§ 1463. Supervision of savings associations
(a) Savings associations
(1) Examination and safe and sound operation
(A) Federal savings associations
The Comptroller shall provide for the ex-
amination and safe and sound operation of
Federal savings associations.
(B) State savings associations
The Corporation shall provide for the ex-
amination and safe and sound operation of
State savings associations.
(2) Regulations for savings associations
The Comptroller may prescribe regulations
with respect to savings associations, as the
Comptroller determines to be appropriate to
carry out the purposes of this chapter.
(3) Safe and sound housing credit to be encour-
aged
The Comptroller and the Corporation shall
exercise all powers granted to the Comptroller
and the Corporation under this chapter so as
to encourage savings associations to provide
credit for housing safely and soundly.
(b) Accounting and disclosure
(1) In general
The Comptroller shall, by regulation, pre-
scribe uniform accounting and disclosure
standards for savings associations, to be used
in determining savings associations’ compli-
ance with all applicable regulations.
(2) Specific requirements for accounting stand-
ards
Subject to section 1464(t) of this title, the
uniform
accounting
standards
prescribed
under paragraph (1) shall—
Page 358
TITLE 12—BANKS AND BANKING
§ 1463
(A) incorporate generally accepted ac-
counting principles to the same degree that
such principles are used to determine com-
pliance with regulations prescribed by the
Federal banking agencies; and
(B) allow for no deviation from full compli-
ance with such standards as are in effect
after December 31, 1993.
(3) Authority to prescribe more stringent ac-
counting standards
The Comptroller may at any tim
File SHA-256: 121aa44f5a6e6af6f911d1838c8a0ac1d673aadd9af41d715a387d74fb724a7a. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. This page displays the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Stable record: federal_law:legal_authorities:uscode2024_b02045cb2c4f2696788f9d4f Source file: Laws/federal/codes/united-states-code-2024/title-12/section-1463-supervision-of-savings-associations--0ee609c6ce.md Pages: Not recorded – Not recorded Passage SHA-256: 8d9bf4141c292ed8a9882144375129a9e3c00205c187688cb6e16a591c4f7feb Retained source evidence SHA-256: 121aa44f5a6e6af6f911d1838c8a0ac1d673aadd9af41d715a387d74fb724a7a
Page 357
TITLE 12—BANKS AND BANKING
§ 1463
State constitution, including any implementing
State statute, in effect on September 29, 1994, or
any subsequent amendment to such a State con-
stitutional or statutory provision in effect on
September 29, 1994, that exempts the homestead
of any person from foreclosure, or forced sale,
for the payment of all debts, other than a pur-
chase money obligation relating to the home-
stead, taxes due on the homestead, or an obliga-
tion arising from work and material used in con-
structing improvements on the homestead.
(June 13, 1933, ch. 64, § 3, as added Pub. L. 101–73,
title III, § 301, Aug. 9, 1989, 103 Stat. 278; amended
Pub. L. 103–325, title III, § 331(c), Sept. 23, 1994,
108 Stat. 2232; Pub. L. 103–328, title I, § 102(b)(5),
Sept. 29, 1994, 108 Stat. 2352; Pub. L. 109–351, title
VII, § 712, Oct. 13, 2006, 120 Stat. 1994; Pub. L.
111–203, title III, § 369(3), July 21, 2010, 124 Stat.
1558.)
Editorial Notes
REFERENCES IN TEXT
The Dodd-Frank Wall Street Reform and Consumer
Protection Act, referred to in subsec. (a), is Pub. L.
111–203, July 21, 2010, 124 Stat. 1376. Subtitle A
(§§ 311–319) of title III of the Act enacted part A (§ 5411
et seq.) of subchapter III of chapter 53 and sections 4b
and 16 of this title, amended sections 1, 11, 248, 481, 482,
1813, and 1820 of this title and section 3502 of Title 44,
Public Printing and Documents, and enacted provisions
set out as notes under sections 1 and 16 of this title.
