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12 U.S.C. § 2281 (BANKS AND BANKING)
§ 2281. Congressional findings and declaration of purpose
The Congress finds that demands for funds through Federal and federally assisted borrowing programs are increasing faster than the total supply of credit and that such borrowings are not adequately coordinated with overall Federal fiscal and debt management policies. The purpose of this chapter is to assure coordination of these programs with the overall economic and fiscal policies of the Government, to reduce the cost of Federal and federally assisted borrowings from the public, and to assure that such borrowings are financed in a manner least disruptive of private financial markets and institutions.
(Pub. L. 93–224, § 2, Dec. 29, 1973, 87 Stat. 937.)
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Pub. L. 93–224, § 20, Dec. 29, 1973, 87 Stat. 942, provided that: “This Act [enacting this chapter and amending section 24 of this title] becomes effective upon the date of its enactment [Dec. 29, 1973], except that section 7 [section 2286 of this title] becomes effective upon the expiration of thirty days after such date [Dec. 29, 1973].”
heading: Short Title
text: Pub. L. 93–224, § 1, Dec. 29, 1973, 87 Stat. 937, provided: “That this Act [enacting this chapter and amending section 24 of this title] may be cited as the ‘Federal Financing Bank Act of 1973’.”
heading: Separability
text: Pub. L. 93–224, § 19, Dec. 29, 1973, 87 Stat. 942, provided that: “If any provision of this Act [enacting this chapter and amending section 24 of this title], or the application thereof to any person or circumstance, is held invalid, the validity of the remainder of the Act [this chapter], and the application of such provisions to other persons or circumstances, shall not be affected.”
heading: Termination of Advisory Councils
text: Advisory councils established after Jan. 5, 1973, to terminate not later than the expiration of the 2-year period beginning on the date of their establishment, unless, in the case of a council established by the President or an officer of the Federal Government, such council is renewed by appropriate action prior to the expiration of such 2-year period, or in the case of a council established by the Congress, its duration is otherwise provided for by law. See sections 3(2) and 14 of Pub. L. 92–463, Oct. 6, 1972, 86 Stat. 770, 776, set out in the Appendix to Title 5, Government Organization and Employees.
heading: Executive Documents
heading: Executive Order No. 11782
text: Ex. Ord. No. 11782, May 6, 1974, 39 F.R. 15991, which established the Federal Financing Bank Advisory Council and provided for its membership, functions, etc., was revoked by Ex. Ord. No. 12379, § 15, Aug. 17, 1982, 47 F.R. 36099, formerly set out as a note under section 14 of the Federal Advisory Committee Act in the Appendix to Title 5, Government Organization and Employees.
12 U.S.C. § 2285a (BANKS AND BANKING)
§ 2285a. Acquisition of obligations involving loan guarantees for New York City
Nothing in any provision of law shall be construed to authorize the Federal Financing Bank to acquire any obligation the payment of interest or principal of which has at any time been guaranteed in whole or in part under title I of the New York City Loan Guarantee Act of 1978.
(Pub. L. 95–339, title II, § 201(b), Aug. 8, 1978, 92 Stat. 467.)
heading: Editorial Notes
heading: References in Text
text: Title I of the New York City Loan Guarantee Act of 1978, referred to in text, is title I of Pub. L. 95–339, Aug. 8, 1978, 92 Stat. 460, as amended, which was classified generally to subchapter II (§ 1521 et seq.) of chapter 27 of former Title 31, and was omitted from the Code in the general revision and reenactment of Title 31, Money and Finance, by Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 877.
heading: Codification
text: Section was enacted as part of the New York City Loan Guarantee Act of 1978, and not as part of the Federal Financing Bank Act of 1973 which comprises this chapter.
