12 U.S.C. § 1467a
Regulation of holding companies
The term “savings association” includes a savings bank or cooperative bank which is deemed by the appropriate Federal banking agency to be a savings association under subsection (l).
The term “uninsured institution” means any depository institution the deposits of which are not insured by the Federal Deposit Insurance Corporation.
The term “company” means any corporation, partnership, trust, joint-stock company, or similar organization, but does not include the Federal Deposit Insurance Corporation, the Resolution Trust Corporation, any Federal home loan bank, or any company the majority of the shares of which is owned by the United States or any State, or by an instrumentality of the United States or any State.
Except as provided in clause (ii), the term “savings and loan holding company” means any company that directly or indirectly controls a savings association or that controls any other company that is a savings and loan holding company.
The term “multiple savings and loan holding company” means any savings and loan holding company which directly or indirectly controls 2 or more savings associations.
The term “diversified savings and loan holding company” means any savings and loan holding company whose subsidiary savings association and related activities as permitted under paragraph (2) of subsection (c) of this section represented, on either an actual or a pro forma basis, less than 50 percent of its consolidated net worth at the close of its preceding fiscal year and of its consolidated net earnings for such fiscal year, as determined in accordance with regulations issued by the appropriate Federal banking agency.
The term “subsidiary” has the same meaning as in section 1813 of this title.
The term “affiliate” of a savings association means any person which controls, is controlled by, or is under common control with, such savings association.
The terms “bank holding company” and “bank” have the meanings given to such terms in section 2 of the Bank Holding Company Act of 1956 [12 U.S.C. 1841].
The term “acquire” has the meaning given to such term in section 1823(f)(8) of this title.
No savings and loan holding company shall be deemed to control a savings association solely by reason of the purchase by such savings and loan holding company of shares issued by such savings association, or issued by any savings and loan holding company (other than a bank holding company) which controls such savings association, in connection with a qualified stock issuance if such purchase is approved by the Board under subsection (q)(1)(D), unless the acquiring savings and loan holding company, directly or indirectly, or acting in concert with 1 or more other persons, or through 1 or more subsidiaries, owns, controls, or holds with power to vote, or holds proxies representing, more than 15 percent of the voting shares of such savings association or holding company.
Within 90 days after becoming a savings and loan holding company, each savings and loan holding company shall register with the Board on forms prescribed by the Board, which shall include such information, under oath or otherwise, with respect to the financial condition, ownership, operations, management, and intercompany relationships of such holding company and its subsidiaries, and related matters, as the Board may deem necessary or appropriate to carry out the purposes of this section. Upon application, the Board may extend the time within which a savings and loan holding company shall register and file the requisite information.
Each savings and loan holding company and each subsidiary thereof, other than a savings association, shall file with the Board, such reports as may be required by the Board. Such reports shall be made under oath or otherwise, and shall be in such form and for such periods, as the Board may prescribe. Each report shall contain such information concerning the operations of such savings and loan holding company and its subsidiaries as the Board may require.
Upon the request of the Board, a savings and loan holding company or a subsidiary of a savings and loan holding company shall promptly provide to the Board any information described in clauses (i) through (iii) of subparagraph (B).
Each savings and loan holding company shall maintain such books and records as may be prescribed by the Board.
The Board may require any savings and loan holding company, or persons connected therewith if it is not a corporation, to execute and file a prescribed form of irrevocable appointment of agent for service of process.
The Board may at any time, upon the motion or application of the Board, release a registered savings and loan holding company from any registration theretofore made by such company, if the Board determines that such company no longer has control of any savings association.
No savings and loan holding company and no subsidiary which is not a savings association shall commence, either de novo or by an acquisition (in whole or in part) of a going concern, any activity described in paragraph (2)(F)(i) of this subsection without the prior approval of the Board.
In prescribing any regulation or considering any application under this paragraph, the Board may differentiate between activities commenced de novo and activities commenced by the acquisition, in whole or in part, of a going concern.
The approval or disapproval of any application under this paragraph by the Board shall be made in an order issued by the Board containing the reasons for such approval or disapproval.
