§1440a — Title 12 Banks and Banking | U.S. Code

Summary

The Director must give Federal Home Loan Banks reports, records, and other available information about any other Bank’s financial condition. This lets Banks check each other’s health, spot risks from shared borrowing, and meet duties under the Securities Exchange Act of 1934. The Director must also make rules so Banks can share that information directly. A Bank can ask the Director to treat requested material as proprietary and keep it from being shared for public‑interest reasons. Sharing information among Banks does not change their Securities Act responsibilities, and the Director does not lose legal privileges by sending the information.

Title 12, §1440a

Banks and Banking — Source: USLM XML via OLRC

(a)In order to enable each Federal Home Loan Bank to evaluate the financial condition of one or more of the other Federal Home Loan Banks individually and the Federal Home Loan Bank System (including any risks associated with the issuance or repayment of consolidated Federal Home Loan Bank bonds and debentures or other borrowings and the joint and several liabilities of the Banks incurred due to such borrowings), as well as to comply with any of its obligations under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.), the Director shall make available to the Banks such reports, records, or other information as may be available, relating to the condition of any Federal Home Loan Bank.

(b)(1)The Director shall promulgate regulations to facilitate the sharing of information made available under subsection (a) directly among the Federal Home Loan Banks.

(2)Notwithstanding paragraph (1), a Federal Home Loan Bank responding to a request from another Bank or from the Director for information pursuant to this section may request that the Director determine that such information is proprietary and that the public interest requires that such information not be shared.

(c)Nothing in this section shall affect the obligations of any Federal Home Loan Bank under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) or the regulations issued by the Securities and Exchange Commission thereunder.

(d)The Director shall not be deemed to have waived any privilege applicable to any information concerning a Federal Home Loan Bank by transferring, or permitting the transfer of, that information to any other Federal Home Loan Bank for the purposes set out in subsection (a).

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Securities Exchange Act of 1934, referred to in subsecs. (a) and (c), is act June 6, 1934, ch. 404, 48 Stat. 881, which is classified principally to chapter 2B (§ 78a et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 78a of Title 15 and Tables.

§1440a Sharing of information among Federal Home Loan Banks

Summary

Title 12, §1440a

Notes & Related Subsidiaries

Editorial Notes

References in Text

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