§ 1441. Financing Corporation

Footnotes

1. 1 So in original. Probably should refer to paragraph (6) in view of the renumbering of paragraph (7) as (6) by Pub. L. 101–73.
2. 2 So in original. See 2008 Amendment note below.
3. 3 See 2008 Amendment note below.
4. 4 See References in Text note below.
5. 5 So in original. Probably should be followed by a period.

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 Savings and Loan Insurance Corporation Recapitalization Act of 1987

   Pub. L. 100–86 title III § 302 · 101 Stat. 552

   Enacted · 12 U.S.C. § 1441

   July 22, 1932, ch. 522, § 21, as added Pub. L. 100–86, title III, § 302, Aug. 10, 1987, 101 Stat. 585

   Source evidence

   Code source credit
   July 22, 1932, ch. 522, § 21, as added Pub. L. 100–86, title III, § 302, Aug. 10, 1987, 101 Stat. 585

   Enacted provision · exact public law section
   SEC. 302. FINANCING CORPORATION ESTABLISHED. The Federal Home Loan Bank Act (12 U.S.C. 1421 et seq.) is amended by inserting after section 20 the following new section: “SEC. 21. FINANCING CORPORATION. “(a) Establishment.— Notwithstanding any other provision of law, the Board shall charter a corporation to be known as the Financing Corporation. “(b) Management of Financing Corporation.— “(1) Directorate.— The Financing Corporation shall be under the management of a directorate composed of 3 members as follows: “(A) The Director of the Office of Finance of the Federal Home Loan Banks (or the head of any successor to such office). “(B) 2 members selected by the Federal Home Loan Bank Board from among the presidents of the Federal Home Loan Banks. “(2) Terms.— Each member appointed under paragraph (1)(B) shall be appointed for a term of 1 year. “(3) Vacancy.— If any member leaves the office in which such member was serving when appointed to the Directorate— “(A) such member’s service on the Directorate shall terminate on the date such member leaves such office; and “(B) the successor to the office of such member shall serve the remainder of such member’s term. “(4) Equal representation of banks.— No president of a Federal Home Loan Bank may be appointed to serve an additional term on the Directorate until such time as the presidents of each of the other Federal Home Loan Banks have served as many terms on the Directorate as the president of such bank (before the appointment of such president to such additional term). “(5) Chairperson.— The Chairman of the Federal Home Loan Bank Board shall select the chairperson of the Directorate from among the 3 members of the Directorate. “(6) Staff.— “(A) No paid employees.— The Financing Corporation shall have no paid employees. “(B) Powers.— The Directorate may, with the approval of the Board, authorize the officers, employees, or agents of the Federal Home Loan Banks to act for and on behalf of the Financing Corporation in such manner as may be necessary to carry out the functions of the Financing Corporation. “(7) Administrative expenses.— “(A) In general.— All administrative expenses of the Financing Corporation shall be paid by the Federal Home Loan Banks. “(B) Pro rata distribution.— The amount each Federal Home Loan Bank shall pay shall be determined by the Board by multiplying the total administrative expenses for any period by the percentage arrived at by dividing— “(i) the aggregate amount the Board required such bank to invest in the Financing Corporation (as of the time of such determination) under paragraphs (4) and (5) of subsection (d) (as computed without regard to paragraph (3) or (6) of such subsection); by “(ii) the aggregate amount the Board required all Federal Home Loan Banks to invest (as of the time of such determination) under such paragraphs. “(C) Administrative expenses defined.— For purposes of this paragraph, the term ‘administrative expenses’ does not include— “(i) issuance costs (as such term is defined in subsection (g)(5)(A)); “(ii) any interest on (and any redemption premium with respect to) any obligation of the Financing Corporation; or “(iii) custodian fees (as such term is defined in subsection (g)(5)(B)). “(8) Regulation by board.— The Directorate shall be subject to such regulations, orders, and directions as the Board may prescribe. “(9) No compensation from financing corporation.— Members of the Directorate shall receive no pay, allowances, or benefits from the Financing Corporation by reason of their service on the Directorate. “(c) Powers of Financing Corporation.— The Financing Corporation shall have only the following powers, subject to the other provisions of this section and such regulations, orders, and directions as the Board may prescribe: “(1) To issue nonvoting capital stock to the Federal Home Loan Banks. “(2) To invest in any security issued by the Federal Savings and Loan Insurance Corporation under section 402(b) of the National Housing Act. Post, p. 597. “(3) To issue debentures, bonds, or other obligations and to borrow, to give security for any amount borrowed, and to pay interest on (and any redemption premium with respect to) any such obligation or amount. “(4) To impose assessments in accordance with subsection (f). “(5) To adopt, alter, and use a corporate seal. “(6) To have succession until dissolved. “(7) To enter into contracts. “(8) To sue and be sued in its corporate capacity, and to complain and defend in any action brought by or against the Financing Corporation in any State or Federal court of competent jurisdiction. “(9) To exercise such incidental powers not inconsistent with the provisions of this section or section 402(b) of the National Housing Act as are necessary or appropriate to carry out the provisions of this section. “(d) Capitalization of Financing Corporation.— “(1) Purchase of capital stock by federal home loan banks.— “(A) In general.— Each Federal Home Loan Bank shall invest in nonvoting capital stock of the Financing Corporation at such times and in such amounts as the Board may prescribe under this subsection. “(B) Par value; transferability.— Each share of stock issued by the Financing Corporation to a Federal Home Loan Bank shall have par value in an amount determined by the Board and shall be transferable only among the Federal Home Loan Banks in the manner and to the extent prescribed by the Board at not less than par value. “(2) Aggregate dollar amount limitation on all investments.— The aggregate amount of funds invested by all Federal Home Loan Banks in nonvoting capital stock of the Financing Corporation shall not exceed $3,000,000,000. “(3) Maximum investment amount limitation for each federal home loan bank.— The cumulative amount of funds invested in nonvoting capital stock of the Financing Corporation by each Federal Home Loan Bank shall not exceed the aggregate amount of— “(A) the sum of— “(i) the reserves maintained by such bank on December 31, 1985, pursuant to the requirement contained in the first 2 sentences of section 16; and “(ii) the undivided profits (as defined in paragraph (7)) of such bank on such date; and “(B) the sum of— “(i) the amounts added to reserves after December 31, 1985, pursuant to the requirement contained in the first 2 sentences of section 16; and “(ii) the undivided profits of such bank accruing after such date. “(4) Pro rata distribution of 1st $1,000,000,000 invested in financing corporation by home loan banks.— With respect to the first $1,000,000,000 which the Board may require the Federal Home Loan Banks to invest in capital stock of the Financing Corporation under this subsection, the amount which each Federal Home Loan Bank (or any successor to such bank) shall invest shall be determined by the Board by applying to the total amount of such investment by all such banks the percentage appearing in the following table for each such bank: “Bank Percentage Federal Home Loan Bank of Boston 1.8629 Federal Home Loan Bank of New York 9.1006 Federal Home Loan Bank of Pittsburgh 4.2702 Federal Home Loan Bank of Atlanta 14.4007 Federal Home Loan Bank of Cincinnati 8.2653 Federal Home Loan Bank of Indianapolis 5.2863 Federal Home Loan Bank of Chicago 9.6886 Federal Home Loan Bank of Des Moines 6.9301 Federal Home Loan Bank of Dallas 8.8181 Federal Home Loan Bank of Topeka 5.2706 Federal Home Loan Bank of San Francisco 19.9644 Federal Home Loan Bank of Seattle 6.1422 “(5) Pro rata distribution of amounts required to be invested in excess of $1,000,000,000.— With respect to any amount in excess of $1,000,000,000 which the Board may require the Federal Home Loan Banks to invest in capital stock of the Financing Corporation under this subsection, the amount which each Federal Home Loan Bank (or any successor to such bank) shall invest shall be determined by the Board by multiplying such excess amount by the percentage arrived at by dividing— “(A) the sum of the total assets (as of the most recent December 31) held by all insured institutions which are members of such bank; by “(B) the sum of the total assets (as of such date) held by all insured institutions which are members of any Federal Home Loan Bank. “(6) Special provisions relating to maximum amount limitations.— “(A) In general.— If the amount any Federal Home Loan Bank is required to invest in capital stock of the Financing Corporation pursuant to a determination by the Board under paragraph (5) (or under subparagraph (B) of this paragraph) exceeds the maximum investment amount applicable with respect to such bank under paragraph (3) at the time of such determination (hereinafter in this paragraph referred to as the ‘excess amount’)— “(i) the Board shall require each remaining Federal Home Loan Bank to invest (in addition to the amount determined under paragraph (5) for such remaining bank and subject to the maximum investment amount applicable with respect to such remaining bank under paragraph (3) at the time of such determination) in such capital stock on behalf of the bank in the amount determined under subparagraph (B); “(ii) the Board shall require the bank to subsequently purchase the excess amount of capital stock from the remaining banks in the manner described in subparagraph (C); and “(iii) the requirements contained in subparagraphs (D) and (E) relating to the use of net earnings available for dividends shall apply to such bank until the bank has purchased all of the excess amount of capital stock. “(B) Allocation of excess amount among remaining home loan banks.— The amount each remaining Federal Home Loan Bank shall be required to invest under subparagraph (A)(i) is the amount determined by the Board by multiplying the excess amount by the percentage arrived at by dividing— “(i) the amount of capital stock of the Financing Corporation held by such remaining bank at the time of such determination; by “(ii) the aggregate amount of such stock held by all remaining banks at such time. “(C) Purchase procedure.— The bank on whose behalf an investment in capital stock is made under subparagraph (A)(i) shall purchase, annually and at the issuance price, from each remaining bank an amount of such stock determined by the Board by multiplying the amount available for such purchases (at the time of such determination) by the percentage determined under subparagraph (B) with respect to such remaining bank until the aggregate amount of such capital stock has been purchased by the bank. “(D) Limitation on dividends.— The amount of dividends which may be paid for any year by a bank on whose behalf an investment is made under subparagraph (A)(i) shall not exceed an amount equal to % of the net earnings available for dividends of the bank for the year. “(E) Transfer to account for purchase of stock required.— Of the net earnings available for dividends for any year of a bank on whose behalf an investment is made under subparagraph (A)(i), such amount as is necessary to make the purchases of stock required under subparagraph (A)(ii) shall be placed in a reserve account (established in such manner as the Board shall prescribe by regulations) the balance in which shall be available only for such purchases. “(F) Net earnings available for dividends defined.— For purposes of this paragraph, the term ‘net earnings available for dividends’ means the net earnings of a bank for any period as computed after reducing the amount of earnings for such period by the amount required to be carried (for such period) to reserves maintained by such bank pursuant to the first two sentences of section 16 of this Act. 12 USC 1436. “(7) Undivided profits defined.— For purposes of paragraph (3), the term ‘undivided profits’ means retained earnings minus the sum of— “(A) that portion required to be added to reserves maintained pursuant to the first two sentences of section 16 of this Act; and “(B) the dollar amounts held by the respective Federal Home Loan Banks in special dividend stabilization reserves on December 31, 1985, as determined under the following table: “Bank Dollar amount Federal Home Loan Bank of Boston $3.2 million Federal Home Loan Bank of New York 7.7 million Federal Home Loan Bank of Pittsburgh 5.2 million Federal Home Loan Bank of Atlanta 12.3 million Federal Home Loan Bank of Cincinnati 5.9 million Federal Home Loan Bank of Indianapolis 37.4 million Federal Home Loan Bank of Chicago 6.0 million Federal Home Loan Bank of Des Moines 32.7 million Federal Home Loan Bank of Dallas 45.0 million Federal Home Loan Bank of Topeka 13.7 million Federal Home Loan Bank of San Francisco 21.9 million Federal Home Loan Bank of Seattle 33.6 million “(e) Obligations of the Financing Corporation.— “(1) Limitation on amount of outstanding obligations.— The aggregate amount of obligations of the Financing Corporation which may be outstanding at any time (as determined by the Board) shall not exceed the lesser of— “(A) an amount equal to the greater of— “(i) 5 times the amount of the nonvoting capital stock of the Financing Corporation which is outstanding at such time; or “(ii) the sum of the face amounts (the amount of principal payable at maturity) of securities described in subsection (g)(2) which are held at such time in the segregated account established pursuant to such subsection; or “(B) $10,825,000,000. “(2) Annual limitation on net new borrowing.— Net new borrowing by the Financing Corporation— “(A) shall not exceed an amount equal to $3,750,000,000 in the 1-year period beginning on the date of the enactment of the Federal Savings and Loan Insurance Corporation Recapitalization Act of 1987; and “(B) shall not exceed an amount equal to $3,750,000,000 in each 1-year period beginning after the 1-year period described in subparagraph (A). “(3) Net proceeds to be invested in capital of fslic.— Subject to such terms and conditions as may be approved by the Board, the net proceeds of any obligation issued by the Financing Corporation shall be used to— “(A) purchase capital certificates or capital stock issued by the Federal Savings and Loan Insurance Corporation Post, p. 597. under section 402(b)(1)(A) of the National Housing Act; or “(B) refund any previously issued obligation the net proceeds of which were invested in the manner described in subparagraph (A). “(4) Limitation on term of obligations.— No obligation of the Financing Corporation may be issued which matures— “(A) more than 30 years after the date of issue; or “(B) after December 31, 2026. “(5) Investment of united states funds in obligations.— Obligations issued under this section by the Financing Corporation with the approval of the Board shall be lawful investments, and may be accepted as security, for all fiduciary, trust, and public funds the investment or deposit of which shall be under the authority or control of the United States or any officer of the United States. “(6) Market for obligations.— All persons having the power to invest in, sell, underwrite, purchase for their own accounts, accept as security, or otherwise deal in obligations of the Fed-eral Home Loan Banks shall also have the power to do so with respect to obligations of the Financing Corporation. “(7) No full faith and credit of the united states.— Obligations of the Financing Corporation and the interest payable on such obligations shall not be obligations of, or guaranteed as to principal or interest by, the Federal Home Loan Banks, the United States, or the Federal Savings and Loan Insurance Corporation and the obligations shall so plainly state. “(8) Tax exempt status.— “(A) In general.— Except as provided in subparagraph (B), obligations of the Financing Corporation shall be exempt from tax both as to principal and interest to the same extent as any obligation of a Federal Home Loan Bank is exempt from tax under section 13. 12 USC 1433. “(B) Exception.