12 USC 1467a - Regulation of holding companies

U.S Code last checked for updates: Nov 22, 2024

§ 1467a.

Regulation of holding companies

(a)

Definitions

(1)

In general

As used in this section, unless the context otherwise requires—

(A)

Savings association

(B)

Uninsured institution

(C)

Company

(D)

Savings and loan holding company

(i)

In general

(ii)

Exclusion

The term “savings and loan holding company” does not include—

(I)

a bank holding company that is registered under, and subject to, the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.), or to any company directly or indirectly controlled by such company (other than a savings association);

(II)

a company that controls a savings association that functions solely in a trust or fiduciary capacity as described in section 2(c)(2)(D) of the Bank Holding Company Act of 1956 (12 U.S.C. 1841(c)(2)(D)); or

(III)

a company described in subsection (c)(9)(C) solely by virtue of such company’s control of an intermediate holding company established pursuant to section 1467b of this title.

(E)

Multiple savings and loan holding company

(F)

Diversified savings and loan holding company

(G)

Subsidiary

(H)

Affiliate

(I)

Bank holding company

(J)

Acquire

(2)

Control

For purposes of this section, a person shall be deemed to have control of—

(A)

a savings association if the person directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, or holds with power to vote, or holds proxies representing, more than 25 percent of the voting shares of such savings association, or controls in any manner the election of a majority of the directors of such association;

(B)

any other company if the person directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, or holds with power to vote, or holds proxies representing, more than 25 percent of the voting shares or rights of such other company, or controls in any manner the election or appointment of a majority of the directors or trustees of such other company, or is a general partner in or has contributed more than 25 percent of the capital of such other company;

(C)

a trust if the person is a trustee thereof; or

(D)

a savings association or any other company if the Board determines, after reasonable notice and opportunity for hearing, that such person directly or indirectly exercises a controlling influence over the management or policies of such association or other company.

(3)

Exclusions

Notwithstanding any other provision of this subsection, the term “savings and loan holding company” does not include—

(A)

any company by virtue of its ownership or control of voting shares of a savings association or a savings and loan holding company acquired in connection with the underwriting of securities if such shares are held only for such period of time (not exceeding 120 days unless extended by the Board) as will permit the sale thereof on a reasonable basis; and

(B)

any trust (other than a pension, profit-sharing, shareholders’, voting, or business trust) which controls a savings association or a savings and loan holding company if such trust by its terms must terminate within 25 years or not later than 21 years and 10 months after the death of individuals living on the effective date of the trust, and is (i) in existence on June 26, 1967, or (ii) a testamentary trust created on or after June 26, 1967.

(4)

Special rule relating to qualified stock issuance

(b)

Registration and examination

(1)

In general

(2)

Reports

(A)

In general

(B)

Use of existing reports and other supervisory information

The Board shall, to the fullest extent possible, use—

(i)

reports and other supervisory information that the savings and loan holding company or any subsidiary thereof has been required to provide to other Federal or State regulatory agencies;

(ii)

externally audited financial statements of the savings and loan holding company or subsidiary;

(iii)

information that is otherwise available from Federal or State regulatory agencies; and

(iv)

information that is otherwise required to be reported publicly.

(C)

Availability

(3)

Books and records

(4)

Examinations

(A)

In general

Subject to subtitle B of the Consumer Financial Protection Act of 2010 [12 U.S.C. 5511 et seq.], the Board may make examinations of a savings and loan holding company and each subsidiary of a savings and loan holding company system, in order to—

(i)

inform the Board of—

(I)

the nature of the operations and financial condition of the savings and loan holding company and the subsidiary;

(II)

the financial, operational, and other risks within the savings and loan holding company system that may pose a threat to—

(aa)

the safety and soundness of the savings and loan holding company or of any depository institution subsidiary of the savings and loan holding company; or

(bb)

the stability of the financial system of the United States; and

(III)

the systems of the savings and loan holding company for monitoring and controlling the risks described in subclause (II); and

(ii)

monitor the compliance of the savings and loan holding company and the subsidiary with—

(I)

this chapter;

(II)

Federal laws that the Board has specific jurisdiction to enforce against the company or subsidiary; and

(III)

other than in the case of an insured depository institution or functionally regulated subsidiary, any other applicable provisions of Federal law.

(B)

Use of reports to reduce examinations

For purposes of this subsection, the Board shall, to the fullest extent possible, rely on—

(i)

the examination reports made by other Federal or State regulatory agencies relating to a savings and loan holding company and any subsidiary; and

(ii)

the reports and other information required under paragraph (2).

(C)

Coordination with other regulators

The Board shall—

(i)

provide reasonable notice to, and consult with, the appropriate Federal banking agency, the Securities and Exchange Commission, the Commodity Futures Trading Commission, or State regulatory agency, as appropriate, for a subsidiary that is a depository institution or a functionally regulated subsidiary of a savings and loan holding company before commencing an examination of the subsidiary under this section; and

(ii)

to the fullest extent possible, avoid duplication of examination activities, reporting requirements, and requests for information.

(5)

Agent for service of process

(6)

Release from registration

(c)

Holding company activities

(1)

Prohibited activities

Except as otherwise provided in this subsection, no savings and loan holding company and no subsidiary which is not a savings association shall—

(A)

engage in any activity or render any service for or on behalf of a savings association subsidiary for the purpose or with the effect of evading any law or regulation applicable to such savings association;

(B)

commence any business activity, other than the activities described in paragraph (2); or

(C)

continue any business activity, other than the activities described in paragraph (2), after the end of the 2-year period beginning on the date on which such company received approval under subsection (e) of this section to become a savings and loan holding company subject to the limitations contained in this subparagraph.

(2)

Exempt activities

The prohibitions of subparagraphs (B) and (C) of paragraph (1) shall not apply to the following business activities of any savings and loan holding company or any subsidiary (of such company) which is not a savings association:

(A)

Furnishing or performing management services for a savings association subsidiary of such company.

(B)

Conducting an insurance agency or escrow business.

(C)

Holding, managing, or liquidating assets owned or acquired from a savings association subsidiary of such company.

(D)

Holding or managing properties used or occupied by a savings association subsidiary of such company.

(E)

Acting as trustee under deed of trust.

(F)

Any other activity—

(i)

which the Board, by regulation, has determined to be permissible for bank holding companies under section 4(c) of the Bank Holding Company Act of 1956 [12 U.S.C. 1843(c)], unless the Board, by regulation, prohibits or limits any such activity for savings and loan holding companies; or

(ii)

in which multiple savings and loan holding companies were authorized (by regulation) to directly engage on March 5, 1987.

