|
[Main Tabs]
[Table of Contents - 8000]
[Index]
[Previous Page]
[Next Page]
[Search]
8000 - Miscellaneous Statutes and Regulations
{{10-31-07 p.8591}}
FINANCIAL INSTITUTIONS REGULATORY AND
INTEREST RATE CONTROL ACT OF
1978
AN ACT
To extend the authority for the flexible regulation of
interest rates on deposits and accounts in depository institutions.
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled, That this Act
may be cited as the "Financial Institutions Regulatory and Interest
Rate Control Act of 1978".
* * * * *
TITLE I—SUPERVISORY AUTHORITY OVER DEPOSITORY INSTITUTIONS
* * * * *
SEC. 109. Any amendments made by this title which provides for the
imposition of civil penalties shall apply only to violations occurring
or continuing after the date of its enactment.
[Codified to 12 U.S.C. 93 note]
[Source: Section 109 of title I of the Act of November 10, 1978
(Pub. L. No. 95--630; 92 Stat. 3665), effective March 10, 1979]
* * * * *
TITLE II—INTERLOCKING DIRECTORS
SEC. 201. This title may be cited as the "Depository Institution
Management Interlocks Act".
[Codified to 12 U.S.C. 3201 note]
[Source: Section 201 of title II of the Act of November 10, 1978
(Pub. L. No. 95--630; 92 Stat. 3672), effective March 10,
1979]
SEC. 202. As used in this title--
(1) the term "depository institution" means a commercial
bank, a savings bank, a trust company, a savings and loan association,
a building and loan association, a homestead association, a cooperative
bank, an industrial bank, or a credit union;
(2) the term "depository holding company" means a bank
holding company as defined in section
2(a) of the Bank Holding Company Act of 1956, a company which
would be a bank holding company as defined in section 2(a) of the Bank
Holding Company Act of 1956 but for the exemption contained in section
2(a)(5)(F) thereof, or a savings and loan holding company as defined in
section 408(a)(1)(D) of the National Housing Act;
(3) the characterization of any corporation (including depository
institutions and depository holding companies), as an "affiliate
of," or as "affiliated" with any other corporation means
that--
(A) one of the corporations is a depository holding company and
the other is a subsidiary thereof, or both corporations are
subsidiaries of the same depository holding company, as the term
"subsidiary" is defined in either
section 2(d) of the Bank
Holding Company Act of 1956 in the case of a bank holding company or
section 408(a)(1)(H) of the National Housing Act in the case of a
savings and loan holding company; or
(B) more than 50 percentum of the voting stock of one corporation
is beneficially owned in the aggregate by one or more persons who also
beneficially own in the aggregate more than 50 percentum of the voting
stock of the other corporation; or
(C) one of the corporations is a trust company all of the stock
of which, except for directors qualifying shares, was owned by one or
more mutual savings banks on the date of enactment of this Act, and the
other corporation is a mutual savings bank; or
{{10-31-07 p.8592}}
(D) one of the corporations is a bank, insured by the Federal
Deposit Insurance Corporation and chartered under State law, and is a
bankers' bank, described in Paragraph Seventh of section 5136 of the
Revised Statutes; or
(E) one of the corporations is a bank, chartered under State law
and insured by the Federal Deposit Insurance Corporation, the voting
securities of which are held only by persons who are officers of other
banks, as permitted by State law, and which bank is primarily engaged
in providing banking services for other banks and not for the public:
Provided, however, That in no case shall the voting
securities of such corporation be held by such officers of other banks
in excess of 6 per centum of the paid-in capital and 6 per centum of
the surplus of such a bank.
