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United States Code (Last Updated: May 24, 2014) |
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Title 12. BANKS AND BANKING |
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Chapter 11. FEDERAL HOME LOAN BANKS |
§ 1441. Financing Corporation
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(a) Establishment Notwithstanding any other provision of law, the Director 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 Director 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 Director 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 Director, 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 Director by multiplying the total administrative expenses for any period by the percentage arrived at by dividing— (i) the aggregate amount the Director required such bank to invest in the Financing Corporation (as of the time of such determination) under paragraphs (4) and (5) of subsection (d) of this section (as computed without regard to paragraph (3) or (6) of such subsection); by (ii) the aggregate amount the Director 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) of this section); (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) of this section). (8) Regulation by Director The Directorate shall be subject to such regulations, orders, and directions as the Director 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 Director 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 1725(b) of this title prior to August 9, 1989 , and thereafter to transfer the proceeds of any obligation issued by the Financing Corporation to the FSLIC Resolution Fund.(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) of this section. (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 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 Director 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 Director and shall be transferable only among the Federal Home Loan Banks in the manner and to the extent prescribed by the Director 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 1436 of this title; 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 1436 of this title; 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 Of the first $1,000,000,000 in the aggregate which the Thrift Depositor Protection Oversight Board pursuant to section 1441b of this title or the Director 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 Thrift Depositor Protection Oversight Board or the Director (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:
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 the $1,000,000,000 amount referred to in paragraph (4) which the Director 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 Director 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 Savings Association Insurance Fund members which are members of such bank; by (B) the sum of the total assets (as of such date) held by all Savings Association Insurance Fund members 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 Director 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 Director 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 Director 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 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 Director 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 Director 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 ½ of the net earnings of the bank for the year.
(E) Transfer to account for purchase of stock required Of the net earnings 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 Director shall prescribe by regulations) the balance in which shall be available only for such purchases.
(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 1436 of this title; 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 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 Director) 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) of this section which are held at such time in the segregated account established pursuant to such subsection; or (B) $10,825,000,000. (2) Termination of borrowing authority No obligation of the Financing Corporation shall be issued after
December 12, 1991 .(3) 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 .(4) Investment of United States funds in obligations Obligations issued under this section by the Financing Corporation with the approval of the Director 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.
(5) 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 Federal Home Loan Banks shall also have the power to do so with respect to obligations of the Financing Corporation.
(6) 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 FSLIC Resolution Fund and the obligations shall so plainly state.
(7) 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 1433 of this title.
(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 (relating to determination of tax status of interest on obligations).
(8) Obligations are exempt securities Notwithstanding paragraph (7),
References In Text
Section 1725 of this title, referred to in subsecs. (c)(2), (e)(2)(A), and (g)(1), was repealed by Pub. L. 101–73, title IV, § 407,
Section 9105 of title 31, referred to in subsec. (h)(3), was amended generally by Pub. L. 101–576, title III, § 305,
Prior Provisions
A prior section 1441, act July 22, 1932, ch. 522, § 21, 47 Stat. 738, related to unlawful acts and penalties, prior to repeal by act June 25, 1948, ch. 645, § 21, 62 Stat. 862, eff.
Amendments
2008—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).
Subsec. (b)(5). Pub. L. 110–289, § 1204(6), substituted “Director” for “Chairperson of the Federal Housing Finance Board”.
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.
2006—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.”
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.”
1996—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”.
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.”
Subsec. (k). Pub. L. 104–208, § 2703(a)(2)(A), substituted “section, the following definitions shall apply:” for “section—” in introductory provisions.
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.”
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.
1992—Subsec. (e)(2). Pub. L. 102–550 made technical amendment to reference to
1991—Subsec. (d)(4). Pub. L. 102–233, § 302(b), substituted “Thrift Depositor Protection Oversight Board” for “Oversight Board” in two places.
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.
Subsec. (k)(3). Pub. L. 102–233, § 302(b), substituted “Thrift Depositor Protection Oversight Board” for “Oversight Board”.
1989—Subsec. (a). Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”.
Subsec. (b)(1)(B). Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Federal Home Loan Bank Board”.
Subsec. (b)(5). Pub. L. 101–73, § 701(b)(2), substituted “Chairperson” for “Chairman”.
Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Federal Home Loan Bank Board”.
