12 U.S.C. § 1462a

Administrative provisions

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(a) PowersIn accordance with subtitle A of title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the appropriate Federal banking agency 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 [Aug. 9, 1989]; and(2) were not—(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Home Loan Mortgage Corporation pursuant to any amendment made by such Act; or(B) established under any provision of law repealed by such Act.(b) State homestead provisions

No provision of this chapter or any other provision of law administered by the appropriate Federal banking agency shall be construed as superseding any homestead provision of any State constitution, including any implementing State statute, in effect on September 29, 1994, or any subsequent amendment to such a State constitutional or statutory provision in effect on September 29, 1994, 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.

(June 13, 1933, ch. 64, § 3, as added Pub. L. 101–73, title III, § 301, Aug. 9, 1989, 103 Stat. 278; amended Pub. L. 103–325, title III, § 331(c), Sept. 23, 1994, 108 Stat. 2232; Pub. L. 103–328, title I, § 102(b)(5), Sept. 29, 1994, 108 Stat. 2352; Pub. L. 109–351, title VII, § 712, Oct. 13, 2006, 120 Stat. 1994; Pub. L. 111–203, title III, § 369(3), July 21, 2010, 124 Stat. 1558.)Editorial NotesReferences in Text

The Dodd-Frank Wall Street Reform and Consumer Protection Act, referred to in subsec. (a), is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376. Subtitle A (§§ 311–319) of title III of the Act enacted part A (§ 5411 et seq.) of subchapter III of chapter 53 and sections 4b and 16 of this title, amended sections 1, 11, 248, 481, 482, 1813, and 1820 of this title and section 3502 of Title 44, Public Printing and Documents, and enacted provisions set out as notes under sections 1 and 16 of this title. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of this title and Tables.

The Financial Institutions Reform, Recovery, and Enforcement Act of 1989, referred to in subsec. (a), is Pub. L. 101–73, Aug. 9, 1989, 103 Stat. 183. For complete classification of this Act to the Code, see Tables.

Prior Provisions

A prior section 3 of act June 13, 1933, amended section 1424 of this title prior to the general revision of this chapter by Pub. L. 101–73, § 301.

Amendments

2010—Pub. L. 111–203, § 369(3)(A), inserted section catchline and struck out former section catchline “Director of the Office of Thrift Supervision”.

Pub. L. 111–203, § 369(3)(B), (C), redesignated subsecs. (e) and (f) as (a) and (b), respectively, and struck out former subsecs. (a) to (d), which related to establishment of the Office of Thrift Supervision, position, appointment and term of Director, and prohibition on financial interests by Director; and subsecs. (g) to (j), which related to annual report requirement, staff, funding through assessments, and GAO audits.

Subsec. (a). Pub. L. 111–203, § 369(3)(D), struck out “of the Director” after “Powers” in heading and substituted “In accordance with subtitle A of title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the appropriate Federal banking agency” for “The Director” in introductory provisions.

Subsec. (b). Pub. L. 111–203, § 369(3)(E), substituted “appropriate Federal banking agency” for “Director”.

2006—Subsec. (c)(3). Pub. L. 109–351, § 712(b), designated existing provisions as subpar. (A), inserted subpar. heading, and added subpar. (B).

Subsec. (c)(5). Pub. L. 109–351, § 712(a), amended heading and text of par. (5) generally. Prior to amendment, text read as follows: “Notwithstanding paragraphs (1) and (2), the Chairman of the Federal Home Loan Bank Board on the date of enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, shall be the Director until the date on which that individual’s term as Chairman of the Federal Home Loan Bank Board would have expired.”

1994—Subsec. (b)(3). Pub. L. 103–325, § 331(c)(1), substituted “(including agency enforcement actions) unless otherwise specifically provided by law” for “unless otherwise provided by law”.

Subsec. (b)(4). Pub. L. 103–325, § 331(c)(2), added par. (4).