12 U.S.C. § 2286 (BANKS AND BANKING)
§ 2286. Approval of financing plans by Secretary of the Treasury
(a) Method, source, timing, terms, and conditions of sale of obligations issued or sold by Federal agencies
To insure the orderly and coordinated marketing of Treasury and Federal agency obligations and appropriate financing planning with respect thereto, and to facilitate the effective financing of programs authorized by law subject to the applicable provisions of such law, the prior approval of the Secretary of the Treasury shall be required with respect to—
(1) the method of financing,
(2) the source of financing,
(3) the timing of financing in relation to market conditions and financing by other Federal agencies, and
(4) the financing terms and conditions, including rates of interest and maturities,
of obligations issued or sold by any Federal agency; except that the approval of the Secretary of the Treasury shall not be required with respect to (A) obligations issued or sold pursuant to an Act of Congress which expressly prohibits any guarantee of such obligations by the United States, and (B) obligations issued or sold by the Farmers Home Administration.
(b) Grant or denial of approval by Secretary
Upon receipt of a request from a Federal agency for his approval under subsection (a) of this section, the Secretary of the Treasury shall act promptly either to grant his approval or to advise the agency of the reasons for withholding his approval. In no case shall the Secretary of the Treasury withhold such approval for a period longer than sixty days unless, prior to the end of such period, he submits to the Congress a detailed explanation of his reasons for so doing. In no case shall the Secretary withhold such approval for a period longer than one hundred and twenty days. To the maximum extent practicable, withholdings of approval shall be made in a manner which is not disproportionately detrimental to the functioning of any particular type of Federal program. Expedited treatment shall be accorded in any case in which the Federal agency advises the Secretary of the Treasury that unusual circumstances require such treatment.
(c) Time and form for submission of financing plans
Federal agencies subject to this section shall submit financing plans to the Secretary of the Treasury at such times and in such forms as he shall prescribe.
(Pub. L. 93–224, § 7, Dec. 29, 1973, 87 Stat. 938.)
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective on expiration of 30 days after Dec. 29, 1973, see section 20 of Pub. L. 93–224, set out as a note under section 2281 of this title.
12 U.S.C. § 2293 (BANKS AND BANKING)
§ 2293. Budget and audit provisions of Government corporation control law applicable
The budget and audit provisions of chapter 91 of title 31 shall be applicable to the Federal Financing Bank in the same manner as they are applied to the wholly owned Government corporations named in section 9101(3) of title 31.
(Pub. L. 93–224, § 15, Dec. 29, 1973, 87 Stat. 941.)
heading: Editorial Notes
heading: Codification
text: “Chapter 91 of title 31” and “section 9101(3) of title 31” substituted in text for “the Government Corporation Control Act (31 U.S.C. 841 et seq.)” and “section 101 of such Act (31 U.S.C. 846)”, respectively, on authority of Pub. L. 97–258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance.
12 U.S.C. § 2294a (BANKS AND BANKING)
§ 2294a. Contracts for periodic payments to offset costs of purchase of obligations of local public housing agencies
In addition to any authority provided before October 1, 1981, the Secretary of Housing and Urban Development may, on and after October 1, 1981, enter into contracts for periodic payments to the Federal Financing Bank to offset the costs to the Bank of purchasing obligations (as described in the first sentence of section 2294(b) of this title) issued by local public housing agencies for purposes of financing public housing projects authorized by section 1437c(c) of title 42. Notwithstanding any other provision of law, such contracts may be entered into only to the extent approved in appropriation Acts, and the aggregate amount which may be obligated over the duration of such contracts may not exceed $400,000,000. There are hereby authorized to be appropriated any amounts necessary to provide for such payments. The authority to enter into contracts under this subsection shall be in lieu of any authority (except for authority provided specifically to the Secretary before October 1, 1981) of the Secretary to enter into contracts for such purposes under section 2294(b) of this title.
(Pub. L. 97–35, title III, § 329E, Aug. 13, 1981, 95 Stat. 410.)
heading: Editorial Notes
heading: Codification
text: Section was enacted as part of the Housing and Community Development Amendments of 1981 and also as part of the Omnibus Budget Reconciliation Act of 1981, and not as part of the Federal Financing Bank Act of 1973 which comprises this chapter.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective Oct. 1, 1981, see section 371 of Pub. L. 97–35, set out as a note under section 3701 of this title.
