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8000 - Miscellaneous Statutes and Regulations
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HOME OWNERS' LOAN ACT
Sec.
1.
Short title and table of contents.
2.
Definitions.
3.
Director of the Office of Thrift Supervision.
4.
Supervision of savings associations.
5.
Federal savings associations.
6.
[Repealed]
7.
Applicability.
8.
District associations.
9.
Examination fees.
10.
Regulation of holding companies.
11.
Transactions with affiliates; extensions of credit to executive
officers, directors, and principal shareholders.
12.
Advertising.
13.
Powers of examiners.
14.
Separability provision.
SEC. 1. SHORT TITLE.
This Act may be cited as the "Home Owners' Loan Act".
[Codified to 12 U.S.C. 1461]
[Source: Section 301 of title III of the Act of August 9, 1989
(Pub. L. No. 101--73; 103 Stat. 277), effective August 9,
1989]
SEC. 2. DEFINITIONS.
For purposes of this act--
(1) DIRECTOR.--The term "Director" means the
Director of the Office of Thrift Supervision.
(2) CORPORATION.--The term "Corporation" means the
Federal Deposit Insurance Corporation.
(3) OFFICE.--The term "Office" means the Office of
Thrift Supervision.
(4) SAVINGS ASSOCIATION.--The term "savings
association" means a savings association, as defined in section 3 of
the Federal Deposit Insurance Act, the deposits of which are insured by
the Corporation.
(5) FEDERAL SAVINGS ASSOCIATION.--The term "Federal
savings association" means a Federal savings association or a
Federal savings bank chartered under section 5 of this Act.
(6) NATIONAL BANK.--The term "national bank" has
the same meaning as in section
3 of the Federal Deposit Insurance Act.
(7) FEDERAL BANKING AGENCIES.--The term "Federal
banking agencies" means the Office of the Comptroller of the
Currency, the Board of Governors of the Federal Reserve System, and the
Federal Deposit Insurance Corporation.
(8) STATE.--The term "State" has the same meaning
as in section 3 of the Federal Deposit Insurance Act.
(9) AFFILIATE.--The term "affiliate" means any
person that controls, is controlled by, or is under common control
with, a savings association, except as provided in section 10.
[Codified to 12 U.S.C. 1462]
[Source: Section 301 of title III of the Act of August 9,
1989 (Pub. L. No. 101--73; 103 Stat. 277), effective August 9,
1989]
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SEC. 3. DIRECTOR OF THE OFFICE OF THRIFT SUPERVISION.
(a) ESTABLISHMENT OF OFFICE.--There is established the
Office of Thrift Supervision, which shall be an office in the
Department of the Treasury.
(b) ESTABLISHMENT OF POSITION OF DIRECTOR.--
(1) IN GENERAL.--There is established the position of
the Director of the Office of Thrift Supervision, who shall be the head
of the Office of Thrift Supervision and shall be subject to the general
oversight of the Secretary of the Treasury.
(2) AUTHORITY TO PRESCRIBE REGULATIONS.--The Director
may prescribe such regulations and issue such orders as the Director
may determine to be necessary for carrying out this Act and all other
laws within the Director's jurisdiction.
(3) AUTONOMY OF DIRECTOR.--The Secretary of the Treasury
may not intervene in any matter or proceeding before the Director
(including agency enforcement actions unless otherwise specifically
provided by law).
(4) BANKING AGENCY RULEMAKING.--The Secretary of the
Treasury may not delay or prevent the issuance of any rule or the
promulgation of any regulation by the Director.
(c) APPOINTMENT; TERM.--
(1) APPOINTMENT.--The Director shall be appointed by the
President, by and with the advice and consent of the Senate, from among
individuals who are citizens of the United States.
(2) TERM.--The Director shall be appointed for a term of
5 years.
(3) VACANCY.--(A) IN GENERAL.--A vacancy in
the position of Director which occurs before the expiration of the term
for which a Director was appointed shall be filled in the manner
established in paragraph (1) and the Director appointed to fill such
vacancy shall be appointed only for the remainder of such term.