(4) the term "management official" means an employee or
officer with management functions, a director (including an advisory or
honorary director, except in the case of a depository institution with
total assets of less than $100,000,000), a trustee of a business
organization under the control of trustees, or any person who has a
representative or nominee serving in any such capacity: Provided,
That if a corporator, trustee, director, or other officer of a
State-chartered savings bank or cooperative bank is specifically
authorized under the laws of the State in which said institution is
located to serve as a trustee, director, or other officer of a
State-chartered trust company which does not make real estate mortgage
loans and does not accept savings deposits from natural persons, then,
for the purposes of this title, such corporator, trustee, director, or
other officer shall not be deemed to be a management official of such
trust company: And provided further, That if a management
official of a State-chartered trust company which does not make real
estate mortgages loans and does not accept savings deposits from
natural persons is specifically authorized under the laws of the State
in which said institution is located to serve as a corporator, trustee,
director, or other officer of a State-chartered savings bank or
cooperative bank, then, for the purposes of this title, such management
official shall not be deemed to be a management official of any such
savings bank or cooperative bank; and
(5) the term "office" used with reference to a depository
institution means either a principal office or a branch.
(6) the term "appropriate Federal depository institutions
regulatory agency" means, with respect to any depository institution
or depository holding company, the agency referred to in section 3207
of this title in connection with such institution or company.
[Codified to 12 U.S.C. 3201]
[Source: Section 202 of title II of the Act of November 10, 1978
(Pub. L. No. 95--630; 92 Stat. 3672), effective March 10, 1979, as
amended by sections 2, 3, and 5(b)(1) of the Act of November 10, 1988,
(Pub. L. No. 100--650; 102 Stat. 3819 and 3820), effective November 10,
1988; section 322(c)(2) of title III of the Act of September 23, 1994
(Pub. L. No. 103--325; 108 Stat. 2227), effective September 23,
1994]
SEC. 203. A management official of a depository institution or a
depository holding company may not serve as a management official of
any other depository institution or depository holding company not
affiliated therewith if an office of one of the institutions or any
depository institution that is an affiliate of such institutions is
located within either--
(1) the same primary metropolitan statistical area, the same
metropolitan statistical area, or the same consolidated metropolitan
statistical area that is not comprised of designated primary
metropolitan statistical areas as defined by the Office of Management
and Budget, except in the case of depository institutions with less
than $50,000,000 in assets in which case the provision of paragraph (2)
shall apply, as that in which an office of the other institution or any
depository institution that is an affiliate of such other institution
is located, or
(2) the same city, town, or village as that in which an office of
the other institution or any depository institution that is an
affiliate of such other institution is located, or in any city, town,
or village contiguous or adjacent thereto.
[Codified to 12 U.S.C. 3202]
[Source: Section 203 of title II of the Act of November
10, 1978 (Pub. L. No. 95--630; 92 Stat. 3673), effective March 10,
1979, as amended by section 701(c) of title VII of the Act of November
30, 1983 (Pub. L. No. 98--181; 97 Stat. 1267), effective November 30,
1983; section 610 of title VI of the Act of October 13, 2006 (Pub. L.
No. 109--351; 120 Stat. 1984), effective October 13, 2006]
{{4-30-97 p.8593}}
SEC. 204. If a depository institution or a depository holding
company has total assets exceeding $2,500,000,000, a management
official of such institution or any affiliate thereof may not serve as
a management official of any other nonaffiliated depository institution
or depository holding company having total assets exceeding
$1,500,000,000 or as a management official of any affiliate of such
other institution. In order to allow for inflation or market changes,
the appropriate Federal depository institutions regulatory agencies
may, by regulation, adjust, as necessary, the amount of total assets
required for depository institutions or depository holding companies
under this section.
[Codified to 12 U.S.C. 3203]
[Source: Section 204 of title II of the Act of November 10, 1978
(Pub. L. No. 95--630; 92 Stat. 3673), effective March 10, 1979; as
amended by section 2210(a) of title II of the Act of September 30, 1996
(Pub. L. No. 104--208; 110 Stat. 3009--409), effective September 30,
1996]
SEC. 205. The prohibitions contained in sections 203 and 204 shall
not apply in the case of any one or more of the following or subsidiary
thereof:
(1) A depository institution or depository holding company which
has been placed formally in liquidation, or which is in the hands of a
receiver, conservator, or other official exercising a similar function.
(2) A corporation operating under section 25 or 25(a) of the
Federal Reserve Act.
(3) A credit union being served by a management official of
another credit union.
(4) A depository institution or depository holding company which
does not do business within any State of the United States, the
District of Columbia, any territory of the United States, Puerto Rico,
Guam, American Samoa, or the Virgin Islands except as an incident to
its activities outside the United States.