If any savings association referred to in paragraph (3) fails to maintain the status of such association as a qualified thrift lender, the Board may allow, for good cause shown, any company that controls such association (or any subsidiary of such company which is not a savings association) up to 3 years to comply with the limitations contained in paragraph (1)(C).
Notwithstanding paragraph (1)(C), any company which received approval under subsection (e) of this section to acquire control of a savings association between
Notwithstanding paragraph (1)(C) and subject to subparagraphs (C) and (D), any savings and loan holding company which received approval, before
Any activity described in subparagraph (B) may also be terminated by the Board, after opportunity for hearing, if the Board determines, having due regard for the purposes of this chapter, that such action is necessary to prevent conflicts of interest or unsound practices or is in the public interest.
Notwithstanding any other provision of this section, any savings and loan holding company organized under the laws of a foreign country as of
Except for paragraph (1)(A), this subsection shall not apply to any company that is treated as a bank holding company for purposes of section 4 of the Bank Holding Company Act of 1956 [12 U.S.C. 1843], or any of its subsidiaries.
Notwithstanding paragraph (3), no savings and loan holding company may engage directly or indirectly (including through a subsidiary other than a savings association) in any activity other than as described in clauses (i) and (ii) of subparagraph (A).
The Board may issue interpretations, regulations, or orders that the Board determines necessary to administer and carry out the purpose and prevent evasions of this paragraph, including a determination (in consultation with the appropriate Federal banking agency) that, notwithstanding the form of a transaction, the transaction would in substance result in a company acquiring control of a savings association.
Transactions between any subsidiary savings association of a savings and loan holding company and any affiliate (of such savings association subsidiary) shall be subject to the limitations and prohibitions specified in section 1468 of this title.
Notwithstanding subsection (h)(2), any director or officer of a savings and loan holding company, or any individual who owns, controls, or holds with power to vote (or holds proxies representing) more than 25 percent of the voting shares of such holding company, may acquire control of any savings association not a subsidiary of such savings and loan holding company with the prior written approval of the Board.
If any individual referred to in subparagraph (A) controls more than 1 savings and loan holding company or more than 1 savings association, any savings and loan holding company controlled by such individual shall be subject to the activities limitations contained in subsection (c) to the same extent such limitations apply to multiple savings and loan holding companies, unless all or all but 1 of the savings associations (including any institution deemed to be a savings association under subsection (l) of this section) controlled directly or indirectly by such individual was acquired pursuant to an acquisition described in subclause (I) or (II) of subsection (c)(3)(B)(i).
This subsection and subsection (c)(2) of this section do not apply to any savings and loan holding company which acquired the control of a savings association or of a savings and loan holding company pursuant to a pledge or hypothecation to secure a loan, or in connection with the liquidation of a loan, made in the ordinary course of business. It shall be unlawful for any such company to retain such control for more than one year after
Every subsidiary savings association of a savings and loan holding company shall give the Board not less than 30 days’ advance notice of the proposed declaration by its directors of any dividend on its guaranty, permanent, or other nonwithdrawable stock. Such notice period shall commence to run from the date of receipt of such notice by the Board. Any such dividend declared within such period, or without the giving of such notice to the Board, shall be invalid and shall confer no rights or benefits upon the holder of any such stock.
The Board is authorized to issue such regulations and orders, including regulations and orders relating to capital requirements for savings and loan holding companies, as the Board deems necessary or appropriate to enable the Board to administer and carry out the purposes of this section, and to require compliance therewith and prevent evasions thereof. In establishing capital regulations pursuant to this subsection, the appropriate Federal banking agency shall seek to make such requirements countercyclical so that the amount of capital required to be maintained by a company increases in times of economic expansion and decreases in times of economic contraction, consistent with the safety and soundness of the company.
The Board may make such investigations as the Board deems necessary or appropriate to determine whether the provisions of this section, and regulations and orders thereunder, are being and have been complied with by savings and loan holding companies and subsidiaries and affiliates thereof. For the purpose of any investigation under this section, the Board may administer oaths and affirmations, issue subpenas, take evidence, and require the production of any books, papers, correspondence, memorandums, or other records which may be relevant or material to the inquiry. The attendance of witnesses and the production of any such records may be required from any place in any State. The Board may apply to the United States district court for the judicial district (or the United States court in any territory) in which any witness or company subpenaed resides or carries on business, for enforcement of any subpena issued pursuant to this paragraph, and such courts shall have jurisdiction and power to order and require compliance.