— The Financing Corporation, like the Federal Home Loan Banks, shall be treated as an agency of the United States for purposes of the first sentence of section 3124(b) of title 31, United States Code (relating to determination of tax status of interest on obligations). “(9) Obligations are exempt securities.— Notwithstanding paragraph (7), obligations of the Financing Corporation shall be deemed to be exempt securities (within the meaning of laws administered by the Securities and Exchange Commission) to the same extent as securities which are direct obligations of the United States or are guaranteed as to principal or interest by the United States. “(10) Minority participation in public offerings.— The Chairman of the Board and the Directorate shall ensure that minority owned or controlled commercial banks, investment banking firms, underwriters, and bond counsels throughout the United States have an opportunity to participate to a significant degree in any public offering of obligations issued under this section. “(f) Assessment Authority of the Financing Corporation.— “(1) In general.— The Financing Corporation may, with the approval of the Board, assess on each insured institution an assessment, except that the aggregate amount assessed under this paragraph on any insured institution for any year may not exceed an amount equal to 1/12th of 1 percent of the aggregate amount of all accounts of insured members of such insured institution. “(2) Supplemental assessment authorized.— Upon the unanimous vote of the Directorate that additional funds are needed to pay the interest on the obligations of the Financing Corporation because no other funds are available, the Financing Corporation may, with the approval of the Board and in addition to any assessment assessed under paragraph (1), assess on each insured institution an assessment, except that the aggregate amount assessed under this paragraph on any insured institution for any year may not exceed an amount equal to ⅛th of 1 percent of the aggregate amount of all accounts of insured members of such insured institution. “(3) Total amount of assessments may not exceed interest and financing costs.— The aggregate amount of all assessments assessed under paragraphs (1) and (2) for any year may not exceed— “(A) the aggregate amount of— “(i) issuance costs (as such term is defined in subsection (g)(5)(A)) incurred with respect to obligations issued during such year; “(ii) interest paid on (and any redemption premium paid with respect to) obligations of the Financing Corporation during such year; and “(iii) custodian fees (as such term is defined in subsection (g)(5)(B)) incurred during such year; minus “(B) the aggregate amount of any payments under subsection (g)(4) during such year. “(4) Termination assessments.— “(A) Assessment authorized.— The Financing Corporation shall, with the approval of the Board, assess a termination assessment on any insured institution which ceases to be an insured institution. “(B) Maximum amount of assessment.— The amount of the assessment on any institution under subparagraph (A) shall be the amount which is equal to the sum of— “(i) the amount which is equal to 2 times the last annual insurance premium payable by such institution 12 USC 1727. under section 404(b) of the National Housing Act (including the amount of any assessment imposed under paragraph (1) of this subsection in lieu of any such premium); and “(ii) the amount which is the product of— “(I) the aggregate amount of all accounts of insured members of such institution (as of the date the institution ceases to be an insured institution); and “(II) 2 times the rate (expressed as an annual rate) at which the supplemental assessment under Post, p. 601. section 404(c) of the National Housing Act was assessed against insured institutions by the Federal Savings and Loan Insurance Corporation in 1986. “(C) Reduction in assessment allowed for weakened institutions.— The amount of any assessment which the Financing Corporation may otherwise impose under this paragraph on an institution (which ceases to be an insured institution) may be reduced by such amount as the Financing Corporation, with the approval of the Board, may deem appropriate when— “(i) the institution poses a substantial risk to the assets of the Federal Savings and Loan Insurance Corporation; and “(ii) such reduction is necessary to assist in the sale or other disposition of the institution. “(D) Time for paying assessment.— “(i) Due within 30 days.— If an assessment is imposed on an institution under subparagraph (A), the institution shall be obligated to pay such assessment before the end of the 30-day period beginning on the date on which such institution ceases to be an insured institution. “(ii) Semiannual installments with interest.— Notwithstanding the requirement of clause (i), an institution may elect to pay the amount of any assess-ment imposed under subparagraph (A) in semiannual installments during the period beginning no later than the end of the 30-day period referred to in clause (i) and ending no later than the end of the 2-year period beginning on the date such assessment is imposed, together with interest accruing on the unpaid balance of such amount at a variable rate equal to the sum of— “(I) the bond equivalent yield on 6-month United States Treasury bills; and “(II) 100 basis points. “(E) Exit fee equalization.— If any institution described in subparagraph (F) paid any exit fee, or the equivalent thereof (as determined by the Corporation), on or before the date of the enactment of the Federal Savings and Loan Insurance Corporation Recapitalization Act of 1987, the Corporation shall repay to such institution an amount equal to the amount by which the amount of such fee exceeds the amount which such institution would be required to pay if the amount of such fee were determined under this paragraph as of the date of the enactment of this Act. “(F) Provisions applicable to certain institutions.— Except as provided in subparagraph (E), no assessment under this paragraph or insurance premium under section 407(d) of the National Housing Act may be imposed on an Post, p. 602. insured institution which, on or before March 31, 1987, had— “(i) its status as an insured institution terminated voluntarily, involuntarily, or by operation of law in connection with a conversion into, merger with, acquisition by, consolidation with, reorganization into, or combination by any means with, an institution the deposits of which are insured by the Federal Deposit Insurance Corporation; “(ii) filed an application or notice with any State banking agency or authority, or with the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Corporation or the Federal Home Loan Bank Board pursuant to a transaction which, upon consummation thereof, will result in the termination of the institution’s status as an insured institution in connection with its conversion into, merger with, acquisition by, consolidation with, reorganization into, or combination by any means with, an institution the deposits of which are insured by the Federal Deposit Insurance Corporation; or “(iii) entered into a letter of intent or a written memorandum of understanding, pursuant to a transaction which will result in the termination of the institution’s status as an insured institution in connection with its conversion into, merger with, acquisition by consolidation with, reorganization into, or combination by any means with, an institution the deposits of which are insured by the Federal Deposit Insurance Corporation. “(G) Additional provision.— Notwithstanding any other provision of law, the Federal Savings and Loan Insurance Corporation shall repay to Comerica, Inc. of Detroit, Michigan, an amount equal to any exit fee or equivalent thereof paid by Comerica, Inc. “(5) Payment to financing corporation.— All assessments assessed by the Financing Corporation under paragraph (1), (2), or (4) shall be paid to the Financing Corporation. “(g) Use and Disposition of Assets of the Financing Corporation Not Invested in FSLIC.— “(1) In general.— Subject to such regulations, restrictions, and limitations as may be prescribed by the Board, assets of the Financing Corporation, which are not invested in capital certificates or capital stock issued by the Federal Savings and Loan Insurance Corporation under section 402(b)(1)(A) of the National Post, p. 597. Housing Act, shall be invested in— “(A) direct obligations of the United States; “(B) obligations, participations, or other instruments of, or issued by, the Federal National Mortgage Association or the Government National Mortgage Association; “(C) mortgages, obligations, or other securities for sale by, or which have been disposed of by, the Federal Home Loan Mortgage Corporation under section 305 or 306 of the Federal 12 USC 1454, 1455. Home Loan Mortgage Corporation Act; or “(D) any other security in which it is lawful for fiduciary and trust funds to be invested under the laws of any State. “(2) Segregated account for zero coupon instruments held to assure payment of principal.— The Financing Corporation shall invest in, and hold in a segregated account, noninterest bearing instruments— “(A) which are securities described in paragraph (1); and “(B) the total of the face amounts (the amount of principal payable at maturity) of which is approximately equal to the aggregate amount of principal on the obligations of the Financing Corporation, to assure the repayment of principal on obligations of the Financing Corporation. “(3) Dollar amount limitation on investment in zero coupon instruments for segregated account.— The aggregate amount invested by the Financing Corporation under paragraph (2) shall not exceed $2,200,000,000 (as determined on the basis of the purchase price). “(4) Exception for payment of issuance costs, interest, and custodian fees.— Notwithstanding the requirements of paragraph (1), the assets of the Financing Corporation referred to in paragraph (1) which are not invested under paragraph (2) may be used to pay— “(A) issuance costs; “(B) any interest on (and any redemption premium with respect to) any obligation of the Financing Corporation; and “(C) custodian fees. “(5) Definitions.— For purposes of this subsection— “(A) Issuance costs.— The term ‘issuance costs’— “(i) means issuance fees and commissions incurred by the Financing Corporation in connection with the issu-ance or servicing of any obligation of the Financing Corporation; and “(ii) includes legal and accounting expenses, trustee and fiscal and paying agent charges, costs incurred in connection with preparing and printing offering materials, and advertising expenses, to the extent that any such cost or expense is incurred by the Financing Corporation in connection with issuing any obligation. “(B) Custodian fees.— The term ‘custodian fee’ means— “(i) any fee incurred by the Financing Corporation in connection with the transfer of any security to, or the maintenance of any security in, the segregated account established under paragraph (2); and “(ii) any other expense incurred by the Financing Corporation in connection with the establishment or maintenance of such account. “(h) Miscellaneous Provisions Relating to Financing Corporation.— “(1) Treatment for certain purposes.— Except as provided in subsection (e)(8)(B), the Financing Corporation shall be treated as a Federal Home Loan Bank for purposes of sections 13 and 23. 12 USC 1433, 1443. “(2) Federal reserve banks as depositaries and fiscal agents.— The Federal Reserve banks are authorized to act as depositaries for or fiscal agents or custodians of the Financing Corporation. “(3) Applicability of certain provisions relating to government corporation.— Notwithstanding the fact that no Government funds may be invested in the Financing Corporation, the Financing Corporation shall be treated, for purposes of sections 9105, 9107, and 9108 of title 31, United States Code, as a mixed-ownership Government corporation which has capital of the Government. “(i) Federal Savings and Loan Insurance Corporation Industry Advisory Committee.— “(1) Establishment.— There is hereby established the Federal Savings and Loan Insurance Corporation Industry Advisory Committee (hereinafter in this subsection referred to as the ‘Committee’). “(2) Membership.— “(A) Appointment.— The Committee shall consist of 13 members selected as follows: “(i) 1 member appointed by the Chairman of the Board from among individuals who are officers of insured institutions and who are not members of the Board or employees of the Board, the Federal Savings and Loan Insurance Corporation, or the Board of Directors of any Federal Home Loan Bank. “(ii) 1 member elected from each Federal Home Loan Bank district (by the members of the Board of Directors of each such bank who were elected by the members of such bank) from among individuals who are officers of insured institutions. “(B) Terms.— Members shall be appointed or elected for terms of 1 year. “(C) Chairperson.— The member appointed under subparagraph (A)(i) shall be the chairperson of the Committee. “(D) Vacancies.— Any vacancy on the Committee shall be filled in the manner in which the original appointment was made. “(E) Pay and expenses.— Members of the Committee shall serve without pay but each member of the Committee shall be reimbursed, in such manner as the Board may prescribe by regulation, by the Federal Home Loan Bank which elected such member (and, in the case of the member appointed by the Chairman of the Board, by the Board) for expenses incurred in connection with attendance of such members at meetings of the Committee. “(F) Meetings.— The Committee shall meet from time to time at the call of the chairperson or a majority of the members. “(3) Duties of the committee.— The duties of the Committee are as follows: “(A) To review the reports and budgets prepared pursuant Post, p. 603. to section 402(k) of the National Housing Act and any other matter which the Board may present for the Committee’s consideration. “(B) To confer with the Board on the reports, budgets, and other matters reviewed under subparagraph (A). “(C) To prepare written comments and recommendations for the Board and the Federal Savings and Loan Insurance Corporation with respect to the reports, budgets, and other matters reviewed under subparagraph (A) (which shall be submitted to the Board in a timely manner after each meeting). “(4) Annual report.— “(A) Required.— Not later than January 15 of each year, the Committee shall submit a report to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. “(B) Contents.— The report required under subparagraph (A) shall describe the activities of the Committee during the preceding year and the reports and recommendations made by the Committee to the Board and the Federal Savings and Loan Insurance Corporation during such year. “(5) Regulations.— The Board shall prescribe such regulations as the Board determines to be appropriate to avoid conflicts of interest with respect to the disclosure to and use by members of the Committee of information relating to the Board, the Federal Savings and Loan Insurance Corporation, the Federal Home Loan Banks, and the Federal Asset Disposition Association. “(6) Federal advisory committee act does not apply.— The 5 USC app. Federal Advisory Committee Act shall not apply to the Committee. “(7) Termination.— The Committee shall terminate when the Financing Corporation terminates under subsection (j). “(j) Termination of the Financing Corporation.— “(1) In general.— The Financing Corporation shall be dissolved, as soon as practicable, after the earlier of— “(A) the date by which all stock purchased by the Financing Corporation in the Federal Savings and Loan Insurance Corporation has been retired; or “(B) December 31, 2026. “(2) Board authority to conclude the affairs of financing corporation.— Effective on the date of the dissolution of the Financing Corporation under paragraph (1), the Board may exercise, on behalf of the Financing Corporation, any power of the Financing Corporation which the Board determines to be necessary to settle and conclude the affairs of the Financing Corporation. “(k) Regulations.— The Board may prescribe such regulations as may be necessary to carry out the provisions of this section, including regulations defining terms used in this section. “(l) Definitions.— For purposes of this section— “(1) Insured institution.— The term ‘insured institution’ has the meaning given to such term by section 401(a) of the National Housing Act. 12 USC 1724. “(2) Insured member.— The term ‘insured member’ has the meaning given to such term by section 401(b) of the National Housing Act. “(3) Directorate.— The term ‘Directorate’ means the directorate established in the manner provided in subsection (b)(1) to manage the Financing Corporation.”.

