dreamproit/uscode huggingface dataset:
12 U.S.C. § 4229 (BANKS AND BANKING)
§ 4229. Protection for declarants
A declarant under this subchapter shall enjoy the protections of section 3059A(e) 1 of title 18.
(Pub. L. 101–647, title XXV, § 2584, Nov. 29, 1990, 104 Stat. 4903.)
heading: Editorial Notes
heading: References in Text
text: Section 3059A(e) of title 18, referred to in text, was repealed by Pub. L. 107–273, div. A, title III, § 301(c)(2), Nov. 2, 2002, 116 Stat. 1781.
12 U.S.C. § 4301 (BANKS AND BANKING)
§ 4301. Findings and purpose
(a) Findings
The Congress hereby finds that economic stability would be enhanced, competition between depository institutions would be improved, and the ability of the consumer to make informed decisions regarding deposit accounts, and to verify accounts, would be strengthened if there was uniformity in the disclosure of terms and conditions on which interest is paid and fees are assessed in connection with such accounts.
(b) Purpose
It is the purpose of this chapter to require the clear and uniform disclosure of—
(1) the rates of interest which are payable on deposit accounts by depository institutions; and
(2) the fees that are assessable against deposit accounts,
so that consumers can make a meaningful comparison between the competing claims of depository institutions with regard to deposit accounts.
(Pub. L. 102–242, title II, § 262, Dec. 19, 1991, 105 Stat. 2334.)
heading: Statutory Notes and Related Subsidiaries
heading: Short Title
text: Pub. L. 102–242, title II, § 261, Dec. 19, 1991, 105 Stat. 2334, provided that: “This subtitle [subtitle F (§§ 261–274) of title II of Pub. L. 102–242, enacting this chapter] may be cited as the ‘Truth in Savings Act’.”
heading: Separability
text: If any provision of Pub. L. 102–242 or any application of any provision thereof to any person or circumstance is held invalid, the remainder of Pub. L. 102–242 and the application of any remaining provision of such Act to any other person or circumstance not to be affected by such holding, see section 481 of Pub. L. 102–242, set out as a note under section 1811 of this title.
12 U.S.C. § 4304 (BANKS AND BANKING)
§ 4304. Disclosure requirements for certain accounts
The Bureau shall require, in regulations which the Bureau shall prescribe, such modification in the disclosure requirements under this chapter relating to annual percentage yield as may be necessary to carry out the purposes of this chapter in the case of—
(1) accounts with respect to which determination of annual percentage yield is based on an annual rate of interest that is guaranteed for a period of less than 1 year;
(2) variable rate accounts;
(3) accounts which, pursuant to law, do not guarantee payment of a stated rate;
(4) multiple rate accounts; and
(5) accounts with respect to which determination of annual percentage yield is based on an annual rate of interest that is guaranteed for a stated term.
(Pub. L. 102–242, title II, § 265, Dec. 19, 1991, 105 Stat. 2336; Pub. L. 102–550, title XVI, § 1604(e)(2)(A), Oct. 28, 1992, 106 Stat. 4084; Pub. L. 111–203, title X, § 1100B(1), July 21, 2010, 124 Stat. 2109.)
heading: Editorial Notes
heading: Amendments
text: 2010—Pub. L. 111–203 substituted “Bureau” for “Board” in two places in introductory provisions.
1992—Pub. L. 102–550 made technical amendment to references to “this chapter” wherever appearing to reflect correction of corresponding provision of original act.
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.
heading: Effective Date of 1992 Amendment
text: Amendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, see section 1609(a) of Pub. L. 102–550, set out as a note under section 191 of this title.
12 U.S.C. § 4306 (BANKS AND BANKING)
§ 4306. Payment of interest
(a) Calculated on full amount of principal
Interest on an interest-bearing account at any depository institution shall be calculated by such institution on the full amount of principal in the account for each day of the stated calculation period at the rate or rates of interest disclosed pursuant to this chapter.
(b) No particular method of compounding interest required
Subsection (a) shall not be construed as prohibiting or requiring the use of any particular method of compounding or crediting of interest.