(G)

In the case of a savings and loan holding company, purchasing, holding, or disposing of stock acquired in connection with a qualified stock issuance if the purchase of such stock by such savings and loan holding company is approved by the Board pursuant to subsection (q)(1)(D).

(H)

Any activity that is permissible for a financial holding company (as such term is defined under section 2(p) of the Bank Holding Company Act of 1956 (12 U.S.C. 1841(p)) 1

 So in original. Probably should be followed by another closing parenthesis.

to conduct under section 4(k) of the Bank Holding Company Act of 1956 [12 U.S.C. 1843(k)] if—

(i)

the savings and loan holding company meets all of the criteria to qualify as a financial holding company, and complies with all of the requirements applicable to a financial holding company, under sections 4(l) and 4(m) of the Bank Holding Company Act 2

 So in original. Probably should be followed by “of 1956”.

[12 U.S.C. 1843(l), (m)] and section 2903(c) of this title as if the savings and loan holding company was a bank holding company; and

(ii)

the savings and loan holding company conducts the activity in accordance with the same terms, conditions, and requirements that apply to the conduct of such activity by a bank holding company under the Bank Holding Company Act of 1956 [12 U.S.C. 1841 et seq.] and the Board’s regulations and interpretations under such Act.

(3)

Certain limitations on activities not applicable to certain holding companies

Notwithstanding paragraphs (4) and (6) of this subsection, the limitations contained in subparagraphs (B) and (C) of paragraph (1) shall not apply to any savings and loan holding company (or any subsidiary of such company) which controls—

(A)

only 1 savings association, if the savings association subsidiary of such company is a qualified thrift lender (as determined under subsection (m)); or

(B)

more than 1 savings association, if—

(i)

all, or all but 1, of the savings association subsidiaries of such company were initially acquired by the company or by an individual who would be deemed to control such company if such individual were a company—

(I)

pursuant to an acquisition under section 1823(c) or 1823(k) of this title or section 408(m) 3

 See References in Text note below.

of the National Housing Act [12 U.S.C. 1730a(m)]; or

(II)

pursuant to an acquisition in which assistance was continued to a savings association under section 1823(i) of this title; and

(ii)

all of the savings association subsidiaries of such company are qualified thrift lenders (as determined under subsection (m)).

(4)

Prior approval of certain new activities required

(A)

In general

(B)

Factors to be considered

In considering any application under subparagraph (A) by any savings and loan holding company or any subsidiary of any such company which is not a savings association, the Board shall consider—

(i)

whether the performance of the activity described in such application by the company or the subsidiary can reasonably be expected to produce benefits to the public (such as greater convenience, increased competition, or gains in efficiency) that outweigh possible adverse effects of such activity (such as undue concentration of resources, decreased or unfair competition, conflicts of interest, or unsound financial practices);

(ii)

the managerial resources of the companies involved; and

(iii)

the adequacy of the financial resources, including capital, of the companies involved.

(C)

Board may differentiate between new and ongoing activities

(D)

Approval or disapproval by order

(5)

Grace period to achieve compliance

(6)

Special provisions relating to certain companies affected by 1987 amendments

(A)

Exception to 2-year grace period for achieving compliance

(B)

Exemption for activities lawfully engaged in before March 5, 1987

(C)

Termination of subparagraph (B) exemption

The exemption provided under subparagraph (B) for activities engaged in by any savings and loan holding company or a subsidiary of such company (which is not a savings association) which would otherwise be prohibited under paragraph (1)(C) shall terminate with respect to such activities of such company or subsidiary upon the occurrence (after August 10, 1987) of any of the following:

(i)

The savings and loan holding company acquires control of a bank or an additional savings association (other than a savings association acquired pursuant to section 1823(c) or 1823(k) of this title or section 406(f) or 408(m) ³ of the National Housing Act [12 U.S.C. 1729(f) or 1730a(m)]).

(ii)

Any savings association subsidiary of the savings and loan holding company fails to qualify as a domestic building and loan association under section 7701(a)(19) of the Internal Revenue Code of 1986 [26 U.S.C. 7701(a)(19)].

(iii)

The savings and loan holding company engages in any business activity—

(I)

which is not described in paragraph (2); and

(II)

in which it was not engaged on March 5, 1987.

(iv)

Any savings association subsidiary of the savings and loan holding company increases the number of locations from which such savings association conducts business after March 5, 1987 (other than an increase which occurs in connection with a transaction under section 1823(c) or (k) of this title or section 408(m) ³ of the National Housing Act.

(v)

Any savings association subsidiary of the savings and loan holding company permits any overdraft (including an intraday overdraft), or incurs any such overdraft in its account at a Federal Reserve bank, on behalf of an affiliate, unless such overdraft is the result of an inadvertent computer or accounting error that is beyond the control of both the savings association subsidiary and the affiliate.

(D)

Order to terminate subparagraph (B) activity

(7)

Foreign savings and loan holding company

(8)

Exemption for bank holding companies

(9)

Prevention of new affiliations between S&L holding companies and commercial firms

(A)

In general

Notwithstanding paragraph (3), no company may directly or indirectly, including through any merger, consolidation, or other type of business combination, acquire control of a savings association after May 4, 1999, unless the company is engaged, directly or indirectly (including through a subsidiary other than a savings association), only in activities that are permitted—

(i)

under paragraph (1)(C) or (2) of this subsection; or

(ii)

for financial holding companies under section 4(k) of the Bank Holding Company Act of 1956 [12 U.S.C. 1843(k)].

(B)

Prevention of new commercial affiliations

(C)

Preservation of authority of existing unitary S&L holding companies

Subparagraphs (A) and (B) do not apply with respect to any company that was a savings and loan holding company on May 4, 1999, or that becomes a savings and loan holding company pursuant to an application pending before the Office on or before that date, and that—

(i)

meets and continues to meet the requirements of paragraph (3); and

(ii)

continues to control not fewer than 1 savings association that it controlled on May 4, 1999, or that it acquired pursuant to an application pending before the Office on or before that date, or the successor to such savings association.