(5) A State-chartered savings and loan guaranty corporation.
(6) A Federal Home Loan Bank or any other bank organized
specifically to serve depository institutions.
(7) A depository institution or a depository holding company
which--
(A) is closed or is in danger of closing, as determined by the
appropriate Federal depository institutions regulatory agency in
accordance with regulations prescribed by such agency; and
(B) is acquired by another depository institution or depository
holding company,
during the 5-year period beginning on the date of the acquisition of
the depository institution or depository holding company described in
subparagraph (A).
(8)(A) A diversified savings and loan holding company (as defined
in section 408(a)(1)(F) of the National Housing Act) with respect to
the service of a director of such company who is also a director of any
nonaffiliated depository institution or depository holding company
(including a savings and loan holding company) if--
(i) notice of the proposed dual service is given by such
diversified savings and loan holding company to--
(I) the appropriate Federal depository institutions regulatory
agency for such company; and
(II) the appropriate Federal depository institutions regulatory
agency for the nonaffiliated depository institution or depository
holding company of which such person is also a director,
not less than 60 days before such dual service is proposed to begin;
and
(ii) the proposed dual service is not disapproved by any such
appropriate Federal depository institutions regulatory agency before
the end of such 60-day period.
(B) Any appropriate Federal depository institutions regulatory
agency may disapprove, under subparagraph (A)(ii), a notice of proposed
dual service by any individual if such agency finds that--
{{4-30-97 p.8594}}
(i) the dual service cannot be structured or limited so as to
preclude the dual service's resulting in a monopoly or substantial
lessening of competition in financial services in any part of the
United States;
(ii) the dual service would lead to substantial conflicts of
interest or unsafe or unsound practices; or
(iii) the diversified savings and loan holding company has
neglected, failed, or refused to furnish all the information required
by such agency.
(C) Any appropriate Federal depository institutions regulatory
agency may, at any time after the end of the 60-day period referred to
in subparagraph (A), require that any dual service by any individual
which was not disapproved by such agency during such period be
terminated if a change in circumstances occurs with respect to any
depository institution or depository holding company of which such
individual is a director that would have provided a basis for
disapproval of the dual service during such period.
(9) Any savings association (as defined in
section 10(a)(1)(A) of the Home
Owners' Loan Act or any savings and loan holding company (as defined in
section 10(a)(1)(D) of such Act) which has issued stock in connection
with a qualified stock issuance pursuant to section 10(q) of such Act,
except that this paragraph shall apply only with respect to service as
a single management official of such savings association or holding
company, or any subsidiary of such savings association or holding
company, by a single management official of the savings and loan
holding company which purchased the stock issued in connection with
such qualified stock issuance, and shall apply only when the Director
of the Office of Thrift Supervision has determined that such service is
consistent with the purposes of this Act and the Home Owners' Loan Act.
[Codified to 12 U.S.C. 3204]
[Source: Section 205 of title II of the Act of November 10, 1978
(Pub. L. No. 95--630; 92 Stat. 3673), effective March 10, 1979, as
amended by section 425(d) of title IV of the Act of October 15, 1982
(Pub. L. No. 97--320; 96 Stat. 1524), effective October 15, 1982;
sections 4 and 5(a) of the Act of November 10, 1988 (Pub. L. No.
100--650; 102 Stat. 3819), effective November 10, 1988; section 604(a)
of title VI of the Act of August 9, 1989 (Pub. L. No. 101--73; 103
Stat. 410), effective August 9,
1989]
SEC. 206. (a) A person whose service in a position as a management
official began prior to the date of enactment of this title and who was
not immediately prior to the date of enactment of this title in
violation of section 8 of the Clayton Act is not prohibited by section
203 or section 204 of this title from continuing to serve in that
position. The appropriate Federal depository institutions regulatory
agency may provide a reasonable period of time for compliance with this
title, not exceeding fifteen months, after any change in circumstances
which makes service described in the preceding sentence prohibited by
this title, except that a merger, acquisition, increase in total
assets, establishment of one or more offices, or change in management
responsibilities shall not constitute changes in circumstances which
would make such service prohibited by section 203 or section 204 of
this title.