For complete classification of this Act to the Code, see
Short Title note set out under section 5301 of this title
and Tables.
The Financial Institutions Reform, Recovery, and
Enforcement Act of 1989, referred to in subsec. (a), is
Pub. L. 101–73, Aug. 9, 1989, 103 Stat. 183. For complete
classification of this Act to the Code, see Tables.
PRIOR PROVISIONS
A prior section 3 of act June 13, 1933, amended section
1424 of this title prior to the general revision of this
chapter by Pub. L. 101–73, § 301.
AMENDMENTS
2010—Pub. L. 111–203, § 369(3)(A), inserted section
catchline and struck out former section catchline ‘‘Di-
rector of the Office of Thrift Supervision’’.
Pub. L. 111–203, § 369(3)(B), (C), redesignated subsecs.
(e) and (f) as (a) and (b), respectively, and struck out
former subsecs. (a) to (d), which related to establish-
ment of the Office of Thrift Supervision, position, ap-
pointment and term of Director, and prohibition on fi-
nancial interests by Director; and subsecs. (g) to (j),
which related to annual report requirement, staff, fund-
ing through assessments, and GAO audits.
Subsec. (a). Pub. L. 111–203, § 369(3)(D), struck out ‘‘of
the Director’’ after ‘‘Powers’’ in heading and sub-
stituted ‘‘In accordance with subtitle A of title III of
the Dodd-Frank Wall Street Reform and Consumer Pro-
tection Act, the appropriate Federal banking agency’’
for ‘‘The Director’’ in introductory provisions.
Subsec. (b). Pub. L. 111–203, § 369(3)(E), substituted
‘‘appropriate Federal banking agency’’ for ‘‘Director’’.
2006—Subsec. (c)(3). Pub. L. 109–351, § 712(b), des-
ignated existing provisions as subpar. (A), inserted sub-
par. heading, and added subpar. (B).
Subsec. (c)(5). Pub. L. 109–351, § 712(a), amended head-
ing and text of par. (5) generally. Prior to amendment,
text read as follows: ‘‘Notwithstanding paragraphs (1)
and (2), the Chairman of the Federal Home Loan Bank
Board on the date of enactment of the Financial Insti-
tutions Reform, Recovery, and Enforcement Act of
1989, shall be the Director until the date on which that
individual’s term as Chairman of the Federal Home
Loan Bank Board would have expired.’’
1994—Subsec. (b)(3). Pub. L. 103–325, § 331(c)(1), sub-
stituted ‘‘(including agency enforcement actions) un-
less otherwise specifically provided by law’’ for ‘‘unless
otherwise provided by law’’.
Subsec. (b)(4). Pub. L. 103–325, § 331(c)(2), added par.
(4).
Subsecs. (f) to (j). Pub. L. 103–328 added subsec. (f) and
redesignated former subsecs. (f) to (i) as (g) to (j), re-
spectively.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2010 AMENDMENT
Amendment by Pub. L. 111–203 effective on the trans-
fer date, see section 351 of Pub. L. 111–203, set out as a
note under section 906 of Title 2, The Congress.
Executive Documents
DELEGATION OF AUTHORITY TO RATIFY OFFICE OF THRIFT
SUPERVISION ACTIONS
Memorandum of the President of the United States,
Apr. 18, 1990, 55 F.R. 15207, provided:
Memorandum for the Director of the Office of Thrift
Supervision
By the authority vested in me as President of the
United States by the Constitution and laws of the
United States, including section 301 of title 3 of the
United States Code, I hereby delegate to the Director of
the Office of Thrift Supervision my authority to ratify
actions taken on behalf of, or in the name of, the Office
of Thrift Supervision or its Director before April 9,
1990.
This memorandum shall be published in the Federal
Register.
GEORGE BUSH.
§ 1463. Supervision of savings associations
(a) Savings associations
(1) Examination and safe and sound operation
(A) Federal savings associations
The Comptroller shall provide for the ex-
amination and safe and sound operation of
Federal savings associations.