Subsecs. (f) to (j). Pub. L. 103–328 added subsec. (f) and redesignated former subsecs. (f) to (i) as (g) to (j), respectively.

Statutory Notes and Related SubsidiariesEffective Date of 2010 Amendment

Amendment by 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.

Executive DocumentsDelegation of Authority To Ratify Office of Thrift Supervision Actions

Memorandum of the President of the United States, Apr. 18, 1990, 55 F.R. 15207, provided:

Memorandum for the Director of the Office of Thrift Supervision

By the authority vested in me as President of the United States by the Constitution and laws of the United States, including section 301 of title 3 of the United States Code, I hereby delegate to the Director of the Office of Thrift Supervision my authority to ratify actions taken on behalf of, or in the name of, the Office of Thrift Supervision or its Director before April 9, 1990.

This memorandum shall be published in the Federal Register.

George Bush.

Notes of Decisions

Cited in 68 cases (1 in the last 5 years), 1990–2024 · leading case: Doolin Sec. Sav. Bank, F.S.B. v. Off. of Thrift Supervision, 139 F.3d 203 (D.C. Cir. 1998).

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Doolin Sec. Sav. Bank, F.S.B. v. Off. of Thrift Supervision, 139 F.3d 203 (D.C. Cir. 1998). · cites it 12× “OTS is part of the Department of the Treasury, see 12 U.S.C. § 1462a(a), but the Secretary of the Treasury is barred from intervening in matters before the agency.”

Off. of Thrift Supervision v. Overland Park Fin. Corp., 236 F.3d 1246 (10th Cir. 2001). · cites it 3× “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.”

Atherton v. Fed. Deposit Ins. Corp., 519 U.S. 213 (1997). · cites it 2× “Indeed, the Comptroller of the Currency, acting through regulation, permits considerable disparity in the standard of care applicable to federally chartered banks other than savings banks (which are under the jurisdiction of the Office of Thrift Supervision (OTS), 12 U. S. C. §§…”

Am. Fed'n of Gov't Employees, Local 3295 v. Fed. Labor Relations Auth., Off. of Thrift Supervision, Intervenor, 46 F.3d 73 (D.C. Cir. 1995). · cites it 4× “278 -80, 12 U.S.C. §§ 1462a, 1463 (Supp. V 1993). 1 All Federal Home Loan Bank staff as well as various Bank Board and FSLIC personnel engaged in thrift supervision — a body of workers that includes examiners, lawyers, and accountants — automatically became employees of OTS.”

Fed. Deposit Ins. v. Hurwitz, 384 F. Supp. 2d 1039 (S.D. Tex. 2005). · cites it 3× “12 U.S.C. § 1462a(c)(l). 215 . U.S. Const, art.”

Suess v. United States, 33 Fed. Cl. 89 (Fed. Cl. 1995). · cites it 2× “12 U.S.C. § 1462a (Supp.1993). The OTS was placed under the general oversight of the Department of the Treasury and made responsible for “the examination, safe and sound operation, and regulation of savings associations.”

Harris v. Wachovia Mortg., FSB, 185 Cal. App. 4th 1018 (Cal. Ct. App. 2010). “) HOLA creates the Office of Thrift Supervision (OTS) (12 U.S.C. § 1462a(a)) and authorizes its director to issue regulations prescribing the operation of federal savings associations according to the “best practices of thrift institutions in the United States.”

State Farm Bank v. Reardon, 539 F.3d 336 (6th Cir. 2008). “HOLA initially established the Federal Home Loan Bank Board to regulate the conduct of federal savings associations; however, Congress replaced the Board with the OTS when it amended HOLA in 1989.”

McCurry v. Chevy Chase Bank, FSB, 233 P.3d 861 (Wash. 2010). “2 (a). [1] This regulation preempts all "state laws purporting to regulate or otherwise affect their credit activities.”