(D)

Corporate reorganizations permitted

This paragraph does not prevent a transaction that—

(i)

involves solely a company under common control with a savings and loan holding company from acquiring, directly or indirectly, control of the savings and loan holding company or any savings association that is already a subsidiary of the savings and loan holding company; or

(ii)

involves solely a merger, consolidation, or other type of business combination as a result of which a company under common control with the savings and loan holding company acquires, directly or indirectly, control of the savings and loan holding company or any savings association that is already a subsidiary of the savings and loan holding company.

(E)

Authority to prevent evasions

(F)

Preservation of authority for family trusts

Subparagraphs (A) and (B) do not apply with respect to any trust that becomes a savings and loan holding company with respect to a savings association, if—

(i)

not less than 85 percent of the beneficial ownership interests in the trust are continuously owned, directly or indirectly, by or for the benefit of members of the same family, or their spouses, who are lineal descendants of common ancestors who controlled, directly or indirectly, such savings association on May 4, 1999, or a subsequent date, pursuant to an application pending before the Office on or before May 4, 1999; and

(ii)

at the time at which such trust becomes a savings and loan holding company, such ancestors or lineal descendants, or spouses of such descendants, have directly or indirectly controlled the savings association continuously since May 4, 1999, or a subsequent date, pursuant to an application pending before the Office on or before May 4, 1999.

(d)

Transactions with affiliates

(e)

Acquisitions

(1)

In general

It shall be unlawful for—

(A)

any savings and loan holding company directly or indirectly, or through one or more subsidiaries or through one or more transactions—

(i)

to acquire, except with the prior written approval of the Board, the control of a savings association or a savings and loan holding company, or to retain the control of such an association or holding company acquired or retained in violation of this section as heretofore or hereafter in effect;

(ii)

to acquire, except with the prior written approval of the Board, by the process of merger, consolidation, or purchase of assets, another savings association or a savings and loan holding company, or all or substantially all of the assets of any such association or holding company;

(iii)

to acquire, by purchase or otherwise, or to retain, except with the prior written approval of the Board, more than 5 percent of the voting shares of a savings association not a subsidiary, or of a savings and loan holding company not a subsidiary, or in the case of a multiple savings and loan holding company (other than a company described in subsection (c)(8)), to acquire or retain, and the Board may not authorize acquisition or retention of, more than 5 percent of the voting shares of any company not a subsidiary which is engaged in any business activity other than the activities specified in subsection (c)(2). This clause shall not apply to shares of a savings association or of a savings and loan holding company—

(I)

held as a bona fide fiduciary (whether with or without the sole discretion to vote such shares);

(II)

held temporarily pursuant to an underwriting commitment in the normal course of an underwriting business;

(III)

held in an account solely for trading purposes;

(IV)

over which no control is held other than control of voting rights acquired in the normal course of a proxy solicitation;

(V)

acquired in securing or collecting a debt previously contracted in good faith, during the 2-year period beginning on the date of such acquisition or for such additional time (not exceeding 3 years) as the Board may permit if the Board determines that such an extension will not be detrimental to the public interest;

(VI)

acquired under section 408(m) ³ of the National Housing Act [12 U.S.C. 1730a(m)] or section 1823(k) of this title;

(VII)

held by any insurance company, as defined in section 2(a)(17) of the Investment Company Act of 1940 [15 U.S.C. 80a–2(a)(17)], except as provided in paragraph (6); or

(VIII)

acquired pursuant to a qualified stock issuance if such purchase is approved by the Board under subsection (q)(1)(D);

except that the aggregate amount of shares held under this clause (other than under subclauses (I), (II), (III), (IV), and (VI)) may not exceed 15 percent of all outstanding shares or of the voting power of a savings association or savings and loan holding company; or

(iv)

to acquire the control of an uninsured institution, or to retain for more than one year after February 14, 1968, or from the date on which such control was acquired, whichever is later, except that the Board may upon application by such company extend such one-year period from year to year, for an additional period not exceeding 3 years, if the Board finds such extension is warranted and is not detrimental to the public interest; and

(B)

any other company, without the prior written approval of the Board, directly or indirectly, or through one or more subsidiaries or through one or more transactions, to acquire the control of one or more savings associations, except that such approval shall not be required in connection with the control of a savings association, (i) acquired by devise under the terms of a will creating a trust which is excluded from the definition of “savings and loan holding company” under subsection (a) of this section, (ii) acquired in connection with a reorganization in which a person or group of persons, having had control of a savings association for more than 3 years, vests control of that association in a newly formed holding company subject to the control of the same person or group of persons, or (iii) acquired by a bank holding company that is registered under, and subject to, the Bank Holding Company Act of 1956 [12 U.S.C. 1841

et seq.], or any company controlled by such bank holding company. The Board shall approve an acquisition of a savings association under this subparagraph unless the Board finds the financial and managerial resources and future prospects of the company and association involved to be such that the acquisition would be detrimental to the association or the insurance risk of the Deposit Insurance Fund, and shall render a decision within 90 days after submission to the Board of the complete record on the application.

Consideration of the managerial resources of a company or savings association under subparagraph (B) shall include consideration of the competence, experience, and integrity of the officers, directors, and principal shareholders of the company or association.

(2)

Factors to be considered

The Board shall not approve any acquisition under subparagraph (A)(i) or (A)(ii), or of more than one savings association under subparagraph (B) of paragraph (1) of this subsection, any acquisition of stock in connection with a qualified stock issuance, any acquisition under paragraph (4)(A), or any transaction under section 1823(k) of this title, except in accordance with this paragraph. In every case, the Board shall take into consideration the financial and managerial resources and future prospects of the company and association involved, the effect of the acquisition on the association, the insurance risk to the Deposit Insurance Fund, and the convenience and needs of the community to be served, and shall render a decision within 90 days after submission to the Board of the complete record on the application. Consideration of the managerial resources of a company or savings association shall include consideration of the competence, experience, and integrity of the officers, directors, and principal shareholders of the company or association. Before approving any such acquisition, except a transaction under section 1823(k) of this title, the Board shall request from the Attorney General and consider any report rendered within 30 days on the competitive factors involved. The Board shall not approve any proposed acquisition—

(A)

which would result in a monopoly, or which would be in furtherance of any combination or conspiracy to monopolize or to attempt to monopolize the savings and loan business in any part of the United States,

(B)

the effect of which in any section of the country may be substantially to lessen competition, or tend to create a monopoly, or which in any other manner would be in restraint of trade, unless it finds that the anticompetitive effects of the proposed acquisition are clearly outweighed in the public interest by the probable effect of the acquisition in meeting the convenience and needs of the community to be served,