(B) State savings associations
The Corporation shall provide for the ex-
amination and safe and sound operation of
State savings associations.
(2) Regulations for savings associations
The Comptroller may prescribe regulations
with respect to savings associations, as the
Comptroller determines to be appropriate to
carry out the purposes of this chapter.
(3) Safe and sound housing credit to be encour-
aged
The Comptroller and the Corporation shall
exercise all powers granted to the Comptroller
and the Corporation under this chapter so as
to encourage savings associations to provide
credit for housing safely and soundly.
(b) Accounting and disclosure
(1) In general
The Comptroller shall, by regulation, pre-
scribe uniform accounting and disclosure
standards for savings associations, to be used
in determining savings associations’ compli-
ance with all applicable regulations.
(2) Specific requirements for accounting stand-
ards
Subject to section 1464(t) of this title, the
uniform
accounting
standards
prescribed
under paragraph (1) shall—
Page 358
TITLE 12—BANKS AND BANKING
§ 1463
(A) incorporate generally accepted ac-
counting principles to the same degree that
such principles are used to determine com-
pliance with regulations prescribed by the
Federal banking agencies; and
(B) allow for no deviation from full compli-
ance with such standards as are in effect
after December 31, 1993.
(3) Authority to prescribe more stringent ac-
counting standards
The Comptroller may at any time prescribe
accounting standards more stringent than re-
quired under paragraph (2) if the Comptroller
determines that the more stringent standards
are necessary to ensure the safe and sound op-
eration of savings associations.
(c) Stringency of standards
The regulations of the Comptroller and the
policies of the Comptroller and the Corporation
governing the safe and sound operation of sav-
ings associations, including regulations and
policies governing asset classification and ap-
praisals, shall be no less stringent than those es-
tablished by the Comptroller for national banks.
(d) Investment of certain funds in accounts of
savings associations
The savings accounts and share accounts of
savings associations insured by the Corporation
shall be lawful investments and may be accepted
as security for all public funds of the United
States, fiduciary and trust funds under the au-
thority or control of the United States or any
officer thereof, and for the funds of all corpora-
tions organized under the laws of the United
States (subject to any regulatory authority oth-
erwise applicable), regardless of any limitation
of law upon the investment of any such funds or
upon the acceptance of security for the invest-
ment or deposit of any of such funds.
(e) Participation by savings associations in lot-
teries and related activities
(1) Participation prohibited
No savings association may—
(A) deal in lottery tickets;
(B) deal in bets used as a means or sub-
stitute for participation in a lottery;
(C) announce, advertise, or publicize the
existence of any lottery; or
(D) announce, advertise, or publicize the
existence or identity of any participant or
winner, as such, in a lottery.
(2) Use of facilities prohibited
No savings association may permit—
(A) the use of any part of any of its own of-
fices by any person for any purpose forbid-
den to the institution under paragraph (1);
or
(B) direct access by the public from any of
its own offices to any premises used by any
person for any purpose forbidden to the in-
stitution under paragraph (1).
(3) Definitions
For purposes of this subsection—
(A) Deal in
The term ‘‘deal in’’ includes making, tak-
ing, buying, selling, redeeming, or col-
lecting.
(B) Lottery
The term ‘‘lottery’’ includes any arrange-
ment, other than a savings promotion raffle,
under which—
(i) 3 or more persons (hereafter in this
subparagraph referred to as the ‘‘partici-
pants’’) advance money or credit to an-
other in exchange for the possibility or ex-
pectation that 1 or more but not all of the
participants (hereafter in this paragraph
referred to as the ‘‘winners’’) will receive
by reason of those participants’ advances
more than the amounts those participants
have advanced; and
(ii) the identity of the winners is deter-
mined by any means which includes—
(I) a random selection;
(II) a game, race, or contest; or
(III) any record or tabulation of the re-
sult of 1 or more events in which any
participant has no interest except for the
bearing that event has on the possibility
that the participant may become a win-
ner.
