§ 1427. Directors

Footnotes

1. 1 So in original.
2. 2 So in original. Two subsecs. (l) have been enacted.

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 § 7 · 47 Stat. 725

   Enacted · 12 U.S.C. § 1427

   July 22, 1932, ch. 522, § 7, 47 Stat. 730

   Source evidence

   Code source credit
   July 22, 1932, ch. 522, § 7, 47 Stat. 730

   Enacted provision · exact public law section
   Sec. 7. management of banks (a) The management of each Federal Home Loan Bank shall be vested in a board of eleven directors, all of whom shall be citizens of the United States and bona fide residents of the district in which such bank is located. (b) Appointment of two by board.Terms. Two of such directors shall be appointed by the board. The terms of such directors shall expire one year and two years, respectively, from the end of the calendar year 1932, and their successors shall be appointed by the board for terms of three years. (c) Division of nine directors into three groups.Appointment, etc.Successors to be elected for three years. Nine of such directors, three of whom shall be known as class A directors, three of whom shall be known as class B directors, and three of whom shall be known as class C directors, shall be first appointed by the board, and shall serve until the end of the calendar year 1932. Their successors shall be elected as provided in subsection (d), and of such successors first elected one of each such class shall serve for one, two, and three years, respectively. Thereafter all such directors shall serve for three years. Directors of classes A, B, and C, whether appointed or elected, shall be chosen from among persons connected with the home-financing business. (d) Bank membership to be divided into three groups.Designations. The board shall divide all the members of each Federal Home Loan Bank into three groups which shall be designated as groups A, B, and C, which groups shall represent, respectively, and as fairly as may be, group A, the large, group B, the medium-sized, and group C, the small members, the size of such members to be determined according to the aggregate unpaid principal of the member’s home mortgage loans. The board may revise the membership Directors elected by each class. of such groups from time to time. Of the directors elected as hereinafter provided, each class A director shall be an officer or director of a member in group A, each class B director shall be an officer or director of a member in group B, and each class C director Regulations governing nominations and elections. shall be an officer or director of a member in group C. Each member shall be entitled to nominate suitably qualified persons for election as directors of the class corresponding to the group to which such member belongs, and shall cast one vote for each director in its class. The directors of each class shall be nominated and elected in accordance with such rules and regulations as may be prescribed by the board. (e) Filling vacancies. Any director appointed or elected as provided in this section to fill a vacancy shall hold office only until the expiration of the term of his predecessor. (f) Chairman and via chairman to be designated. The board shall designate one of the directors of each bank to be chairman, and one to be vice chairman, of the board of directors of such bank. (g) Filling places when stock held is less than $1,000,000. If at any time when nominations are required, members shall hold less than $1,000,000 of the capital stock of the Federal Home Loan Bank, the board shall appoint a director or directors to fill the place or places for which such nominations are required. A director so appointed shall serve until the expiration of the calendar year during which he takes office. (h) Compensation an expenses. Each bank may pay its directors reasonable compensation for the time required of them, and their necessary expenses, in the performance of their duties, in accordance with the resolutions adopted by such directors, subject to the approval of the board. (i) Such board of directors shall administer the affairs of the bank Administration. fairly and impartially and without discrimination in favor of or against any member or nonmember borrower, and shall, subject to the provisions hereof, extend to each institution authorized to secure advances such advances as may be made safely and reasonably with due regard for the claims and demands of other institutions, and with due regard to the maintenance of adequate credit standing for the Federal Home Loan Bank and its obligations.

2. 1955

   Public Law not identified

   Changed · 12 U.S.C. § 1427(a)

   Subsec. (a). Act Aug. 11, 1955, authorized an increase in number of elective directors of any Federal Home Loan Bank having a district which includes five or more States

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code amendment note
   Subsec. (a). Act Aug. 11, 1955, authorized an increase in number of elective directors of any Federal Home Loan Bank having a district which includes five or more States.

3. 1959

   Pub. L. 86–349 § 1 · 73 Stat. 624

   Changed · 12 U.S.C. § 1427(a)

   Pub. L. 86–349, § 1, authorized increase of up to 13 in number of elective directors of bank having district which includes five or more States

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 86–349, § 1, authorized increase of up to 13 in number of elective directors of bank having district which includes five or more States.

4. 1959

   Pub. L. 86–349 § 2 · 73 Stat. 624

   Changed · 12 U.S.C. § 1427(b)

   Pub. L. 86–349, § 2, authorized increase in number of appointive directors of up to one-half number of elective directors in district in which number of elective directors were increased pursuant to subsec. (a), and provided for expiration of term of initial incumbent of any office so established

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 86–349, § 2, authorized increase in number of appointive directors of up to one-half number of elective directors in district in which number of elective directors were increased pursuant to subsec. (a), and provided for expiration of term of initial incumbent of any office so established.

   Enacted provision · exact public law section
   Sec. 2. Subsection (b) of said section 7 is hereby amended by adding thereto at the end thereof the following sentence: “In the case of any district in which the Board has by regulation increased the number of elective directors pursuant to subsection (a) the Board may by regulation provide for an additional number of directors to be appointed and to hold office as provided in the first sentence of this subsection, but the total number of appointive directors shall not exceed one-half the total number of elective directors in such district: Provided, That the terms of the initial incumbent of any office established pursuant to this sentence shall expire at the end of the fourth calendar year beginning with the calendar year current at the time of his appointment, except that the Board may provide for any such initial incumbent a shorter term expiring at the end of a calendar year.”

5. 1961

   Pub. L. 87–211 § 1 · 75 Stat. 486

   Struck · 12 U.S.C. § 1427(a)

   Pub. L. 87–211 authorized Board to increase appointive directors in any district which includes five or more States to a number not exceeding one-half number of elective directors, directed Board to exercise its authority to increase the elective directors to a number at least equal to number of States in a district whenever number of elective directors in district is not at least equal to number of States in district, and struck out provisions which related to apportionment of additional elective directors, required at least one but not more than three elective directors from any of the States in any district in which number of elective directors is increased, limited number of elective directors in any one district to not more than eleven, and defined term “States”. See subsec. (c) of this section

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 87–211 authorized Board to increase appointive directors in any district which includes five or more States to a number not exceeding one-half number of elective directors, directed Board to exercise its authority to increase the elective directors to a number at least equal to number of States in a district whenever number of elective directors in district is not at least equal to number of States in district, and struck out provisions which related to apportionment of additional elective directors, required at least one but not more than three elective directors from any of the States in any district in which number of elective directors is increased, limited number of elective directors in any one district to not more than eleven, and defined term “States”. See subsec. (c) of this section.

