12 U.S.C. § 1432

Incorporation of banks; corporate powers; housing project loans

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(a) The directors of each Federal Home Loan Bank shall, in accordance with such rules and regulations as the Director may prescribe, make and file with the Director at the earliest practicable date after the establishment of such bank, an organization certificate which shall contain such information as the Director may require. Upon the making and filing of such organization certificate with the Director, such bank shall become, as of the date of the execution of its organization certificate, a body corporate, and as such and in its name as designated by the Director it shall have power to adopt, alter, and use a corporate seal; to make contracts; to purchase or lease and hold or dispose of such real estate as may be necessary or convenient for the transaction of its business; to sue and be sued, to complain and to defend, in any court of competent jurisdiction, State or Federal; to select, employ, and fix the compensation of such officers, employees, attorneys, and agents as shall be necessary for the transaction of its business,; 11 So in original. to define their duties, require bonds of them and fix the penalties thereof, and to dismiss at pleasure such officers, employees, attorneys, and agents; and, by the board of directors of the bank, to prescribe, amend, and repeal by-laws governing the manner in which its affairs may be administered, consistent with applicable laws and regulations, as administered by the Director. No officer, employee, attorney, or agent of a Federal home loan bank who receives compensation, may be a member of the board of directors. Each such bank shall have all such incidental powers, not inconsistent with the provisions of this chapter, as are customary and usual in corporations generally.(b) Subject to such regulations as may be prescribed by the Director, one or more Federal home loan banks may acquire, hold, or dispose of, in whole or in part, or facilitate such acquisition, holding, or disposition by members of any such bank of, housing project loans, or interests therein, having the benefit of any guaranty under section 2181 of title 22, as now or hereafter in effect, or loans, or interests therein, having the benefit of any guaranty under section 2184 of title 22 or any commitment or agreement with respect to such loans, or interests therein, made pursuant to either of such sections. This authority extends to the acquisition, holding, and disposition of loans, or interests therein, having the benefit of any guaranty under section 2181 or 2182 of title 22 or such sections as hereafter amended or extended, or of any commitment or agreement for any such guaranty.(July 22, 1932, ch. 522, § 12, 47 Stat. 735; Pub. L. 89–754, title X, § 1016(a), Nov. 3, 1966, 80 Stat. 1293; Pub. L. 90–448, title XVII, § 1717, Aug. 1, 1968, 82 Stat. 609; Pub. L. 91–609, title IX, § 907(a), Dec. 31, 1970, 84 Stat. 1811; Pub. L. 101–73, title VII, § 701(b)(1), (3)(A), Aug. 9, 1989, 103 Stat. 412; Pub. L. 106–102, title VI, § 606(d), Nov. 12, 1999, 113 Stat. 1454; Pub. L. 110–289, div. A, title II, § 1204(8), (10), July 30, 2008, 122 Stat. 2786.)Editorial NotesReferences in Text

Section 2184 of title 22, referred to in subsec. (b), which related to housing projects in Latin American countries, was omitted in the general amendment made by section 105 of Pub. L. 91–175, Dec. 30, 1969, 83 Stat. 807. See section 2182 of Title 22, Foreign Relations and Intercourse.

Amendments

2008—Subsec. (a). Pub. L. 110–289 substituted “administered by the Director” for “administered by the Finance Board” and “the Director” for “the Board” wherever appearing.

Subsec. (b). Pub. L. 110–289, § 1204(8), substituted “the Director” for “the Board”.

1999—Subsec. (a). Pub. L. 106–102, § 606(d)(1), struck out “, but, except with the prior approval of the Board, no bank building shall be bought or erected to house any such bank, or leased by such bank under any lease for such purpose which has a term of more than ten years” after “convenient for the transaction of its business”, struck out “subject to the approval of the Board” after “necessary for the transaction of its business”, substituted “and, by the board of directors of the bank, to prescribe, amend, and repeal by-laws governing the manner in which its affairs may be administered, consistent with applicable laws and regulations, as administered by the Finance Board. No officer, employee, attorney, or agent of a Federal home loan bank” for “and, by its Board of directors, to prescribe, amend, and repeal bylaws, rules, and regulations governing the manner in which its affairs may be administered; and the powers granted to it by law may be exercised and enjoyed subject to the approval of the Board. The president of a Federal Home Loan Bank may also be a member of the Board of directors thereof, but no other officer, employee, attorney, or agent of such bank,”, and, in penultimate sentence, substituted “board of directors” for “Board of directors” after “may be a member of the”.

Subsec. (b). Pub. L. 106–102, § 606(d)(2), substituted “Federal home loan banks” for “Federal home loans banks”.

1989—Subsec. (a). Pub. L. 101–73 substituted “Board” for “board” wherever appearing.

1970—Subsec. (b). Pub. L. 91–609 extended authority to make housing project loans to acquisition, holding, and disposition of loans, or interest therein, having benefit of any guaranty under section 2181 or 2182 of title 22 or such sections as hereafter amended or extended, or of any commitment or agreement for any such guaranty.