(C) Lottery ticket
The term ‘‘lottery ticket’’ includes any
right, privilege, or possibility (and any tick-
et, receipt, record, or other evidence of any
such right, privilege, or possibility) of be-
coming a winner in a lottery.
(D) Savings promotion raffle
The
term
‘‘savings
promotion
raffle’’
means a contest in which the sole consider-
ation required for a chance of winning des-
ignated prizes is obtained by the deposit of a
specified amount of money in a savings ac-
count or other savings program, where each
ticket or entry has an equal chance of being
drawn, such contest being subject to regula-
tions that may from time to time be promul-
gated by the appropriate prudential regu-
lator (as defined in section 5481 of this title).
(4) Exception for State lotteries
Paragraphs (1) and (2) shall not apply with
respect to any savings association accepting
funds from, or performing any lawful services
for, any State operating a lottery, or any offi-
cer or employee of such a State who is charged
with administering the lottery.
(5) Regulations
The Comptroller shall prescribe such regula-
tions as may be necessary to provide for en-
forcement of this subsection and to prevent
any evasion of any provision of this sub-
section.
(f) Federally related mortgage loan disclosures
A savings association may not make a feder-
ally related mortgage loan to an agent, trustee,
nominee, or other person acting in a fiduciary
capacity without requiring that the identity of
the person receiving the beneficial interest of
such loan shall at all times be revealed to the
savings association. At the request of the appro-
priate Federal banking agency, the savings asso-
ciation shall report to the appropriate Federal
banking agency the identity of such person and
the nature and amount of the loan.
Page 359
TITLE 12—BANKS AND BANKING
§ 1463
(g) Preemption of State usury laws
(1) Notwithstanding any State law, a savings
association may charge interest on any exten-
sion of credit at a rate of not more than 1 per-
cent in excess of the discount rate on 90-day
commercial paper in effect at the Federal Re-
serve bank in the Federal Reserve district in
which such savings association is located or at
the rate allowed by the laws of the State in
which such savings association is located,
whichever is greater.
(2) If the rate prescribed in paragraph (1) ex-
ceeds the rate such savings association would be
permitted to charge in the absence of this sub-
section, the receiving or charging a greater rate
of interest than that prescribed by paragraph
(1), when knowingly done, shall be deemed a for-
feiture of the entire interest which the exten-
sion of credit carries with it, or which has been
agreed to be paid thereon. If such greater rate of
interest has been paid, the person who paid it
may recover, in a civil action commenced in a
court of appropriate jurisdiction not later than
2 years after the date of such payment, an
amount equal to twice the amount of the inter-
est paid from the savings association taking or
receiving such interest.
(h) Form and maturity of securities
No savings association shall—
(1) issue securities which guarantee a defi-
nite maturity except with the specific ap-
proval of the appropriate Federal banking
agency, or
(2) issue any securities the form of which has
not been approved by the appropriate Federal
banking agency.
(June 13, 1933, ch. 64, § 4, as added Pub. L. 101–73,
title III, § 301, Aug. 9, 1989, 103 Stat. 280; amended
Pub. L. 111–203, title III, § 369(4), July 21, 2010, 124
Stat. 1558; Pub. L. 113–251, § 3(d), Dec. 18, 2014, 128
Stat. 2889.)
Editorial Notes
PRIOR PROVISIONS
A prior section 1463, acts June 13, 1933, ch. 64, § 4, 48
Stat. 129; Apr. 27, 1934, ch. 168, §§ 1(a), 2–4, 13, 48 Stat.