12 U.S.C. § 2402 (BANKS AND BANKING)
§ 2402. Membership of Commission
(a) Composition
The Commission shall be composed of twenty-six members as follows:
(1) the Chairman of the Board of Governors of the Federal Reserve System or his delegate;
(2) the Attorney General or his delegate;
(3) the Comptroller of the Currency or his delegate;
(4) the Chairman of the Federal Home Loan Bank Board or his delegate;
(5) the Administrator of the National Credit Union Administration or his delegate;
(6) the Chairman of the Board of Directors of the Federal Deposit Insurance Corporation or his delegate;
(7) the Chairman of the Federal Communications Commission or his delegate;
(8) the Postmaster General or his delegate;
(9) the Secretary of the Treasury or his delegate;
(10) the Chairman of the Federal Trade Commission or his delegate;
(11) two individuals, appointed by the President, one of whom is an official of a State agency which regulates banking, or similar financial institutions, and one of whom is an official of a State agency which regulates thrift or similar financial institutions;
(12) seven individuals, appointed by the President, who are officers or employees of, or who otherwise represent banking, thrift, or other business entities, including one representative each of commercial banks, mutual savings banks, savings and loan associations, credit unions, retailers, nonbanking institutions offering credit card services, and organizations providing interchange services for credit cards issued by banks;
(13) five individuals, appointed by the President, from private life who are not affiliated with, do not represent and have no substantial interest in any banking, thrift, or other financial institution, including but not limited to credit unions, retailers, and insurance companies;
(14) the Comptroller General of the United States or his delegate; and
(15) the Director of the Office of Technology Assessment.
(b) Designation of Chairperson
The Chairperson shall be designated by the President at the time of his appointment from among the members of the Commission and such selection shall be by and with the advice and consent of the Senate unless the appointee holds an office to which he was appointed by and with the advice and consent of the Senate.
(c) Vacancies
A vacancy in the Commission shall be filled in the manner in which the original appointment was made.
(Pub. L. 93–495, title II, § 202, Oct. 28, 1974, 88 Stat. 1508.)
heading: Statutory Notes and Related Subsidiaries
heading: Transfer of Functions
text: Functions vested in Administrator of National Credit Union Administration transferred and vested in National Credit Union Administration Board pursuant to section 1752a of this title.
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.
12 U.S.C. § 2403 (BANKS AND BANKING)
§ 2403. Functions of Commission
(a) Study, investigation, and recommendations; considerations
The Commission shall conduct a thorough study and investigation and recommend appropriate administrative action and legislation necessary in connection with the possible development of public or private electronic fund transfer systems, taking into account, among other things—
(1) the need to preserve competition among the financial institutions and other business enterprises using such a system;
(2) the need to promote competition among financial institutions and to assure Government regulation and involvement or participation in a system competitive with the private sector be kept to a minimum;
(3) the need to prevent unfair or discriminatory practices by any financial institution or business enterprise using or desiring to use such a system;
(4) the need to afford maximum user and consumer convenience;
(5) the need to afford maximum user and consumer rights to privacy and confidentiality;
(6) the impact of such a system on economic and monetary policy;
(7) the implications of such a system on the availability of credit;
(8) the implications of such a system expanding internationally and into other forms of electronic communications; and
(9) the need to protect the legal rights of users and consumers.
(b) Interim and final reports; submission dates; transmittal of final report to President and Congress; contents; availability to public; termination date of Commission
The Commission shall make an interim report within one year of the date of the confirmation by the Senate of the Chairperson or the appointment by the President of an acting Chairperson and at such other times as it deems advisable and shall transmit to the President and to the Congress not later than two years after the date of the confirmation by the Senate of the Chairperson or the appointment by the President of an acting Chairperson, a final report of its findings and recommendations. Any such report shall include all hearing transcripts, staff studies, and other material used in preparation of the report. The interim and final reports shall be made available to the public upon transmittal. Sixty days after transmission of its final report the Commission shall cease to exist.
(c) Clearance by Federal agencies prior to transmittal of interim or final report
The Commission shall not be required to obtain the clearance of any Federal agency prior to the transmittal of any interim or final report.
