References in Text
The Federal Reserve Act, referred to in subsecs. (a)(1), (3) and (b)(1), is
[act Dec. 23, 1913, ch. 6], [38 Stat. 251], which is classified principally to chapter 3 (§ 221 et seq.) of this title. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables.
[Pub. L. 111–203, § 369(9)], substituted “appropriate Federal banking agency” for “Director” wherever appearing.
[Pub. L. 111–203, § 608(c)], added subsec. (d).
[Pub. L. 103–325, § 316(b)], struck out heading and text of subpar. (C) which read as follows:
“(C) Transition rule for well capitalized savings associations.—
“(i) In general.—A savings association that is well capitalized (as defined in section 1831o of this title), as determined without including goodwill in calculating core capital, shall be treated as a bank for purposes of section 371c(d)(1) of this title and section 371c–1 of this title.
“(ii) Liability of commonly controlled depository institutions.—Any savings association that engages under clause (i) in a transaction that would not otherwise be permissible under this subsection, and any affiliated insured bank that is commonly controlled (as defined in section 1815(e)(9) of this title), shall be subject to subsection (e) of section 1815 of this title as if paragraph (6) of that subsection did not apply.”
[Pub. L. 103–325, § 316(a)], added subpar. (C).
[Pub. L. 102–242] substituted “Subsections (g) and (h) of section 22” for “Section 22(h)”.
[Pub. L. 101–73] amended section generally, substituting subsecs. (a) to (c) relating to affiliate transactions, extensions of credit, and administrative enforcement, for former undesignated paragraph relating to separability of provisions.
1934—Act Apr. 27, 1934, reenacted section without change.
Statutory Notes and Related Subsidiaries
Effective Date of 2010 Amendment
[section 369(9) of Pub. L. 111–203] effective on the transfer date, see [section 351 of Pub. L. 111–203], set out as a note under section 906 of Title 2, The Congress.
[section 608(c) of Pub. L. 111–203] effective 1 year after the transfer date, see [section 608(d) of Pub. L. 111–203], set out as a note under section 371c of this title.
Effective Date of 1994 Amendment
[Pub. L. 103–325, title III, § 316(b)], Sept. 23, 1994, [108 Stat. 2223], provided that amendment made by that section is effective Jan. 1, 1995.
Effective Date of 1991 Amendment
[Pub. L. 102–242] effective upon the earlier of the date on which final regulations under [section 306(m)(1) of Pub. L. 102–242] become effective or 150 days after Dec. 19, 1991, see section 306(l) of [Pub. L. 102–242], set out as a note under section 375b of this title.
Transitional Rule for Certain Transactions With Affiliates
[Pub. L. 101–73, title III, § 304], Aug. 9, 1989, [103 Stat. 351], provided that:
Consistency of Certain Regulations With Section
23A of the Federal Reserve Act
[12 U.S.C. 371c
].—Not later than 6 months after the date of enactment of this Act [Aug. 9, 1989
], the Director of the Office of Thrift Supervision shall revise the Director’s conflicts regulations so as not to prohibit a thrift institution from purchasing mortgages from a mortgage-banking affiliate to the same extent as a member bank may do so under section 250.250 of title 12, Code of Federal Regulations.
Notwithstanding section 11(a) of the Home Owners’ Loan Act [12 U.S.C. 1468
(a)] (as added by section 301 of this Act), a thrift institution that, before May 1, 1989
, had received approval from the Federal Savings and Loan Insurance Corporation pursuant to section 408(d)(6) of the National Housing Act [former 12 U.S.C. 1730a
(d)(6)] as then in effect to purchase mortgages from a mortgage-banking affiliate may, during the 6-month period following the date on which final regulations are prescribed pursuant to subsection (a), continue to engage in transactions for which it had received such approval. Any savings association that engages in such transactions pursuant to this subsection shall comply with the standards that were applicable under section 408(d)(6) as in effect on May 1, 1989
Authority To Extend Regulatory Approvals That Would Otherwise Lapse During the Transitional Period.—
The Director of the Office of Thrift Supervision may extend until the expiration of the 6-month period described in subsection (b) any approval granted by the Federal Savings and Loan Insurance Corporation that expires or would expire before the expiration of that 6-month period. In determining whether to grant such exemptions, the Director shall apply the standards that were applicable under section 408(d)(6) of the National Housing Act [former 12 U.S.C. 1730a
(d)(6)] as in effect on May 1, 1989