(B) ACTING DIRECTOR.--
(i) IN GENERAL.--In the event of a vacancy in the
position of Director or during the absence or disability of the
Director, the Deputy Director shall serve as Acting Director.
(ii) Succession in case of 2 or more deputy
directors.--If there are 2 or more Deputy Directors serving at the
time a vacancy in the position of Director occurs or the absence or
disability of the Director commences, the First Deputy Director shall
serve as Acting Director under clause (i) followed by such other Deputy
Directors under any order of succession the Director may establish.
(iii) AUTHORITY OF ACTING DIRECTOR.--Any Deputy
Director, while serving as Acting Director under this subparagraph,
shall be vested with all authority, duties, and privileges of the
Director under this Act and any other provision of Federal law.
(4) SERVICE AFTER END OF TERM.--An individual may serve
as Director after the expiration of the term for which appointed until
a successor Director has been appointed.
(5) DEPUTY DIRECTOR.--
(A) IN GENERAL.--The Secretary of the Treasury shall
appoint a Deputy Director, and may appoint not more than 3 additional
Deputy Directors of the Office.
(B) FIRST DEPUTY DIRECTOR.--If the Secretary of the
Treasury appoints more than 1 Deputy Director of the Office, the
Secretary shall designate one such appointee as the First Deputy
Director.
(C) DUTIES.--Each Deputy Director appointed under this
paragraph shall take an oath of office and perform such duties as the
Director shall direct.
(D) COMPENSATION AND BENEFITS.--The Director shall fix
the compensation and benefits for each Deputy Director in accordance
with this Act.
(d) PROHIBITION ON FINANCIAL INTERESTS.--The Director
shall not have a direct or indirect financial interest in any insured
depository institution, as defined in
section 3 of the Federal
Deposit Insurance Act.
(e) POWERS OF THE DIRECTOR.--The Director shall have all
powers which--
(1) were vested in the Federal Home Loan Bank Board (in the
Board's capacity as such) or the Chairman of such Board on the day
before the date of the enactment of the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989; and
(2) were not--
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(A) transferred to the Federal Deposit Insurance Corporation, the
Federal Housing Finance Board, the Resolution Trust Corporation, or the
Federal Home Loan Mortgage Corporation pursuant to any amendment made
by such Act; or
(B) established under any provision of law repealed by such Act.
(f) STATE HOMESTEAD PROVISIONS.--No provision of this Act
or any other provision of law administered by the Director shall be
construed as superseding any homestead provision of any State
constitution, including any implementing State statute, in effect on
the date of enactment of the Riegle-Neal Interstate Banking and
Branching Efficiency Act of 1994, or any subsequent amendment to such a
State constitutional or statutory provision in effect on such date,
that exempts the homestead of any person from foreclosure, or forced
sale, for the payment of all debts, other than a purchase money
obligation relating to the homestead, taxes due on the homestead, or an
obligation arising from work and material used in constructing
improvements on the homestead.
(g) ANNUAL REPORT REQUIRED.--The Director shall make an
annual report to the Congress. Such report shall include--
(1) a description of any changes the Director has made or is
considering making in the district offices of the Office, including a
description of the geographic allocation of the Office's resources and
personnel used to carry out examination and supervision functions; and
(2) a description of actions taken to carry out section 308 of
the Financial Institutions Reform, Recovery, and Enforcement Act of
1989.
(h) STAFF.--
(1) APPOINTMENT AND COMPENSATION.--The Director shall
fix the compensation and number of, and appoint and direct, all
employees of the Office of Thrift Supervision notwithstanding section
301(f)(1) of title 31, United States Code. Such compensation shall be
paid without regard to the provisions of other laws applicable to
officers or employees of the United States.
(2) RATES OF BASIC PAY.--Rates of basic pay for
employees of the Office may be set and adjusted by the Director without
regard to the provisions of chapter 51 or subchapter III of chapter 53
of title 5, United States Code.
(3) ADDITIONAL COMPENSATION AND BENEFITS.--The Director
may provide additional compensation and benefits to employees of the
Office if the same type of compensation or benefits are then being
provided by any Federal banking agency or, if not then being provided,
could be provided by such an agency under applicable provisions of law,
rule, or regulation. In setting and adjusting the total amount of
compensation and benefits for employees of the Office, the Director
shall consult, and seek to maintain comparability with, the Federal
banking agencies.