(b) Effective on the date of enactment of this title, a person who
serves as a management official of a company which is not a depository
institution or a depository holding company and as a management
official of a depository institution or a depository holding company is
not prohibited from continuing to serve as a management official of
that depository institution or depository holding company as a result
of that company which is not a depository institution or depository
holding company becoming a diversified savings and loan holding company
as that term is defined in section 408(a) of the National Housing Act.
[Codified to 12 U.S.C. 3205]
[Source: Section 206 of title II of the Act of November 10, 1978
(Pub. L. No. 95--630; 92 Stat. 3674), effective March 10, 1979, as
amended by section 302 of title III of the Act of December 26, 1981
(Pub. L. No. 97--110; 95 Stat. 1515), effective December 26,
1981;
{{2-28-05 p.8595}}sections 5(b)(2) and 6 of the Act of
November 10, 1988 (Pub. L. No. 100--650; 102 Stat. 3820--3821),
effective November 10, 1988; section 338(a) of title III of the Act of
September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2235), effective
September 23, 1994; section 2210(b) of title II of the Act of September
30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--410), effective
September 30, 1996]
SEC. 207. This title shall be administered and enforced by--
(1) the Comptroller of the Currency with respect to national
banks,
(2) the Board of Governors of the Federal Reserve System with
respect to State banks which are members of the Federal Reserve System,
and bank holding companies,
(3) the Board of Directors of the Federal Deposit Insurance
Corporation with respect to State banks which are not members of the
Federal Reserve System but the deposits of which are insured by the
Federal Deposit Insurance Corporation,
(4) the Director of the Office of Thrift Supervision with respect
to a savings association (the deposits of which are insured by the
Federal Deposit Insurance Corporation) and savings and loan holding
companies,
(5) the National Credit Union Administration with respect to
credit unions the accounts of which are insured by the National Credit
Union Administration, and
(6) Upon referral by the agencies named in the foregoing
paragraphs (1) through (5), the Attorney General shall have the
authority to enforce compliance by any person with this title.
[Codified to 12 U.S.C. 3206]
[Source: Section 207 of title II of the Act of November 10, 1978
(Pub. L. No. 95--630; 92 Stat. 3674), effective March 10, 1979; as
amended by section 744(r) of title VII of the Act of August 9, 1989
(Pub. L. No. 101--73; 103 Stat. 440), effective August 9, 1989; section
8(e)(1) of the Act of October 30, 2004 (Pub. L. No. 108-386; 118 Stat.
2232), effective October 30, 2004]
* * * * *
SEC. 209. Regulations to carry out this title, including
regulations that permit service by a management official that would
otherwise be prohibited by section 203 or section 204, if such service
would not result in a monopoly or substantial lessening of competition,
may be prescribed by--
(1) the Comptroller of the Currency with respect to national
banks,
(2) the Board of Governors of the Federal Reserve System with
respect to State banks which are members of the Federal Reserve System,
and bank holding companies,
(3) the Board of Directors of the Federal Deposit Insurance
Corporation with respect to State banks which are not members of the
Federal Reserve System but the deposits of which are insured by the
Federal Deposit Insurance Corporation,
(4) the Director of the Office of Thrift Supervision with respect
to institutions the accounts of which are insured by the Federal
Deposit Insurance Corporation, and savings and loan holding companies,
and
(5) the National Credit Union Administration with respect to
credit unions the accounts of which are insured by the National Credit
Union Administration.
[Codified to 12 U.S.C. 3207]
[Source: Section 209 of title II of the Act of November
10, 1978 (Pub. L. No. 95--630; 92 Stat. 3675), effective March 10,
1979; as amended by section 338(b) of title III of the Act of September
23, 1994 (Pub. L. No. 103--325; 108 Stat. 2236), effective September
23, 1994; section 2210(c) of title II of the Act of September 30, 1996
(Pub. L. No. 104--208; 110 Stat. 3009--410), effective September 30,
1996; section 8(e)(2) of the Act of October 30, 2004 (Pub. L. No.