643–645, 647; June 27, 1934, ch. 847, title V, §§ 506, 508(b),
48 Stat. 1263, 1264; May 28, 1935, ch. 150, §§ 10–17(a), 49
Stat. 296, 297; Aug. 11, 1939, ch. 684, 53 Stat. 1403; Oct. 24,
1942, ch. 621, 56 Stat. 986; June 30, 1947, ch. 166, title II,
§ 206(f), 61 Stat. 206, related to creation of Home Own-
ers’ Loan Corporation, for appointment and compensa-
tion of its board of directors, for appointment and com-
pensation of its employees, and for other powers, prior
to repeal by Pub. L. 89–554, § 8(a), Sept. 6, 1966, 80 Stat.
648.
A prior section 1463a, act Apr. 27, 1934, ch. 168, § 1(b),
48 Stat. 644, provided that amendments made to subsec.
(c) of former section 1463 of this title, except with re-
spect to refunding, by act Apr. 27, 1934, should not
apply to any bonds prior to Apr. 27, 1934, issued under
subsec. (c), or to any bonds thereafter issued in compli-
ance with commitments of the Corporation outstanding
on Apr. 27, 1934.
A prior section 1463b, act Apr. 27, 1934, ch. 168, § 9, 48
Stat. 646, related to purchase of obligations of, and
loans to, Federal Home Loan Banks, prior to repeal by
act May 28, 1935, ch. 150, § 17(b), 49 Stat. 297.
AMENDMENTS
2014—Subsec. (e)(3)(B). Pub. L. 113–251, § 3(d)(1), in-
serted ‘‘, other than a savings promotion raffle,’’ after
‘‘arrangement’’ in introductory provisions.
Subsec. (e)(3)(D). Pub. L. 113–251, § 3(d)(2), added sub-
par. (D).
2010—Subsec. (a). Pub. L. 111–203, § 369(4)(A)(i), struck
out ‘‘Federal’’ before ‘‘savings’’ in heading.
Subsec. (a)(1), (2). Pub. L. 111–203, § 369(4)(A)(ii), added
pars. (1) and (2) and struck out former pars. (1) and (2)
which read as follows:
‘‘(1) IN GENERAL.—The Director shall provide for the
examination, safe and sound operation, and regulation
of savings associations.
‘‘(2) REGULATIONS.—The Director may issue such reg-
ulations as the Director determines to be appropriate
to carry out the responsibilities of the Director or the
Office.’’
Subsec. (a)(3). Pub. L. 111–203, § 369(4)(A)(iii), sub-
stituted ‘‘Comptroller and the Corporation’’ for ‘‘Direc-
tor’’ in two places.
Subsec. (b). Pub. L. 111–203, § 369(4)(B)(ii), substituted
‘‘Comptroller’’ for ‘‘Director’’ wherever appearing.
Subsec. (b)(2). Pub. L. 111–203, § 369(4)(B)(i), inserted
‘‘and’’ at end of subpar. (A), substituted a period for
‘‘; and’’ at end of subpar. (B), and struck out subpar. (C)
which read as follows: ‘‘prior to January 1, 1994, require
full compliance by savings associations with account-
ing standards in effect at any time before such date not
later than provided under the schedule in section
563.23–3 of title 12, Code of Federal Regulations (as in
effect on May 1, 1989).’’
Subsec. (c). Pub. L. 111–203, § 369(4)(C), substituted
‘‘The regulations of the Comptroller and the policies of
the Comptroller and the Corporation’’ for ‘‘All regula-
tions and policies of the Director’’ and struck out ‘‘of
the Currency’’ before ‘‘for national’’.
Subsec. (e)(5). Pub. L. 111–203, § 369(4)(D), substituted
‘‘Comptroller’’ for ‘‘Director’’.
Subsecs. (f), (h). Pub. L. 111–203, § 369(4)(E), (F), sub-
stituted ‘‘appropriate Federal banking agency’’ for ‘‘Di-
rector’’ in two places.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2010 AMENDMENT
Amendment by Pub. L. 111–203 effective on the trans-
fer date, see section 351 of Pub. L. 111–203, set out as a
note under section 906 of Title 2, The Congress.