Gibson v. World Sav. & Loan Assn., 128 Cal. Rptr. 2d 19 (Cal. Ct. App. 2002). “As amended, the HOLA creates the Office of Thrift Supervision (OTS) (12 U.S.C. § 1462a(a)) and authorizes its director to issue regulations prescribing the operation of federal savings associations according to the “best practices of thrift institutions in the United States” (id.”

McCurry v. Chevy Chase Bank, FSB, 169 Wash. 2d 96 (Wash. 2010). “12 U.S.C. §§ 1462a, 1463(a), 1464(a). ¶29 Under this authority, OTS has created comprehensive regulation that “occupies the entire field of lending regulation for federal savings associations,” which includes Chevy Chase Bank FSB.”

Washington Mut. Bank, Fa v. Superior Court, 115 Cal. Rptr. 2d 765 (Cal. Ct. App. 2002). “(12 U.S.C. § 1462a(b)(2).) OTS was given the same plenary power to issue regulations governing federal savings and loans that Congress had entrusted in the FHLBB.”

Show all 68 citing cases →

— 12 U.S.C. § 1462a(a) — 7 cases

Doolin Sec. Sav. Bank, F.S.B. v. Off. of Thrift Supervision, 139 F.3d 203 (D.C. Cir. 1998). “OTS is part of the Department of the Treasury, see 12 U.S.C. § 1462a(a), but the Secretary of the Treasury is barred from intervening in matters before the agency.”

Comeau v. Rupp, 810 F. Supp. 1127 (D. Kan. 1992).

Crocker v. Resolution Trust Corp., 839 F. Supp. 1291 (N.D. Ill. 1993).

— 12 U.S.C. § 1462a(b) — 5 cases

Sec. Sav. & Loan v. Dir., Off. of Thrift Supervision, Etc., & Fdic, Etc., 960 F.2d 1318 (5th Cir. 1992).

Crocker v. Resolution Trust Corp., 839 F. Supp. 1291 (N.D. Ill. 1993).

WFS Fin. Inc. v. Dean, 79 F. Supp. 2d 1024 (W.D. Wis. 1999).

Sec. Sav. & Loan Ass'n v. Dir., Off. of Thrift Supervision (5th Cir. 1992).

— 12 U.S.C. § 1462a(b)(1) — 2 cases

Weber v. First Fed. Bank, 523 N.W.2d 720 (S.D. 1994).

Post-Emp. Restriction of 12 U.S.C. § 1812(e) (OLC 2001).

— 12 U.S.C. § 1462a(b)(2) — 9 cases

Boursiquot v. Citibank F.A.B., 323 F. Supp. 2d 350 (D. Conn. 2004).

Bakalis v. Crossland Sav. Bank, 781 F. Supp. 140 (E.D.N.Y 1991).

Shinn v. Encore Mortg. Servs., Inc., 96 F. Supp. 2d 419 (D.N.J. 2000).

Far West Fed. Bank, S.B. v. Dir., Off. of Thrift Supervision, 738 F. Supp. 1564 (D. Or. 1990).

— 12 U.S.C. § 1462a(b)(3) — 3 cases

Sinclair v. United States, 56 Fed. Cl. 270 (Fed. Cl. 2003).

Am. Fed'n of Gov't Employees, Local 3295 v. Fed. Labor Relations Auth., Off. of Thrift Supervision, Intervenor, 46 F.3d 73 (D.C. Cir. 1995). “278 -80, 12 U.S.C. §§ 1462a, 1463 (Supp. V 1993). 1 All Federal Home Loan Bank staff as well as various Bank Board and FSLIC personnel engaged in thrift supervision — a body of workers that includes examiners, lawyers, and accountants — automatically became employees of OTS.”

— 12 U.S.C. § 1462a(b)(l) — 1 case

Weber v. First Fed. Bank, 523 N.W.2d 720 (S.D. 1994).

— 12 U.S.C. § 1462a(c)(2) — 1 case

— 12 U.S.C. § 1462a(c)(3)(B) — 1 case

Auth. of Acting FBI Officials to Sign Nat'l Sec. Letters (OLC 2009).