(C)

if the company fails to provide adequate assurances to the Board that the company will make available to the Board such information on the operations or activities of the company, and any affiliate of the company, as the Board determines to be appropriate to determine and enforce compliance with this chapter,

(D)

in the case of an application involving a foreign bank, if the foreign bank is not subject to comprehensive supervision or regulation on a consolidated basis by the appropriate authorities in the bank’s home country, or

(E)

in the case of an application by a savings and loan holding company to acquire an insured depository institution, if—

(i)

the home State of the insured depository institution is a State other than the home State of the savings and loan holding company;

(ii)

the applicant (including all insured depository institutions which are affiliates of the applicant) controls, or upon consummation of the transaction would control, more than 10 percent of the total amount of deposits of insured depository institutions in the United States; and

(iii)

the acquisition does not involve an insured depository institution in default or in danger of default, or with respect to which the Federal Deposit Insurance Corporation provides assistance under section 1823 of this title.

(3)

Interstate acquisitions

No acquisition shall be approved by the Board under this subsection which will result in the formation by any company, through one or more subsidiaries or through one or more transactions, of a multiple savings and loan holding company controlling savings associations in more than one State, unless—

(A)

such company, or a savings association subsidiary of such company, is authorized to acquire control of a savings association subsidiary, or to operate a home or branch office, in the additional State or States pursuant to section 1823(k) of this title;

(B)

such company controls a savings association subsidiary which operated a home or branch office in the additional State or States as of March 5, 1987; or

(C)

the statutes of the State in which the savings association to be acquired is located permit a savings association chartered by such State to be acquired by a savings association chartered by the State where the acquiring savings association or savings and loan holding company is located or by a holding company that controls such a State chartered savings association, and such statutes specifically authorize such an acquisition by language to that effect and not merely by implication.

(4)

Acquisitions by certain individuals

(A)

In general

(B)

Treatment of certain holding companies

(5)

Acquisitions pursuant to certain security interests

(6)

Shares held by insurance affiliates

Shares described in clause (iii)(VII) of paragraph (1)(A) shall not be excluded for purposes of clause (iii) of such paragraph if—

(A)

all shares held under such clause (iii)(VII) by all insurance company affiliates of such savings association or savings and loan holding company in the aggregate exceed 5 percent of all outstanding shares or of the voting power of the savings association or savings and loan holding company; or

(B)

such shares are acquired or retained with a view to acquiring, exercising, or transferring control of the savings association or savings and loan holding company.

(7)

Definitions

For purposes of paragraph (2)(E)—

(A)

the terms “default”, “in danger of default”, and “insured depository institution” have the same meanings as in section 1813 of this title; and

(B)

the term “home State” means—

(i)

with respect to a national bank, the State in which the main office of the bank is located;

(ii)

with respect to a State bank or State savings association, the State by which the savings association is chartered;

(iii)

with respect to a Federal savings association, the State in which the home office (as defined by the regulations of the Board 4

 So in original. Probably should be “Director”.

of the Office of Thrift Supervision, or, on and after the transfer date,³ the Comptroller of the Currency) of the Federal savings association is located; and

(iv)

with respect to a savings and loan holding company, the State in which the amount of total deposits of all insured depository institution subsidiaries of such company was the greatest on the date on which the company became a savings and loan holding company.

(f)

Declaration of dividend

(g)

Administration and enforcement

(1)

In general

(2)

Investigations

(3)

Proceedings

(A)

In any proceeding under subsection (a)(2)(D) or under paragraph (5) of this subsection, the Board may administer oaths and affirmations, take or cause to be taken depositions, and issue subpenas. The Board may make regulations with respect to any such proceedings. The attendance of witnesses and the production of documents provided for in this paragraph may be required from any place in any State or in any territory at any designated place where such proceeding is being conducted. Any party to such proceedings may apply to the United States District Court for the District of Columbia, or the United States district court for the judicial district or the United States court in any territory in which such proceeding is being conducted, or where the witness resides or carries on business, for enforcement of any subpena issued pursuant to this paragraph, and such courts shall have jurisdiction and power to order and require compliance therewith. Witnesses subpenaed under this section shall be paid the same fees and mileage that are paid witnesses in the district courts of the United States.

(B)

Any hearing provided for in subsection (a)(2)(D) or under paragraph (5) of this section 5

 So in original. Probably should be “subsection”.

shall be held in the Federal judicial district or in the territory in which the principal office of the association or other company is located unless the party afforded the hearing consents to another place, and shall be conducted in accordance with the provisions of chapter 5 of title 5.

(4)

Injunctions

(5)

Cease and desist orders

(A)

Notwithstanding any other provision of this section, the Board may, whenever the Board has reasonable cause to believe that the continuation by a savings and loan holding company of any activity or of ownership or control of any of its noninsured subsidiaries constitutes a serious risk to the financial safety, soundness, or stability of a savings and loan holding company’s subsidiary savings association and is inconsistent with the sound operation of a savings association or with the purposes of this section or section 1818 of this title, order the savings and loan holding company or any of its subsidiaries, after due notice and opportunity for hearing, to terminate such activities or to terminate (within 120 days or such longer period as the Board directs in unusual circumstances) its ownership or control of any such noninsured subsidiary either by sale or by distribution of the shares of the subsidiary to the shareholders of the savings and loan holding company. Such distribution shall be pro rata with respect to all of the shareholders of the distributing savings and loan holding company, and the holding company shall not make any charge to its shareholders arising out of such a distribution.

(B)

The Board may in the discretion of the Board apply to the United States district court within the jurisdiction of which the principal office of the company is located, for the enforcement of any effective and outstanding order issued under this section, and such court shall have jurisdiction and power to order and require compliance therewith. Except as provided in subsection (j), no court shall have jurisdiction to affect by injunction or otherwise the issuance or enforcement of any notice or order under this section, or to review, modify, suspend, terminate, or set aside any such notice or order.

(h)

Prohibited acts

It shall be unlawful for—

(1)

any savings and loan holding company or subsidiary thereof, or any director, officer, employee, or person owning, controlling, or holding with power to vote, or holding proxies representing, more than 25 percent of the voting shares, of such holding company or subsidiary, to hold, solicit, or exercise any proxies in respect of any voting rights in a savings association which is a mutual association;

(2)

any director or officer of a savings and loan holding company, or any individual who owns, controls, or holds with power to vote (or holds proxies representing) more than 25 percent of the voting shares of such holding company, to acquire control of any savings association not a subsidiary of such savings and loan holding company, unless such acquisition is approved by the Board pursuant to subsection (e)(4); or

(3)

any individual, except with the prior approval of the Board, to serve or act as a director, officer, or trustee of, or become a partner in, any savings and loan holding company after having been convicted of any criminal offense involving dishonesty or breach of trust.