(Pub. L. 93–495, title II, § 203, Oct. 28, 1974, 88 Stat. 1508; Pub. L. 94–200, title II, § 201, Dec. 31, 1975, 89 Stat. 1124.)
heading: Editorial Notes
heading: Amendments
text: 1975—Subsec. (b). Pub. L. 94–200 changed the time for submission of interim and final reports from one year of the Commission’s findings and recommendations and two years after Oct. 28, 1974, to one year and two years respectively after the confirmation by the Senate of the Chairperson or the appointment by the President of an acting Chairperson.
12 U.S.C. § 2404 (BANKS AND BANKING)
§ 2404. Powers of Commission
(a) Hearings; administration of oaths
The Commission may for the purpose of carrying out this chapter hold such hearings, sit and act at such times and places, take such testimony, and receive such evidence, as the Commission may deem advisable. The Commission may administer oaths of 1 affirmations to witnesses appearing before it.
(b) Implementation authority of members or agents of Commission
When so authorized by the Commission, any member or agent of the Commission may take any action which the Commission is authorized to take by this section.
(c) Request for information from other Federal departments or agencies
The Commission may secure directly from any department or agency of the United States information necessary to enable it to carry out this chapter. Upon request of the Chairperson of the Commission, the head of such department or agency shall furnish such information to the Commission.
(d) Issuance of subpenas for attendance of witnesses and production of evidence; refusal to obey; contempt proceedings; manner of service of subpenas; service of process
(1) The Commission shall have power to issue subpenas requiring the attendance and testimony of witnesses and the production of any evidence that relates to any matter under investigation by the Commission. Such attendance of witnesses and the production of such evidence may be required from any place within the United States at any designated place of hearing within the United States.
(2) If a person issued a subpena under paragraph (1) refuses to obey such subpena or is guilty of contumacy, any court of the United States within the judicial district within which the hearing is conducted or within the judicial district within which such person is found or resides or transacts business may (upon application by the Commission) order such person to appear before the Commission to produce evidence or to give testimony touching the matter under investigation. Any failure to obey such order of the court may be punished by such court as a contempt thereof.
(3) The subpenas of the Commission shall be served in the manner provided for subpenas issued by a United States district court under the Federal Rules of Civil Procedure for the United States district courts.
(4) All process of any court to which application may be made under this section may be served in the judicial district wherein the person required to be served resides or may be found.
(Pub. L. 93–495, title II, § 204, Oct. 28, 1974, 88 Stat. 1509.)
heading: Editorial Notes
heading: References in Text
text: This chapter, referred to in subsecs. (a) and (c), was in the original “this Act”, meaning Pub. L. 93–495, which enacted this chapter (§ 2401 et seq.). For complete classification of this Act to the Code, see Tables.
12 U.S.C. § 2405 (BANKS AND BANKING)
§ 2405. Executive Director and additional staff personnel; appointment and compensation; experts and consultants; employment and compensation; audits by Comptroller General
(a) The Commission—
(1) may appoint with the advice and consent of the Senate and fix the compensation of an Executive Director, and such additional staff personnel as he deems necessary, without regard to the provisions of title 5 governing appointments in the competitive service, and without regard to chapter 51 and subchapter III of chapter 53 of such title relating to classification and General Schedule pay rates, but at rates not in excess of the maximum rate for GS–18 of the General Schedule under section 5332 of such title; and
(2) may procure temporary and intermittent services to the same extent as is authorized by section 3109 of title 5, but at rates not to exceed $150 a day for individuals.
(b) The Comptroller General is authorized to make detailed audits of the books and records of the Commission, and shall report the results of any such audit to the Commission and to the Congress.
(Pub. L. 93–495, title II, § 205, Oct. 28, 1974, 88 Stat. 1510.)
heading: Statutory Notes and Related Subsidiaries
heading: References in Other Laws to GS–16, 17, or 18 Pay Rates
text: References in laws to the rates of pay for GS–16, 17, or 18, or to maximum rates of pay under the General Schedule, to be considered references to rates payable under specified sections of Title 5, Government Organization and Employees, see section 529 [title I, § 101(c)(1)] of Pub. L. 101–509, set out in a note under section 5376 of Title 5.