1968—Pub. L. 90–448 designated existing provisions as subsec. (a) and added subsec. (b).

1966—Pub. L. 89–754 substituted “but, except with the prior approval of the board, no bank building shall be bought or erected to house any such bank, or leased by such bank under any lease” for “but no bank building shall be bought or erected to house any such bank, nor shall any such bank make any lease” in second sentence.

Notes of Decisions

Cited in 35 cases (1 in the last 5 years), 1942–2021 · leading case: Kathy Kroske, an Individual v. Us Bank Corp., a Foreign Corp. Dba U.S. Bank, 432 F.3d 976 (9th Cir. 2005).

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Kathy Kroske, an Individual v. Us Bank Corp., a Foreign Corp. Dba U.S. Bank, 432 F.3d 976 (9th Cir. 2005). · cites it 5× “We also have held that the at-pleasure provision in the Federal Home Loan Act, 12 U.S.C. § 1432 (a), bars state tort wrongful discharge claims.”

Fed. Home Loan Bank of Bost v. Moody's Corp., 821 F.3d 102 (1st Cir. 2016). · cites it 4× “WHAT THE CASE IS ABOUT In April of 2011, appellant Federal Home Loan Bank of Bostón (“Bank”), á federally-chartered entity pursuant to 12 U.S.C. § 1432 (a) (more.on this statute later), filed suit against a slew of defendants in Massachusetts state court.”

Xiangyuan Zhu v. Fed. Hous. Fin. Bd., 389 F. Supp. 2d 1253 (D. Kan. 2005). · cites it 9× “See 12 U.S.C. § 1432 (a). The Finance Board has the power to remove any director, officer, employee or *1259 agent of any Federal Home Loan Bank.”

Marc Wiersum v. U.S. Bank, N.A., 785 F.3d 483 (11th Cir. 2015). · cites it 2× “The Sixth Circuit also has recognized “§ 24 (Fifth) has consistently been construed by both federal and 6 The FHLBA, 12 U.S.C. § 1432 (a), and the Federal Reserve Act (“FRA”), 12 U.”

D'Oench, Duhme & Co. v. Fed. Deposit Ins., 315 U.S. 447 (1942). · cites it 2× “§ 341 (Federal Reserve Banks); 12 U.S.C. § 1432 (Federal Home Loan Banks); 12 U.”

Rheams v. Bankston, Wright & Greenhill, 756 F. Supp. 1004 (W.D. Tex. 1991). · cites it 8× “the case will be resolved, to a large measure, by construing a federal statute, specifically, 12 U.S.C. § 1432 (a).” 3 Motion to Reconsider and Supporting Brief, filed February 5, 1991, at 6.”

Fed. Home Loan Bank v. Banc of Am. Sec. LLC, 448 B.R. 517 (C.D. Cal. 2011). · cites it 5× “§§ 1334 (b), 1452(a), and based upon Plaintiffs status as a federally chartered corporation under 12 U.S.C. § 1432 (a). Id. The Removing Defendants contend that 12 U.”

Aalgaard v. Merchants Nat'l Bank, Inc., 5 I.E.R. Cas. (BNA) 1443 (Cal. Ct. App. 1990). · cites it 3× “” ( 12 U.S.C. § 1432 (a).) There a discharged bank employee argued that the bank’s right to terminate its employees under the statute should be restricted when the grounds for termination contravene public policy.”

Harrell G. Andrews v. Fed. Home Loan Bank of Atlanta, 998 F.2d 214 (4th Cir. 1993). · cites it 2× “The Bank acted in furtherance of its statutory right to dismiss Andrews at will, 12 U.S.C. § 1432 (a), and it had no need to enlist the Board to enforce that right.”

Blote v. First Fed. Sav. & Loan Ass'n of Rapid City, 422 N.W.2d 834 (S.D. 1988). · cites it 2× “), which authorizes dismissal of bank officers "at pleasure" of the bank (12 U.S. C. § 1432(a)) and preempts state laws.”

Fahey v. O'Melveny & Myers Fed. Home Loan Bank of San Francisco v. O'Melveny & Myers, 200 F.2d 420 (9th Cir. 1952). · cites it 3× “§ 1432 , and could be required, without its consent, to assume the obligations of consolidated debentures of all of the banks in the System or otherwise extend credit to the other Banks, as the Board might direct, Sec. 11, 12 U.S.C.A. § 1431 ; and was given succession only…”

Fasano v. Fed. Reserve Bank, 457 F.3d 274 (3rd Cir. 2006). “Consistent with past practice, we note that for the purpose of analyzing § 341 (Fifth), we may look to analogous provisions of the Federal Home Loan Bank Act, 12 U.S.C. § 1432 (a) ("and to dismiss at pleasure such officers, employees, attorneys, and agents”), the National Bank…”

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— 12 U.S.C. § 1432(a) — 1 case

Blote v. First Fed. Sav. & Loan Ass'n of Rapid City, 422 N.W.2d 834 (S.D. 1988). “), which authorizes dismissal of bank officers "at pleasure" of the bank (12 U.S. C. § 1432(a)) and preempts state laws.”

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