(i)

Penalties

(1)

Criminal penalty

(A)

Whoever knowingly violates any provision of this section or being a company, violates any regulation or order issued by the Board under this section, shall be imprisoned not more than 1 year, fined not more than $100,000 per day for each day during which the violation continues, or both.

(B)

Whoever, with the intent to deceive, defraud, or profit significantly, knowingly violates any provision of this section shall be fined not more than $1,000,000 per day for each day during which the violation continues, imprisoned not more than 5 years, or both.

(2)

 See Codification note below.

Civil money penalty

(A)

Penalty

(B)

Assessment

(C)

Hearing

(D)

Disbursement

(E)

“Violate” defined

(F)

Regulations

(3)

 ⁶ Civil money penalty

(A)

Penalty

(B)

Assessment; etc.

(C)

Hearing

(D)

Disbursement

(E)

“Violate” defined

(F)

Regulations

(4)

Notice under this section after separation from service

(j)

Judicial review

(k)

Savings clause

(l)

Treatment of FDIC insured State savings banks and cooperative banks as savings associations

(1)

In general

(2)

Failure to maintain qualified thrift lender status

(m)

Qualified thrift lender test

(1)

In general

Except as provided in paragraphs (2) and (7), any savings association is a qualified thrift lender if—

(A)

the savings association qualifies as a domestic building and loan association, as such term is defined in section 7701(a)(19) of title 26; or

(B)

(i)

the savings association’s qualified thrift investments equal or exceed 65 percent of the savings association’s portfolio assets; and

(ii)

the savings association’s qualified thrift investments continue to equal or exceed 65 percent of the savings association’s portfolio assets on a monthly average basis in 9 out of every 12 months.

(2)

Exceptions granted by appropriate Federal banking agency

Notwithstanding paragraph (1), the appropriate Federal banking agency may grant such temporary and limited exceptions from the minimum actual thrift investment percentage requirement contained in such paragraph as the appropriate Federal banking agency deems necessary if—

(A)

the appropriate Federal banking agency determines that extraordinary circumstances exist, such as when the effects of high interest rates reduce mortgage demand to such a degree that an insufficient opportunity exists for a savings association to meet such investment requirements; or

(B)

the appropriate Federal banking agency determines that—

(i)

the grant of any such exception will significantly facilitate an acquisition under section 1823(c) or 1823(k) of this title;

(ii)

the acquired association will comply with the transition requirements of paragraph (7)(B), as if the date of the exemption were the starting date for the transition period described in that paragraph; and

(iii)

the appropriate Federal banking agency determines that 7

 So in original. The words “the appropriate Federal banking agency determines that” probably should not appear.

the exemption will not have an undue adverse effect on competing savings associations in the relevant market and will further the purposes of this subsection.

(3)

Failure to become and remain a qualified thrift lender

(A)

In general

(B)

Restrictions applicable to savings associations that are not qualified thrift lenders

(i)

Restrictions effective immediately

The following restrictions shall apply to a savings association beginning on the date on which the savings association should have become or ceases to be a qualified thrift lender:

(I)

Activities

(II)

Branching

(III)

Dividends

The savings association may not pay dividends, except for dividends that—

(aa)

would be permissible for a national bank;

(bb)

are necessary to meet obligations of a company that controls such savings association; and

(cc)

are specifically approved by the Comptroller of the Currency and the Board after a written request submitted to the Comptroller of the Currency and the Board by the savings association not later than 30 days before the date of the proposed payment.

(IV)

Regulatory authority

(ii)

Additional restrictions effective after 3 years

Beginning 3 years after the date on which a savings association should have become a qualified thrift lender, or the date on which the savings association ceases to be a qualified thrift lender, as applicable, the savings association shall not retain any investment (including an investment in any subsidiary) or engage, directly or indirectly, in any activity, unless that investment or activity—

(I)

would be permissible for the savings association if it were a national bank; and

(II)

is permissible for the savings association as a savings association.

(C)

Holding company regulation

(D)

Requalification

(E)

Exemption for specialized savings associations serving certain military personnel

(F)

Exemption for certain Federal savings associations

This paragraph shall not apply to any Federal savings association in existence as a Federal savings association on August 9, 1989—

(i)

that was chartered before October 15, 1982, as a savings bank or a cooperative bank under State law; or

(ii)

that acquired its principal assets from an association that was chartered before October 15, 1982, as a savings bank or a cooperative bank under State law.

(G)

No circumvention of exit moratorium

(4)

Definitions

For purposes of this subsection, the following definitions shall apply:

(A)

Actual thrift investment percentage

The term “actual thrift investment percentage” means the percentage determined by dividing—

(i)

the amount of a savings association’s qualified thrift investments, by

(ii)

the amount of the savings association’s portfolio assets.

(B)

Portfolio assets

The term “portfolio assets” means, with respect to any savings association, the total assets of the savings association, minus the sum of—

(i)

goodwill and other intangible assets;

(ii)

the value of property used by the savings association to conduct its business; and

(iii)

liquid assets of the type required to be maintained under section 1465 of this title, as in effect on the day before December 27, 2000, in an amount not exceeding the amount equal to 20 percent of the savings association’s total assets.

(C)

Qualified thrift investments

(i)

In general

(ii)

Assets includible without limit

The following assets are described in this clause for purposes of clause (i):

(I)

The aggregate amount of loans held by the savings association that were made to purchase, refinance, construct, improve, or repair domestic residential housing or manufactured housing.

(II)

Home-equity loans.

(III)

Securities backed by or representing an interest in mortgages on domestic residential housing or manufactured housing.

(IV)

Existing obligations of deposit insurance agencies.—

Direct or indirect obligations of the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation issued in accordance with the terms of agreements entered into prior to July 1, 1989, for the 10-year period beginning on the date of issuance of such obligations.

(V)

New obligations of deposit insurance agencies.—

Obligations of the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, the FSLIC Resolution Fund, and the Resolution Trust Corporation issued in accordance with the terms of agreements entered into on or after July 1, 1989, for the 5-year period beginning on the date of issuance of such obligations.