12 U.S.C. § 2501 (BANKS AND BANKING)
§ 2501. Congressional findings and declaration of purpose
The Congress finds and declares that—
(1) the books and records of banking and financial organizations and business associations engaged in issuing and selling money orders and traveler’s checks do not, as a matter of business practice, show the last known addresses of purchasers of such instruments;
(2) a substantial majority of such purchasers reside in the States where such instruments are purchased;
(3) the States wherein the purchasers of money orders and traveler’s checks reside should, as a matter of equity among the several States, be entitled to the proceeds of such instruments in the event of abandonment;
(4) it is a burden on interstate commerce that the proceeds of such instruments are not being distributed to the States entitled thereto; and
(5) the cost of maintaining and retrieving addresses of purchasers of money orders and traveler’s checks is an additional burden on interstate commerce since it has been determined that most purchasers reside in the State of purchase of such instruments.
(Pub. L. 93–495, title VI, § 601, Oct. 28, 1974, 88 Stat. 1525.)
heading: Statutory Notes and Related Subsidiaries
heading: Applicability to Sums Payable on Money Orders, Etc., Deemed Abandoned on or After February 1, 1965; Exception
text: Pub. L. 93–495, title VI, § 604, Oct. 28, 1974, 88 Stat. 1526, provided that: “This title [enacting this chapter] shall be applicable to sums payable on money orders, traveler’s checks, and similar written instruments deemed abandoned on or after February 1, 1965, except to the extent that such sums have been paid over to a State prior to January 1, 1974.”
12 U.S.C. § 2606 (BANKS AND BANKING)
§ 2606. Exempted transactions
(a) In general
This chapter does not apply to credit transactions involving extensions of credit—
(1) primarily for business, commercial, or agricultural purposes; or
(2) to government or governmental agencies or instrumentalities.
(b) Interpretation
In prescribing regulations under section 2617(a) of this title, the Bureau shall ensure that, with respect to subsection (a) of this section, the exemption for credit transactions involving extensions of credit primarily for business, commercial, or agricultural purposes, as provided in subsection (a)(1) 1 of this section shall be the same as the exemption for such credit transactions under section 1603(1) of title 15.
(Pub. L. 93–533, § 7, as added Pub. L. 103–325, title III, § 312, Sept. 23, 1994, 108 Stat. 2221; amended Pub. L. 104–208, div. A, title II, § 2103(b), Sept. 30, 1996, 110 Stat. 3009–399; Pub. L. 111–203, title X, § 1098(5), July 21, 2010, 124 Stat. 2104.)
heading: Editorial Notes
heading: References in Text
text: Subsection (a)(1) of this section, referred to in subsec. (b), was in the original “section 7(1) of the Real Estate Settlement Procedures Act of 1974”, and was translated as referring to section 7(a)(1) of that Act to reflect the probable intent of Congress.
heading: Prior Provisions
text: A prior section 2606, Pub. L. 93–533, § 7, Dec. 22, 1974, 88 Stat. 1727, related to seller or his agent confirming that information concerning an existing residence was disclosed to buyer in writing before a commitment for a mortgage loan was made, prior to repeal by Pub. L. 94–205, § 6, Jan. 2, 1976, 89 Stat. 1158.
heading: Amendments
text: 2010–Subsec. (b). Pub. L. 111–203 substituted “Bureau” for “Secretary”.
1996—Pub. L. 104–208 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of 2010 Amendment
text: Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.
12 U.S.C. § 2608 (BANKS AND BANKING)
§ 2608. Title companies; liability of seller
(a) No seller of property that will be purchased with the assistance of a federally related mortgage loan shall require directly or indirectly, as a condition to selling the property, that title insurance covering the property be purchased by the buyer from any particular title company.
(b) Any seller who violates the provisions of subsection (a) shall be liable to the buyer in an amount equal to three times all charges made for such title insurance.
(Pub. L. 93–533, § 9, Dec. 22, 1974, 88 Stat. 1728.)
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective 180 days after Dec. 22, 1974, see section 20 of Pub. L. 93–533, set out as a note under section 2601 of this title.