108-386; 118 Stat. 2232), effective October 30, 2004]
{{2-28-05 p.8596}}
SEC. 210 (a). For the purpose of the exercise by the Attorney
General of his enforcement functions under section 207(6) of this
title, all of the functions and powers of the Attorney General under
the Clayton Act are available to the Attorney General, irrespective of
any jurisdictional tests in the Clayton Act, including the power to
take enforcement actions in the same manner as if the violation had
been a violation of the Clayton Act.
(b) All of the functions and powers of the Attorney General or the
Assistant Attorney General in charge of the Antitrust Division of the
Department of Justice are available to
{{10-31-07 p.8597}}the Attorney General or to such Assistant
Attorney General to investigate possible violations under section
207(6) of the title in the same manner as if such possible violations
were possible violations of the Clayton Act.
[Codified to 12 U.S.C. 3208]
[Source: Section 210 of title II of the Act of November 10, 1978
(Pub. L. No. 95--630), as added by section 426 of title IV of the Act
of October 15, 1982 (Pub. L. No. 97--320; 96 Stat. 1524), effective
October 15, 1982]
* * * * *
TITLE X—FEDERAL FINANCIAL INSTITUTIONS EXAMINATION
COUNCIL
SEC. 1001. This title may be cited as the "Federal Financial
Institutions Examination Council Act of 1978".
[Codified to 12 U.S.C. 3301 note]
[Source: Section 1001 of title X of the Act of November 10, 1978
(Pub. L. No. 95--630; 92 Stat. 3694), effective March 10, 1979]
PURPOSE
SEC. 1002. It is the purpose of this title to establish a Financial
Institutions Examination Council which shall prescribe uniform
principles and standards for the Federal examination of financial
institutions by the Office of the Comptroller of the Currency, the
Federal Deposit Insurance Corporation, the Board of Governors of the
Federal Reserve System, the Federal Home Loan Bank Board, and the
National Credit Union Administration and make recommendations to
promote uniformity in the supervision of these financial institutions.
The Council's actions shall be designed to promote consistency in such
examination and to insure progressive and vigilant supervision.
[Codified to 12 U.S.C. 3301]
[Source: Section 1002 of title X of the Act of November 10, 1978
(Pub. L. No. 95--630; 92 Stat. 3694), effective March 10, 1979]
DEFINITIONS
SEC. 1003. As used in this title--
(1) the term "Federal financial institutions regulatory
agencies" means the Office of the Comptroller of the Currency, the
Board of Governors of the Federal Reserve System, the Federal Deposit
Insurance Corporation, Office of Thrift Supervision, and the National
Credit Union Administration;
(2) the term "Council" means the Financial Institutions
Examination Council; and
(3) the term "financial institution" means a commerical
bank, a savings bank, a trust company, a savings association, a
building and loan association, a homestead association, a cooperative
bank, or a credit union; [.]
[Codified to 12 U.S.C. 3302]
[Source: Section 1003 of title X of the Act of November 10, 1978
(Pub. L. No. 95--630; 92 Stat. 3694), effective March 10, 1979; as
amended by section 744(a)(1) of title VII of the Act of August 9, 1989
(Pub. L. No. 101--73; 103 Stat. 438), effective August 9, 1989]
ESTABLISHMENT OF THE COUNCIL
SEC. 1004. (a) There is established the Financial Institutions
Examination Council which shall consist of--
(1) the Comptroller of the Currency,
(2) the Chairman of the Board of Directors of the Federal Deposit
Insurance Corporation,
(3) a Governor of the Board of Governors of the Federal Reserve
System designated by the Chairman of the Board,
{{10-31-07 p.8598}}
(4) the Director, Office of Thrift Supervision,
(5) The Chairman of the National Credit Union Administration
Board; and
(6) the Chairman of the State Liaison Committee.
(b) The members of the Council shall select the first chairman of
the Council. Thereafter the chairmanship shall rotate among the members
of the Council.
(c) The term of the Chairman of the Council shall be two years.
(d) The members of the Council may, from time to time, designate
other officers or employees of their respective agencies to carry out
their duties on the Council.