   Effective date note
   Pub. L. 87–211, § 2, Sept. 8, 1961, 75 Stat. 488, provided that: “The amendment made by this Act [amending this section] shall take effect on the second day of the first calendar year which begins after the date of enactment of this Act [Sept. 8, 1961].”

6. 1961

   Pub. L. 87–211 § 1 · 75 Stat. 486

   1. Amended · 12 U.S.C. § 1427(b)

      Pub. L. 87–211 amended subsection generally

   2. Substituted · 12 U.S.C. § 1427(b)

      Pub. L. 87–211 substituting provisions relating to designation of elective directorships, nominations for such office, manner of election, and voting power of each member, for provisions which required four directors to be appointed by Board, limited their term of office to four years, and which authorized Board to increase total number of appointive directors to not more than one-half total number of elective directors in cases where number of elective directors has been increased. See subsec. (a) of this section

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 87–211 amended subsection generally, substituting provisions relating to designation of elective directorships, nominations for such office, manner of election, and voting power of each member, for provisions which required four directors to be appointed by Board, limited their term of office to four years, and which authorized Board to increase total number of appointive directors to not more than one-half total number of elective directors in cases where number of elective directors has been increased. See subsec. (a) of this section.

   Effective date note
   Pub. L. 87–211, § 2, Sept. 8, 1961, 75 Stat. 488, provided that: “The amendment made by this Act [amending this section] shall take effect on the second day of the first calendar year which begins after the date of enactment of this Act [Sept. 8, 1961].”

7. 1961

   Pub. L. 87–211 § 1 · 75 Stat. 486

   1. Added · 12 U.S.C. § 1427(c)

      Pub. L. 87–211 required number of elective directorships designated as representing members located in each separate State in a bank district to be determined by Board in approximate ratio of percentage of required stock of members located in that State at end of calendar year next preceding date of election to total required stock of all members of such bank at end of such year, except that in case of each State such number shall not be less than one and not more than six, directed Board, in cases where number of elective directorships in any State would not be at least equal to total number of elective directorships in such State on Dec. 31, 1960, to add such number of elective directorships so that their number will equal such total number, provided that an elective directorship so added shall exist only until expiration of its first term, authorized designation of State location of each member, defined terms “total number of elective directorships” and “members”

   2. Struck · 12 U.S.C. § 1427(c)

      Pub. L. 87–211 required number of elective directorships struck out provisions which related to election of two directors from each of classes A, B, and C and limited their term of office to two years. See subsec. (d) of this section

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 87–211 required number of elective directorships designated as representing members located in each separate State in a bank district to be determined by Board in approximate ratio of percentage of required stock of members located in that State at end of calendar year next preceding date of election to total required stock of all members of such bank at end of such year, except that in case of each State such number shall not be less than one and not more than six, directed Board, in cases where number of elective directorships in any State would not be at least equal to total number of elective directorships in such State on Dec. 31, 1960, to add such number of elective directorships so that their number will equal such total number, provided that an elective directorship so added shall exist only until expiration of its first term, authorized designation of State location of each member, defined terms “total number of elective directorships” and “members”, and struck out provisions which related to election of two directors from each of classes A, B, and C and limited their term of office to two years. See subsec. (d) of this section.

   Effective date note
   Pub. L. 87–211, § 2, Sept. 8, 1961, 75 Stat. 488, provided that: “The amendment made by this Act [amending this section] shall take effect on the second day of the first calendar year which begins after the date of enactment of this Act [Sept. 8, 1961].”

8. 1961

   Pub. L. 87–211 § 1 · 75 Stat. 486

   Struck · 12 U.S.C. § 1427(d)

   Pub. L. 87–211 established term of each elective directorship at two years and of each appointive directorship at four years, restricted eligibility for election of persons elected to each of three consecutive full terms and who have served for all or part of each of said terms, empowered Board to prescribe rules and regulations for nomination and election of directors, and struck out provisions which required two directors to be elected by members of bank without regard to classes and limited their term of office to two years

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 87–211 established term of each elective directorship at two years and of each appointive directorship at four years, restricted eligibility for election of persons elected to each of three consecutive full terms and who have served for all or part of each of said terms, empowered Board to prescribe rules and regulations for nomination and election of directors, and struck out provisions which required two directors to be elected by members of bank without regard to classes and limited their term of office to two years.

   Effective date note
   Pub. L. 87–211, § 2, Sept. 8, 1961, 75 Stat. 488, provided that: “The amendment made by this Act [amending this section] shall take effect on the second day of the first calendar year which begins after the date of enactment of this Act [Sept. 8, 1961].”

9. 1961

   Pub. L. 87–211 § 1 · 75 Stat. 486

   1. Amended · 12 U.S.C. § 1427(e)

      Pub. L. 87–211 amended subsection generally

   2. Substituted · 12 U.S.C. § 1427(e)

      Pub. L. 87–211 substituting provisions permitting continuation of terms of elective and appointive directorships, empowering Board to shorten next succeeding term of any elective directorship to one year and to fill such term by appointment, defining terms “States” and “State”, for provisions which required the Board to divide members of each bank into either group A, B, or C, permitted each member to nominate persons for election as directors of class corresponding to group to which member belongs, and limited each member to one vote for each director in its class

   Source evidence

   Code amendment note
   Subsec. (e). Pub. L. 87–211 amended subsection generally, substituting provisions permitting continuation of terms of elective and appointive directorships, empowering Board to shorten next succeeding term of any elective directorship to one year and to fill such term by appointment, defining terms “States” and “State”, for provisions which required the Board to divide members of each bank into either group A, B, or C, permitted each member to nominate persons for election as directors of class corresponding to group to which member belongs, and limited each member to one vote for each director in its class.