2. 1989

   Financial Institutions Reform, Recovery, and Enforcement Act of 1989

   Pub. L. 101–73 § 512(2) · 103 Stat. 183

   Substituted · 12 U.S.C. § 1441(a)

   Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”.

   Enacted provision · exact public law section
   (2) by striking “Federal Home Loan Bank Board” and “Board” each place they appear and inserting “Federal Housing Finance Board”;

3. 1989

   Financial Institutions Reform, Recovery, and Enforcement Act of 1989

   Pub. L. 101–73 § 512(2) · 103 Stat. 183

   Substituted · 12 U.S.C. § 1441(b)(1)(B)

   Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Federal Home Loan Bank Board”

   Source evidence

   Code amendment note
   Subsec. (b)(1)(B). Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Federal Home Loan Bank Board”.

   Enacted provision · exact public law section
   (2) by striking “Federal Home Loan Bank Board” and “Board” each place they appear and inserting “Federal Housing Finance Board”;

4. 1989

   Financial Institutions Reform, Recovery, and Enforcement Act of 1989

   Pub. L. 101–73 § 701(b)(2) · 103 Stat. 183

   Substituted · 12 U.S.C. § 1441(b)(5)

   Pub. L. 101–73, § 701(b)(2), substituted “Chairperson” for “Chairman”

   Source evidence

   Code amendment note
   Subsec. (b)(5). Pub. L. 101–73, § 701(b)(2), substituted “Chairperson” for “Chairman”.

   Enacted provision · exact public law section
   (2) Chairperson.— The Federal Home Loan Bank Act is amended by striking “Chairman” and “chairman” each place such terms appear and inserting “Chairperson” and “chairperson”.

5. 1989

   Financial Institutions Reform, Recovery, and Enforcement Act of 1989

   Pub. L. 101–73 § 512(2) · 103 Stat. 183

   Substituted · 12 U.S.C. § 1441(b)(5)

   Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Federal Home Loan Bank Board”

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Federal Home Loan Bank Board”.

