12 U.S.C. § 1463 : US Code - Section 1463: Supervision of savings associations

Search 12 U.S.C. § 1463 : US Code - Section 1463: Supervision of savings associations

(a) Federal savings associations
(1) In general
The Director shall provide for the examination, safe and sound
operation, and regulation of savings associations.
(2) Regulations
The Director may issue such regulations as the Director
determines to be appropriate to carry out the responsibilities of
the Director or the Office.
(3) Safe and sound housing credit to be encouraged
The Director shall exercise all powers granted to the Director
under this chapter so as to encourage savings associations to
provide credit for housing safely and soundly.
(b) Accounting and disclosure
(1) In general
The Director shall, by regulation, prescribe uniform accounting
and disclosure standards for savings associations, to be used in
determining savings associations' compliance with all applicable
regulations.
(2) Specific requirements for accounting standards
Subject to section 1464(t) of this title, the uniform
accounting standards prescribed under paragraph (1) shall -
(A) incorporate generally accepted accounting principles to
the same degree that such principles are used to determine
compliance with regulations prescribed by the Federal banking
agencies;
(B) allow for no deviation from full compliance with such
standards as are in effect after December 31, 1993; and
(C) prior to January 1, 1994, require full compliance by
savings associations with accounting standards in effect at any
time before such date not later than provided under the
schedule in section 563.23-3 of title 12, Code of Federal
Regulations (as in effect on May 1, 1989).
(3) Authority to prescribe more stringent accounting standards
The Director may at any time prescribe accounting standards
more stringent than required under paragraph (2) if the Director
determines that the more stringent standards are necessary to
ensure the safe and sound operation of savings associations.
(c) Stringency of standards
All regulations and policies of the Director governing the safe
and sound operation of savings associations, including regulations
and policies governing asset classification and appraisals, shall
be no less stringent than those established by the Comptroller of
the Currency for national banks.
(d) Investment of certain funds in accounts of savings associations
The savings accounts and share accounts of savings associations
insured by the Corporation shall be lawful investments and may be
accepted as security for all public funds of the United States,
fiduciary and trust funds under the authority or control of the
United States or any officer thereof, and for the funds of all
corporations organized under the laws of the United States (subject
to any regulatory authority otherwise applicable), regardless of
any limitation of law upon the investment of any such funds or upon
the acceptance of security for the investment or deposit of any of
such funds.
(e) Participation by savings associations in lotteries and related
activities
(1) Participation prohibited
No savings association may -
(A) deal in lottery tickets;
(B) deal in bets used as a means or substitute for
participation in a lottery;
(C) announce, advertise, or publicize the existence of any
lottery; or
(D) announce, advertise, or publicize the existence or
identity of any participant or winner, as such, in a lottery.
(2) Use of facilities prohibited
No savings association may permit -
(A) the use of any part of any of its own offices by any
person for any purpose forbidden to the institution under
paragraph (1); or
(B) direct access by the public from any of its own offices
to any premises used by any person for any purpose forbidden to
the institution under paragraph (1).
(3) Definitions
For purposes of this subsection -
(A) Deal in
The term "deal in" includes making, taking, buying, selling,
redeeming, or collecting.
(B) Lottery
The term "lottery" includes any arrangement under which -
(i) 3 or more persons (hereafter in this subparagraph
referred to as the "participants") advance money or credit to
another in exchange for the possibility or expectation that 1
or more but not all of the participants (hereafter in this
paragraph referred to as the "winners") will receive by
reason of those participants' advances more than the amounts
those participants have advanced; and
(ii) the identity of the winners is determined by any means
which includes -
(I) a random selection;
(II) a game, race, or contest; or
(III) any record or tabulation of the result of 1 or more
events in which any participant has no interest except for
the bearing that event has on the possibility that the
participant may become a winner.
(C) Lottery ticket
The term "lottery ticket" includes any right, privilege, or
possibility (and any ticket, receipt, record, or other evidence
of any such right, privilege, or possibility) of becoming a
winner in a lottery.
(4) Exception for State lotteries
Paragraphs (1) and (2) shall not apply with respect to any
savings association accepting funds from, or performing any
lawful services for, any State operating a lottery, or any
officer or employee of such a State who is charged with
administering the lottery.
(5) Regulations
The Director shall prescribe such regulations as may be
necessary to provide for enforcement of this subsection and to
prevent any evasion of any provision of this subsection.
(f) Federally related mortgage loan disclosures
A savings association may not make a federally related mortgage
loan to an agent, trustee, nominee, or other person acting in a
fiduciary capacity without requiring that the identity of the
person receiving the beneficial interest of such loan shall at all
times be revealed to the savings association. At the request of the
Director, the savings association shall report to the Director the
identity of such person and the nature and amount of the loan.
(g) Preemption of State usury laws
(1) Notwithstanding any State law, a savings association may
charge interest on any extension of credit at a rate of not more
than 1 percent in excess of the discount rate on 90-day commercial
paper in effect at the Federal Reserve bank in the Federal Reserve
district in which such savings association is located or at the
rate allowed by the laws of the State in which such savings
association is located, whichever is greater.
(2) If the rate prescribed in paragraph (1) exceeds the rate such
savings association would be permitted to charge in the absence of
this subsection, the receiving or charging a greater rate of
interest than that prescribed by paragraph (1), when knowingly
done, shall be deemed a forfeiture of the entire interest which the
extension of credit carries with it, or which has been agreed to be
paid thereon. If such greater rate of interest has been paid, the
person who paid it may recover, in a civil action commenced in a
court of appropriate jurisdiction not later than 2 years after the
date of such payment, an amount equal to twice the amount of the
interest paid from the savings association taking or receiving such
interest.
(h) Form and maturity of securities
No savings association shall -
(1) issue securities which guarantee a definite maturity except
with the specific approval of the Director, or
(2) issue any securities the form of which has not been
approved by the Director.