   Effective date note
   Pub. L. 87–211, § 2, Sept. 8, 1961, 75 Stat. 488, provided that: “The amendment made by this Act [amending this section] shall take effect on the second day of the first calendar year which begins after the date of enactment of this Act [Sept. 8, 1961].”

10. 1961

    Pub. L. 87–211 § 1 · 75 Stat. 486

    1. Substituted · 12 U.S.C. § 1427(f)

       Pub. L. 87–211 substituted “In the event of a vacancy in any appointive or elective directorship, such vacancy shall be filled through appointment by the Board for the unexpired term” for “Any director appointed or elected as provided in this section to fill a vacancy shall hold office only until the expiration of the term of his predecessor”

    2. Inserted · 12 U.S.C. § 1427(f)

       Pub. L. 87–211 inserted proviso stating that if any director ceases to have the qualifications set forth in this section his office shall immediately become vacant but permits him to act as such director until his successor assumes the vacated office or the term of his office expires, whichever first occurs

    Source evidence

    Code amendment note
    Subsec. (f). Pub. L. 87–211 substituted “In the event of a vacancy in any appointive or elective directorship, such vacancy shall be filled through appointment by the Board for the unexpired term” for “Any director appointed or elected as provided in this section to fill a vacancy shall hold office only until the expiration of the term of his predecessor”, and inserted proviso stating that if any director ceases to have the qualifications set forth in this section his office shall immediately become vacant but permits him to act as such director until his successor assumes the vacated office or the term of his office expires, whichever first occurs.

    Effective date note
    Pub. L. 87–211, § 2, Sept. 8, 1961, 75 Stat. 488, provided that: “The amendment made by this Act [amending this section] shall take effect on the second day of the first calendar year which begins after the date of enactment of this Act [Sept. 8, 1961].”

11. 1961

    Pub. L. 87–211 § 1 · 75 Stat. 486

    Changed · 12 U.S.C. § 1427(g)

    Pub. L. 87–211 reenacted subsec. (g) without change

    Source evidence

    Code amendment note
    Subsec. (g). Pub. L. 87–211 reenacted subsec. (g) without change.

    Effective date note
    Pub. L. 87–211, § 2, Sept. 8, 1961, 75 Stat. 488, provided that: “The amendment made by this Act [amending this section] shall take effect on the second day of the first calendar year which begins after the date of enactment of this Act [Sept. 8, 1961].”

12. 1961

    Pub. L. 87–211 § 1 · 75 Stat. 486

    Struck · 12 U.S.C. § 1427(h)

    Pub. L. 87–211 authorized Board, prior to filing of the certificate mentioned in section 1432 of this title, to appoint directors and required Board to designate appointees as either appointive or elective directors, and struck out provisions which permitted directors appointed under this subsection to serve until expiration of the calendar year during which they took office

    Source evidence

    Code amendment note
    Subsec. (h). Pub. L. 87–211 authorized Board, prior to filing of the certificate mentioned in section 1432 of this title, to appoint directors and required Board to designate appointees as either appointive or elective directors, and struck out provisions which permitted directors appointed under this subsection to serve until expiration of the calendar year during which they took office.

    Effective date note
    Pub. L. 87–211, § 2, Sept. 8, 1961, 75 Stat. 488, provided that: “The amendment made by this Act [amending this section] shall take effect on the second day of the first calendar year which begins after the date of enactment of this Act [Sept. 8, 1961].”

13. 1962

    Pub. L. 87–676 · 76 Stat. 559

    Added · 12 U.S.C. § 1427(e)

    Pub. L. 87–676 included Commonwealth of Puerto Rico within term “States” or “State”, and authorized Board to add an additional elective directorship to board of bank of any district in which Commonwealth of Puerto Rico is included at time such directorship is added and which doesn’t include five or more States, and to fill such initial term by appointment, provided, that any such added directorship shall be designated as representing members in Commonwealth of Puerto Rico, that such designation shall not be changed, and that such directorship shall cease to exist if and when Commonwealth of Puerto Rico ceases to be included in such district

    Source evidence

    Code amendment note
    Subsec. (e). Pub. L. 87–676 included Commonwealth of Puerto Rico within term “States” or “State”, and authorized Board to add an additional elective directorship to board of bank of any district in which Commonwealth of Puerto Rico is included at time such directorship is added and which doesn’t include five or more States, and to fill such initial term by appointment, provided, that any such added directorship shall be designated as representing members in Commonwealth of Puerto Rico, that such designation shall not be changed, and that such directorship shall cease to exist if and when Commonwealth of Puerto Rico ceases to be included in such district.

14. 1974

    Pub. L. 93–541 § 3 · 88 Stat. 1739

    Substituted · 12 U.S.C. § 1427(a)

    Pub. L. 93–541 increased number of directors from twelve to fourteen, increased number of appointive directors from four to six, and in proviso relating to districts including five or more States, substituted provisions authorizing increase of appointive directors to a number not exceeding three-fourths the number of elective directors for provisions authorizing increase of appointive directors to a number not exceeding one-half the number of elective directors

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 93–541 increased number of directors from twelve to fourteen, increased number of appointive directors from four to six, and in proviso relating to districts including five or more States, substituted provisions authorizing increase of appointive directors to a number not exceeding three-fourths the number of elective directors for provisions authorizing increase of appointive directors to a number not exceeding one-half the number of elective directors.

    Enacted provision · exact public law section
    Sec. 3. The first sentence of section 7(a) of the Federal Home Loan Bank Act (12 U.S.C. 1427) is amended by striking “twelve”, “four”, and “one-half” and inserting in lieu thereof “fourteen”, “six”, and “three-fourths”, respectively.

15. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 707(1) · 103 Stat. 183

    1. Inserted · 12 U.S.C. § 1427(a)

       Pub. L. 101–73, § 707(1), inserted provisions relating to requirements for at least 2 of the directors and provisions respecting conflicts of interests

    2. Substituted · 12 U.S.C. § 1427(a)

       Pub. L. 101–73, § 707(1), substituted provisions relating to appointment under section 1422a of this title for provisions relating to appointment under section 1437(b) of this title

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 101–73, § 707(1), inserted provisions relating to requirements for at least 2 of the directors and provisions respecting conflicts of interests, and substituted provisions relating to appointment under section 1422a of this title for provisions relating to appointment under section 1437(b) of this title.

    Enacted provision · exact public law section
    (1) in subsection (a)— (A) by striking “appointed by the Federal Home Loan Bank Board referred to in subsection (b) of section 17, hereinafter in this section referred to as the Board” and inserting “appointed by the Board referred to in section 2A”, (B) by inserting after the last sentence the following: “At least 2 of the Federal Home Loan Bank directors who are appointed by the Board shall be representatives chosen from organizations with more than a 2-year history of representing consumer or community interests on banking services, credit needs, housing, or financial consumer protections. No Federal Home Loan Bank director who is appointed pursuant to this subsection may, during such Bank director’s term of office, serve as an officer of any Federal Home Loan Bank or a director or officer of any member of a Bank, or hold shares, or any other financial interest in, any member of a Bank.”;

16. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 707(2) · 103 Stat. 183

    Inserted · 12 U.S.C. § 1427(b)

    Pub. L. 101–73, § 707(2), inserted after first sentence “No person who is an officer or director of a member that fails to meet any applicable capital requirement is eligible to hold the office of Federal Home Loan Bank director.”

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 101–73, § 707(2), inserted after first sentence “No person who is an officer or director of a member that fails to meet any applicable capital requirement is eligible to hold the office of Federal Home Loan Bank director.”

    Enacted provision · exact public law section
    (2) by inserting after the first sentence of subsection (b) the following: “No person who is an officer or director of a member that fails to meet any applicable capital requirement is eligible to hold the office of Federal Home Loan Bank director.”;

17. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 707(3) · 103 Stat. 183

    Amended · 12 U.S.C. § 1427(f)

    Pub. L. 101–73, § 707(3), amended subsec. (f) generally. Prior to amendment, subsec. (f) read as follows: “In the event of a vacancy in any appointive or elective directorship, such vacancy shall be filled through appointment by the Board for the unexpired term: Provided, That if any director shall cease to have the qualifications set forth in subsection (a) of this section, or if any elective director shall cease to have any qualification set forth in this section, the office held by such director shall immediately become vacant, but such director may continue to act as such director until his successor assumes the vacated office or the term of such office expires, whichever shall first occur.”

    Source evidence

    Code amendment note
    Subsec. (f). Pub. L. 101–73, § 707(3), amended subsec. (f) generally. Prior to amendment, subsec. (f) read as follows: “In the event of a vacancy in any appointive or elective directorship, such vacancy shall be filled through appointment by the Board for the unexpired term: Provided, That if any director shall cease to have the qualifications set forth in subsection (a) of this section, or if any elective director shall cease to have any qualification set forth in this section, the office held by such director shall immediately become vacant, but such director may continue to act as such director until his successor assumes the vacated office or the term of such office expires, whichever shall first occur.”

    Enacted provision · exact public law section
    (3) by amending subsection (f) to read as follows: “(f) Vacancies.— “(1) In general.— A Bank director appointed or elected to fill a vacancy shall be appointed or elected for the unexpired term of his or her predecessor in office. “(2) Appointed bank directors.— In the event of a vacancy in any appointive Bank directorship, such vacancy shall be filled through appointment by the Board for the unexpired term. If any appointive Bank director shall cease to have the qualifications set forth in subsection (a), the office held by such person shall immediately become vacant, but such person may continue to act as a Bank director until his or her successor assumes the vacated office or the term of such office expires, whichever occurs first. “(3) Elected bank directors.— In the event of a vacancy in any elective Bank directorship, such vacancy shall be filled by an affirmative vote of a majority of the remaining Bank directors, regardless of whether such remaining Bank directors constitute a quorum of the Bank’s board of directors. A Bank director so elected shall satisfy the requirements for eligibility which were applicable to his predecessor. If any elective Bank director shall cease to have any qualification set forth in this section, the office held by such person shall immediately become vacant, and such person shall not continue to act as a Bank director.”; and

18. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 710(b)(4) · 103 Stat. 183

    Struck · 12 U.S.C. § 1427(j)

    Pub. L. 101–73, § 710(b)(4), struck out “or nonmember borrower” after “against any member”

    Source evidence

    Code amendment note
    Subsec. (j). Pub. L. 101–73, § 710(b)(4), struck out “or nonmember borrower” after “against any member”.

    Enacted provision · exact public law section
    (4) in sections 7Q) and 10(c), by striking “or nonmember borrower” wherever it appears;

19. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 707(4) · 103 Stat. 183

    Added · 12 U.S.C. § 1427(k)

    Pub. L. 101–73, § 707(4), added subsec. (k)

    Source evidence

    Code amendment note
    Subsec. (k). Pub. L. 101–73, § 707(4), added subsec. (k).

    Enacted provision · exact public law section
    (4) by adding at the end the following new subsection: “(k) Indemnification of Directors, Officers, and Employees.— The board of directors of each Bank shall determine the terms and conditions under which such Bank may indemnify its directors, officers, employees or agents.”.

20. 1999

    Pub. L. 106–102 § 606(a)(1) · 113 Stat. 1338

    Substituted · 12 U.S.C. § 1427(a)

    Pub. L. 106–102, § 606(a)(1), substituted “, and each of whom shall be either a bona fide resident of the district in which such bank is located or an officer or director of a member of such bank located in that district” for “and bona fide residents of the district in which such bank is located”

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 106–102, § 606(a)(1), substituted “, and each of whom shall be either a bona fide resident of the district in which such bank is located or an officer or director of a member of such bank located in that district” for “and bona fide residents of the district in which such bank is located”.

