§ 1423. Federal Home Loan Bank districts; number and boundaries; establishment of Federal Home Loan Banks; names

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1932

   Federal Home Loan Bank Act

   Pub. L. 72–522 § 3 · 47 Stat. 725

   Enacted · 12 U.S.C. § 1423

   July 22, 1932, ch. 522, § 3, 47 Stat. 726

   Source evidence

   Code source credit
   July 22, 1932, ch. 522, § 3, 47 Stat. 726

   Enacted provision · exact public law section
   Sec. 3. federal home loan banks As soon as practicable the board shall divide the continental United States, Puerto Rico, the Virgin Islands, and the Territories of Alaska and Hawaii into not less than eight nor more than twelve districts. Such districts shall be apportioned with due regard to the convenience and customary course of business of the institutions eligible to and likely to subscribe for stock of a Federal Home Loan Bank to be formed under this Act, but no such district shall contain a fractional part of any State. The districts thus created may be readjusted and new districts may from time to time be created by the board, not to exceed twelve in all. Such districts shall be known as Federal Home Loan Bank districts and may be designated by number. As soon as practicable the board shall establish, in each district, a Federal Home Loan Bank at such city as may be designated by the board. Its title shall include the name of the city at which it is established.

2. 1989

   Financial Institutions Reform, Recovery, and Enforcement Act of 1989

   Pub. L. 101–73 title VII § 701(b)(1) · 103 Stat. 183

   Substituted · 12 U.S.C. § 1423

   Pub. L. 101–73 substituted “Board” for “board” wherever appearing

   Source evidence

   Code amendment note
   Pub. L. 101–73 substituted “Board” for “board” wherever appearing.

   Enacted provision · exact public law section
   (1) In general— Except as otherwise specifically provided in 12 USC 1421 et seq. this title, the Federal Home Loan Bank Act is amended by striking “board” (other than in section 7) and “Federal Home Loan Bank Board” each place such terms appear and inserting “Board”.

3. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 § 1210 · 122 Stat. 2654

   1. Amended · 12 U.S.C. § 1423

      Pub. L. 110–289, § 1210, designated existing provisions as subsec. (a)

   2. Inserted · 12 U.S.C. § 1423

      Pub. L. 110–289, § 1210, inserted heading

   3. Added · 12 U.S.C. § 1423

      Pub. L. 110–289, § 1210, added subsec. (b)

   Source evidence

   Code amendment note
   Pub. L. 110–289, § 1210, designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).

   Enacted provision · exact public law section
   SEC. 1210. AUTHORITY TO REDUCE DISTRICTS.   Section 3 of the Federal Home Loan Bank Act (12 U.S.C. 1423) is amended— (1) by striking “As soon” and inserting “(a) In General.—As soon”; and (2) by adding at the end the following: “(b) Authority To Reduce Districts.— Notwithstanding subsection (a), the number of districts may be reduced to a number less than 8— “(1) pursuant to a voluntary merger between Banks, as approved pursuant to section 26(b); or “(2) pursuant to a decision by the Director to liquidate a Bank pursuant to section 1367 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.” .

4. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 § 1204(8) · 122 Stat. 2654

   Substituted · 12 U.S.C. § 1423

   Pub. L. 110–289, § 1204(8), substituted “the Director” for “the Board” wherever appearing

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 110–289, § 1204(8), substituted “the Director” for “the Board” wherever appearing.

   Enacted provision · exact public law section
   (8) by striking 12 USC 1422 et al. “the Board” each place that term appears and inserting “the Director”;

6 of 6 references resolved to an enrolled provision