§1470 — Title 12 Banks and Banking | U.S. Code

Summary

Federal banking agencies must make rules for how the banks and other institutions they oversee can invest in State housing corporations. Any State housing corporation that receives these investments must give the agency the information needed to show the investments follow the rules. Key terms: "insured institution" and "State member/nonmember insured banks" mean what the National Housing Act and the Federal Deposit Insurance Act say. "State housing corporation" is a corporation a State creates to provide housing and related services, mainly for low- or moderate-income families. "State" includes the States, the District of Columbia, Guam, Puerto Rico, and the Virgin Islands.

Title 12, §1470

Banks and Banking — Source: USLM XML via OLRC

(a)(1)The appropriate Federal banking agency, with respect to the institutions subject to the jurisdiction of each such agency, shall by appropriate rule, regulation, order, or otherwise regulate investment in State housing corporations.

(2)A State housing corporation in which financial institutions invest under the authority of this section shall make available to the appropriate Federal banking agency referred to in paragraph (1) such information as may be necessary to insure that investments are properly made in accordance with this section.

(b)For the purposes of this section and any Act amended by this section—

(1)The term “insured institution” has the same meaning as in section 401(a) of the National Housing Act [12 U.S.C. 1724(a)].11 See References in Text note below.

(2)The terms “State member insured banks” and “State nonmember insured banks” have the same meaning as when used in the Federal Deposit Insurance Act [12 U.S.C. 1811 et seq.].

(3)The term “State housing corporation” means a corporation established by a State for the limited purpose of providing housing and incidental services, particularly for families of low or moderate income.

(4)The term “State” means any State, the District of Columbia, Guam, the Commonwealth of Puerto Rico, and the Virgin Islands.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This section, referred to in subsec. (a)(2), refers to section 5 of Pub. L. 93–100, which enacted this section and section 1469 of this title and amended section 24 and 1464 of this title. This section and any Act amended by this section, referred to in subsec. (b), are this section and section 24 par. Seventh, 1464(c), and 1469 of this title. section 401(a) of the National Housing Act, referred to in subsec. (b)(1), which was classified to section 1724 of this title, was repealed by Pub. L. 101–73, title IV, § 407, Aug. 9, 1989, 103 Stat. 363. The Federal Deposit Insurance Act, referred to in subsec. (b)(2), is act Sept. 21, 1950, ch. 967, § 2, 64 Stat. 873, which is classified generally to chapter 16 (§ 1811 et seq.) of this title. For complete classification of this Act to the Code, see

Short Title

note set out under section 1811 of this title and Tables. Codification Section was not enacted as part of the Home Owners’ Loan Act of 1933, which comprises this chapter. Subsecs. (d) and (e) of section 5 of Pub. L. 93–100 have been designated subsecs. (a) and (b) for purposes of codification.

Amendments

2010—Subsec. (a)(1). Pub. L. 111–203, § 375(1), substituted “appropriate Federal banking agency, with respect to the institutions subject to the jurisdiction of each such agency,” for “Federal Savings and Loan Insurance Corporation with respect to insured institutions, the Board of Governors of the Federal Reserve System with respect to State member insured banks, and the Federal Deposit Insurance Corporation with respect to State nonmember insured banks”. Subsec. (a)(2). Pub. L. 111–203, § 375(2), substituted “banking” for “supervisory”.

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.

Effective Date

Section effective Aug. 16, 1973, see section 8 of Pub. L. 93–100, set out as a note under section 1469 of this title.

§1470 Federal supervision of insured institutions, State member and nonmember banks; access to information; definitions

Summary

Title 12, §1470

Notes & Related Subsidiaries

Editorial Notes

References in Text

Short Title

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Citations & Metadata