U.S. Code » Title 12 » Chapter CHAPTER 12— SAVINGS ASSOCIATIONS

12 U.S.C. § 1462

Definitions

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For purposes of this chapter—(1) Corporation

The term “Corporation” means the Federal Deposit Insurance Corporation.

(2) Savings association

The term “savings association” means a savings association, as defined in section 3 of the Federal Deposit Insurance Act [12 U.S.C. 1813], the deposits of which are insured by the Corporation.

(3) Federal savings association

The term “Federal savings association” means a Federal savings association or a Federal savings bank chartered under section 1464 of this title.

(4) National bank

The term “national bank” has the same meaning as in section 3 of the Federal Deposit Insurance Act [12 U.S.C. 1813].

(5) 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.

(6) State

The term “State” has the same meaning as in section 3 of the Federal Deposit Insurance Act [12 U.S.C. 1813].

(7) 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 1467a of this title.

(8) Board

The term “Board”, other than in the context of the Board of Directors of the Corporation, means the Board of Governors of the Federal Reserve System.

(9) Comptroller

The term “Comptroller” means the Comptroller of the Currency.

(10) Appropriate Federal banking agency

The term “appropriate Federal banking agency” has the same meaning as in section 3(q) of the Federal Deposit Insurance Act (12 U.S.C. 1813(q)).

(11) Functionally regulated subsidiary

The term “functionally regulated subsidiary” has the same meaning as in section 5(c)(5) of the Bank Holding Company Act of 1956 (12 U.S.C. 1844(c)(5)).

(June 13, 1933, ch. 64, § 2, 48 Stat. 128; June 27, 1934, ch. 847, title V, § 508(a), 48 Stat. 1264; May 28, 1935, ch. 150, § 10, 49 Stat. 296; 1947 Reorg. Plan No. 3, eff. July 27, 1947, 12 F.R. 4981, 61 Stat. 954; Aug. 11, 1955, ch. 783, title I, § 109(a)(3), 69 Stat. 640; Pub. L. 95–630, title XII, § 1201, Nov. 10, 1978, 92 Stat. 3710; Pub. L. 97–320, title I, § 114(a), Oct. 15, 1982, 96 Stat. 1475; Pub. L. 101–73, title III, § 301, Aug. 9, 1989, 103 Stat. 277; Pub. L. 111–203, title III, § 369(2), title VI, § 604(h)(1), July 21, 2010, 124 Stat. 1557, 1602.)Editorial NotesAmendments

2010—Pars. (1) to (9). Pub. L. 111–203, § 369(2), redesignated pars. (2) and (4) to (9) as (1) and (2) to (7), respectively, added pars. (8) and (9), and struck out former pars. (1) and (3) which read as follows:

“(1) Director.—The term ‘Director’ means the Director of the Office of Thrift Supervision.

“(3) Office.—The term ‘Office’ means the Office of Thrift Supervision.”

Pars. (10), (11). Pub. L. 111–203, § 604(h)(1), added pars. (10) and (11).

1989—Pub. L. 101–73 amended section generally, substituting definition of “Director”, “Corporation”, “Office”, “savings association”, “Federal savings association”, “national bank”, “Federal banking agencies”, “State”, and “affiliate”, designated as pars. (1) to (9), for definition of “Board”, “Corporation”, “home mortgage”, “first mortgage”, and “association”, designated as subsecs. (a) to (d).

1982—Subsec. (d). Pub. L. 97–320 substituted reference to Federal savings bank or Federal savings banks for reference to Federal mutual savings bank wherever appearing.

1978—Subsec. (d). Pub. L. 95–630 included a Federal mutual savings bank chartered by the Board within definition of “association”, and inserted provisions that a reference to a Federal savings and loan association shall be deemed also a reference to a Federal mutual savings bank.

1935—Subsec. (c). Act May 28, 1935, inserted “or dwellings” and “in whole or in part” in cl. (2).

1934—Subsec. (c). Act June 27, 1934, substituted “(1) under a lease for not less than ninety-nine years which is renewable, or (2) under a lease having a period of not less than fifty years to run from the date the mortgage was executed” for “under a lease renewable for not less than ninety nine years”.

Statutory Notes and Related SubsidiariesChange of Name

“Home Loan Bank Board” changed to “Federal Home Loan Bank Board” by act Aug. 11, 1955, ch. 783, § 109(a)(3), which was classified to section 1437(b) of this title prior to the repeal of section 1437 by Pub. L. 101–73, title VII, § 703(a), Aug. 9, 1989, 103 Stat. 415.

Effective Date of 2010 Amendment

Amendment by section 369(2) 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.

Pub. L. 111–203, title VI, § 604(j), July 21, 2010, 124 Stat. 1604, provided that: “The amendments made by this section [amending this section and sections 1467a, 1828, and 1842 to 1844 of this title and repealing section 1848a of this title] shall take effect on the transfer date.”

