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12 U.S.C. § 4637 (BANKS AND BANKING)
§ 4637. Notice after separation from service
The resignation, termination of employment or participation, or separation of an entity-affiliated party shall not affect the jurisdiction and authority of the Director to issue any notice and proceed under this subchapter against any such entity-affiliated party, if such notice is served before the end of the 6-year period beginning on the date such entity-affiliated party ceases to be associated with the regulated entity.
(Pub. L. 102–550, title XIII, § 1379, formerly § 1377, Oct. 28, 1992, 106 Stat. 3992; renumbered § 1379 and amended Pub. L. 110–289, div. A, title I, §§ 1153(a)(1), 1156(b)(1), 1157, July 30, 2008, 122 Stat. 2770, 2777.)
heading: Editorial Notes
heading: Prior Provisions
text: A prior section 1379 of Pub. L. 102–550 was renumbered section 1379B and is classified to section 4639 of this title.
heading: Amendments
text: 2008—Pub. L. 110–289, § 1157(4), which directed the substitution of “regulated entity.” for “enterprise.” could not be executed because of the prior amendment by Pub. L. 110–289, § 1156(b)(1). See below.
Pub. L. 110–289, § 1157(3), which directed the substitution of “entity-affiliated party” for “director or officer” wherever appearing, was executed by making the substitution for “director or executive officer” in two places, to reflect the probable intent of Congress.
Pub. L. 110–289, § 1157(2), which directed the substitution of “an entity-affiliated party” for “a director or executive officer of an enterprise”, was executed by making the substitution for “a director or executive officer of a regulated entity”, to reflect the probable intent of Congress and the prior amendment by Pub. L. 110–289, § 1156(b)(1). See below.
Pub. L. 110–289, § 1157(1), substituted “6-year” for “2-year”.
Pub. L. 110–289, § 1156(b)(1), substituted “a regulated entity” for “an enterprise” and “the regulated entity” for “the enterprise”.
12 U.S.C. § 4638 (BANKS AND BANKING)
§ 4638. Private rights of action
This chapter shall not create any private right of action on behalf of any person against a regulated entity, or any director or executive officer of a regulated entity, or impair any existing private right of action under other applicable law.
(Pub. L. 102–550, title XIII, § 1379A, formerly § 1378, Oct. 28, 1992, 106 Stat. 3993; renumbered § 1379A and amended Pub. L. 110–289, div. A, title I, §§ 1153(a)(1), 1156(b)(2), July 30, 2008, 122 Stat. 2770, 2777.)
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.
heading: Prior Provisions
text: A prior section 1379A of Pub. L. 102–550 was renumbered section 1379C and is classified to section 4640 of this title.
heading: Amendments
text: 2008—Pub. L. 110–289, § 1156(b)(2), which directed substitution of “a regulated entity” for “an enterprise”, was executed by making the substitution in two places to reflect the probable intent of Congress.
12 U.S.C. § 4639 (BANKS AND BANKING)
§ 4639. Public disclosure of final orders and agreements
(a) In general
The Director shall make available to the public—
(1) any written agreement or other written statement for which a violation may be redressed by the Director or any modification to or termination thereof, unless the Director, in the Director’s discretion, determines that public disclosure would be contrary to the public interest;
(2) any order that is issued with respect to any administrative enforcement proceeding initiated by the Director under this subchapter and that has become final in accordance with sections 4633 and 4634 of this title; and
(3) any modification to or termination of any final order made public pursuant to this subsection.
(b) Hearings
All hearings on the record with respect to any notice of charges issued by the Director shall be open to the public, unless the Director, in the Director’s discretion, determines that holding an open hearing would be contrary to the public interest.
(c) Delay of public disclosure under exceptional circumstances
If the Director makes a determination in writing that the public disclosure of any final order pursuant to subsection (a) would seriously threaten the financial health or security of the regulated entity, the Director may delay the public disclosure of such order for a reasonable time.
(d) Documents filed under seal in public enforcement hearings
The Director may file any document or part thereof under seal in any hearing commenced by the Director if the Director determines in writing that disclosure thereof would be contrary to the public interest.
(e) Retention of documents
The Director shall keep and maintain a record, for not less than 6 years, of all documents described in subsection (a) and all enforcement agreements and other supervisory actions and supporting documents issued with respect to or in connection with any enforcement proceeding initiated by the Director under this subchapter or any other law.
(f) Disclosures to Congress
This section may not be construed to authorize the withholding, or to prohibit the disclosure, of any information to the Congress or any committee or subcommittee thereof.
(Pub. L. 102–550, title XIII, § 1379B, formerly § 1379, Oct. 28, 1992, 106 Stat. 3993; renumbered § 1379B and amended Pub. L. 110–289, div. A, title I, §§ 1153(a)(1), 1156(b)(3), July 30, 2008, 122 Stat. 2770, 2777.)
heading: Editorial Notes
heading: Prior Provisions
text: A prior section 1379B of Pub. L. 102–550 was renumbered section 1379D and is classified to section 4641 of this title.
heading: Amendments
text: 2008—Subsec. (c). Pub. L. 110–289, § 1156(b)(3), substituted “regulated entity” for “enterprise”.