(c) Date by which interest must accrue
Interest on accounts that are subject to this chapter shall begin to accrue not later than the business day specified for interest-bearing accounts in section 4005 of this title, subject to subsections (b) and (c) of such section.
(Pub. L. 102–242, title II, § 267, Dec. 19, 1991, 105 Stat. 2338; Pub. L. 102–550, title XVI, § 1604(e)(2)(B), (C), Oct. 28, 1992, 106 Stat. 4084.)
heading: Editorial Notes
heading: Amendments
text: 1992—Subsecs. (a), (c). Pub. L. 102–550 made technical amendment to references to “this chapter” to reflect correction of corresponding provision of original act.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of 1992 Amendment
text: Amendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, see section 1609(a) of Pub. L. 102–550, set out as a note under section 191 of this title.
12 U.S.C. § 4310 (BANKS AND BANKING)
§ 4310. Repealed. Pub. L. 104–208, div. A, title II, § 2604(a), Sept. 30, 1996, 110 Stat. 3009–470
text: Section, Pub. L. 102–242, title II, § 271, Dec. 19, 1991, 105 Stat. 2340; Pub. L. 102–550, title XVI, § 1604(e)(2)(L)–(O), Oct. 28, 1992, 106 Stat. 4084, related to civil liability for depository institutions which failed to comply with any requirements of chapter or regulations with respect to account holders.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of Repeal
text: Pub. L. 104–208, div. A, title II, § 2604(a), Sept. 30, 1996, 110 Stat. 3009–470, provided that: “Effective as of the end of the 5-year period beginning on the date of the enactment of this Act [Sept. 30, 1996], section 271 of the Truth in Savings Act (12 U.S.C. 4310) is repealed.”
12 U.S.C. § 4311 (BANKS AND BANKING)
§ 4311. Credit unions
(a) In general
No regulation prescribed by the Bureau under this chapter shall apply directly with respect to any depository institution described in clause (iv) of section 461(b)(1)(A) of this title.
(b) Regulations prescribed by NCUA
Within 90 days of the effective date of any regulation prescribed by the Bureau under this chapter, the National Credit Union Administration Board shall prescribe a regulation substantially similar to the regulation prescribed by the Bureau taking into account the unique nature of credit unions and the limitations under which they may pay dividends on member accounts.
(Pub. L. 102–242, title II, § 272, Dec. 19, 1991, 105 Stat. 2342; Pub. L. 102–550, title XVI, § 1604(e)(2)(P), (Q), Oct. 28, 1992, 106 Stat. 4084; Pub. L. 111–203, title X, § 1100B(1), (3), July 21, 2010, 124 Stat. 2109, 2110.)
heading: Editorial Notes
heading: Amendments
text: 2010—Subsec. (a). Pub. L. 111–203, § 1100B(1), substituted “Bureau” for “Board”.
Subsec. (b). Pub. L. 111–203, § 1100B(3), substituted “regulation prescribed by the Bureau” for “regulation prescribed by the Board” in two places.
1992—Pub. L. 102–550 made technical amendment to references to “this chapter” wherever appearing to reflect correction of corresponding provision of original act.
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.
heading: Effective Date of 1992 Amendment
text: Amendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, see section 1609(a) of Pub. L. 102–550, set out as a note under section 191 of this title.
12 U.S.C. § 4312 (BANKS AND BANKING)
§ 4312. Effect on State law
The provisions of this chapter do not supersede any provisions of the law of any State relating to the disclosure of yields payable or terms for accounts to the extent such State law requires the disclosure of such yields or terms for accounts, except to the extent that those laws are inconsistent with the provisions of this chapter, and then only to the extent of the inconsistency. The Bureau may determine whether such inconsistencies exist.
(Pub. L. 102–242, title II, § 273, Dec. 19, 1991, 105 Stat. 2342; Pub. L. 102–550, title XVI, § 1604(e)(2)(R), Oct. 28, 1992, 106 Stat. 4084; Pub. L. 111–203, title X, § 1100B(1), July 21, 2010, 124 Stat. 2109.)
heading: Editorial Notes
heading: Amendments
text: 2010—Pub. L. 111–203 substituted “Bureau” for “Board”.
1992—Pub. L. 102–550 made technical amendment to references to “this chapter” wherever appearing to reflect correction of corresponding provision of original act.