Whenever it appears to the Board that any person is engaged or has engaged or is about to engage in any acts or practices which constitute or will constitute a violation of the provisions of this section or of any regulation or order thereunder, the Board may bring an action in the proper United States district court, or the United States court of any territory or other place subject to the jurisdiction of the United States, to enjoin such acts or practices, to enforce compliance with this section or any regulation or order, or to require the divestiture of any acquisition in violation of this section, or for any combination of the foregoing, and such courts shall have jurisdiction of such actions. Upon a proper showing an injunction, decree, restraining order, order of divestiture, or other appropriate order shall be granted without bond.
Any company which violates, and any person who participates in a violation of, any provision of this section, or any regulation or order issued pursuant thereto, shall forfeit and pay a civil penalty of not more than $25,000 for each day during which such violation continues.
Any penalty imposed under subparagraph (A) may be assessed and collected by the Board in the manner provided in subparagraphs (E), (F), (G), and (I) of section 1818(i)(2) of this title for penalties imposed (under such section) and any such assessment shall be subject to the provisions of such section.
The company or other person against whom any civil penalty is assessed under this paragraph shall be afforded a hearing if such company or person submits a request for such hearing within 20 days after the issuance of the notice of assessment. Section 1818(h) of this title shall apply to any proceeding under this paragraph.
All penalties collected under authority of this paragraph shall be deposited into the Treasury.
For purposes of this section, the term “violate” includes any action (alone or with another or others) for or toward causing, bringing about, participating in, counseling, or aiding or abetting a violation.
The Board shall prescribe regulations establishing such procedures as may be necessary to carry out this paragraph.
Any company which violates, and any person who participates in a violation of, any provision of this section, or any regulation or order issued pursuant thereto, shall forfeit and pay a civil penalty of not more than $25,000 for each day during which such violation continues.
Any penalty imposed under subparagraph (A) may be assessed and collected by the Board in the manner provided in subparagraphs (E), (F), (G), and (I) of section 1818(i)(2) of this title for penalties imposed (under such section) and any such assessment shall be subject to the provisions of such section.
The company or other person against whom any penalty is assessed under this paragraph shall be afforded an agency hearing if such company or person submits a request for such hearing within 20 days after the issuance of the notice of assessment. Section 1818(h) of this title shall apply to any proceeding under this paragraph.
All penalties collected under authority of this paragraph shall be deposited into the Treasury.
For purposes of this section, the term “violate” includes any action (alone or with another or others) for or toward causing, bringing about, participating in, counseling, or aiding or abetting a violation.
The Board shall prescribe regulations establishing such procedures as may be necessary to carry out this paragraph.
The resignation, termination of employment or participation, or separation of an institution-affiliated party (within the meaning of section 1813(u) of this title) with respect to a savings and loan holding company or subsidiary thereof (including a separation caused by the deregistration of such a company or such a subsidiary) shall not affect the jurisdiction and authority of the Board to issue any notice and proceed under this section against any such party, if such notice is served before the end of the 6-year period beginning on the date such party ceased to be such a party with respect to such holding company or its subsidiary (whether such date occurs before, on, or after
Any party aggrieved by an order of the Board under this section may obtain a review of such order by filing in the court of appeals of the United States for the circuit in which the principal office of such party is located, or in the United States Court of Appeals for the District of Columbia Circuit, within 30 days after the date of service of such order, a written petition praying that the order of the Board be modified, terminated, or set aside. A copy of the petition shall be forthwith transmitted by the clerk of the court to the Board, and thereupon the Board shall file in the court the record in the proceeding, as provided in section 2112 of title 28. Upon the filing of such petition, such court shall have jurisdiction, which upon the filing of the record shall be exclusive, to affirm, modify, terminate, or set aside, in whole or in part, the order of the Board. Review of such proceedings shall be had as provided in chapter 7 of title 5. The judgment and decree of the court shall be final, except that the same shall be subject to review by the Supreme Court upon certiorari as provided in section 1254 of title 28.