(e) Each member of the Council shall serve without additional
compensation but shall be entitled to reasonable expenses incurred in
carrying out his official duties as such a member.
[Codified to 12 U.S.C. 3303]
[Source: Section 1004 of title X of the Act of November 10, 1978
(Pub. L. No. 95--630; 92 Stat. 3694), effective March 10, 1979; as
amended by section 744(a)(2) of title VII of the Act of August 9, 1989
(Pub. L. No. 101--73; 103 Stat. 438), effective August 9, 1989; section
714(a) of title VII of the Act of October 13, 2006 (Pub. L. No.
109--351; 120 Stat. 1995), effective October 13, 2006]
EXPENSES OF THE COUNCIL
SEC. 1005. One-fifth of the costs and expenses of the
Council, including the salaries of its employees, shall be paid by each
of the Federal financial institutions regulatory agencies. Annual
assessments for such share shall be levied by the Council based upon
its projected budget for the year, and additional assessments may be
made during the year if necessary.
[Codified to 12 U.S.C. 3304]
[Source: Section 1005 of title X of the Act of November 10, 1978
(Pub. L. No. 95--630; 92 Stat. 3695), effective March 10, 1979]
FUNCTIONS OF THE COUNCIL
SEC. 1006. (a) The Council shall establish uniform
principles and standards and report forms for the examination of
financial institutions which shall be applied by the Federal financial
institutions regulatory agencies.
(b)(1) The Council shall make recommendations for uniformity in
other supervisory matters, such as, but not limited to, classifying
loans subject to country risk, identifying financial institutions in
need of special supervisory attention, and evaluating the soundness of
large loans that are shared by two or more financial institutions. In
addition, the Council shall make recommendations regarding the adequacy
of supervisory tools for determining the impact of holding company
operations on the financial institutions within the holding company and
shall consider the ability of supervisory agencies to discover possible
fraud or questionable and illegal payments and practices which might
occur in the operation of financial institutions or their holding
companies.
(2) When a recommendation of the Council is found unacceptable by
one or more of the applicable Federal financial institutions regulatory
agencies, the agency or agencies shall submit to the Council, within a
time period specified by the Council, a written statement of the
reasons the recommendation is unacceptable.
(c) The Council shall develop uniform reporting systems for
federally supervised financial institutions, their holding companies,
and nonfinancial institution subsidiaries of such institutions or
holding companies. The authority to develop uniform reporting systems
shall not restrict or amend the requirements of
section 12(i) of the Securities
Exchange Act of 1934.
(d) The Council shall conduct schools for examiners and assistant
examiners employed by the Federal financial institutions regulatory
agencies. Such schools shall be open to enrollment by employees of
State financial institutions supervisory agencies and employees of the
Federal Housing Finance Board under conditions specified by the
Council.
(e) Nothing in this title shall be construed to limit or discourage
Federal regulatory agency research and development of new financial
institutions supervisory methods and tools, nor to preclude the field
testing of any innovation devised by any Federal regulatory
agency.
{{10-31-07 p.8599}}
(f) Not later than April 1 of each year, the Council shall prepare
an annual report covering its activities during the preceding year.
(g) FLOOD INSURANCE.--The Council shall consult with and
assist the Federal entities for lending regulation, as such term is
defined in section 1370(a) of the National Flood Insurance Act of 1968,
in developing and coordinating uniform standards and requirements for
use by regulated lending institutions under the national flood
insurance program.
[Codified to 12 U.S.C. 3305]
[Source: Section 1006 of title X of the Act of November 10, 1978
(Pub. L. No. 95--630; 92 Stat. 3695), effective March 10, 1979, as
amended by section 431 of title IV of the Act of October 15, 1982 (Pub.
L. No. 97--320; 96 Stat. 1527), effective October 15, 1982; section
744(a)(3) of title VII of the Act of August 9, 1989 (Pub. L. No.
101--73; 103 Stat. 438), effective August 9, 1989; section 530 of title
V of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat.
2267), effective September 23, 1994]
STATE LIAISON
SEC. 1007. To encourage the application of uniform examination
principles and standards by State and Federal supervisory agencies, the
Council shall establish a liaison committee composed of five
representatives of State agencies which supervise financial
institutions which shall meet at least twice a year with the Council.