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.
heading: Effective Date of 1992 Amendment
text: Amendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, see section 1609(a) of Pub. L. 102–550, set out as a note under section 191 of this title.
12 U.S.C. § 4401 (BANKS AND BANKING)
§ 4401. Findings and purpose
The Congress finds that—
(1) many financial institutions engage daily in thousands of transactions with other financial institutions directly and through clearing organizations;
(2) the efficient processing of such transactions is essential to a smoothly functioning economy;
(3) such transactions can be processed most efficiently if, consistent with applicable contractual terms, obligations among financial institutions are netted;
(4) such netting procedures would reduce the systemic risk within the banking system and financial markets; and
(5) the effectiveness of such netting procedures can be assured only if they are recognized as valid and legally binding in the event of the closing of a financial institution participating in the netting procedures.
(Pub. L. 102–242, title IV, § 401, Dec. 19, 1991, 105 Stat. 2371.)
heading: Statutory Notes and Related Subsidiaries
heading: Separability
text: If any provision of Pub. L. 102–242 or any application of any provision thereof to any person or circumstance is held invalid, the remainder of Pub. L. 102–242 and the application of any remaining provision of such Act to any other person or circumstance not to be affected by such holding, see section 481 of Pub. L. 102–242, set out as a note under section 1811 of this title.
12 U.S.C. § 4407 (BANKS AND BANKING)
§ 4407. National emergencies
The provisions of this chapter may not be construed to limit the authority of the President under the Trading With the Enemy Act (50 U.S.C. App. 1 et seq.) [now 50 U.S.C. 4301 et seq.] or the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.).
(Pub. L. 102–242, title IV, § 407A, formerly § 407, Dec. 19, 1991, 105 Stat. 2375; renumbered § 407A, Pub. L. 109–8, title IX, § 906(d)(1), Apr. 20, 2005, 119 Stat. 169.)
heading: Editorial Notes
heading: References in Text
text: The Trading With the Enemy Act, referred to in text, is act Oct. 6, 1917, ch. 106, 40 Stat. 411, which was classified to sections 1 to 6, 7 to 39 and 41 to 44 of the former Appendix to Title 50, War and National Defense, prior to editorial reclassification and renumbering as chapter 53 (§ 4301 et seq.) of Title 50. For complete classification of this Act to the Code, see Tables.
The International Emergency Economic Powers Act, referred to in text, is Pub. L. 95–223, title II, Dec. 28, 1977, 91 Stat. 1626, which is classified generally to chapter 35 (§ 1701 et seq.) of Title 50, War and National Defense. For complete classification of this Act to the Code, see Short Title note set out under section 1701 of Title 50 and Tables.
(BANKS AND BANKING)
§§ 4421, 4422. Repealed. Pub. L. 111–203, title VII, § 740, July 21, 2010, 124 Stat. 1729
text: Section 4421, Pub. L. 102–242, title IV, § 408, as added Pub. L. 106–554, § 1(a)(5) [title I, § 112(a)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–391; amended Pub. L. 111–203, title VII, § 749(i), July 21, 2010, 124 Stat. 1748, defined terms used in this subchapter.
text: Section 4422, Pub. L. 102–242, title IV, § 409, as added Pub. L. 106–554, § 1(a)(5) [title I, § 112(a)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–392, related to multilateral clearing organizations.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of Repeal
text: Repeal effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as an Effective Date of 2010 note under section 1a of Title 7, Agriculture.
12 U.S.C. § 4503 (BANKS AND BANKING)
§ 4503. Protection of taxpayers against liability
This chapter may not be construed as obligating the Federal Government, either directly or indirectly, to provide any funds to the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, or the Federal Home Loan Banks, or to honor, reimburse, or otherwise guarantee any obligation or liability of the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, or the Federal Home Loan Banks. This chapter may not be construed as implying that any such enterprise or Bank, or any obligations or securities of such an enterprise or Bank, are backed by the full faith and credit of the United States.