(VI)

Shares of stock issued by any Federal home loan bank.

(VII)

Loans for educational purposes, loans to small businesses, and loans made through credit cards or credit card accounts.

(iii)

Assets includible subject to percentage restriction

The following assets are described in this clause for purposes of clause (i):

(I)

50 percent of the dollar amount of the residential mortgage loans originated by such savings association and sold within 90 days of origination.

(II)

Investments in the capital stock or obligations of, and any other security issued by, any service corporation if such service corporation derives at least 80 percent of its annual gross revenues from activities directly related to purchasing, refinancing, constructing, improving, or repairing domestic residential real estate or manufactured housing.

(III)

200 percent of the dollar amount of loans and investments made to acquire, develop, and construct 1- to 4-family residences the purchase price of which is or is guaranteed to be not greater than 60 percent of the median value of comparable newly constructed 1- to 4-family residences within the local community in which such real estate is located, except that not more than 25 percent of the amount included under this subclause may consist of commercial properties related to the development if those properties are directly related to providing services to residents of the development.

(IV)

200 percent of the dollar amount of loans for the acquisition or improvement of residential real property, churches, schools, and nursing homes located within, and loans for any other purpose to any small businesses located within any area which has been identified by the appropriate Federal banking agency, in connection with any review or examination of community reinvestment practices, as a geographic area or neighborhood in which the credit needs of the low- and moderate-income residents of such area or neighborhood are not being adequately met.

(V)

Loans for the purchase or construction of churches, schools, nursing homes, and hospitals, other than those qualifying under clause (IV), and loans for the improvement and upkeep of such properties.

(VI)

Loans for personal, family, or household purposes (other than loans for personal, family, or household purposes described in clause (ii)(VII)).

(VII)

Shares of stock issued by the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association.

(iv)

Percentage restriction applicable to certain assets

(v)

Qualified thrift investments

The term “qualified thrift investments” excludes—

(I)

except for home equity loans, that portion of any loan or investment that is used for any purpose other than those expressly qualifying under any subparagraph of clause (ii) or (iii); or

(II)

goodwill or any other intangible asset.

(D)

Credit card

(E)

Small business

(5)

Consistent accounting required

(A)

In determining the amount of a savings association’s portfolio assets, the assets of any subsidiary of the savings association shall be consolidated with the assets of the savings association if—

(i)

Assets of the subsidiary are consolidated with the assets of the savings association in determining the savings association’s qualified thrift investments; or

(ii)

Residential mortgage loans originated by the subsidiary are included pursuant to paragraph (4)(C)(iii)(I) in determining the savings association’s qualified thrift investments.

(B)

In determining the amount of a savings association’s portfolio assets and qualified thrift investments, consistent accounting principles shall be applied.

(6)

Special rules for Puerto Rico and Virgin Islands savings associations

(A)

Puerto Rico savings associations

With respect to any savings association headquartered and operating primarily in Puerto Rico—

(i)

the term “qualified thrift investments” includes, in addition to the items specified in paragraph (4)—

(I)

the aggregate amount of loans for personal, family, educational, or household purposes made to persons residing or domiciled in the Commonwealth of Puerto Rico; and

(II)

the aggregate amount of loans for the acquisition or improvement of churches, schools, or nursing homes, and of loans to small businesses, located within the Commonwealth of Puerto Rico; and

(ii)

the aggregate amount of loans related to the purchase, acquisition, development and construction of 1- to 4-family residential real estate—

(I)

which is located within the Commonwealth of Puerto Rico; and

(II)

the value of which (at the time of acquisition or upon completion of the development and construction) is below the median value of newly constructed 1- to 4-family residences in the Commonwealth of Puerto Rico, which may be taken into account in determining the amount of the qualified thrift investments and of such savings association shall be doubled.

(B)

Virgin Islands savings associations

With respect to any savings association headquartered and operating primarily in the Virgin Islands—

(i)

the term “qualified thrift investments” includes, in addition to the items specified in paragraph (4)—

(I)

the aggregate amount of loans for personal, family, educational, or household purposes made to persons residing or domiciled in the Virgin Islands; and

(II)

the aggregate amount of loans for the acquisition or improvement of churches, schools, or nursing homes, and of loans to small businesses, located within the Virgin Islands; and

(ii)

the aggregate amount of loans related to the purchase, acquisition, development and construction of 1- to 4-family residential real estate—

(I)

which is located within the Virgin Islands; and

(II)

the value of which (at the time of acquisition or upon completion of the development and construction) is below the median value of newly constructed 1- to 4-family residences in the Virgin Islands, which may be taken into account in determining the amount of the qualified thrift investments and of such savings association shall be doubled.

(7)

Transitional rule for certain savings associations

(A)

In general

If any Federal savings association in existence as a Federal savings association on August 9, 1989—

(i)

that was chartered as a savings bank or a cooperative bank under State law before October 15, 1982; or

(ii)

that acquired its principal assets from an association that was chartered before October 15, 1982, as a savings bank or a cooperative bank under State law,

meets the requirements of subparagraph (B), such savings association shall be treated as a qualified thrift lender during the period ending on September 30, 1995.

(B)

Subparagraph (B) requirements

A savings association meets the requirements of this subparagraph if, in the determination of the appropriate Federal banking agency—

(i)

the actual thrift investment percentage of such association does not, after August 9, 1989, decrease below the actual thrift investment percentage of such association on July 15, 1989; and

(ii)

the amount by which—

(I)

the actual thrift investment percentage of such association at the end of each period described in the following table, exceeds

(II)

the actual thrift investment percentage of such association on July 15, 1989,

is equal to or greater than the applicable percentage (as determined under the following table) of the amount by which 70 percent exceeds the actual thrift investment percentage of such association on August 9, 1989:

For the following period:	The applicable percentage is:
July 1, 1991–September 30, 1992	25 percent
October 1, 1992–March 31, 1994	50 percent
April 1, 1994–September 30, 1995	75 percent
Thereafter	100 percent

(C)

Actual thrift investment percentage

(n)

Tying restrictions

(o)

Mutual holding companies

(1)

In general

A savings association operating in mutual form may reorganize so as to become a holding company by—

(A)

chartering an interim savings association, the stock of which is to be wholly owned, except as otherwise provided in this section, by the mutual association; and

(B)

transferring the substantial part of its assets and liabilities, including all of its insured liabilities, to the interim savings association.

