meet the requirements for termination or cancellation of private mortgage insurance under subsection (a) or (b) of section 4902 of this title, the servicer shall provide written notice to the mortgagor of the grounds relied on to make the determination (including the results of any appraisal used to make the determination).
(2) Timing
Notice required by paragraph (1) shall be provided—
(A) with respect to cancellation of private mortgage insurance under section 4902(a) of this title, not later than 30 days after the later of—
(i) the date on which a request is received under section 4902(a)(1) of this title; or
(ii) the date on which the mortgagor satisfies any evidence and certification requirements under section 4902(a)(3) 1 of this title; and
(B) with respect to termination of private mortgage insurance under section 4902(b) of this title, not later than 30 days after the scheduled termination date.
(Pub. L. 105–216, § 5, July 29, 1998, 112 Stat. 903.)
heading: References in Text
text: Section 4902(a)(3) of this title, referred to in subsec. (b)(2)(A)(ii), was redesignated section 4902(a)(4) of this title by Pub. L. 106–569, title IV, § 404(1)(C), Dec. 27, 2000, 114 Stat. 2958.
12 U.S.C. § 4906 (BANKS AND BANKING)
§ 4906. Fees for disclosures
No fee or other cost may be imposed on any mortgagor with respect to the provision of any notice or information to the mortgagor pursuant to this chapter.
(Pub. L. 105–216, § 7, July 29, 1998, 112 Stat. 905.)