   Enacted provision · exact public law section
   (2) by striking “Federal Home Loan Bank Board” and “Board” each place they appear and inserting “Federal Housing Finance Board”;

6. 1989

   Financial Institutions Reform, Recovery, and Enforcement Act of 1989

   Pub. L. 101–73 § 512(2) · 103 Stat. 183

   Substituted · 12 U.S.C. § 1441(b)(6)(B); 12 U.S.C. § 1441(b)(7)(B); 12 U.S.C. § 1441(b)(6)(8); 12 U.S.C. § 1441(b)(6)(c)

   Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board” wherever appearing

   Source evidence

   Code amendment note
   Subsecs. (b)(6)(B), (7)(B), (8), (c). Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board” wherever appearing.

   Enacted provision · exact public law section
   (2) by striking “Federal Home Loan Bank Board” and “Board” each place they appear and inserting “Federal Housing Finance Board”;

7. 1989

   Financial Institutions Reform, Recovery, and Enforcement Act of 1989

   Pub. L. 101–73 § 512(3) · 103 Stat. 183

   Inserted · 12 U.S.C. § 1441(c)(2)

   Pub. L. 101–73, § 512(3), inserted “prior to August 9, 1989, and thereafter to transfer the proceeds of any obligation issued by the Financing Corporation to the FSLIC Resolution Fund”

   Source evidence

   Code amendment note
   Subsec. (c)(2). Pub. L. 101–73, § 512(3), inserted “prior to August 9, 1989, and thereafter to transfer the proceeds of any obligation issued by the Financing Corporation to the FSLIC Resolution Fund”.

   Enacted provision · exact public law section
   (3) in subsection (c)(2), by inserting before the period the following: “prior to the date of the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and thereafter to transfer the proceeds of any obligation issued by the Financing Corporation to the FSLIC Resolution Fund”;

8. 1989

   Financial Institutions Reform, Recovery, and Enforcement Act of 1989

   Pub. L. 101–73 § 512(4) · 103 Stat. 183

   Struck · 12 U.S.C. § 1441(c)(9)

   Pub. L. 101–73, § 512(4), struck out “or section 1725(b) of this title” after “with the provisions of this section”

   Source evidence

   Code amendment note
   Subsec. (c)(9). Pub. L. 101–73, § 512(4), struck out “or section 1725(b) of this title” after “with the provisions of this section”.

   Enacted provision · exact public law section
   (4) in subsection (c)(9) by striking “or section 402(b) of the National Housing Act”;

9. 1989

   Financial Institutions Reform, Recovery, and Enforcement Act of 1989

   Pub. L. 101–73 § 512(2) · 103 Stat. 183

   Substituted · 12 U.S.C. § 1441(d)(1)

   Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board” wherever appearing

   Source evidence

   Code amendment note
   Subsec. (d)(1). Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board” wherever appearing.

   Enacted provision · exact public law section
   (2) by striking “Federal Home Loan Bank Board” and “Board” each place they appear and inserting “Federal Housing Finance Board”;

10. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(5) · 103 Stat. 183

    Amended · 12 U.S.C. § 1441(d)(4)

    Pub. L. 101–73, § 512(5), amended generally the portion of par. (4) appearing before the table. Prior to amendment, such portion read as follows: “With respect to the first $1,000,000,000 which the Board may require the Federal Home Loan Banks to invest in capital stock of the Financing Corporation under this subsection, the amount which each Federal Home Loan Bank (or any successor to such bank) shall invest shall be determined by the Board by applying to the total amount of such investment by all such banks the percentage appearing in the following table for each such bank:”

    Source evidence

    Code amendment note
    Subsec. (d)(4). Pub. L. 101–73, § 512(5), amended generally the portion of par. (4) appearing before the table. Prior to amendment, such portion read as follows: “With respect to the first $1,000,000,000 which the Board may require the Federal Home Loan Banks to invest in capital stock of the Financing Corporation under this subsection, the amount which each Federal Home Loan Bank (or any successor to such bank) shall invest shall be determined by the Board by applying to the total amount of such investment by all such banks the percentage appearing in the following table for each such bank:”.

    Enacted provision · exact public law section
    (5) by amending the portion of subsection (d)(4) appearing before the table to read as follows: “Of the first $1,000,000,000 in the aggregate which the Oversight Board pursuant to section 21B or the Federal Housing Finance Board under this section (as the case may be) may require the Federal Home Loan Banks collectively to invest in the stock of the Funding Corporation or invest in the capital stock of the Financing Corporation, respectively, the amount which each Federal Home Loan Bank (or any successor to such Bank) shall invest shall be determined by the Oversight Board or the Federal Housing Finance Board (as the case may be) by multiplying the aggregate amount of such payment or investment by all Banks by the percentage appearing in the following table for each such Bank.”;

11. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(6) · 103 Stat. 183

    Substituted · 12 U.S.C. § 1441(d)(5)

    Pub. L. 101–73, § 512(6), substituted “the $1,000,000,000 amount referred to in paragraph (4) which the Federal Housing Finance Board” for “$1,000,000,000 which the Board”

    Source evidence

    Code amendment note
    Subsec. (d)(5). Pub. L. 101–73, § 512(6), substituted “the $1,000,000,000 amount referred to in paragraph (4) which the Federal Housing Finance Board” for “$1,000,000,000 which the Board”.

    Enacted provision · exact public law section
    (6) in subsection (d)(5), by striking “$1,000,000,000 which the Board” and inserting “the $1,000,000,000 amount referred to in paragraph (4) which the Federal Housing Finance Board”;

12. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(2) · 103 Stat. 183

    Substituted · 12 U.S.C. § 1441(d)(5)

    Pub. L. 101–73, § 512(2), substituted “by the Federal Housing Finance Board” for “by the Board”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 101–73, § 512(2), substituted “by the Federal Housing Finance Board” for “by the Board”.

    Enacted provision · exact public law section
    (2) by striking “Federal Home Loan Bank Board” and “Board” each place they appear and inserting “Federal Housing Finance Board”;

13. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(1) · 103 Stat. 183

    1. Substituted · 12 U.S.C. § 1441(d)(5)(A); 12 U.S.C. § 1441(d)(5)(B)

       Pub. L. 101–73, § 512(1), which directed the amendment of this section by substituting “Savings Association Insurance Fund member” for “insured institution” as the probable intent of Congress

    2. Substituted · 12 U.S.C. § 1441(d)(5)(A); 12 U.S.C. § 1441(d)(5)(B)

       Pub. L. 101–73, § 512(1), which directed the amendment of this section by substituting “Savings Association Insurance Fund members” for “insured institutions” as the probable intent of Congress

    Source evidence

    Code amendment note
    Subsec. (d)(5)(A), (B). Pub. L. 101–73, § 512(1), which directed the amendment of this section by substituting “Savings Association Insurance Fund member” for “insured institution” wherever appearing, was executed by substituting “Savings Association Insurance Fund members” for “insured institutions”, as the probable intent of Congress.

    Enacted provision · exact public law section
    (1) by striking “insured institution” each place it appears and inserting “Savings Association Insurance Fund member”;

14. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(2) · 103 Stat. 183

    Substituted · 12 U.S.C. § 1441(d)(6)(A)

    Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board” in introductory provisions and in cls. (i) and (ii)

    Source evidence

    Code amendment note
    Subsec. (d)(6)(A). Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board” in introductory provisions and in cls. (i) and (ii).

    Enacted provision · exact public law section
    (2) by striking “Federal Home Loan Bank Board” and “Board” each place they appear and inserting “Federal Housing Finance Board”;

15. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(7) · 103 Stat. 183

    Struck · 12 U.S.C. § 1441(d)(6)(A)(iii)

    Pub. L. 101–73, § 512(7), struck out “available for dividends” after “use of net earnings”

    Source evidence

    Code amendment note
    Subsec. (d)(6)(A)(iii). Pub. L. 101–73, § 512(7), struck out “available for dividends” after “use of net earnings”.

    Enacted provision · exact public law section
    (7) in subsection (d)(6)(A)(iii), by striking “available for dividends”;

16. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(2) · 103 Stat. 183

    Substituted · 12 U.S.C. § 1441(d)(6)(B); 12 U.S.C. § 1441(d)(6)(C)

    Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”

    Source evidence

    Code amendment note
    Subsec. (d)(6)(B), (C). Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”.

    Enacted provision · exact public law section
    (2) by striking “Federal Home Loan Bank Board” and “Board” each place they appear and inserting “Federal Housing Finance Board”;

17. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(8) · 103 Stat. 183

    Struck · 12 U.S.C. § 1441(d)(6)(D)

    Pub. L. 101–73, § 512(8), struck out “available for dividends” after “net earnings”

    Source evidence

    Code amendment note
    Subsec. (d)(6)(D). Pub. L. 101–73, § 512(8), struck out “available for dividends” after “net earnings”.

    Enacted provision · exact public law section
    (8) in subsection (d)(6)(D), by striking “available for dividends”;

18. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(9) · 103 Stat. 183

    Struck · 12 U.S.C. § 1441(d)(6)(E)

    Pub. L. 101–73, § 512(9), struck out “available for dividends” after “Of the net earnings”

    Source evidence

    Code amendment note
    Subsec. (d)(6)(E). Pub. L. 101–73, § 512(9), struck out “available for dividends” after “Of the net earnings”.

    Enacted provision · exact public law section
    (9) in subsection (d)(6)(E), by striking “available for dividends”;

19. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(2) · 103 Stat. 183

    Substituted · 12 U.S.C. § 1441(d)(6)(E)

    Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”.

    Enacted provision · exact public law section
    (2) by striking “Federal Home Loan Bank Board” and “Board” each place they appear and inserting “Federal Housing Finance Board”;

20. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(10) · 103 Stat. 183

    Struck · 12 U.S.C. § 1441(d)(6)(F)

    Pub. L. 101–73, § 512(10), struck out subpar. (F) which defined “net earnings available for dividends”

    Source evidence

    Code amendment note
    Subsec. (d)(6)(F). Pub. L. 101–73, § 512(10), struck out subpar. (F) which defined “net earnings available for dividends”.

