12 U.S.C. § 1831b : US Code - Section 1831B: Disclosures with respect to certain federally related mortgage loans

Search 12 U.S.C. § 1831b : US Code - Section 1831B: Disclosures with respect to certain federally related mortgage loans

(a) Identity of beneficiary interest as condition for a loan;
report to Corporation
No insured depository institution, insured branch of a foreign
bank, or mutual savings or cooperative bank which is not an insured
depository institution, shall make any federally related mortgage
loan to any agent, trustee, nominee, or other person acting in a
fiduciary capacity without the prior condition that the identity of
the person receiving the beneficial interest of such loan shall at
all times be revealed to the insured depository institution,
insured branch, or bank. At the request of the Corporation, the
insured depository institution, insured branch, or bank shall
report to the Corporation on the identity of such person and the
nature and amount of the loan, discount, or other extension of
credit.
(b) Enforcement; bank status
In addition to other available remedies, this section may be
enforced with respect to mutual savings and cooperative banks which
are not insured depository institutions in accordance with section
1818 of this title, and for such purpose such mutual savings and
cooperative banks shall be held and considered to be State
nonmember insured banks and the appropriate Federal agency with
respect to such mutual savings and cooperative banks shall be the
Federal Deposit Insurance Corporation.