§1466a — Title 12 Banks and Banking | U.S. Code

Summary

The Comptroller must examine, regulate, and oversee building-and-loan, savings, homestead, and similar associations that do business or have an office in the District of Columbia (except Federal savings associations) the same way the Comptroller does for Federal savings associations. If an association is incorporated in D.C., it also gets the same legal powers that Federal savings associations have. The Comptroller can allow changes to charters, bylaws, and other founding documents as the Comptroller decides, even if those documents say otherwise. None of this makes a D.C. association a Federal savings association, and the Comptroller is not required to put the exact same rules on D.C. associations that apply to Federal savings associations.

Title 12, §1466a

Banks and Banking — Source: USLM XML via OLRC

(a)The Comptroller shall, with respect to all incorporated or unincorporated building, building or loan, building and loan, or homestead associations, and similar institutions, of or transacting or doing business in the District of Columbia, or maintaining any office in the District of Columbia (other than Federal savings associations), have the same powers and functions as to examination, operation, and regulation as the Comptroller has with respect to Federal savings associations.

(b)Any such association or institution incorporated under the laws of, or organized in, the District of Columbia shall have in addition to any existing statutory authority such statutory authority as is vested in Federal savings associations.

(c)Charters, certificates of incorporation, articles of incorporation, constitutions, bylaws, or other organic documents of associations or institutions referred to in subsection (b) of this section may, without regard to anything contained therein or otherwise, be amended in such manner and to such extent and upon such votes if any as the Comptroller may by regulation or otherwise provide.

(d)Nothing in this section shall cause, or permit the Comptroller to cause, District of Columbia associations to be or become Federal savings associations, or require the Comptroller to impose on District of Columbia associations the same regulations as are imposed on Federal savings associations.

Notes & Related Subsidiaries

Editorial Notes

Prior Provisions

A prior section 8 of act

June 13, 1933, ch. 64, 48 Stat. 134, was classified to section 1467 of this title, prior to repeal by act

June 25, 1948, ch. 645, § 21, 62 Stat. 862, eff. Sept. 1, 1948.

Amendments

2010—Pub. L. 111–203 substituted “Comptroller” for “Director” wherever appearing. 1989—Pub. L. 101–73 amended section generally, substituting provisions relating to Director and Federal savings associations for former provisions relating to Federal Home Loan Bank Board and Federal savings and loan associations.

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress.

§1466a District associations