Nothing contained in this section, other than any transaction approved under subsection (e)(2) of this section or section 1823 of this title, shall be interpreted or construed as approving any act, action, or conduct which is or has been or may be in violation of existing law, nor shall anything herein contained constitute a defense to any action, suit, or proceeding pending or hereafter instituted on account of any act, action, or conduct in violation of the antitrust laws.
Notwithstanding any other provision of law, a savings bank (as defined in section 1813(g) of this title) and a cooperative bank that is an insured bank (as defined in section 1813(h) of this title) upon application shall be deemed to be a savings association for the purpose of this section, if the appropriate Federal banking agency determines that such bank is a qualified thrift lender (as determined under subsection (m)).
If any savings bank which is deemed to be a savings association under paragraph (1) subsequently fails to maintain its status as a qualified thrift lender, as determined by the appropriate Federal banking agency, such bank may not thereafter be a qualified thrift lender for a period of 5 years.
A savings association that fails to become or remain a qualified thrift lender shall immediately be subject to the restrictions under subparagraph (B).
The savings association shall not make any new investment (including an investment in a subsidiary) or engage, directly or indirectly, in any other new activity unless that investment or activity would be permissible for the savings association if it were a national bank, and is also permissible for the savings association as a savings association.
The savings association shall not establish any new branch office at any location at which a national bank located in the savings association’s home State may not establish a branch office. For purposes of this subclause, a savings association’s home State is the State in which the savings association’s total deposits were largest on the date on which the savings association should have become or ceased to be a qualified thrift lender.
A savings association that fails to become or remain a qualified thrift lender shall be deemed to have violated section 1464 of this title and subject to actions authorized by section 1464(d) of this title.
Any company that controls a savings association that is subject to any provision of subparagraph (B) shall, within one year after the date on which the savings association should have become or ceases to be a qualified thrift lender, register as and be deemed to be a bank holding company subject to all of the provisions of the Bank Holding Company Act of 1956 [12 U.S.C. 1841 et seq.], section 1818 of this title, and other statutes applicable to bank holding companies, in the same manner and to the same extent as if the company were a bank holding company and the savings association were a bank, as those terms are defined in the Bank Holding Company Act of 1956.
A savings association that should have become or ceases to be a qualified thrift lender shall not be subject to subparagraph (B) or (C) if the savings association becomes a qualified thrift lender by meeting the qualified thrift lender requirement in paragraph (1) on a monthly average basis in 9 out of the preceding 12 months and remains a qualified thrift lender. If the savings association (or any savings association that acquired all or substantially all of its assets from that savings association) at any time thereafter ceases to be a qualified thrift lender, it shall immediately be subject to all provisions of subparagraphs (B) and (C) as if all the periods described in subparagraphs (B)(ii) and (C) had expired.
Subparagraph (A) shall not apply to a savings association subsidiary of a savings and loan holding company if at least 90 percent of the customers of the savings and loan holding company and its subsidiaries and affiliates are active or former members in the United States military services or the widows, widowers, divorced spouses, or current or former dependents of such members.
Subparagraph (A) of this paragraph shall not be construed as permitting any insured depository institution to engage in any conversion transaction prohibited under section 1815(d) 3 of this title.
The term “qualified thrift investments” means, with respect to any savings association, the assets of the savings association that are described in clauses (ii) and (iii).
The aggregate amount of the assets described in clause (iii) which may be taken into account in determining the amount of the qualified thrift investments of any savings association shall not exceed the amount which is equal to 20 percent of a savings association’s portfolio assets.
The appropriate Federal banking agency shall issue such regulations as may be necessary to define the term “credit card”.
The appropriate Federal banking agency shall issue such regulations as may be necessary to define the term “small business”.
For the following period: | The applicable percentage is: |
|---|---|
July 1, 1991–September 30, 1992 | 25 percent |
October 1, 1992–March 31, 1994 | 50 percent |
April 1, 1994–September 30, 1995 | 75 percent |
Thereafter | 100 percent |
For purposes of this paragraph, the actual thrift investment percentage of an association on
A savings and loan holding company and any of its affiliates shall be subject to section 1464(q) of this title and regulations prescribed under such section, in connection with transactions involving the products or services of such company or affiliate and those of an affiliated savings association as if such company or affiliate were a savings association.