    Enacted provision · exact public law section
    (10) by striking subsection (d)(6)(F) and adding at the end of subsection (1) the following: “(4) Net earnings defined.— The term ‘net earnings’ means net earnings without reduction for any chargeoffs or expenses incurred by a Bank in connection with the purchase of capital stock of the Financing Corporation or the purchase of stock of the Funding Corporation required by the Oversight Board under subsections (e) and (0 of section 21B.”;

21. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(2) · 103 Stat. 183

    Substituted · 12 U.S.C. § 1441(e)(1)

    Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”

    Source evidence

    Code amendment note
    Subsec. (e)(1). Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”.

    Enacted provision · exact public law section
    (2) by striking “Federal Home Loan Bank Board” and “Board” each place they appear and inserting “Federal Housing Finance Board”;

22. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(12)(A) · 103 Stat. 183

    1. Redesignated · 12 U.S.C. § 1441(e)(2)

       Pub. L. 101–73, § 512(12)(A), redesignated par. (3) as (2)

    2. Struck · 12 U.S.C. § 1441(e)(2)

       Pub. L. 101–73, § 512(12)(A), struck out former par. (2) which set an annual limit on net new borrowing by the Financing Corporation

    Source evidence

    Code amendment note
    Subsec. (e)(2). Pub. L. 101–73, § 512(12)(A), redesignated par. (3) as (2) and struck out former par. (2) which set an annual limit on net new borrowing by the Financing Corporation.

    Enacted provision · exact public law section
    (A) by striking paragraph (2) and redesignating paragraphs (3) through (10) as paragraphs (2) through (9), respectively, and

23. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(11) · 103 Stat. 183

    1. Struck · 12 U.S.C. § 1441(e)(2)

       Pub. L. 101–73, § 512(11), which directed amendment of par. (2)(A), was executed, as the probable intent of Congress, to the introductory text of par. (2), to par. (2)(A), and to par. (2)(B), as follows: striking out “used to” after “issued by the Financing Corporation” in the introductory text

    2. Inserted · 12 U.S.C. § 1441(e)(2)

       Pub. L. 101–73, § 512(11), which directed amendment of par. (2)(A), was executed, as the probable intent of Congress, to the introductory text of par. (2), to par. (2)(A), and to par. (2)(B), as follows: inserting “used to” before “purchase”

    3. Inserted · 12 U.S.C. § 1441(e)(2)

       Pub. L. 101–73, § 512(11), which directed amendment of par. (2)(A), was executed, as the probable intent of Congress, to the introductory text of par. (2), to par. (2)(A), and to par. (2)(B), as follows: inserting “prior to August 9, 1989, and thereafter transferred to the FSLIC Resolution Fund” before “; or” in subpar. (A), and by inserting “used to” before “refund” in subpar. (B)

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 101–73, § 512(11), which directed amendment of par. (2)(A), was executed, as the probable intent of Congress, to the introductory text of par. (2), to par. (2)(A), and to par. (2)(B), as follows: striking out “used to” after “issued by the Financing Corporation” in the introductory text, inserting “used to” before “purchase” and inserting “prior to August 9, 1989, and thereafter transferred to the FSLIC Resolution Fund” before “; or” in subpar. (A), and by inserting “used to” before “refund” in subpar. (B).

    Enacted provision · exact public law section
    (11) in subsection (e)(3)(A)— (A) by striking “used to”; (B) by inserting “used to” before “purchase” and “refund”; and (C) by inserting before the semicolon the following: “prior to the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and thereafter transferred to the FSLIC Resolution Fund”;

24. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(2) · 103 Stat. 183

    Substituted · 12 U.S.C. § 1441(e)(2)

    Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”.

    Enacted provision · exact public law section
    (2) by striking “Federal Home Loan Bank Board” and “Board” each place they appear and inserting “Federal Housing Finance Board”;

25. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(12)(A) · 103 Stat. 183

    Redesignated · 12 U.S.C. § 1441(e)(3)

    Pub. L. 101–73, § 512(12)(A), redesignated par. (4) as (3). Former par. (3) redesignated (2)

    Source evidence

    Code amendment note
    Subsec. (e)(3). Pub. L. 101–73, § 512(12)(A), redesignated par. (4) as (3). Former par. (3) redesignated (2).

    Enacted provision · exact public law section
    (A) by striking paragraph (2) and redesignating paragraphs (3) through (10) as paragraphs (2) through (9), respectively, and

26. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(2) · 103 Stat. 183

    1. Redesignated · 12 U.S.C. § 1441(e)(4)

       Pub. L. 101–73, § 512(2), (12)(A), redesignated par. (5) as (4)

    2. Redesignated · 12 U.S.C. § 1441(e)(4)

       Pub. L. 101–73, § 512(2), (12)(A), substituted “Federal Housing Finance Board” for “Board”. Former par. (4) redesignated (3)

    Source evidence

    Code amendment note
    Subsec. (e)(4). Pub. L. 101–73, § 512(2), (12)(A), redesignated par. (5) as (4) and substituted “Federal Housing Finance Board” for “Board”. Former par. (4) redesignated (3).

    Enacted provision · exact public law section
    (2) by striking “Federal Home Loan Bank Board” and “Board” each place they appear and inserting “Federal Housing Finance Board”;

27. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(12)(A) · 103 Stat. 183

    Redesignated · 12 U.S.C. § 1441(e)(5)

    Pub. L. 101–73, § 512(12)(A), redesignated par. (6) as (5). Former par. (5) redesignated (4)

    Source evidence

    Code amendment note
    Subsec. (e)(5). Pub. L. 101–73, § 512(12)(A), redesignated par. (6) as (5). Former par. (5) redesignated (4).

    Enacted provision · exact public law section
    (A) by striking paragraph (2) and redesignating paragraphs (3) through (10) as paragraphs (2) through (9), respectively, and

28. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(12) · 103 Stat. 183

    1. Redesignated · 12 U.S.C. § 1441(e)(6)

       Pub. L. 101–73, § 512(12), redesignated par. (7) as (6)

    2. Redesignated · 12 U.S.C. § 1441(e)(6)

       Pub. L. 101–73, § 512(12), substituted “FSLIC Resolution Fund” for “Federal Savings and Loan Insurance Corporation”. Former par. (6) redesignated (5)

    Source evidence

    Code amendment note
    Subsec. (e)(6). Pub. L. 101–73, § 512(12), redesignated par. (7) as (6) and substituted “FSLIC Resolution Fund” for “Federal Savings and Loan Insurance Corporation”. Former par. (6) redesignated (5).

    Enacted provision · exact public law section
    (12) in subsection (e)— (A) by striking paragraph (2) and redesignating paragraphs (3) through (10) as paragraphs (2) through (9), respectively, and (B) in paragraph (6) as redesignated, by striking “the Federal Savings and Loan Insurance Corporation” and inserting “the FSLIC Resolution Fund”;

29. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(12)(A) · 103 Stat. 183

    Redesignated · 12 U.S.C. § 1441(e)(7); 12 U.S.C. § 1441(e)(8)

    Pub. L. 101–73, § 512(12)(A), redesignated pars. (8) and (9) as (7) and (8), respectively. Former par. (7) redesignated (6)

    Source evidence

    Code amendment note
    Subsec. (e)(7), (8). Pub. L. 101–73, § 512(12)(A), redesignated pars. (8) and (9) as (7) and (8), respectively. Former par. (7) redesignated (6).

    Enacted provision · exact public law section
    (A) by striking paragraph (2) and redesignating paragraphs (3) through (10) as paragraphs (2) through (9), respectively, and

30. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 title V § 512 · 103 Stat. 183

    1. Redesignated · 12 U.S.C. § 1441(e)(9); 12 U.S.C. § 1441(e)(10)

       Pub. L. 101–73, §§ 512(2), (12)(A), 701(b)(2), redesignated par. (10) as (9)

    2. Redesignated · 12 U.S.C. § 1441(e)(9); 12 U.S.C. § 1441(e)(10)

       Pub. L. 101–73, §§ 512(2), (12)(A), 701(b)(2), substituted “Chairperson” for “Chairman” and “Federal Housing Finance Board” for “Board”. Former par. (9) redesignated (8)

    Source evidence

    Code amendment note
    Subsec. (e)(9), (10). Pub. L. 101–73, §§ 512(2), (12)(A), 701(b)(2), redesignated par. (10) as (9) and substituted “Chairperson” for “Chairman” and “Federal Housing Finance Board” for “Board”. Former par. (9) redesignated (8).

