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8000 - Miscellaneous Statutes and Regulations
SEC. 11. TRANSACTIONS WITH AFFILIATES; EXTENSIONS OF CREDIT
TO EXECUTIVE OFFICERS, DIRECTORS, AND PRINCIPAL SHAREHOLDERS.
(1) AFFILIATE TRANSACTIONS—
(a) IN GENERAL.--Sections
23A and 23B of the Federal
Reserve Act shall apply to every savings association in the same manner
and to the same extent as if the savings association were a member bank
(as defined in such Act), except that--
(A) no loan or other extension of credit may be made to any
affiliate unless that affiliate is engaged only in activities described
in section 10(c)(2)(F)(i); and
(B) no savings association may enter into any transaction
described in section 23A(b)(7)(B) of the Federal Reserve Act with any
affiliate other than with respect to shares of a subsidiary.
(2) Sister bank exemption made available to savings
associations.—
(A) Savings associations controlled by bank holding
companies.--Every savings association more than 80 percent of the
voting stock of which is owned by a company described in section
10(c)(8) shall be treated as a bank for purposes of
section
{{4-28-06 p.8740.08}}23A(d)(1) and section
23B of the Federal Reserve Act, if every savings association and bank
controlled by such company complies with all applicable capital
requirements on a fully phased-in basis and without reliance on
goodwill.
(B) SAVINGS ASSOCIATIONS GENERALLY.--Effective on and
after January 1, 1995, every savings association shall be treated as a
bank for purposes of section 23A(d)(1) and section 23B of the Federal
Reserve Act.
(3) AFFILIATES DESCRIBED.--Any company that would be an
affiliate (as defined in sections 23A and 23B of the Federal Reserve
Act) of any savings association if such savings association were a
member bank (as such term is defined in such Act) shall be deemed to be
an affiliate of such savings association for purposes of paragraph (1).
(4) ADDITIONAL RESTRICTIONS AUTHORIZED.--The Director
may impose such additional restrictions on any transaction between any
savings association and any affiliate of such savings association as
the Director determines to be necessary to protect the safety and
soundness of the savings association.
(b) Extensions of Credit to Executive Officers, Directors, and
Principal Shareholders.—
(1) In
general.--Subsections (g)
and (h) of section 22 of the
Federal Reserve Act shall apply to every savings association in the
same manner and to the same extent as if the savings association were a
member bank (as defined in such Act).
(2) ADDITIONAL RESTRICTIONS AUTHORIZED.--The Director
may impose such additional restrictions on loans or extensions of
credit to any director or executive officer of any savings association,
or any person who directly or indirectly owns, controls, or has the
power to vote more than 10 percent of any class of voting securities of
a savings association, as the Director determines to be necessary to
protect the safety and soundness of the savings association.
(c) ADMINISTRATIVE ENFORCEMENT.--The Director may take
enforcement action with respect to violations of this section pursuant
to section 8 or
18(j) of the Federal Deposit
Insurance Act, as appropriate.
[Codified to 12 U.S.C. 1468]
[Source: Section 301 of title III of the Act of August 9, 1989
(Pub. L. No. 101--73; 103 Stat. 342), effective August 9, 1989; amended
by section 306(i) of title III of the Act of December 19, 1991 (Pub. L.
No. 102--242; 105 Stat. 2359), effective December 19, 1991; sections
316(a) and 316(b) of title III of the Act of September 23, 1994 (Pub.
L. No. 103--325; 108 Stat. 2223), effective September 23, 1994 and
January 1, 1995, respectively]
SEC. 12. ADVERTISING.
No savings association shall carry on any sale, plan, or practices,
or any advertising, in violation of regulations promulgated by the
Director.
[Codified to 12 U.S.C. 1468a]
[Source: Section 301 of title III of the Act of August 9, 1989
(Pub. L. No. 101--73; 103 Stat. 343), effective August 9,
1989]
SEC. 13. POWERS OF EXAMINERS.
For the purposes of this Act, examiners appointed by the Director
shall--
(1) be subject to the same requirements, responsibilities, and
penalties as are applicable to examiners under the Federal Reserve Act
and title LXII of the Revised Statutes; and
(2) have, in the exercise of functions under this Act, the same
powers and privileges as are vested in such examiners by law.
[Codified to 12 U.S.C. 1468b]
[Source: Section 301 of title III of the Act of August 9,
1989 (Pub. L. No. 101--73; 103 Stat. 343), effective August 9,
1989]
{{4-30-97 p.8740.09}}
SEC. 14. SEPARABILITY PROVISION.
If any provision of this Act, or the application thereof to any
person or circumstances, is held invalid, the remainder of the Act, and
the application of such provision to other persons or circumstances,
shall not be affected thereby.
[Codified to 12 U.S.C. 1468c]
[Source: Section 301 of title III of the Act of August 9,
1989 (Pub. L. No. 101--73; 103 Stat. 343), effective August 9, 1989]
[The page following this is 8740.51.]
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