PRESERVING MINORITY OWNERSHIP OF MINORITY
FINANCIAL INSTITUTIONS
Pub. L. 101–73, title III, § 308, Aug. 9, 1989, 103 Stat. 353,
as amended by Pub. L. 111–203, title III, § 367(4), July 21,
2010, 124 Stat. 1556, provided that:
‘‘(a) CONSULTATION
ON METHODS.—The Secretary of
the Treasury shall consult with the Chairman of the
Board of Governors of the Federal Reserve System, the
Comptroller of the Currency, the Chairman of the Na-
tional Credit Union Administration, and the Chair-
person of the Board of Directors of the Federal Deposit
Insurance Corporation on methods for best achieving
the following goals:
‘‘(1) Preserving the present number of minority de-
pository institutions.
‘‘(2) Preserving their minority character in cases
involving mergers or acquisition of a minority depos-
itory institution by using general preference guide-
lines in the following order:
‘‘(A) Same type of minority depository institu-
tion in the same city.
‘‘(B) Same type of minority depository institu-
tion in the same State.
‘‘(C) Same type of minority depository institution
nationwide.
‘‘(D) Any type of minority depository institution
in the same city.
‘‘(E) Any type of minority depository institution
in the same State.
‘‘(F) Any type of minority depository institution
nationwide.
‘‘(G) Any other bidders.
‘‘(3) Providing technical assistance to prevent in-
solvency of institutions not now insolvent.
Page 360
TITLE 12—BANKS AND BANKING
§ 1464
‘‘(4) Promoting and encouraging creation of new
minority depository institutions.
‘‘(5) Providing for training, technical assistance,
and educational programs.
‘‘(b) DEFINITIONS.—For purposes of this section—
‘‘(1) MINORITY
FINANCIAL
INSTITUTION.—The term
‘minority depository institution’ means any deposi-
tory institution that—
‘‘(A) if a privately owned institution, 51 percent is
owned by one or more socially and economically
disadvantaged individuals;
‘‘(B) if publicly owned, 51 percent of the stock is
owned by one or more socially and economically
disadvantaged individuals; and
‘‘(C) in the case of a mutual institution where the
majority of the Board of Directors, account holders,
and the community which it services is predomi-
nantly minority.
‘‘(2) MINORITY.—The term ‘minority’ means any
black American, Native American, Hispanic Amer-
ican, or Asian American.
‘‘(c) REPORTS.—The Secretary of the Treasury, the
Chairman of the Board of Governors of the Federal Re-
serve System, the Comptroller of the Currency, the
Chairman of the National Credit Union Administration,
and the Chairperson of Board of Directors of the Fed-
eral Deposit Insurance Corporation shall each submit
an annual report to the Congress containing a descrip-
tion of actions taken to carry out this section.’’
ABOLITION OF HOME OWNERS’ LOAN CORPORATION
Act June 30, 1953, ch. 170, § 21, 67 Stat. 126, provided
for dissolution and abolition of Home Owners’ Loan
Corporation established by former section 1463 of this
title.
§ 1464. Federal savings associations
(a) In general
In order to provide thrift institutions for the
deposit of funds and for the extension of credit
for homes and other goods and services, the
Comptroller of the Currency is authorized,
under such regulations as the Comptroller of the
Currency may prescribe—
(1) to provide for the organization, incorpo-
ration, examination, operation, and regulation
of associations to be known as Federal savings
associations
(including
Federal
savings
banks), and
(2) to issue charters therefor,
giving primary consideration of the best prac-
tices of thrift institutions in the United States.
The lending and investment powers conferred by
this section are intended to encourage such in-
stitutions to provide credit for housing safely
and soundly.
(b) Deposits and related powers
(1) Deposit accounts
(A) Subject to the terms of its charter and
regulations of the Comptroller of the Cur-
rency, a Federal savings association may—
(i) raise funds through such deposit, share,
or other accounts, including demand deposit
accounts (hereafter in this section referred
to as ‘‘accounts’’); and
(ii) issue passbooks, certificates, or other
evidence of accounts.