    Enacted provision · exact public law section
    SEC. 512. FINANCING CORPORATION. Section 21 of the Federal Home Loan Bank Act (12 U.S.C. 1441) is amended— (1) by striking “insured institution” each place it appears and inserting “Savings Association Insurance Fund member”; (2) by striking “Federal Home Loan Bank Board” and “Board” each place they appear and inserting “Federal Housing Finance Board”; (3) in subsection (c)(2), by inserting before the period the following: “prior to the date of the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and thereafter to transfer the proceeds of any obligation issued by the Financing Corporation to the FSLIC Resolution Fund”; (4) in subsection (c)(9) by striking “or section 402(b) of the National Housing Act”; (5) by amending the portion of subsection (d)(4) appearing before the table to read as follows: “Of the first $1,000,000,000 in the aggregate which the Oversight Board pursuant to section 21B or the Federal Housing Finance Board under this section (as the case may be) may require the Federal Home Loan Banks collectively to invest in the stock of the Funding Corporation or invest in the capital stock of the Financing Corporation, respectively, the amount which each Federal Home Loan Bank (or any successor to such Bank) shall invest shall be determined by the Oversight Board or the Federal Housing Finance Board (as the case may be) by multiplying the aggregate amount of such payment or investment by all Banks by the percentage appearing in the following table for each such Bank.”; (6) in subsection (d)(5), by striking “$1,000,000,000 which the Board” and inserting “the $1,000,000,000 amount referred to in paragraph (4) which the Federal Housing Finance Board”; (7) in subsection (d)(6)(A)(iii), by striking “available for dividends”; (8) in subsection (d)(6)(D), by striking “available for dividends”; (9) in subsection (d)(6)(E), by striking “available for dividends”; (10) by striking subsection (d)(6)(F) and adding at the end of subsection (1) the following: “(4) Net earnings defined.— The term ‘net earnings’ means net earnings without reduction for any chargeoffs or expenses incurred by a Bank in connection with the purchase of capital stock of the Financing Corporation or the purchase of stock of the Funding Corporation required by the Oversight Board under subsections (e) and (0 of section 21B.”; (11) in subsection (e)(3)(A)— (A) by striking “used to”; (B) by inserting “used to” before “purchase” and “refund”; and (C) by inserting before the semicolon the following: “prior to the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and thereafter transferred to the FSLIC Resolution Fund”; (12) in subsection (e)— (A) by striking paragraph (2) and redesignating paragraphs (3) through (10) as paragraphs (2) through (9), respectively, and (B) in paragraph (6) as redesignated, by striking “the Federal Savings and Loan Insurance Corporation” and inserting “the FSLIC Resolution Fund”; (13) by striking subsection (f) and inserting the following: “(f) Sources of Funds for Interest Payments; Financing Corporation Assessment Authority.— The Financing Corporation shall obtain funds for anticipated interest payments, issuance costs, and custodial fees on obligations issued hereunder from the following sources: “(1) Preenactment assessments.— The Financing Corporation assessments which were assessed on insured institutions pursuant to this section as in effect prior to the date of enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. “(2) New assessment authority.— To the extent the amounts available pursuant to paragraph (1) are insufficient to cover the amount of interest payments, issuance costs, and custodial fees, the Financing Corporation, with the approval of the Board of Directors of the Federal Deposit Insurance Corporation, shall assess against each Savings Association Insurance Fund member an assessment (in the same manner as assessments are assessed against such members by the Federal Deposit Insurance Corporation under section 7 of the Federal Deposit Insurance Act), except that— “(A) the sum of— “(i) the amount assessed under this paragraph; and “(ii) the amount assessed by the Funding Corporation under section 21B; shall not exceed the amount authorized to be assessed against Savings Association Insurance Fund members pursuant to section 7 of the Federal Deposit Insurance Act; “(B) the Financing Corporation shall have first priority to make the assessment; and “(C) the amount of the applicable assessment determined under such section 7 shall be reduced by the sum described in subparagraph (A) of this paragraph. “(3) Receivership proceeds.— To the extent the amounts available pursuant to paragraphs (1) and (2) are insufficient to cover the amount of interest payments, issuance costs, and custodial fees, and if the funds are not required by the Resolution Funding Corporation to provide funds for the Funding Corporation Principal Fund under section 21B, the Federal Deposit Insurance Corporation shall transfer to the Financing Corporation, from the liquidating dividends and payments made on claims received by the FSLIC Resolution Fund (established under section 11A of the Federal Deposit Insurance Act) from receiverships, the remaining amount of funds necessary for the Financing Corporation to make interest payments.”; (14) in subsection (g)(1) by striking “National Housing Act,” and inserting “National Housing Act before the date of enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and after such date in capital certificates issued by the FSLIC Resolution Fund,”; (15) in subsection (g), by inserting the following at the end of paragraph (2): “For purposes of the foregoing, the Financing Corporation shall be deemed to hold noninterest bearing instruments that it lends temporarily to primary United States Treasury dealers in order to enhance market liquidity and facilitate deliveries, provided that United States Treasury securities of equal or greater value have been delivered as collateral.”; (16) in subsection (j), by striking subparagraph (A) of paragraph (1) and inserting the following: “(A) the maturity and full payment of all obligations issued by the Financing Corporation pursuant to this section; or”; and (17) in subsection (1)— (A) by striking paragraph (1) and inserting the following: (1) Savings association insurance fund member.— The term ‘Savings Association Insurance Fund member’ means a savings association which is a Savings Association Insurance Fund member as defined by section 7(1) of the Federal Deposit Insurance Act.”; and (B) by striking paragraph (2) and redesignating paragraphs (3) and (4) as paragraphs (2) and (3), respectively.

31. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(13) · 103 Stat. 183

    1. Amended · 12 U.S.C. § 1441(f)

       Pub. L. 101–73, § 512(13), amended subsec. (f) generally

    2. Substituted · 12 U.S.C. § 1441(f)

       Pub. L. 101–73, § 512(13), substituting provisions enumerating various sources from which Financing Corporation shall obtain funds for anticipated interest payments, issuance costs, and custodial fees on obligations issued from preenactment assessments, new assessment authority, and receivership proceeds, for former provisions which had outlined assessment authority of Financing Corporation, setting up supplementary assessment authority, setting limits on total amount assessed, and providing for termination assessments

    Source evidence

    Code amendment note
    Subsec. (f). Pub. L. 101–73, § 512(13), amended subsec. (f) generally, substituting provisions enumerating various sources from which Financing Corporation shall obtain funds for anticipated interest payments, issuance costs, and custodial fees on obligations issued from preenactment assessments, new assessment authority, and receivership proceeds, for former provisions which had outlined assessment authority of Financing Corporation, setting up supplementary assessment authority, setting limits on total amount assessed, and providing for termination assessments.

    Enacted provision · exact public law section
    (13) by striking subsection (f) and inserting the following: “(f) Sources of Funds for Interest Payments; Financing Corporation Assessment Authority.— The Financing Corporation shall obtain funds for anticipated interest payments, issuance costs, and custodial fees on obligations issued hereunder from the following sources: “(1) Preenactment assessments.— The Financing Corporation assessments which were assessed on insured institutions pursuant to this section as in effect prior to the date of enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. “(2) New assessment authority.— To the extent the amounts available pursuant to paragraph (1) are insufficient to cover the amount of interest payments, issuance costs, and custodial fees, the Financing Corporation, with the approval of the Board of Directors of the Federal Deposit Insurance Corporation, shall assess against each Savings Association Insurance Fund member an assessment (in the same manner as assessments are assessed against such members by the Federal Deposit Insurance Corporation under section 7 of the Federal Deposit Insurance Act), except that— “(A) the sum of— “(i) the amount assessed under this paragraph; and “(ii) the amount assessed by the Funding Corporation under section 21B; shall not exceed the amount authorized to be assessed against Savings Association Insurance Fund members pursuant to section 7 of the Federal Deposit Insurance Act; “(B) the Financing Corporation shall have first priority to make the assessment; and “(C) the amount of the applicable assessment determined under such section 7 shall be reduced by the sum described in subparagraph (A) of this paragraph. “(3) Receivership proceeds.— To the extent the amounts available pursuant to paragraphs (1) and (2) are insufficient to cover the amount of interest payments, issuance costs, and custodial fees, and if the funds are not required by the Resolution Funding Corporation to provide funds for the Funding Corporation Principal Fund under section 21B, the Federal Deposit Insurance Corporation shall transfer to the Financing Corporation, from the liquidating dividends and payments made on claims received by the FSLIC Resolution Fund (established under section 11A of the Federal Deposit Insurance Act) from receiverships, the remaining amount of funds necessary for the Financing Corporation to make interest payments.”;

32. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(14) · 103 Stat. 183

    Inserted · 12 U.S.C. § 1441(g)(1)

    Pub. L. 101–73, § 512(14), inserted reference to before August 9, 1989, and after August 9, 1989, in capital certificates issued by the FSLIC Resolution Fund

    Source evidence

    Code amendment note
    Subsec. (g)(1). Pub. L. 101–73, § 512(14), inserted reference to before August 9, 1989, and after August 9, 1989, in capital certificates issued by the FSLIC Resolution Fund.

    Enacted provision · exact public law section
    (14) in subsection (g)(1) by striking “National Housing Act,” and inserting “National Housing Act before the date of enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and after such date in capital certificates issued by the FSLIC Resolution Fund,”;

33. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(2) · 103 Stat. 183

    Substituted · 12 U.S.C. § 1441(g)(1)

    Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”.

    Enacted provision · exact public law section
    (2) by striking “Federal Home Loan Bank Board” and “Board” each place they appear and inserting “Federal Housing Finance Board”;

34. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(15) · 103 Stat. 183

    Inserted · 12 U.S.C. § 1441(g)(2)

    Pub. L. 101–73, § 512(15), inserted at end “For purposes of the foregoing, the Financing Corporation shall be deemed to hold noninterest bearing instruments that it lends temporarily to primary United States Treasury dealers in order to enhance market liquidity and facilitate deliveries, provided that United States Treasury securities of equal or greater value have been delivered as collateral.”

    Source evidence

    Code amendment note
    Subsec. (g)(2). Pub. L. 101–73, § 512(15), inserted at end “For purposes of the foregoing, the Financing Corporation shall be deemed to hold noninterest bearing instruments that it lends temporarily to primary United States Treasury dealers in order to enhance market liquidity and facilitate deliveries, provided that United States Treasury securities of equal or greater value have been delivered as collateral.”

    Enacted provision · exact public law section
    (15) in subsection (g), by inserting the following at the end of paragraph (2): “For purposes of the foregoing, the Financing Corporation shall be deemed to hold noninterest bearing instruments that it lends temporarily to primary United States Treasury dealers in order to enhance market liquidity and facilitate deliveries, provided that United States Treasury securities of equal or greater value have been delivered as collateral.”;

35. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 713 · 103 Stat. 183

    1. Redesignated · 12 U.S.C. § 1441(i)

       Pub. L. 101–73, § 713, redesignated subsec. (j) as (i)

    2. Struck · 12 U.S.C. § 1441(i)

       Pub. L. 101–73, § 713, struck out former subsec. (i) which related to Federal Savings and Loan Insurance Corporation Industry Advisory Committee

    Source evidence

    Code amendment note
    Subsec. (i). Pub. L. 101–73, § 713, redesignated subsec. (j) as (i) and struck out former subsec. (i) which related to Federal Savings and Loan Insurance Corporation Industry Advisory Committee.

    Enacted provision · exact public law section
    SEC. 713. FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION INDUSTRY ADVISORY COMMITTEE. Subsection (i) of section 21 of the Federal Home Loan Bank Act (12 U.S.C. 1441) is repealed and subsections (i), (k), and (1) are redesignated subsections (i), (j), and (k), respectively.

36. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(16) · 103 Stat. 183

    1. Added · 12 U.S.C. § 1441(i)(1)(A)

       Pub. L. 101–73, § 512(16), added subpar. (A)

    2. Struck · 12 U.S.C. § 1441(i)(1)(A)

       Pub. L. 101–73, § 512(16), struck out former subpar. (A) which read as follows: “the date by which all stock purchased by the Financing Corporation in the Federal Savings and Loan Insurance Corporation has been retired; or”

    Source evidence

    Code amendment note
    Subsec. (i)(1)(A). Pub. L. 101–73, § 512(16), added subpar. (A) and struck out former subpar. (A) which read as follows: “the date by which all stock purchased by the Financing Corporation in the Federal Savings and Loan Insurance Corporation has been retired; or”.

    Enacted provision · exact public law section
    (16) in subsection (j), by striking subparagraph (A) of paragraph (1) and inserting the following: “(A) the maturity and full payment of all obligations issued by the Financing Corporation pursuant to this section; or”; and

37. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(2) · 103 Stat. 183

    Substituted · 12 U.S.C. § 1441(i)(2)

    Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board” wherever appearing

    Source evidence

    Code amendment note
    Subsec. (i)(2). Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board” wherever appearing.

    Enacted provision · exact public law section
    (2) by striking “Federal Home Loan Bank Board” and “Board” each place they appear and inserting “Federal Housing Finance Board”;

38. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 713 · 103 Stat. 183

    Redesignated · 12 U.S.C. § 1441(j)

    Pub. L. 101–73, § 713, redesignated subsec. (k) as (j). Former subsec. (j) redesignated (i)

    Source evidence

    Code amendment note
    Subsec. (j). Pub. L. 101–73, § 713, redesignated subsec. (k) as (j). Former subsec. (j) redesignated (i).

    Enacted provision · exact public law section
    SEC. 713. FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION INDUSTRY ADVISORY COMMITTEE. Subsection (i) of section 21 of the Federal Home Loan Bank Act (12 U.S.C. 1441) is repealed and subsections (i), (k), and (1) are redesignated subsections (i), (j), and (k), respectively.

39. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(2) · 103 Stat. 183

    Substituted · 12 U.S.C. § 1441(j)

    Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”.

    Enacted provision · exact public law section
    (2) by striking “Federal Home Loan Bank Board” and “Board” each place they appear and inserting “Federal Housing Finance Board”;

40. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 713 · 103 Stat. 183

    Redesignated · 12 U.S.C. § 1441(k)

    Pub. L. 101–73, § 713, redesignated subsec. (l) as (k). Former subsec. (k) redesignated (j)

    Source evidence

    Code amendment note
    Subsec. (k). Pub. L. 101–73, § 713, redesignated subsec. (l) as (k). Former subsec. (k) redesignated (j).

    Enacted provision · exact public law section
    SEC. 713. FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION INDUSTRY ADVISORY COMMITTEE. Subsection (i) of section 21 of the Federal Home Loan Bank Act (12 U.S.C. 1441) is repealed and subsections (i), (k), and (1) are redesignated subsections (i), (j), and (k), respectively.

41. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(17)(A) · 103 Stat. 183

    Substituted · 12 U.S.C. § 1441(k)(1)

    Pub. L. 101–73, § 512(17)(A), substituted definition of “Savings Association Insurance Fund member” for definition of “insured institution”

    Source evidence

    Code amendment note
    Subsec. (k)(1). Pub. L. 101–73, § 512(17)(A), substituted definition of “Savings Association Insurance Fund member” for definition of “insured institution”.

    Enacted provision · exact public law section
    (A) by striking paragraph (1) and inserting the following: (1) Savings association insurance fund member.— The term ‘Savings Association Insurance Fund member’ means a savings association which is a Savings Association Insurance Fund member as defined by section 7(1) of the Federal Deposit Insurance Act.”; and

42. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(17)(B) · 103 Stat. 183

    1. Redesignated · 12 U.S.C. § 1441(k)(2)

       Pub. L. 101–73, § 512(17)(B), redesignated par. (3) as (2)

    2. Struck · 12 U.S.C. § 1441(k)(2)

       Pub. L. 101–73, § 512(17)(B), struck out former par. (2) which defined “insured member”

    Source evidence

    Code amendment note
    Subsec. (k)(2). Pub. L. 101–73, § 512(17)(B), redesignated par. (3) as (2) and struck out former par. (2) which defined “insured member”.

    Enacted provision · exact public law section
    (B) by striking paragraph (2) and redesignating paragraphs (3) and (4) as paragraphs (2) and (3), respectively.

43. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 512(10) · 103 Stat. 183

    1. Added · 12 U.S.C. § 1441(k)(3); 12 U.S.C. § 1441(k)(4)

       Pub. L. 101–73, § 512(10), (17)(B), added par. (4)

    2. Redesignated · 12 U.S.C. § 1441(k)(3); 12 U.S.C. § 1441(k)(4)

       Pub. L. 101–73, § 512(10), (17)(B), redesignated pars. (3) and (4) as (2) and (3), respectively

    Source evidence

    Code amendment note
    Subsec. (k)(3), (4). Pub. L. 101–73, § 512(10), (17)(B), added par. (4) and redesignated pars. (3) and (4) as (2) and (3), respectively.

    Enacted provision · exact public law section
    (10) by striking subsection (d)(6)(F) and adding at the end of subsection (1) the following: “(4) Net earnings defined.— The term ‘net earnings’ means net earnings without reduction for any chargeoffs or expenses incurred by a Bank in connection with the purchase of capital stock of the Financing Corporation or the purchase of stock of the Funding Corporation required by the Oversight Board under subsections (e) and (0 of section 21B.”;

44. 1989

    Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 § 713 · 103 Stat. 183

    Redesignated · 12 U.S.C. § 1441(l)

    Pub. L. 101–73, § 713, redesignated subsec. (l) as (k)

    Source evidence

    Code amendment note
    Subsec. (l). Pub. L. 101–73, § 713, redesignated subsec. (l) as (k).

    Enacted provision · exact public law section
    SEC. 713. FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION INDUSTRY ADVISORY COMMITTEE. Subsection (i) of section 21 of the Federal Home Loan Bank Act (12 U.S.C. 1441) is repealed and subsections (i), (k), and (1) are redesignated subsections (i), (j), and (k), respectively.

45. 1991

    Pub. L. 102–233 § 302(b) · 105 Stat. 1762

    Substituted · 12 U.S.C. § 1441(d)(4)

    Pub. L. 102–233, § 302(b), substituted “Thrift Depositor Protection Oversight Board” for “Oversight Board” in two places

    Unresolved: Pub. L. 102–233 was not found in the local Statutes at Large index.

    Source evidence

    Code amendment note
    Subsec. (d)(4). Pub. L. 102–233, § 302(b), substituted “Thrift Depositor Protection Oversight Board” for “Oversight Board” in two places.

46. 1991

    Pub. L. 102–233 § 104 · 105 Stat. 1762

    1. Amended · 12 U.S.C. § 1441(e)(2)

       Pub. L. 102–233, § 104, amended par. (2) generally

    2. Substituted · 12 U.S.C. § 1441(e)(2)

       Pub. L. 102–233, § 104, substituting provisions setting forth termination date of Financing Corporation borrowing authority for provisions relating to investment of proceeds of obligations of such Corporation

    Unresolved: Pub. L. 102–233 was not found in the local Statutes at Large index.

    Source evidence

    Code amendment note
    Subsec. (e)(2). Pub. L. 102–233, § 104, amended par. (2) generally, substituting provisions setting forth termination date of Financing Corporation borrowing authority for provisions relating to investment of proceeds of obligations of such Corporation.

47. 1991

    Pub. L. 102–233 § 302(b) · 105 Stat. 1762

    Substituted · 12 U.S.C. § 1441(k)(3)

    Pub. L. 102–233, § 302(b), substituted “Thrift Depositor Protection Oversight Board” for “Oversight Board”

    Unresolved: Pub. L. 102–233 was not found in the local Statutes at Large index.

    Source evidence

    Code amendment note
    Subsec. (k)(3). Pub. L. 102–233, § 302(b), substituted “Thrift Depositor Protection Oversight Board” for “Oversight Board”.

48. 1992

    Housing and Community Development Act of 1992

    Pub. L. 102–550 title XVI § 1611(c) · 106 Stat. 3672

    Changed · 12 U.S.C. § 1441(e)(2)

    Pub. L. 102–550 made technical amendment to reference to December 12, 1991, to correct reference to corresponding provisions of original act

    Source evidence

    Code amendment note
    Subsec. (e)(2). Pub. L. 102–550 made technical amendment to reference to December 12, 1991, to correct reference to corresponding provisions of original act.

    Enacted provision · exact public law section
    (c) Amendment Relating to Section 104.— Section 21(e)(2) of the Federal Home Loan Bank Act (12 U.S.C. 1441(e)(2)) is amended by striking “Thrift Depositor Protection Refinance” and inserting “Refinancing, Restructuring, and Improvement”.

49. 1996

    Deposit Insurance Funds Act of 1996

    Pub. L. 104–208 § 2703(a)(1)(A) · 110 Stat. 3009

    1. Substituted · 12 U.S.C. § 1441(f)(2)

       Pub. L. 104–208, § 2703(a)(1)(A), in introductory provisions, substituted “In addition to the amounts obtained pursuant to paragraph (1),” for “To the extent the amounts available pursuant to paragraph (1) are insufficient to cover the amount of interest payments, issuance costs, and custodial fees,”

    2. Substituted · 12 U.S.C. § 1441(f)(2)

       Pub. L. 104–208, § 2703(a)(1)(A), in introductory provisions, substituted “insured depository institution” for “Savings Association Insurance Fund member”

    3. Substituted · 12 U.S.C. § 1441(f)(2)

       Pub. L. 104–208, § 2703(a)(1)(A), in introductory provisions, substituted “against such institutions” for “against such members”

    Source evidence

    Code amendment note
    Subsec. (f)(2). Pub. L. 104–208, § 2703(a)(1)(A), in introductory provisions, substituted “In addition to the amounts obtained pursuant to paragraph (1),” for “To the extent the amounts available pursuant to paragraph (1) are insufficient to cover the amount of interest payments, issuance costs, and custodial fees,”, “insured depository institution” for “Savings Association Insurance Fund member”, and “against such institutions” for “against such members”.