    Enacted provision · exact public law section
    (1) in subsection (a), by striking “and bona fide residents of the district in which such bank is located” and inserting “, and each of whom shall be either a bona fide resident of the district in which such bank is located or an officer or director of a member of such bank located in that district”;

21. 1999

    Pub. L. 106–102 § 606(a)(2) · 113 Stat. 1338

    Substituted · 12 U.S.C. § 1427(d)

    Pub. L. 106–102, § 606(a)(2), substituted “The term of each director, whether elected or appointed, shall be 3 years. The board of directors of each Federal home loan bank and the Finance Board shall adjust the terms of members first elected or appointed after November 12, 1999, to ensure that the terms of the members of the board of directors are staggered with approximately ⅓ of the terms expiring each year.” for “The term of each elective directorship shall be two years and the term of each appointive directorship shall be four years.”

    Source evidence

    Code amendment note
    Subsec. (d). Pub. L. 106–102, § 606(a)(2), substituted “The term of each director, whether elected or appointed, shall be 3 years. The board of directors of each Federal home loan bank and the Finance Board shall adjust the terms of members first elected or appointed after November 12, 1999, to ensure that the terms of the members of the board of directors are staggered with approximately ⅓ of the terms expiring each year.” for “The term of each elective directorship shall be two years and the term of each appointive directorship shall be four years.”

    Enacted provision · exact public law section
    (2) in subsection (d), by striking the first sentence and inserting the following: “The term of each director, whether elected or appointed, shall be 3 years. The board of directors of each Federal home loan bank and the Finance Board shall adjust the terms of members first elected or appointed after the date of the enactment of the Federal Home Loan Bank System Modernization Act of 1999 to ensure that the terms of the members of the board of directors are staggered with approximately ⅓ of the terms expiring each year.”; and

22. 1999

    Pub. L. 106–102 § 606(a)(3) · 113 Stat. 1338

    1. Added · 12 U.S.C. § 1427(g)

       Pub. L. 106–102, § 606(a)(3), added subsec. (g)

    2. Struck · 12 U.S.C. § 1427(g)

       Pub. L. 106–102, § 606(a)(3), struck out former subsec. (g) which read as follows: “The Board shall designate one of the directors of each bank to be chairman, and one to be vice chairman, of the board of directors of such bank.”

    Source evidence

    Code amendment note
    Subsec. (g). Pub. L. 106–102, § 606(a)(3), added subsec. (g) and struck out former subsec. (g) which read as follows: “The Board shall designate one of the directors of each bank to be chairman, and one to be vice chairman, of the board of directors of such bank.”

    Enacted provision · exact public law section
    (3) by striking subsection (g) and inserting the following: “(g) Chairperson and Vice Chairperson.— “(1) Election.— The Chairperson and Vice Chairperson of the board of directors of each Federal home loan bank shall be elected by a majority of all the directors of such bank from among the directors of the bank. “(2) Terms.— The term of office of the Chairperson and the Vice Chairperson of the board of directors of a Federal home loan bank shall be 2 years. “(3) Acting chairperson.— In the event of a vacancy in the position of Chairperson of the board of directors or during the absence or disability of the Chairperson, the Vice Chairperson shall act as Chairperson. “(4) Procedures.— The board of directors of each Federal home loan bank shall establish procedures, in the bylaws of such board, for designating an acting chairperson for any period during which the Chairperson and the Vice Chairperson are not available to carry out the requirements of that position for any reason and removing any person from any such position for good cause.”.

23. 1999

    Pub. L. 106–102 § 606(b) · 113 Stat. 1338

    1. Inserted · 12 U.S.C. § 1427(i)

       Pub. L. 106–102, § 606(b), inserted heading

    2. Amended · 12 U.S.C. § 1427(i)

       Pub. L. 106–102, § 606(b), designated existing provisions as par. (1)

    3. Substituted · 12 U.S.C. § 1427(i)

       Pub. L. 106–102, § 606(b), substituted “Subject to paragraph (2), each bank may pay its directors” for “Each bank may pay its directors”

    4. Added · 12 U.S.C. § 1427(i)

       Pub. L. 106–102, § 606(b), added par. (2)

    Source evidence

    Code amendment note
    Subsec. (i). Pub. L. 106–102, § 606(b), inserted heading, designated existing provisions as par. (1), inserted heading, substituted “Subject to paragraph (2), each bank may pay its directors” for “Each bank may pay its directors”, and added par. (2).

    Enacted provision · exact public law section
    (b) Compensation.— Section 7(i) of the Federal Home Loan Bank Act (12 U.S.C. 1427(i)) is amended— (1) by striking “(i) Each bank may pay its directors” and inserting “(i) Directors’ Compensation.— “(1) In general.— Subject to paragraph (2), each bank may pay its directors”; and (2) by adding at the end the following new paragraph: “(2) Limitation.— “(A) In general.— The annual salary of each of the following members of the board of directors of a Federal home loan bank may not exceed the amount specified: “In the case of the— The annual compensation may not exceed— Chairperson ........................................................................... $25,000 Vice Chairperson ................................................................... $20,000 All other members ................................................................. $15,000. “(B) Adjustment.— Beginning January 1, 2001, each Effective date. dollar amount referred to in the table in subparagraph (A) shall be adjusted annually by the Finance Board, based on the annual percentage increase, if any, in the Consumer Price Index for all urban consumers, as published by the Department of Labor. “(C) Expenses.— Subparagraph (A) shall not be construed as prohibiting the reimbursement of expenses incurred by members of the board of directors of any Federal home loan bank in connection with service on the board of directors.”.

24. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1202(1) · 122 Stat. 2654

    1. Added · 12 U.S.C. § 1427(a)

       Pub. L. 110–289, § 1202(1), added subsec. (a)

    2. Struck · 12 U.S.C. § 1427(a)

       Pub. L. 110–289, § 1202(1), struck out former subsec. (a) which related to number, appointment and election, qualifications, and conflicts of interest of Federal Home Loan Bank directors

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 110–289, § 1202(1), added subsec. (a) and struck out former subsec. (a) which related to number, appointment and election, qualifications, and conflicts of interest of Federal Home Loan Bank directors.