12 U.S.C. § 4701 (BANKS AND BANKING)
§ 4701. Findings and purposes
(a) Findings
The Congress finds that—
(1) many of the Nation’s urban, rural, and Native American communities face critical social and economic problems arising in part from the lack of economic growth, people living in poverty, and the lack of employment and other opportunities;
(2) the restoration and maintenance of the economies of these communities will require coordinated development strategies, intensive supportive services, and increased access to equity investments and loans for development activities, including investment in businesses, housing, commercial real estate, human development, and other activities that promote the long-term economic and social viability of the community; and
(3) community development financial institutions have proven their ability to identify and respond to community needs for equity investments, loans, and development services.
(b) Purpose
The purpose of this subchapter is to create a Community Development Financial Institutions Fund to promote economic revitalization and community development through investment in and assistance to community development financial institutions, including enhancing the liquidity of community development financial institutions.
(Pub. L. 103–325, title I, § 102, Sept. 23, 1994, 108 Stat. 2163.)
heading: Editorial Notes
heading: References in Text
text: This subchapter, referred to in subsec. (b), was in original “this subtitle”, meaning subtitle A of title I of Pub. L. 103–325, Sept. 23, 1994, 108 Stat. 2163, which is classified principally to this subchapter. For complete classification of this subtitle to the Code, see Short Title note below and Tables.
heading: Statutory Notes and Related Subsidiaries
heading: Short Title
text: Pub. L. 103–325, § 1(a), Sept. 23, 1994, 108 Stat. 2160, provided that: “This Act [see Tables for classification] may be cited as the ‘Riegle Community Development and Regulatory Improvement Act of 1994’.”
Pub. L. 103–325, title I, § 101, Sept. 23, 1994, 108 Stat. 2163, provided that: “This subtitle [subtitle A (§§ 101–121) of title I of Pub. L. 103–325, enacting this subchapter and section 1772c–1 of this title, amending sections 1766 and 1834a of this title, section 5313 of Title 5, Government Organization and Employees, section 11 of Pub. L. 95–452 set out in the Appendix to Title 5, section 657 of Title 18, Crimes and Criminal Procedure, and section 9101 of Title 31, Money and Finance, and enacting provisions set out as a note under section 11 of Pub. L. 95–452 set out in the Appendix to Title 5] may be cited as the ‘Community Development Banking and Financial Institutions Act of 1994’.”
12 U.S.C. § 4717 (BANKS AND BANKING)
§ 4717. Enforcement
(a) Regulations
(1) In general
Not later than 180 days after the appointment and qualification of the Administrator, the Fund shall promulgate such regulations as may be necessary to carry out this subchapter.
(2) Regulations required
The regulations promulgated under paragraph (1) shall include regulations applicable to community development financial institutions that are not insured depository institutions to—
(A) prevent conflicts of interest on the part of directors, officers, and employees of community development financial institutions as the Fund determines to be appropriate; and
(B) establish such standards with respect to loans by a community development financial institution to any director, officer, or employee of such institution as the Fund determines to be appropriate, including loan amount limitations.
(b) Administrative enforcement
The provisions of this subchapter, and regulations prescribed and agreements entered into under this subchapter, shall be enforced under section 8 of the Federal Deposit Insurance Act [12 U.S.C. 1818] by the appropriate Federal banking agency, in the case of an insured community development financial institution. A violation of this subchapter, or any regulation prescribed under or any agreement entered into under this subchapter, shall be treated as a violation of the Federal Deposit Insurance Act [12 U.S.C. 1811 et seq.].
(Pub. L. 103–325, title I, § 119, Sept. 23, 1994, 108 Stat. 2188.)
heading: Editorial Notes
heading: References in Text
text: The Federal Deposit Insurance Act, referred to in subsec. (b), is act Sept. 21, 1950, ch. 967, § 2, 64 Stat. 873, as amended, which is classified generally to chapter 16 (§ 1811 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1811 of this title and Tables.
heading: Codification
text: Section is comprised of section 119 of Pub. L. 103–325. Subsec. (c) of section 119 of Pub. L. 103–325 amended section 657 of Title 18, Crimes and Criminal Procedure.
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: Editorial Notes
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. § 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) 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: Editorial Notes
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. § 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); 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); 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: Editorial Notes
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); 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); 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: Editorial Notes
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. § 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).
(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: Editorial Notes
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: Editorial Notes
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.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective 1 year after July 29, 1998, see section 13 of Pub. L. 105–216, set out as a note under section 4901 of this title.
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.)
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective 1 year after July 29, 1998, see section 13 of Pub. L. 105–216, set out as a note under section 4901 of this title.