    Enacted provision · exact public law section
    (A) in the matter immediately preceding subparagraph (A)— (i) by striking “To the extent the amounts available pursuant to paragraph (1) are insufficient to cover the amount of interest payments, issuance costs, and custodial fees,” and inserting “In addition to the amounts obtained pursuant to paragraph (1),”; (ii) by striking “Savings Association Insurance Fund member” and inserting “insured depository institution”; and (iii) by striking “members” and inserting “institutions”; and

50. 1996

    Deposit Insurance Funds Act of 1996

    Pub. L. 104–208 § 2703(a)(1)(B) · 110 Stat. 3009

    1. Added · 12 U.S.C. § 1441(f)(2)(A)(C)

       Pub. L. 104–208, § 2703(a)(1)(B), added subpars. (A) and (B)

    2. Struck · 12 U.S.C. § 1441(f)(2)(A)(C)

       Pub. L. 104–208, § 2703(a)(1)(B), struck out former subpars. (A) to (C) which read as follows:

    Source evidence

    Code amendment note
    Subsec. (f)(2)(A) to (C). Pub. L. 104–208, § 2703(a)(1)(B), added subpars. (A) and (B) and struck out former subpars. (A) to (C) which read as follows:

    “(A) the sum of— “(i) the amount assessed under this paragraph; and “(ii) the amount assessed by the Funding Corporation under section 1441b of this title; shall not exceed the amount authorized to be assessed against Savings Association Insurance Fund members pursuant to section 1817 of this title; “(B) the Financing Corporation shall have first priority to make the assessment; and “(C) the amount of the applicable assessment determined under such section 1817 of this title shall be reduced by the sum described in subparagraph (A) of this paragraph.”

    Enacted provision · exact public law section
    (B) by striking “, except that—” and all that follows through the end of the paragraph and inserting “, except that— “(A) the assessments imposed on insured depository institutions with respect to any BIF-assessable deposit shall be assessed at a rate equal to 14 of the rate of the assessments imposed on insured depository institutions with respect to any SAIF-assessable deposit; and “(B) no limitation under clause (i) or (iii) of section 7(b)(2)(A) of the Federal Deposit Insurance Act shall apply for purposes of this paragraph.”; and

51. 1996

    Deposit Insurance Funds Act of 1996

    Pub. L. 104–208 § 2703(a)(2)(A) · 110 Stat. 3009

    Substituted · 12 U.S.C. § 1441(k)

    Pub. L. 104–208, § 2703(a)(2)(A), substituted “section, the following definitions shall apply:” for “section—” in introductory provisions

    Source evidence

    Code amendment note
    Subsec. (k). Pub. L. 104–208, § 2703(a)(2)(A), substituted “section, the following definitions shall apply:” for “section—” in introductory provisions.

    Enacted provision · exact public law section
    (A) by striking “section—” and inserting “section, the following definitions shall apply:”;

52. 1996

    Deposit Insurance Funds Act of 1996

    Pub. L. 104–208 § 2703(a)(2)(B) · 110 Stat. 3009

    1. Redesignated · 12 U.S.C. § 1441(k)(1)

       Pub. L. 104–208, § 2703(a)(2)(B), (C), redesignated par. (2) as (1)

    2. Struck · 12 U.S.C. § 1441(k)(1)

       Pub. L. 104–208, § 2703(a)(2)(B), (C), struck out heading and text of former par. (1). Text read as follows: “The term ‘Savings Association Insurance Fund member’ means a savings association which is a Savings Association Insurance Fund member as defined by section 7(l) of the Federal Deposit Insurance Act.”

    Source evidence

    Code amendment note
    Subsec. (k)(1). Pub. L. 104–208, § 2703(a)(2)(B), (C), redesignated par. (2) as (1) and struck out heading and text of former par. (1). Text read as follows: “The term ‘Savings Association Insurance Fund member’ means a savings association which is a Savings Association Insurance Fund member as defined by section 7(l) of the Federal Deposit Insurance Act.”

    Enacted provision · exact public law section
    (B) by striking paragraph (1);

53. 1996

    Deposit Insurance Funds Act of 1996

    Pub. L. 104–208 § 2703(a)(2)(C) · 110 Stat. 3009

    1. Added · 12 U.S.C. § 1441(k)(2)(4)

       Pub. L. 104–208, § 2703(a)(2)(C), (D), added pars. (3) and (4)

    2. Redesignated · 12 U.S.C. § 1441(k)(2)(4)

       Pub. L. 104–208, § 2703(a)(2)(C), (D), redesignated former pars. (2) and (3) as (1) and (2), respectively

    Source evidence

    Code amendment note
    Subsec. (k)(2) to (4). Pub. L. 104–208, § 2703(a)(2)(C), (D), added pars. (3) and (4) and redesignated former pars. (2) and (3) as (1) and (2), respectively.

    Enacted provision · exact public law section
    (C) by redesignating paragraphs (2) and (3) as paragraphs (1) and (2), respectively; and

54. 2006

    Federal Deposit Insurance Reform Conforming Amendments Act of 2005

    Pub. L. 109–173 § 9(d)(2)(A) · 119 Stat. 3601

    Struck · 12 U.S.C. § 1441(f)(2)

    Pub. L. 109–173, § 9(d)(2)(A), struck out before period at end “, except that—

    Source evidence

    Code amendment note
    Subsec. (f)(2). Pub. L. 109–173, § 9(d)(2)(A), struck out before period at end “, except that—

    “(A) the assessments imposed on insured depository institutions with respect to any BIF-assessable deposit shall be assessed at a rate equal to ⅕ of the rate of the assessments imposed on insured depository institutions with respect to any SAIF-assessable deposit; and “(B) no limitation under clause (i) or (iii) of section 7(b)(2)(A) of the Federal Deposit Insurance Act shall apply for purposes of this paragraph.”

    Enacted provision · exact public law section
    (A) in subsection (f)(2), by striking “, except that” and all that follows through the end of the paragraph and inserting a period; and

    Effective date note
    Amendment by Pub. L. 109–173 effective Mar. 31, 2006, see section 9(j) of Pub. L. 109–173, set out as a note under section 24 of this title.

55. 2006

    Federal Deposit Insurance Reform Conforming Amendments Act of 2005

    Pub. L. 109–173 § 9(d)(2)(B) · 119 Stat. 3601

    Struck · 12 U.S.C. § 1441(k)(4)

    Pub. L. 109–173, § 9(d)(2)(B), struck out heading and text of par. (4). Text read as follows:

    Source evidence

    Code amendment note
    Subsec. (k)(4). Pub. L. 109–173, § 9(d)(2)(B), struck out heading and text of par. (4). Text read as follows:

    “(A) BIF-assessable deposits.—The term ‘BIF-assessable deposit’ means a deposit that is subject to assessment for purposes of the Bank Insurance Fund under the Federal Deposit Insurance Act (including a deposit that is treated as a deposit insured by the Bank Insurance Fund under section 5(d)(3) of the Federal Deposit Insurance Act). “(B) SAIF-assessable deposit.—The term ‘SAIF-assessable deposit’ has the meaning given to such term in section 2710 of the Deposit Insurance Funds Act of 1996.”

    Enacted provision · exact public law section
    (B) in subsection (k), by striking paragraph (4);

    Effective date note
    Amendment by Pub. L. 109–173 effective Mar. 31, 2006, see section 9(j) of Pub. L. 109–173, set out as a note under section 24 of this title.

56. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1204(12) · 122 Stat. 2654

    Substituted · 12 U.S.C. § 1441

    Pub. L. 110–289, § 1204(12), substituted “Director” for “Federal Housing Finance Board” wherever appearing in subsecs. (a), (b)(1)(B), (6)(B), (7)(B), (8), (c), (d), (e)(1), (4), (9), (g), (i), and (j)

    Source evidence

    Code amendment note
    Pub. L. 110–289, § 1204(12), substituted “Director” for “Federal Housing Finance Board” wherever appearing in subsecs. (a), (b)(1)(B), (6)(B), (7)(B), (8), (c), (d), (e)(1), (4), (9), (g), (i), and (j).

    Enacted provision · exact public law section
    (12) by 12 USC 1430 et al. striking “Federal Housing Finance Board” each place that term appears and inserting “Director”.

57. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

    Pub. L. 110–289 § 1204(6) · 122 Stat. 2654

    Substituted · 12 U.S.C. § 1441(b)(5)

    Pub. L. 110–289, § 1204(6), substituted “Director” for “Chairperson of the Federal Housing Finance Board”

    Source evidence

    Code amendment note
    Subsec. (b)(5). Pub. L. 110–289, § 1204(6), substituted “Director” for “Chairperson of the Federal Housing Finance Board”.

    Enacted provision · exact public law section
    (6) in section 21(b)(5) (12 U.S.C. 1441(b)(5)), by striking “Chairperson of the Federal Housing Finance Board” and inserting “Director”;

58. 2008

    Federal Housing Finance Regulatory Reform Act of 2008

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

    Substituted · 12 U.S.C. § 1441(f)(2)

    Pub. L. 110–289, § 1204(8), which directed amendment of the Federal Home Loan Bank Act (this chapter) by substituting “the Director” for “the Board” wherever appearing, was not executed to subsec. (f)(2) to reflect the probable intent of Congress

    Source evidence

    Code amendment note
    Subsec. (f)(2). Pub. L. 110–289, § 1204(8), which directed amendment of the Federal Home Loan Bank Act (this chapter) by substituting “the Director” for “the Board” wherever appearing, was not executed to subsec. (f)(2) to reflect the probable intent of Congress.

    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”;

72 of 76 references resolved to an enrolled provision · 4 unresolved