At least 60 days prior to taking any action described in paragraph (1), a savings association seeking to establish a mutual holding company shall provide written notice to the Board. The notice shall contain such relevant information as the Board shall require by regulation or by specific request in connection with any particular notice.
Unless the Board within such 60-day notice period disapproves the proposed holding company formation, or extends for another 30 days the period during which such disapproval may be issued, the savings association providing such notice may proceed with the transaction, if the requirements of paragraph (2) have been met.
In connection with the transaction described in paragraph (1), a savings association may, subject to the approval of the Board, retain capital assets at the holding company level to the extent that such capital exceeds the association’s capital requirement established by the Board pursuant to subsections (s) and (t) of section 1464 of this title.
Persons having ownership rights in the mutual association pursuant to section 1464(b)(1)(B) of this title or State law shall have the same ownership rights with respect to the mutual holding company.
If a mutual holding company acquires or merges with another holding company under paragraph (5)(C), the holding company acquired or the holding company resulting from such merger or acquisition may only invest in assets and engage in activities which are authorized under paragraph (5).
A mutual holding company shall be chartered by the Board and shall be subject to such regulations as the Board may prescribe. Unless the context otherwise requires, a mutual holding company shall be subject to the other requirements of this section regarding regulation of holding companies.
This section shall not prohibit a mutual holding company from pledging all or a portion of the stock of a savings association chartered as part of a transaction described in paragraph (1) to raise capital for such savings association.
This section shall not prohibit a savings association chartered as part of a transaction described in paragraph (1) from issuing any nonvoting shares or less than 50 percent of the voting shares of such association to any person other than the mutual holding company.
Except as provided in subparagraph (C), the net proceeds of any liquidation of any mutual holding company pursuant to subparagraph (A) shall be transferred to persons who hold ownership interests in such mutual holding company.
If the Corporation incurs a loss as a result of the default of any savings association subsidiary of a mutual holding company which is liquidated pursuant to subparagraph (A), the Corporation shall succeed to the ownership interests of the depositors of such savings association in the mutual holding company, to the extent of the Corporation’s loss.
The term “mutual holding company” means a corporation organized as a holding company under this subsection.
The term “mutual association” means a savings association which is operating in mutual form.
The term “default” means an adjudication or other official determination of a court of competent jurisdiction or other public authority pursuant to which a conservator, receiver, or other legal custodian is appointed.
Each subsidiary of a mutual holding company that is a savings association shall give the appropriate Federal banking agency and the Board notice not later than 30 days before the date of a proposed declaration by the board of directors of the savings association of any dividend on the guaranty, permanent, or other nonwithdrawable stock of the savings association.
Any dividend described in clause (i) that is declared without giving notice to the appropriate Federal banking agency and the Board under clause (i), or that is declared during the 30-day period preceding the date of a proposed declaration for which notice is given to the appropriate Federal banking agency and the Board under clause (i), shall be invalid and shall confer no rights or benefits upon the holder of any such stock.
A notice of a waiver under subparagraph (B) shall include a copy of the resolution of the board of directors of the mutual holding company, in such form and substance as the Board may determine, together with any supporting materials relied upon by the board of directors of the mutual holding company, concluding that the proposed dividend waiver is consistent with the fiduciary duties of the board of directors to the mutual members of the mutual holding company.
The appropriate Federal banking agency shall consider waived dividends in determining an appropriate exchange ratio in the event of a full conversion to stock form.
In the case of a savings association that has reorganized into a mutual holding company, has issued minority stock from a mid-tier stock holding company or a subsidiary stock savings association of the mutual holding company, and has waived dividends it had a right to receive from a subsidiary savings association before
After a directive referred to in paragraph (1) is issued, the savings and loan holding company, or any subsidiary of such holding company subject to the directive, may object and present in writing its reasons why the directive should be modified or rescinded. Unless within 10 days after receipt of such response the Board affirms, modifies, or rescinds the directive, such directive shall automatically lapse.