(Pub. L. 102–550, title XIII, § 1304, Oct. 28, 1992, 106 Stat. 3944.)
heading: Editorial Notes
heading: References in Text
text: This chapter, referred to in text, was in the original “This title and the amendments made by this title”, meaning title XIII of Pub. L. 102–550, Oct. 28, 1992, 106 Stat. 3941, which is classified principally to this chapter. For complete classification of title XIII to the Code, see Short Title note set out under section 4501 of this title and Tables.
12 U.S.C. § 4513a (BANKS AND BANKING)
§ 4513a. Federal Housing Finance Oversight Board
(a) In general
There is established the Federal Housing Finance Oversight Board, which shall advise the Director with respect to overall strategies and policies in carrying out the duties of the Director under this chapter.
(b) Limitations
The Board may not exercise any executive authority, and the Director may not delegate to the Board any of the functions, powers, or duties of the Director.
(c) Composition
The Board shall be comprised of 4 members, of whom—
(1) 1 member shall be the Secretary of the Treasury;
(2) 1 member shall be the Secretary of Housing and Urban Development;
(3) 1 member shall be the Chairman of the Securities and Exchange Commission; and
(4) 1 member shall be the Director, who shall serve as the Chairperson of the Board.
(d) Meetings
(1) In general
The Board shall meet upon notice by the Director, but in no event shall the Board meet less frequently than once every 3 months.
(2) Special meetings
Either the Secretary of the Treasury, the Secretary of Housing and Urban Development, or the Chairman of the Securities and Exchange Commission may, upon giving written notice to the Director, require a special meeting of the Board.
(e) Testimony
On an annual basis, the Board shall testify before Congress regarding—
(1) the safety and soundness of the regulated entities;
(2) any material deficiencies in the conduct of the operations of the regulated entities;
(3) the overall operational status of the regulated entities;
(4) an evaluation of the performance of the regulated entities in carrying out their respective missions;
(5) operations, resources, and performance of the Agency; and
(6) such other matters relating to the Agency and its fulfillment of its mission, as the Board determines appropriate.
(Pub. L. 102–550, title XIII, § 1313A, as added Pub. L. 110–289, div. A, title I, § 1103(a), July 30, 2008, 122 Stat. 2665.)
heading: Editorial Notes
heading: References in Text
text: This chapter, referred to in subsec. (a), was in the original “this title”, meaning title XIII of Pub. L. 102–550, Oct. 28, 1992, 106 Stat. 3941, which is classified principally to this chapter. For complete classification of title XIII to the Code, see Short Title note set out under section 4501 of this title and Tables.
12 U.S.C. § 4514a (BANKS AND BANKING)
§ 4514a. Study and reports on guarantee fees
(a) Ongoing study of fees
The Director shall conduct an ongoing study of fees charged by enterprises for guaranteeing a mortgage.
(b) Collection of data
The Director shall, by regulation or order, establish procedures for the collection of data from enterprises for purposes of this subsection,1 including the format and the process for collection of such data.
(c) Reports to Congress
The Director shall annually submit a report to Congress on the results of the study conducted under subsection (a), based on the aggregated data collected under subsection (a) for the subject year, regarding the amount of such fees and the criteria used by the enterprises to determine such fees.
(d) Contents of reports
The reports required under subsection (c) shall identify and analyze—
(1) the factors considered in determining the amount of the guarantee fees charged;
(2) the total revenue earned by the enterprises from guarantee fees;
(3) the total costs incurred by the enterprises for providing guarantees;
(4) the average guarantee fee charged by the enterprises;
(5) an analysis of any increase or decrease in guarantee fees from the preceding year;
(6) a breakdown of the revenue and costs associated with providing guarantees, based on product type and risk classifications; and
(7) a breakdown of guarantee fees charged based on asset size of the originator and the number of loans sold or transferred to an enterprise.
(e) Protection of information
Nothing in this section may be construed to require or authorize the Director to publicly disclose information that is confidential or proprietary.
(Pub. L. 110–289, div. A, title VI, § 1601, July 30, 2008, 122 Stat. 2824.)
heading: Editorial Notes
heading: Codification
text: Section was enacted as part of the Federal Housing Finance Regulatory Reform Act of 2008, and also as part of the Housing and Economic Recovery Act of 2008, and not as part of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 which comprises this chapter.
heading: Statutory Notes and Related Subsidiaries
heading: Definitions
text: For definitions of terms used in this section, see section 1002(b) of Pub. L. 110–289, set out as a note under section 4511 of this title.