[For definition of “transfer date” as used in section 604(j) of Pub. L. 111–203, set out above, see section 5411 of this title.]

Effective Date of 1978 Amendment

Amendment effective upon expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630 set out as an Effective Date note under section 375b of this title.

Executive DocumentsTransfer of Functions

Reorg. Plan No. 3 of 1947, set out in the Appendix to Title 5, Government Organization and Employees, abolished Federal Home Loan Bank Board and transferred its functions to Home Loan Bank Board created by the Plan.

Notes of Decisions
Cited in 34 cases (4 in the last 5 years), 1939–2025 · leading case: Harris v. Wachovia Mortg., FSB, 185 Cal. App. 4th 1018 (Cal. Ct. App. 2010).
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Harris v. Wachovia Mortg., FSB, 185 Cal. App. 4th 1018 (Cal. Ct. App. 2010). “( 12 U.S.C. §§ 1462 , 1463.) HOLA creates the Office of Thrift Supervision (OTS) (12 U.”
Off. of Thrift Supervision v. Overland Park Fin. Corp., 236 F.3d 1246 (10th Cir. 2001). “See 12 U.S.C. §§ 1462a(e), 1818(b). Thus, Thrift Supervision succeeded the two prior agencies, and became the new bank regulatory agency responsible for the supervision and oversight of all thrift institutions.”
People v. First Am. Corp., 960 N.E.2d 927 (NY 2011). · cites it 2× “The Depression-era Home Owners Loan Act (HOLA) ( 12 USC § 1462 et seq. ), until recently amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) (Pub L 111-203, 124 US Stat 1376 [2010]), occupied the field of the regulation of federal…”
Nat'l Home Equity Mortg. Ass'n v. Face, 239 F.3d 633 (4th Cir. 2001). “2 (generally drawing on 12 U.S.C. § 1462 et seq. for authority to adopt regulations involving alternative mortgage transactions).”
Wilburn S. Bruce v. First Fed. Sav. & Loan Ass'n of Conroe, Inc., 837 F.2d 712 (1st Cir. 1988). “" 12 U.S.C.A. § 1462 (d) (Supp. 1987). 7 . Section 1464(q)(l)(A) parallels section 1972(1)(A) & (B), section 1464(q)(l)(B) parallels section 1972(1)(C) & (D) and section 1464(q)(l)(C) parallels section 1972(1)(E).”
Resolution Trust Corp. v. Holmes, 846 F. Supp. 1310 (S.D. Tex. 1994). “” 31 Section 2 of the pre-FIRREA Home Owners’ Loan Act, 12 U.S.C. § 1462 (d) (1988), defined “association” to include only “Federal savings and loan association^] or a Federal savings bank chartered by the [FHLBB under § 5(a), 12 U.”
Am. Cas. Co. of Reading, Pa. v. Baker, 758 F. Supp. 1340 (C.D. Cal. 1991). “See 12 U.S.C. §§ 1462 , 1463, 1813(q)(4), 1818.”
Off. of Thrift Supervision v. Paul, 985 F. Supp. 1465 (S.D. Fla. 1997). “(Paul Motion at 7); see Home Owners’ Loan Act (“HOLA”), 12 U.S.C. §§ 1462 , 1464. The gist of Paul’s argument is that the acting director who signed the Final CMP Order was not appointed by the President nor confirmed by the Senate in violation of relevant statutes and the…”
Connie H. Smallwood, Superintendent of Sav. & Loan Associations for the State of Ohio v. Off. of Thrift Supervision, Dep't of the Treasury, 925 F.2d 894 (6th Cir. 1991). · cites it 2× “” 12 U.S.C. § 1462 (4). This definition of “savings association” replaced the previous definition of the term “association” in the corresponding section authorizing the Federal Home Loan Bank Board.”
First Com. Corp. v. United States, 53 Fed. Cl. 38 (Fed. Cl. 2002). “12 U.S.C. §§ 1462 (1),(3) and 1464(t)(1)(A) (2001).”
In Re Sealed Case (Admin. Subpoena), 42 F.3d 1412 (D.C. Cir. 1994). “See 12 U.S.C. § 1462 (9) (Supp. Y 1993). As a mortgage servicer, the mortgage *1415 company collected and held funds in escrow accounts prior to disbursement on behalf of mortgagors to entities such as municipal taxing authorities and insurers.”
Fed. Deposit Ins. Corp. v. Miller, 781 F. Supp. 1280 (N.D. Ill. 1991). · cites it 2× “12 U.S.C. § 1462 . The OTS has moved to dismiss on the basis of lack of jurisdiction, asserting,- like the FDIC, the Director claimants’ failure to comply with the FTCA by naming the United States as a party defendant, and by lodging an administrative claim before filing suit.”
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— 12 U.S.C. § 1462(d) — 1 case
Fed. Home Loan Bank Bd. v. Elliott, 386 F.2d 42 (9th Cir. 1967).
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