Members of the liaison committee shall receive a reasonable allowance
for necessary expenses incurred in attending meetings. Members of the
Liaison Committee shall elect a chairperson from among the members
serving on the committee.
[Codified to 12 U.S.C. 3306]
[Source: Section 1007 of title X of the Act of November 10, 1978
(Pub. L. No. 95--630; 92 Stat. 3696), effective March 10, 1979; section
714(b) of title VII of the Act of October 13, 2006 (Pub. L. No.
109--351; 120 Stat. 1995), effective October 13, 2006]
ADMINISTRATION
SEC. 1008. (a) The Chairman of the Council is authorized to carry
out and to delegate the authority to carry out the internal
administration of the Council, including the appointment and
supervision of employees and the distribution of business among
members, employees, and administrative units.
(b) in addition to any other authority conferred upon it by this
title, in carrying out its functions under this title, the Council may
utilize, with their consent and to the extent practical, the personnel,
services, and facilities of the Federal financial institutions
regulatory agencies, Federal Reserve banks and Federal Home Loan Banks,
with or without reimbursement therefor.
(c) In addition, the Council may--
(1) subject to the provisions of title 5, United States Code,
relating to the competitive service, classification, and General
Schedule pay rates, appoint and fix the compensation of such officers
and employees as are necessary to carry out the provisions of this
title, and to prescribe the authority and duties of such officers and
employees; and
(2) obtain the services of such experts and consultants as are
necessary to carry out the provisions of this title.
[Codified to 12 U.S.C. 3307]
[Source: Section 1008 of title X of the Act of November 10, 1978
(Pub. L. No. 95--630; 92 Stat. 3696), effective March 10, 1979]
ACCESS TO INFORMATION BY THE COUNCIL
SEC. 1009. For the purpose of carrying out this title, the Council
shall have access to all books, accounts, records, reports, files,
memorandums, papers, things, and property belonging to or in use by
Federal financial institutions regulatory agencies, including reports
of examination of financial institutions or their holding companies
from whatever
{{10-31-07 p.8600}}source, together with workpapers and
correspondence files related to such reports, whether or not a part of
the report, and all without any deletions.
[Codified to 12 U.S.C. 3308]
[Source: Sections 1009 of title X of the Act of November
10, 1978 (Pub. L. No. 95--630; 92 Stat. 3696), effective March 10,
1979]
SEC. 1009A. RISK MANAGEMENT TRAINING.
(a) SEMINARS.--The Council shall develop and administer
training seminars in risk management for its employees and the
employees of insured financial institutions.
(b) STUDY OF RISK MANAGEMENT TRAINING PROGRAM.--Not later
than end of the 1-year period beginning on the date of the enactment of
the Financial Institutions Reform, Recovery, and Enforcement Act of
1989, the Council shall--
(1) conduct a study on the feasibility and appropriateness of
establishing a formalized risk management training program designed to
lead to the certification of Risk Management Analysts; and
(2) report to the Congress the results of such study.
[Codified to 12 U.S.C. 3309]
[Section 1009A of title X of the Act of November 10, 1978
(Pub. L. No. 95--630), effective March 10, 1979, as added by section
1218 of title XII of the Act of August 9, 1989 (Pub. L. No. 101--73;
103 Stat. 546), effective August 9, 1989]
SEC. 1011. ESTABLISHMENT OF APPRAISAL SUBCOMMITTEE.
There shall be within the Council a subcommittee to be known as the
"Appraisal Subcommittee", which shall consist of the designees of
the heads of the Federal financial institutions regulatory agencies.
Each such designee shall be a person who has demonstrated knowledge and
competence concerning the appraisal profession.
[Codified to 12 U.S.C. 3310]
[Section 1011 of title X of the Act of November 10, 1978 (Pub. L.
No. 95--630), effective March 10, 1979, as added by section 1102 of
title XI of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat.
511), effective August 9, 1989]
* * * * *
[The page following this is 8655.]
[Main Tabs]
[Table of Contents - 8000]
[Index]
[Previous Page]
[Next Page]
[Search]
|