(B) A Federal savings association may not
permit any overdraft (including an intraday
overdraft) on behalf of an affiliate, or incur
any such overdraft in such savings associa-
tion’s account at a Federal reserve bank or
Federal home loan bank on behalf of an affil-
iate.
All savings accounts and demand accounts
shall have the same priority upon liquidation.
Holders of accounts and obligors of a Federal
savings association shall, to such extent as
may be provided by its charter or by regula-
tions of the Comptroller of the Currency, be
members of the savings association, and shall
have such voting rights and such other rights
as are thereby provided.
(C) A Federal savings association may re-
quire not less than 14 days notice prior to pay-
ment of savings accounts if the charter of the
savings association or the regulations of the
Comptroller of the Currency so provide.
(D) If a Federal savings association does not
pay all withdrawals in full (subject to the
right of the association, where applicable, to
require notice), the payment of withdrawals
from accounts shall be subject to such rules
and procedures as may be prescribed by the
savings association’s charter or by regulation
of the Comptroller of the Currency. Except as
authorized in writing by the Comptroller of
the Currency, any Federal savings association
that fails to make full payment of any with-
drawal when due shall be deemed to be in an
unsafe or unsound condition.
(E) Accounts may be subject to check or to
withdrawal or transfer on negotiable or trans-
ferable or other order or authorization to the
Federal savings association, as the Comp-
troller of the Currency may by regulation pro-
vide.
(F) A Federal savings association may estab-
lish remote service units for the purpose of
crediting savings or demand accounts, deb-
iting such accounts, crediting payments on
loans, and the disposition of related financial
transactions, as provided in regulations pre-
scribed by the Comptroller of the Currency.
(2) Other liabilities
To such extent as the Comptroller of the
Currency may authorize in writing, a Federal
savings association may borrow, may give se-
curity, may be surety as defined by the Comp-
troller of the Currency and may issue such
notes, bonds, debentures, or other obligations,
or other securities, including capital stock.
(3) Loans from State housing finance agencies
(A) In general
Subject to regulation by the Comptroller
of the Currency but without regard to any
other provision of this subsection, any Fed-
eral savings association that is in compli-
ance with the capital standards in effect
under subsection (t) may borrow funds from
a State mortgage finance agency of the
State in which the head office of such sav-
ings association is situated to the same ex-
tent as State law authorizes a savings asso-
ciation organized under the laws of such
State to borrow from the State mortgage fi-
nance agency.
(B) Interest rate
A Federal savings association may not
make any loan of funds borrowed under sub-
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Savings associations**
(1) **Examination and safe and sound operation**
(A) *Federal savings associations* — The Comptroller shall provide for the examination and safe and sound operation of Federal savings associations.
(B) *State savings associations* — The Corporation shall provide for the examination and safe and sound operation of State savings associations.
(2) **Regulations for savings associations** — The Comptroller may prescribe regulations with respect to savings associations, as the Comptroller determines to be appropriate to carry out the purposes of this chapter.
(3) **Safe and sound housing credit to be encouraged** — The Comptroller and the Corporation shall exercise all powers granted to the Comptroller and the Corporation under this chapter so as to encourage savings associations to provide credit for housing safely and soundly.
**(b) Accounting and disclosure**
(1) **In general** — The Comptroller shall, by regulation, prescribe uniform accounting and disclosure standards for savings associations, to be used in determining savings associations’ compliance with all applicable regulations.
(2) **Specific requirements for accounting standards** — Subject to [section 1464(t) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1464/t&num=0&edition=prelim), the uniform accounting standards prescribed under paragraph (1) shall—
(A) incorporate generally accepted accounting principles to the same degree that such principles are used to determine compliance with regulations prescribed by the Federal banking agencies; and
(B) allow for no deviation from full compliance with such standards as are in effect after December 31, 1993.
(3) **Authority to prescribe more stringent accounting standards** —