    Enacted provision · exact public law section
    (1) by striking subsection (a) and inserting the following: “(a) Number; Election; Qualifications; Conflicts of Interest.— “(1) In general.— Subject to paragraphs (2) through (4), the management of each Federal Home Loan Bank shall be vested in a board of 13 directors, or such other number as the Director determines appropriate. “(2) Board makeup.— The board of directors of each Bank shall be comprised of— “(A) member directors, who shall comprise at least the majority of the members of the board of directors; and “(B) independent directors, who shall comprise not fewer than ⅖ of the members of the board of directors. “(3) Selection criteria.— “(A) In general.— Each member of the board of directors shall be— “(i) elected by plurality vote of the members, in accordance with procedures established under this section; and “(ii) a citizen of the United States. “(B) Independent director criteria.— “(i) In general.— Each independent director that is not a public interest director under clause (ii) shall have demonstrated knowledge of, or experience in, financial management, auditing and accounting, risk management practices, derivatives, project development, or organizational management, or such other knowledge or expertise as the Director may provide by regulation. “(ii) Public interest.— Not fewer than 2 of the independent directors shall have more than 4 years of experience in representing consumer or community interests on banking services, credit needs, housing, or financial consumer protections. “(iii) Conflicts of interest.— No independent director may, during the term of service on the board of directors, serve as an officer of any Federal Home Loan Bank or as a director, officer, or employee of any member of a Bank, or of any person that receives advances from a Bank. “(4) Definitions.— For purposes of this section, the following definitions shall apply: “(A) Independent director.— The terms ‘independent director’ and ‘independent directorship’ mean a member of the board of directors of a Federal Home Loan Bank who is a bona fide resident of the district in which the Federal Home Loan Bank is located, or the directorship held by such a person, respectively. “(B) Member director.— The terms ‘member director’ and ‘member directorship’ mean a member of the board of directors of a Federal Home Loan Bank who is an officer or director of a member institution that is located in the district in which the Federal Home Loan Bank is located, or the directorship held by such a person, respectively.” ;

25. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1202(3) · 122 Stat. 2654

    1. Amended · 12 U.S.C. § 1427(b)

       Pub. L. 110–289, § 1202(3), designated existing provisions as par. (1)

    2. Inserted · 12 U.S.C. § 1427(b)

       Pub. L. 110–289, § 1202(3), inserted subsec. (b) and par. (1) headings

    3. Substituted · 12 U.S.C. § 1427(b)

       Pub. L. 110–289, § 1202(3), substituted “Each member directorship” for “Each elective directorship”

    4. Added · 12 U.S.C. § 1427(b)

       Pub. L. 110–289, § 1202(3), added par. (2)

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 110–289, § 1202(3), designated existing provisions as par. (1), inserted subsec. (b) and par. (1) headings, substituted “Each member directorship” for “Each elective directorship”, and added par. (2).

    Enacted provision · exact public law section
    (3) in subsection (b)— (A) by striking the subsection heading and all that follows through “Each elective directorship” and inserting the following: “(b) Directorships.— “(1) Member directorships.— Each member directorship” ; and (B) by adding at the end the following: “(2) Independent directorships.— “(A) Elections.— Each independent director— “(i) shall be elected by the members entitled to vote, from among eligible persons nominated, after consultation with the Advisory Council of the Bank, by the board of directors of the Bank; and “(ii) shall be elected by a plurality of the votes of the members of the Bank at large, with each member having the number of votes for each such directorship as it has under paragraph (1) in an election to fill member directorships. “(B) Criteria.— Nominees shall meet all applicable requirements prescribed in this section. “(C) Nomination and election procedures.— Procedures for nomination and election of independent directors shall be prescribed by the bylaws of each Federal Home Loan Bank, in a manner consistent with the rules and regulations of the Agency.” ;

26. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1202(2) · 122 Stat. 2654

    Substituted · 12 U.S.C. § 1427(b)

    Pub. L. 110–289, § 1202(2), which directed substitution of “member” for “elective” wherever appearing, was not executed in subsec. (b) because of subsequent amendment by Pub. L. 110–289, § 1202(3)(A). See Amendment and Codification notes above

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 110–289, § 1202(2), which directed substitution of “member” for “elective” wherever appearing, was not executed in subsec. (b) because of subsequent amendment by Pub. L. 110–289, § 1202(3)(A). See Amendment and Codification notes above.

    Enacted provision · exact public law section
    (2) by striking “elective” each place that term appears, other than in subsections (d), (e), and (f), and inserting “member”;

27. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

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

    Substituted · 12 U.S.C. § 1427(b)(1)

    Pub. L. 110–289, § 1204(8), substituted “the Director” for “the Board” in two places

    Source evidence

    Code amendment note
    Subsec. (b)(1). Pub. L. 110–289, § 1204(8), substituted “the Director” for “the Board” in two places.

    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”;

28. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

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

    1. Substituted · 12 U.S.C. § 1427(c)

       Pub. L. 110–289, § 1204(8), (9), substituted “the Director” for “the Board”

    2. Substituted · 12 U.S.C. § 1427(c)

       Pub. L. 110–289, § 1204(8), (9), substituted “The Director” for “The Board”

    Source evidence

    Code amendment note
    Subsec. (c). Pub. L. 110–289, § 1204(8), (9), substituted “the Director” for “the Board” wherever appearing and “The Director” for “The Board”.

    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”;

29. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1202(4)(B) · 122 Stat. 2654

    Inserted · 12 U.S.C. § 1427(c)

    Pub. L. 110–289, § 1202(4)(B), in second sentence, inserted “(A) except as provided in clause (B) of this sentence,” before “if at any time” and “, and (B) clause (A) of this sentence shall not apply to the directorships of any Federal Home Loan Bank resulting from the merger of any 2 or more such Banks” before period at end

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 110–289, § 1202(4)(B), in second sentence, inserted “(A) except as provided in clause (B) of this sentence,” before “if at any time” and “, and (B) clause (A) of this sentence shall not apply to the directorships of any Federal Home Loan Bank resulting from the merger of any 2 or more such Banks” before period at end.