(2)

Directors and certain account holders’ approval of plan required

A reorganization is not authorized under this subsection unless—

(A)

a plan providing for such reorganization has been approved by a majority of the board of directors of the mutual savings association; and

(B)

in the case of an association in which holders of accounts and obligors exercise voting rights, such plan has been submitted to and approved by a majority of such individuals at a meeting held at the call of the directors in accordance with the procedures prescribed by the association’s charter and bylaws.

(3)

Notice to the Board; disapproval period

(A)

Notice required

(B)

Transaction allowed if not disapproved

(C)

Grounds for disapproval

The Board may disapprove any proposed holding company formation only if—

(i)

such disapproval is necessary to prevent unsafe or unsound practices;

(ii)

the financial or management resources of the savings association involved warrant disapproval;

(iii)

the savings association fails to furnish the information required under subparagraph (A); or

(iv)

the savings association fails to comply with the requirement of paragraph (2).

(D)

Retention of capital assets

(4)

Ownership

(A)

In general

(B)

Holders of certain accounts

Holders of savings, demand or other accounts of—

(i)

a savings association chartered as part of a transaction described in paragraph (1); or

(ii)

a mutual savings association acquired pursuant to paragraph (5)(B),

shall have the same ownership rights with respect to the mutual holding company as persons described in subparagraph (A) of this paragraph.

(5)

Permitted activities

A mutual holding company may engage only in the following activities:

(A)

Investing in the stock of a savings association.

(B)

Acquiring a mutual association through the merger of such association into a savings association subsidiary of such holding company or an interim savings association subsidiary of such holding company.

(C)

Subject to paragraph (6), merging with or acquiring another holding company, one of whose subsidiaries is a savings association.

(D)

Investing in a corporation the capital stock of which is available for purchase by a savings association under Federal law or under the law of any State where the subsidiary savings association or associations have their home offices.

(E)

Engaging in the activities described in subsection (c)(2) or (c)(9)(A)(ii).

(6)

Limitations on certain activities of acquired holding companies

(A)

New activities

(B)

Grace period for divesting prohibited assets or discontinuing prohibited activities

Not later than 2 years following a merger or acquisition described in paragraph (5)(C), the acquired holding company or the holding company resulting from such merger or acquisition shall—

(i)

dispose of any asset which is an asset in which a mutual holding company may not invest under paragraph (5); and

(ii)

cease any activity which is an activity in which a mutual holding company may not engage under paragraph (5).

(7)

Regulation

(8)

Capital improvement

(A)

Pledge of stock of savings association subsidiary

(B)

Issuance of nonvoting shares

(9)

Insolvency and liquidation

(A)

In general

Notwithstanding any provision of law, upon—

(i)

the default of any savings association—

(I)

the stock of which is owned by any mutual holding company; and

(II)

which was chartered in a transaction described in paragraph (1);

(ii)

the default of a mutual holding company; or

(iii)

a foreclosure on a pledge by a mutual holding company described in paragraph (8)(A),

a trustee shall be appointed receiver of such mutual holding company and such trustee shall have the authority to liquidate the assets of, and satisfy the liabilities of, such mutual holding company pursuant to title 11.

(B)

Distribution of net proceeds

(C)

Recovery by Corporation

(10)

Definitions

For purposes of this subsection—

(A)

Mutual holding company

(B)

Mutual association

(C)

Default

(11)

Dividends

(A)

Declaration of dividends

(i)

Advance notice required

(ii)

Invalid dividends

(B)

Waiver of dividends

A mutual holding company may waive the right to receive any dividend declared by a subsidiary of the mutual holding company, if—

(i)

no insider of the mutual holding company, associate of an insider, or tax-qualified or non-tax-qualified employee stock benefit plan of the mutual holding company holds any share of the stock in the class of stock to which the waiver would apply; or

(ii)

the mutual holding company gives written notice to the Board of the intent of the mutual holding company to waive the right to receive dividends, not later than 30 days before the date of the proposed date of payment of the dividend, and the Board does not object to the waiver.

(C)

Resolution included in waiver notice

(D)

Standards for waiver of dividend

The Board may not object to a waiver of dividends under subparagraph (B) if—

(i)

the waiver would not be detrimental to the safe and sound operation of the savings association;

(ii)

the board of directors of the mutual holding company expressly determines that a waiver of the dividend by the mutual holding company is consistent with the fiduciary duties of the board of directors to the mutual members of the mutual holding company; and

(iii)

the mutual holding company has, prior to December 1, 2009—

(I)

reorganized into a mutual holding company under this subsection;

(II)

issued minority stock either from its mid-tier stock holding company or its subsidiary stock savings association; and

(III)

waived dividends it had a right to receive from the subsidiary stock savings association.

(E)

Valuation

(i)

In general

(ii)

Exception

(p)

Holding company activities constituting serious risk to subsidiary savings association

(1)

Determination and imposition of restrictions

If the Board or the appropriate Federal banking agency for the savings association determines that there is reasonable cause to believe that the continuation by a savings and loan holding company of any activity constitutes a serious risk to the financial safety, soundness, or stability of a savings and loan holding company’s subsidiary savings association, the Board may impose such restrictions as the Board, in consultation with the appropriate Federal banking agency for the savings association determines to be necessary to address such risk. Such restrictions shall be issued in the form of a directive to the holding company and any of its subsidiaries, limiting—

(A)

the payment of dividends by the savings association;

(B)

transactions between the savings association, the holding company, and the subsidiaries or affiliates of either; and

(C)

any activities of the savings association that might create a serious risk that the liabilities of the holding company and its other affiliates may be imposed on the savings association.

Such directive shall be effective as a cease and desist order that has become final.

(2)

Review of directive

(A)

Administrative review

(B)

Judicial review

(q)

Qualified stock issuance by undercapitalized savings associations or holding companies

(1)

In general

For purposes of this section, any issue of shares of stock shall be treated as a qualified stock issuance if the following conditions are met:

(A)

The shares of stock are issued by—

(i)

an undercapitalized savings association; or

(ii)

a savings and loan holding company which is not a bank holding company but which controls an undercapitalized savings association if, at the time of issuance, the savings and loan holding company is legally obligated to contribute the net proceeds from the issuance of such stock to the capital of an undercapitalized savings association subsidiary of such holding company.

(B)

All shares of stock issued consist of previously unissued stock or treasury shares.