— 12 U.S.C. § 1462a(c)(5) — 1 case

Franklin Sav. Ass'n v. Dir. of the Off. of Thrift Supervision, 740 F. Supp. 1535 (D. Kan. 1990).

— 12 U.S.C. § 1462a(c)(l) — 3 cases

Fed. Deposit Ins. v. Hurwitz, 384 F. Supp. 2d 1039 (S.D. Tex. 2005). “12 U.S.C. § 1462a(c)(l). 215 . U.S. Const, art.”

Auth. of the Fed. Fin. Bank to Provide Loans to the Resolution Trust Corp. (OLC 1990).

— 12 U.S.C. § 1462a(e) — 7 cases

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.”

Robert D. Rapaport v. United States Dep't of the Treasury, Off. of Thrift Supervision, 59 F.3d 212 (D.C. Cir. 1995).

Bakalis v. Crossland Sav. Bank, 781 F. Supp. 140 (E.D.N.Y 1991).

First Gibraltar Bank, FSB v. Morales, 815 F. Supp. 1008 (W.D. Tex. 1993).

Resolution Trust Corp. v. Firstcorp, Inc. (In re Firstcorp, Inc.), 973 F.2d 243 (4th Cir. 1992).

— 12 U.S.C. § 1462a(e)(2)(A) — 2 cases

Walker v. Fed. Deposit Ins., 970 F.2d 114 (5th Cir. 1992).

Walker v. F.D.I.C. (5th Cir. 1992).

— 12 U.S.C. § 1462a(e)(4) — 1 case

— 12 U.S.C. § 1462a(e)(l) — 1 case

— 12 U.S.C. § 1462a(f) — 4 cases

Degutis v. Fin. Freedom, LLC, 978 F. Supp. 2d 1243 (M.D. Fla. 2013).

Heist v. E. Sav. Bank, FSB., 884 A.2d 1224 (Md. Ct. Spec. App. 2005).

Schilke v. Wachovia Mortg., Psb, 705 F. Supp. 2d 932 (N.D. Ill. 2010).

State Farm Bank FSB v. J. Reardon (6th Cir. 2008).

— 12 U.S.C. § 1462a(g) — 1 case

— 12 U.S.C. § 1462a(g)(1) — 1 case

— 12 U.S.C. § 1462a(g)(4)(A) — 1 case

Resolution Trust Corp. v. O'bear, Overholser, Smith & Huffer, 886 F. Supp. 658 (N.D. Ind. 1995).

— 12 U.S.C. § 1462a(g)(4)(B)(i) — 1 case

Harrell G. Andrews v. Fed. Home Loan Bank of Atlanta, 998 F.2d 214 (4th Cir. 1993).

— 12 U.S.C. § 1462a(h)(4)(A) — 2 cases

Resolution Trust Corp. v. O'bear, Overholser, Smith & Huffer, 886 F. Supp. 658 (N.D. Ind. 1995).

Romines v. Great-West Life Assurance Co., 73 F.3d 1457 (8th Cir. 1996).

— 12 U.S.C. § 1462a(h)(4)(A)(i) — 1 case

— 12 U.S.C. § 1462a(h)(4)(A)(ii) — 1 case

— 12 U.S.C. § 1462a(h)(4)(a)(i) — 1 case

Fed. Deposit Ins. v. Hurwitz, 384 F. Supp. 2d 1039 (S.D. Tex. 2005). “12 U.S.C. § 1462a(c)(l). 215 . U.S. Const, art.”

— 12 U.S.C. § 1462a(h)(l) — 1 case

Applicability of 18 U.S.C. § 207(d) to Certain Employees in the Treasury Dep't (OLC 2000).

— 12 U.S.C. § 1462a(i) — 1 case

Fed. Deposit Ins. v. Hurwitz, 384 F. Supp. 2d 1039 (S.D. Tex. 2005). “12 U.S.C. § 1462a(c)(l). 215 . U.S. Const, art.”

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