(4) DELEGATION AUTHORITY.--
(A) IN GENERAL.--The Director may--
(i) designate who shall act as Director in the Director's
absence; and
(ii) delegate to any employee, representative, or agent any power
of the Director.
(B) LIMITATIONS.--Notwithstanding subparagraph (A)(ii),
the Director shall not, directly or indirectly--
(i) after October 10, 1989, delegate to any Federal home loan
bank or to any officer, director, or employee of a Federal home loan
bank, any power involving examining, supervising, taking enforcement
action with respect to, or otherwise regulating any savings
association, savings and loan holding company, or other person subject
to regulation by the Director; or
(ii) delegate the Director's authority to serve as a member of
the Corporation's Board of Directors.
(i) FUNDING THROUGH ASSESSMENTS.--The compensation of the
Director and other employees of the Office and all other expenses
thereof may be paid from assessments levied under this Act.
(j) GAO AUDIT.--The Director shall make available to the
Comptroller General of the United States all books and records
necessary to audit all of the activities of the Office of Thrift
Supervision.
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[Codified to 12 U.S.C. 1462a]
[Source: Section 301 of title III of the Act of August 9, 1989
(Pub. L. No. 101--73; 103 Stat. 278), effective August 9, 1989; as
amended by section 102(b)(5) of title I of the Act of September 29,
1994 (Pub. L. No. 103--328; 108 Stat. 2352), effective September 29,
1994; section 331(c) of title III of the Act of September 23, 1994
(Pub. L. No. 103--325; 108 Stat. 2232), effective September 23, 1994;
section 712 of title VII of the Act of October 13, 2006 (Pub. L. No.
109--351; 120 Stat. 1994]
SEC. 4. SUPERVISION OF SAVINGS ASSOCIATIONS.
(a) FEDERAL SAVINGS ASSOCIATIONS.--
(1) IN GENERAL.--The Director shall provide for the
examination, safe and sound operation, and regulation of savings
associations.
(2) REGULATIONS.--The Director may issue such
regulations as the Director determines to be appropriate to carry out
the responsibilities of the Director or the Office.
(3) SAFE AND SOUND HOUSING CREDIT TO BE ENCOURAGED.--The
Director shall exercise all powers granted to the Director under this
Act so as to encourage savings associations to provide credit for
housing safely and soundly.
(b) ACCOUNTING AND DISCLOSURE.--
(1) IN GENERAL.--The Director shall, by regulation,
prescribe uniform accounting and disclosure standards for savings
associations, to be used in determining savings associations'
compliance with all applicable regulations.
(2) Specific requirements for accounting
standards.--Subject to section 5(t), the uniform accounting
standards prescribed under paragraph (1) shall--
(A) incorporate generally accepted accounting principles to the
same degree that such principles are used to determine compliance with
regulations prescribed by the Federal banking agencies;
(B) allow for no deviation from full compliance with such
standards as are in effect after December 31, 1993; and
(C) prior to January 1, 1994, require full compliance by savings
associations with accounting standards in effect at any time before
such date not later than provided under the schedule in section
563.23-3 of title 12, Code of Federal Regulations (as in effect on May
1, 1989).
(3) Authority to prescribe more stringent accounting
standards.--The Director may at any time prescribe accounting
standards more stringent than required under paragraph (2) if the
Director determines that the more stringent standards are necessary to
ensure the safe and sound operation of savings associations.
(c) STRINGENCY OF STANDARDS.--All regulations and policies
of the Director governing the safe and sound operation of savings
associations, including regulations and policies governing asset
classification and appraisals, shall be no less stringent than those
established by the Comptroller of the Currency for national banks.
(d) Investment of Certain Funds in Accounts of Savings
Associations.--The savings accounts and share accounts of savings
associations insured by the Corporation shall be lawful investments and
may be accepted as security for all public funds of the United States,
fiduciary and trust funds under the authority or control of the United
States or any officer thereof, and for the funds of all corporations
organized under the laws of the United States (subject to any
regulatory authority otherwise applicable), regardless of any
limitation of law upon the investment of any such funds or upon the
acceptance of security for the investment or deposit of any of such
funds.