Subsecs. (b)(6)(B), (7)(B), (8), (c). Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board” wherever appearing.
Subsec. (c)(2). Pub. L. 101–73, § 512(3), inserted “prior to
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”.
Subsec. (d)(1). Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board” wherever appearing.
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:”.
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”.
Pub. L. 101–73, § 512(2), substituted “by the Federal Housing Finance Board” for “by the Board”.
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.
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).
Subsec. (d)(6)(A)(iii). Pub. L. 101–73, § 512(7), struck out “available for dividends” after “use of net earnings”.
Subsec. (d)(6)(B), (C). Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”.
Subsec. (d)(6)(D). Pub. L. 101–73, § 512(8), struck out “available for dividends” after “net earnings”.
Subsec. (d)(6)(E). Pub. L. 101–73, § 512(9), struck out “available for dividends” after “Of the net earnings”.
Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”.
Subsec. (d)(6)(F). Pub. L. 101–73, § 512(10), struck out subpar. (F) which defined “net earnings available for dividends”.
Subsec. (e)(1). Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”.
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.
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
Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”.
Subsec. (e)(3). Pub. L. 101–73, § 512(12)(A), redesignated par. (4) as (3). Former par. (3) redesignated (2).
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).
Subsec. (e)(5). Pub. L. 101–73, § 512(12)(A), redesignated par. (6) as (5). Former par. (5) redesignated (4).
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).
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).
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).
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.
Subsec. (g)(1). Pub. L. 101–73, § 512(14), inserted reference to before
Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”.
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.”
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.
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”.
Subsec. (i)(2). Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board” wherever appearing.
Subsec. (j). Pub. L. 101–73, § 713, redesignated subsec. (k) as (j). Former subsec. (j) redesignated (i).
Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”.
Subsec. (k). Pub. L. 101–73, § 713, redesignated subsec. (l) as (k). Former subsec. (k) redesignated (j).
Subsec. (k)(1). Pub. L. 101–73, § 512(17)(A), substituted definition of “Savings Association Insurance Fund member” for definition of “insured institution”.
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”.
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.
Subsec. (l). Pub. L. 101–73, § 713, redesignated subsec. (l) as (k).
Effective Date Of Amendment
Amendment by Pub. L. 109–173 effective
Pub. L. 104–208, div. A, title II, § 2703(c),
Pub. L. 102–550, title XVI, § 1618,
Pub. L. 102–233, title III, § 318,
Transfer Of Functions
Federal Savings and Loan Insurance Corporation abolished and functions transferred, see sections 401 to 406 of Pub. L. 101–73, set out as a note under section 1437 of this title.
Miscellaneous
Thrift Depositor Protection Oversight Board abolished, see section 14(a)–(d) of Pub. L. 105–216, formerly set out as a note under section 1441a of this title.
Pub. L. 104–208, div. A, title II, § 2703(d),
Pub. L. 100–202, § 101(f) [title III, § 301],
Pub. L. 100–86, title IV, § 416,
(as added by subsections (a) and (b), respectively, of section 402 of this title).
“(2) Section 10 of the Home Owners’ Loan Act of 1933 [12 U.S.C. 1467a] and section 416 of the National Housing Act [12 U.S.C. 1730i] (as added by subsections (a) and (b), respectively, of section 404 of this title).
“(3) Paragraph (6) of section 406(f) of the National Housing Act [12 U.S.C. 1729(f)(6)] (as added by section 405 of this title).
“(4) Section 22A of the Federal Home Loan Bank Act [12 U.S.C. 1442a] (as added by section 407(d) of this title).
“(5) Section 411 of this title [12 U.S.C. 1437 note].
“(b) Notice of Completion of Net New Borrowing by Financing Corporation.—When the Financing Corporation established pursuant to section 21 of the Federal Home Loan Bank Act [12 U.S.C. 1441] has completed all net new borrowing under such section, the Financing Corporation shall publish a notice of such fact in the Federal Register. [Notice that the Financing Corporation had completed all net new borrowings and would issue no additional obligations after
“(c) Savings Provision.—The termination by subsection (a) of the effectiveness of any provision described in such subsection shall not be construed to affect or limit any authority of the Federal Home Loan Bank Board or the Federal Savings and Loan Insurance Corporation to prescribe any regulation or engage in any activity with respect to any association or insured institution under any other provision of law.”