    Enacted provision · exact public law section
    (B) in the second sentence— (i) by inserting “(A) except as provided in clause (B) of this sentence,” before “if at any time”; and (ii) by inserting before the period at the end the following: “, and (B) clause (A) of this sentence shall not apply to the directorships of any Federal Home Loan Bank resulting from the merger of any 2 or more such Banks”;

30. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1202(4)(A) · 122 Stat. 2654

    Substituted · 12 U.S.C. § 1427(c)

    Pub. L. 110–289, § 1202(4)(A), substituted “member” for “elective” wherever appearing before “directorship” or “directorships”, except second place appearing in second sentence and each place appearing in fifth sentence

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 110–289, § 1202(4)(A), substituted “member” for “elective” wherever appearing before “directorship” or “directorships”, except second place appearing in second sentence and each place appearing in fifth sentence.

    Enacted provision · exact public law section
    (A) by striking “elective” each place that term appears and inserting “member”, except— (i) in the second sentence, the second place that term appears; and (ii) each place that term appears in the fifth sentence; and

31. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1202(2) · 122 Stat. 2654

    Substituted · 12 U.S.C. § 1427(c)

    Pub. L. 110–289, § 1202(2), which directed substitution of “member” for “elective” wherever appearing, was not executed in subsec. (c) because of subsequent amendment by Pub. L. 110–289, § 1202(4)(A). See Amendment and Codification notes above

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 110–289, § 1202(2), which directed substitution of “member” for “elective” wherever appearing, was not executed in subsec. (c) because of subsequent amendment by Pub. L. 110–289, § 1202(4)(A). See Amendment and Codification notes above.

    Enacted provision · exact public law section
    (2) by striking “elective” each place that term appears, other than in subsections (d), (e), and (f), and inserting “member”;

32. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1204(9) · 122 Stat. 2654

    Substituted · 12 U.S.C. § 1427(d)

    Pub. L. 110–289, § 1204(9), (10), substituted “the Director” for “the Finance Board” and “The Director” for “The Board’

    Source evidence

    Code amendment note
    Subsec. (d). Pub. L. 110–289, § 1204(9), (10), substituted “the Director” for “the Finance Board” and “The Director” for “The Board’.

    Enacted provision · exact public law section
    (9) by 12 USC 1427 et al. striking “The Board” each place that term appears and inserting “The Director”;

33. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1202(5) · 122 Stat. 2654

    1. Struck · 12 U.S.C. § 1427(d)

       Pub. L. 110–289, § 1202(5), in first sentence, struck out “, whether elected or appointed,” after “each director”

    2. Substituted · 12 U.S.C. § 1427(d)

       Pub. L. 110–289, § 1202(5), in first sentence, substituted “4 years” for “3 years”, in second sentence

    3. Struck · 12 U.S.C. § 1427(d)

       Pub. L. 110–289, § 1202(5), in first sentence, struck out “or appointed” after “first elected”

    4. Substituted · 12 U.S.C. § 1427(d)

       Pub. L. 110–289, § 1202(5), in first sentence, substituted “July 30, 2008” for “November 12, 1999” in third sentence

    5. Substituted · 12 U.S.C. § 1427(d)

       Pub. L. 110–289, § 1202(5), in first sentence, substituted “¼” for “⅓” in third sentence

    6. Substituted · 12 U.S.C. § 1427(d)

       Pub. L. 110–289, § 1202(5), in first sentence, substituted “a” for “an elective” after “full terms as” and after “for election to”

    7. Struck · 12 U.S.C. § 1427(d)

       Pub. L. 110–289, § 1202(5), in first sentence, struck out “in any elective directorship or elective directorships” after “Federal home loan bank”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 110–289, § 1202(5), in first sentence, struck out “, whether elected or appointed,” after “each director” and substituted “4 years” for “3 years”, in second sentence, struck out “or appointed” after “first elected” and substituted “July 30, 2008” for “November 12, 1999” and “¼” for “⅓”, and in third sentence, substituted “a” for “an elective” after “full terms as” and after “for election to” and struck out “in any elective directorship or elective directorships” after “Federal home loan bank”.

    Enacted provision · exact public law section
    (5) in subsection (d)— (A) in the first sentence— (i) by striking “, whether elected or appointed,”; and (ii) by striking “3 years” and inserting “4 years”; (B) in the second sentence— (i) by striking “Federal Home Loan Bank System Modernization Act of 1999” and inserting “Federal Housing Finance Regulatory Reform Act of 2008”; (ii) by striking “⅓” and inserting “¼”; and (iii) by striking “or appointed”; and (C) in the third sentence— (i) by striking “an elective” each place that term appears and inserting “a”; and (ii) by striking “in any elective directorship or elective directorships”;

34. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

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

    1. Substituted · 12 U.S.C. § 1427(e)

       Pub. L. 110–289, § 1204(8), (9), substituted “The Director” for “The Board”

    2. Substituted · 12 U.S.C. § 1427(e)

       Pub. L. 110–289, § 1204(8), (9), substituted “the Director” for “the Board”

    Source evidence

    Code amendment note
    Subsec. (e). Pub. L. 110–289, § 1204(8), (9), substituted “The Director” for “The Board” in two places and “the Director” for “the Board”.

    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”;

35. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1202(6)(B) · 122 Stat. 2654

    Struck · 12 U.S.C. § 1427(f)(1)

    Pub. L. 110–289, § 1202(6)(B), struck out “appointed or” before “elected” in two places

    Source evidence

    Code amendment note
    Subsec. (f)(1). Pub. L. 110–289, § 1202(6)(B), struck out “appointed or” before “elected” in two places.