(e) Participation by Savings Associations in Lotteries and
Related Activities.—
(1) PARTICIPATION PROHIBITED.--No savings association
may--
(A) deal in lottery tickets;
(B) deal in bets used as a means or substitute for participation
in a lottery;
(C) announce, advertise, or publicize the existence of any
lottery; or
(D) announce, advertise, or publicize the existence or identity
of any participant or winner, as such, in a lottery.
(2) USE OF FACILITIES PROHIBITED.--No savings
association may permit--
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(A) the use of any part of any of its own offices by any person
for any purpose forbidden to the institution under paragraph (1); or
(B) direct access by the public from any of its own offices to
any premises used by any person for any purpose forbidden to the
institution under paragraph (1).
(3) DEFINITIONS.--For purposes of this subsection--
(A) DEAL IN.--The term "deal in" includes making,
taking, buying, selling, redeeming, or collecting.
(B) LOTTERY.--The term "lottery" includes any
arrangement under which--
(i) 3 or more persons (hereafter in this subparagraph referred to
as the "participants") advance money or credit to another in
exchange for the possibility or expectation that 1 or more but not all
of the participants (hereafter in this paragraph referred to as the
"winners") will receive by reason of those participants' advances
more than the amounts those participants have advanced; and
(ii) the identity of the winners is determined by any means which
includes--
(I) a random selection;
(II) a game, race, or contest; or
(III) any record or tabulation of the result of 1 or more events
in which any participant has no interest except for the bearing that
event has on the possibility that the participant may become a winner.
(C) LOTTERY TICKET.--The term "lottery ticket"
includes any right, privilege, or possibility (and any ticket, receipt,
record, or other evidence of any such right, privilege, or possibility)
of becoming a winner in a lottery.
(4) EXCEPTION FOR STATE LOTTERIES.--Paragraphs (1) and
(2) shall not apply with respect to any savings association accepting
funds from, or performing any lawful services for, any State operating
a lottery, or any officer or employee of such a State who is charged
with administering the lottery.
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(5) REGULATIONS.--The Director shall prescribe such
regulations as may be necessary to provide for enforcement of this
subsection and to prevent any evasion of any provision of this
subsection.
(f) FEDERALLY RELATED MORTGAGE LOAN DISCLOSURES.--A
savings association may not make a federally related mortgage loan to
an agent, trustee, nominee, or other person acting in a fiduciary
capacity without requiring that the identity of the person receiving
the beneficial interest of such loan shall at all times be revealed to
the savings association. At the request of the Director, the savings
association shall report to the Director the identity of such person
and the nature and amount of the loan.
(g) PREEMPTION OF STATE USURY LAWS.--(1) Notwithstanding
any State law, a savings association may charge interest on any
extension of credit at a rate of not more than 1 percent in excess of
the discount rate on 90-day commercial paper in effect at the Federal
Reserve bank in the Federal Reserve district in which such savings
association is located or at the rate allowed by the laws of the State
in which such savings association is located, whichever is greater.
(2) If the rate prescribed in paragraph (1) exceeds the rate such
savings association would be permitted to charge in the absence of this
subsection, the receiving or charging a greater rate of interest than
that prescribed by paragraph (1), when knowingly done, shall be deemed
a forfeiture of the entire interest which the extension of credit
carries with it, or which has been agreed to be paid thereon. If such
greater rate of interest has been paid, the person who paid it may
recover, in a civil action commenced in a court of appropriate
jurisdiction not later than 2 years after the date of such payment, an
amount equal to twice the amount of the interest paid from the savings
association taking or receiving such interest.
(h) FORM AND MATURITY OF SECURITIES.--No savings
association shall--
(1) issue securities which guarantee a definite maturity except
with the specific approval of the Director, or
(2) issue any securities the form of which has not been approved
by the Director.
[Codified to 12 U.S.C. 1463]
[Source: Section 301 of title III of the Act of August 9, 1989
(Pub. L. No. 101--73; 103 Stat. 280), effective August 9,
1989]
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