12 U.S.C. § 4518a (BANKS AND BANKING)
§ 4518a. Limitation on bonuses to executives of Fannie Mae and Freddie Mac
Notwithstanding any other provision in law, senior executives at the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation are prohibited from receiving bonuses during any period of conservatorship for those entities on or after April 4, 2012.
(Pub. L. 112–105, § 16, Apr. 4, 2012, 126 Stat. 303.)
heading: Editorial Notes
heading: Codification
text: Section was enacted as part of the Representative Louise McIntosh Slaughter Stop Trading on Congressional Knowledge Act, also known as the STOCK Act, and not as part of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 which comprises this chapter.
12 U.S.C. § 4519 (BANKS AND BANKING)
§ 4519. Authority to provide for review of regulated entities
The Director may, on such terms and conditions as the Director deems appropriate, contract with any entity to conduct a review of the regulated entities.
(Pub. L. 102–550, title XIII, § 1319, Oct. 28, 1992, 106 Stat. 3950; Pub. L. 109–291, § 4(b)(4), Sept. 29, 2006, 120 Stat. 1337; Pub. L. 110–289, div. A, title I, § 1105(d), July 30, 2008, 122 Stat. 2668; Pub. L. 111–203, title IX, § 939(b), July 21, 2010, 124 Stat. 1886.)
heading: Editorial Notes
heading: Amendments
text: 2010—Pub. L. 111–203 struck out “that is a nationally recognized statistical rating organization, as such term is defined in section 78c(a) of title 15,” after “entity”.
2008—Pub. L. 110–289 substituted “regulated entities” for “enterprises by rating organization” in section catchline and “regulated entities” for “enterprises” in text.
2006—Pub. L. 109–291 substituted “that is a nationally recognized statistical rating organization, as such term is defined in section 78c(a) of title 15” for “effectively recognized by the Division of Market Regulation of the Securities and Exchange Commission as a nationally recognized statistical rating organization for the purposes of the capital rules for broker-dealers”.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of 2010 Amendment
text: Amendment by Pub. L. 111–203 effective 2 years after July 21, 2010, see section 939(g) of Pub. L. 111–203, set out as a note under section 24a of this title.
12 U.S.C. § 4523 (BANKS AND BANKING)
§ 4523. Limitation on subsequent employment
Neither the Director nor any former officer or employee of the Agency who, while employed by the Agency, was compensated at a rate in excess of the lowest rate for a position classified higher than GS–15 of the General Schedule under section 5107 of title 5 may accept compensation from an enterprise during the 2-year period beginning on the date of separation from employment by the Agency.
(Pub. L. 102–550, title XIII, § 1319D, Oct. 28, 1992, 106 Stat. 3951; Pub. L. 110–289, div. A, title I, § 1161(a)(5), July 30, 2008, 122 Stat. 2779.)
heading: Editorial Notes
heading: Amendments
text: 2008—Pub. L. 110–289 substituted “the Agency” for “the Office” wherever appearing.
12 U.S.C. § 4524 (BANKS AND BANKING)
§ 4524. Audits by GAO
The Comptroller General may audit the operations of the Agency, and any such audit shall be conducted in accordance with generally accepted Government auditing standards. All books, records, accounts, reports, files, and property belonging to, or used by, the Agency shall be made available to the Comptroller General.
(Pub. L. 102–550, title XIII, § 1319E, Oct. 28, 1992, 106 Stat. 3952; Pub. L. 104–316, title I, § 106(h), Oct. 19, 1996, 110 Stat. 3831; Pub. L. 110–289, div. A, title I, § 1161(a)(5), July 30, 2008, 122 Stat. 2779.)
heading: Editorial Notes
heading: Amendments
text: 2008—Pub. L. 110–289 substituted “the Agency” for “the Office” in two places.
1996—Pub. L. 104–316, in first sentence, substituted “may audit” for “shall audit” and inserted “, and any such audit shall be conducted” after “Office”, and struck out at end “Audits under this section shall be conducted annually for the first 2 fiscal years following October 28, 1992, and as appropriate thereafter.”