(C)

All shares of stock issued are purchased by a savings and loan holding company that is registered, as of the date of purchase, with the Board in accordance with the provisions of subsection (b)(1) of this section.

(D)

Subject to paragraph (2), the Board approved the purchase of the shares of stock by the acquiring savings and loan holding company.

(E)

The entire consideration for the stock issued is paid in cash by the acquiring savings and loan holding company.

(F)

At the time of the stock issuance, each savings association subsidiary of the acquiring savings and loan holding company (other than an association acquired in a transaction pursuant to subsection (c) or (k) of section 1823 of this title or section 408(m) ³ of the National Housing Act [12 U.S.C. 1730a(m)]) has capital (after deducting any subordinated debt, intangible assets, and deferred, unamortized gains or losses) of not less than 6½ percent of the total assets of such savings association.

(G)

Immediately after the stock issuance, the acquiring savings and loan holding company holds not more than 15 percent of the outstanding voting stock of the issuing undercapitalized savings association or savings and loan holding company.

(H)

Not more than one of the directors of the issuing association or company is an officer, director, employee, or other representative of the acquiring company or any of its affiliates.

(I)

Transactions between the savings association or savings and loan holding company that issues the shares pursuant to this section and the acquiring company and any of its affiliates shall be subject to the provisions of section 1468 of this title.

(2)

Approval of acquisitions

(A)

Additional capital commitments not required

(B)

Other conditions

Notwithstanding subsection (a)(4), the Board may impose such conditions on any approval of an application for the purchase of stock in connection with a qualified stock issuance as the Board determines to be appropriate, including—

(i)

a requirement that any savings association subsidiary of the acquiring savings and loan holding company limit dividends paid to such holding company for such period of time as the Board may require; and

(ii)

such other conditions as the Board deems necessary or appropriate to prevent evasions of this section.

(C)

Application deemed approved if not disapproved within 90 days

(3)

No limitation on class of stock issued

(4)

“Undercapitalized savings association” defined

For purposes of this subsection, the term “undercapitalized savings association” means any savings association—

(A)

the assets of which exceed the liabilities of such association; and

(B)

which does not comply with one or more of the capital standards in effect under section 1464(t) of this title.

(r)

Penalty for failure to provide timely and accurate reports

(1)

First tier

Any savings and loan holding company, and any subsidiary of such holding company, which—

(A)

maintains procedures reasonably adapted to avoid any inadvertent and unintentional error and, as a result of such an error—

(i)

fails to submit or publish any report or information required under this section or regulations prescribed by the Board or appropriate Federal banking agency, within the period of time specified by the Board or appropriate Federal banking agency; or

(ii)

submits or publishes any false or misleading report or information; or

(B)

inadvertently transmits or publishes any report which is minimally late,

shall be subject to a penalty of not more than $2,000 for each day during which such failure continues or such false or misleading information is not corrected. Such holding company or subsidiary shall have the burden of proving by a preponderence 8

 So in original. Probably should be “preponderance”.

of the evidence that an error was inadvertent and unintentional and that a report was inadvertently transmitted or published late.

(2)

Second tier

Any savings and loan holding company, and any subsidiary of such holding company, which—

(A)

fails to submit or publish any report or information required under this section or under regulations prescribed by the Board or appropriate Federal banking agency, within the period of time specified by the Board or appropriate Federal banking agency; or

(B)

submits or publishes any false or misleading report or information,

in a manner not described in paragraph (1) shall be subject to a penalty of not more than $20,000 for each day during which such failure continues or such false or misleading information is not corrected.

(3)

Third tier

(4)

Assessment

(5)

Hearing

(s)

Mergers, consolidations, and other acquisitions authorized

(1)

In general

(2)

Expedited approval of acquisitions

(A)

In general

(B)

Extension of period

The period for approval or disapproval referred to in subparagraph (A) may be extended for an additional 30-day period if the appropriate Federal banking agency for the savings association determines that—

(i)

an applicant has not furnished all of the information required to be submitted; or

(ii)

in the judgment of the appropriate Federal banking agency for the savings association, any material information submitted is substantially inaccurate or incomplete.

(3)

“Acquire” defined

(4)

Regulations

(A)

Required

(B)

Effective date

The regulations required under subparagraph (A) shall—

(i)

be prescribed in final form before the end of the 90-day period beginning on December 19, 1991; and

(ii)

take effect before the end of the 120-day period beginning on December 19, 1991.

(5)

Limitation

(t)

Exemption for bank holding companies

(u)

Data standards

(1)

Requirement

(2)

Consistency

(June 13, 1933, ch. 64, § 10, as added Pub. L. 100–86, title IV, § 404(a), Aug. 10, 1987, 101 Stat. 609; amended Pub. L. 101–73, title III, §§ 301, 303(a), title IX, §§ 905(j), 907(k), Aug. 9, 1989, 103 Stat. 318, 343, 462, 475; Pub. L. 102–242, title II, § 211, title IV, §§ 437–440, title V, § 502(a), Dec. 19, 1991, 105 Stat. 2298, 2381, 2392; Pub. L. 102–550, title XVI, §§ 1606(f)(4), 1607(b), Oct. 28, 1992, 106 Stat. 4088, 4089; Pub. L. 104–201, div. A, title X, § 1077, Sept. 23, 1996, 110 Stat. 2664; Pub. L. 104–208, div. A, title II, §§ 2201(b)(2), 2203(a)–(c), 2303(e), (g), 2704(d)(12)(B), Sept. 30, 1996, 110 Stat. 3009–403, 3009–404, 3009–424, 3009–425, 3009–490; Pub. L. 106–102, title IV, § 401(a), (b), title VI, § 604(d), Nov. 12, 1999, 113 Stat. 1434, 1436, 1452; Pub. L. 106–569, title XII, §§ 1201(b)(2), 1202, Dec. 27, 2000, 114 Stat. 3032; Pub. L. 109–171, title II, § 2102(b), Feb. 8, 2006, 120 Stat. 9; Pub. L. 109–173, § 9(e)(2), Feb. 15, 2006, 119 Stat. 3617; Pub. L. 111–203, title III, § 369(8), title VI, §§ 604(g), (h)(2), (i), 606(b), 616(b), 623(c)–625(a), July 21, 2010, 124 Stat. 1564, 1602–1604, 1607, 1615, 1635, 1636; Pub. L. 117–263, div. E, title LVIII, § 5861(b), Dec. 23, 2022, 136 Stat. 3434.)

cite as: 12 USC 1467a

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