    Enacted provision · exact public law section
    (B) by striking “appointed or” each place that term appears; and

36. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1202(6)(A) · 122 Stat. 2654

    1. Redesignated · 12 U.S.C. § 1427(f)(2); 12 U.S.C. § 1427(f)(3)

       Pub. L. 110–289, § 1202(6)(A), (C), redesignated par. (3) as (2)

    2. Substituted · 12 U.S.C. § 1427(f)(2); 12 U.S.C. § 1427(f)(3)

       Pub. L. 110–289, § 1202(6)(A), (C), substituted “Election process” for “Elected bank directors” in heading

    3. Struck · 12 U.S.C. § 1427(f)(2); 12 U.S.C. § 1427(f)(3)

       Pub. L. 110–289, § 1202(6)(A), (C), struck out “elective” after “in any” and after “If any” in text

    4. Struck · 12 U.S.C. § 1427(f)(2); 12 U.S.C. § 1427(f)(3)

       Pub. L. 110–289, § 1202(6)(A), (C), struck out former par. (2). Prior to amendment, text of par. (2) read as follows: “In the event of a vacancy in any appointive Bank directorship, such vacancy shall be filled through appointment by the Board for the unexpired term. If any appointive Bank director shall cease to have the qualifications set forth in subsection (a) of this section, the office held by such person shall immediately become vacant, but such person may continue to act as a Bank director until his or her successor assumes the vacated office or the term of such office expires, whichever occurs first.”

    Source evidence

    Code amendment note
    Subsec. (f)(2), (3). Pub. L. 110–289, § 1202(6)(A), (C), redesignated par. (3) as (2), substituted “Election process” for “Elected bank directors” in heading, struck out “elective” after “in any” and after “If any” in text, and struck out former par. (2). Prior to amendment, text of par. (2) read as follows: “In the event of a vacancy in any appointive Bank directorship, such vacancy shall be filled through appointment by the Board for the unexpired term. If any appointive Bank director shall cease to have the qualifications set forth in subsection (a) of this section, the office held by such person shall immediately become vacant, but such person may continue to act as a Bank director until his or her successor assumes the vacated office or the term of such office expires, whichever occurs first.”

    Enacted provision · exact public law section
    (A) by striking paragraph (2);

37. 2008

    Regulatory Improvement Act of 2007

    Pub. L. 110–290 § 1204(8) · 122 Stat. 2914

    Substituted · 12 U.S.C. § 1427(h)

    Pub. L. 110–290, § 1204(8), substituted “the Director” for “the Board” in two places

    Source evidence

    Code amendment note
    Subsec. (h). Pub. L. 110–290, § 1204(8), substituted “the Director” for “the Board” in two places.

38. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1202(2) · 122 Stat. 2654

    Substituted · 12 U.S.C. § 1427(h)

    Pub. L. 110–289, § 1202(2), substituted “member” for “elective”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 110–289, § 1202(2), substituted “member” for “elective”.

    Enacted provision · exact public law section
    (2) by striking “elective” each place that term appears, other than in subsections (d), (e), and (f), and inserting “member”;

39. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1202(7) · 122 Stat. 2654

    1. Substituted · 12 U.S.C. § 1427(i)

       Pub. L. 110–289, § 1202(7), substituted “Each” for “Subject to paragraph (2), each” in par. (1)

    2. Added · 12 U.S.C. § 1427(i)

       Pub. L. 110–289, § 1202(7), added par. (2)

    3. Struck · 12 U.S.C. § 1427(i)

       Pub. L. 110–289, § 1202(7), struck out former par. (2) which related to limitations on compensation of members of the board of directors of a Federal home loan bank

    Source evidence

    Code amendment note
    Subsec. (i). Pub. L. 110–289, § 1202(7), substituted “Each” for “Subject to paragraph (2), each” in par. (1), added par. (2), and struck out former par. (2) which related to limitations on compensation of members of the board of directors of a Federal home loan bank.

    Enacted provision · exact public law section
    (7) in subsection (i)— (A) in paragraph (1), by striking “Subject to paragraph (2), each” and inserting “Each”; and (B) by striking paragraph (2) and inserting the following: “(2) Annual report.— The Director shall include, in the annual report submitted to the Congress pursuant to section 1319B of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, information regarding the compensation and expenses paid by the Federal Home Loan Banks to the directors on the boards of directors of the Banks.” ; and

40. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1202(8) · 122 Stat. 2654

    Added · 12 U.S.C. § 1427(l)

    Pub. L. 110–289, § 1202(8), added subsec. (l) relating to transition rule

    Source evidence

    Code amendment note
    Subsec. (l). Pub. L. 110–289, § 1202(8), added subsec. (l) relating to transition rule.

    Enacted provision · exact public law section
    (8) by adding at the end the following: “(l) Transition Rule.— Any member of the board of directors of a Bank elected or appointed in accordance with this section prior to the date of enactment of this subsection may continue to serve as a member of that board of directors for the remainder of the existing term of service.” .

41. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1113(b) · 122 Stat. 2654

    Added · 12 U.S.C. § 1427(l)

    Pub. L. 110–289, § 1113(b), added subsec. (l) relating to withholding of compensation

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 110–289, § 1113(b), added subsec. (l) relating to withholding of compensation.

    Enacted provision · exact public law section
    (b) Conforming Amendments.— (1) Fannie mae.— Section 309(d) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1723a(d)) is amended by adding at the end the following new paragraph: “(4) Notwithstanding any other provision of this section, the corporation shall not transfer, disburse, or pay compensation to any executive officer, or enter into an agreement with such executive officer, without the approval of the Director, for matters being reviewed under section 1318 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4518).” . (2) Freddie mac.— Section 303(h) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1452(h)) is amended by adding at the end the following new paragraph: “(4) Notwithstanding any other provision of this section, the Corporation shall not transfer, disburse, or pay compensation to any executive officer, or enter into an agreement with such executive officer, without the approval of the Director, for matters being reviewed under section 1318 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4518).” . (3) Federal home loan banks.— Section 7 of the Federal Home Loan Bank Act (12 U.S.C. 1427) is amended by adding at the end the following new subsection: “(l) Withholding of Compensation.— Notwithstanding any other provision of this section, a Federal Home Loan Bank shall not transfer, disburse, or pay compensation to any executive officer, or enter into an agreement with such executive officer, without the approval of the Director, for matters being reviewed under section 1318 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4518).” .

51 of 67 references resolved to an enrolled provision · 15 partial · 1 unresolved