If the Board affirms or modifies a directive pursuant to subparagraph (A), any affected party may immediately thereafter petition the United States district court for the district in which the savings and loan holding company has its main office or in the United States District Court for the District of Columbia to stay, modify, terminate or set aside the directive. Upon a showing of extraordinary cause, the savings and loan holding company, or any subsidiary of such holding company subject to a directive, may petition a United States district court for relief without first pursuing or exhausting the administrative remedies set forth in this paragraph.
The Board shall not disapprove any application for the purchase of stock in connection with a qualified stock issuance on the grounds that the acquiring savings and loan holding company has failed to undertake to make subsequent additional capital contributions to maintain the capital of the undercapitalized savings association at or above the minimum level required by the Board or any other Federal agency having jurisdiction.
An application for approval of a purchase of stock in connection with a qualified stock issuance shall be deemed to have been approved by the Board if such application has not been disapproved by the Board before the end of the 90-day period beginning on the date such application has been deemed sufficient under regulations issued by the Board.
The shares of stock issued in connection with a qualified stock issuance may be shares of any class.
If any savings and loan holding company or any subsidiary of such a holding company knowingly or with reckless disregard for the accuracy of any information or report described in paragraph (2) submits or publishes any false or misleading report or information, the Board or appropriate Federal banking agency may assess a penalty of not more than $1,000,000 or 1 percent of total assets of such company or subsidiary, whichever is less, per day for each day during which such failure continues or such false or misleading information is not corrected.
Any penalty imposed under paragraph (1), (2), or (3) shall be assessed and collected by the Board or appropriate Federal banking agency in the manner provided in subparagraphs (E), (F), (G), and (I) of section 1818(i)(2) of this title (for penalties imposed under such section) and any such assessment (including the determination of the amount of the penalty) shall be subject to the provisions of such subsection.
Any savings and loan holding company or any subsidiary of such a holding company against which any penalty is assessed under this subsection shall be afforded a hearing if such savings and loan holding company or such subsidiary, as the case may be, submits a request for such hearing within 20 days after the issuance of the notice of assessment. Section 1818(h) of this title shall apply to any proceeding under this subsection.
Subject to sections 1815(d)(3) 3 and 1828(c) of this title and all other applicable laws, any Federal savings association may acquire or be acquired by any insured depository institution.
Any application by a savings association to acquire or be acquired by another insured depository institution which is required to be filed with the appropriate Federal banking agency for the savings association under any applicable law or regulation shall be approved or disapproved in writing by the appropriate Federal banking agency for the savings association before the end of the 60-day period beginning on the date such application is filed with the agency.
For purposes of this subsection, the term “acquire” means to acquire, directly or indirectly, ownership or control through a merger or consolidation or an acquisition of assets or assumption of liabilities, provided that following such merger, consolidation, or acquisition, an acquiring insured depository institution may not own the shares of the acquired insured depository institution.
The Comptroller shall prescribe such regulations as may be necessary to carry out paragraph (1).
No provision of this section shall be construed to authorize a national bank or any subsidiary thereof to engage in any activity not otherwise authorized under the National Bank Act [12 U.S.C. 21 et seq.] or any other law governing the powers of a national bank.
This section shall not apply to a bank holding company that is subject to the Bank Holding Company Act of 1956 [12 U.S.C. 1841 et seq.], or any company controlled by such bank holding company.
The Board shall adopt data standards for all information that, through a collection of information, is regularly filed with or submitted to the Board by any savings and loan holding company, or subsidiary of a savings and loan holding company, other than a depository institution, under this section.
The data standards required under paragraph (1) shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under section 5334 of this title, including, to the extent practicable, by having the characteristics described in clauses (i) through (vi) of subsection (c)(1)(B) of such section 5334.
The Bank Holding Company Act of 1956, referred to in subsecs. (a)(1)(D)(ii)(I), (c)(2)(H)(ii), (e)(1)(B)(iii), (m)(3)(C), and (t), is act May 9, 1956, ch. 240, 70 Stat. 133, which is classified principally to chapter 17 (§ 1841 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1841 of this title and Tables.
The Consumer Financial Protection Act of 2010, referred to in subsec. (b)(4)(A), is title X of Pub. L. 111–203,
Sections 406 and 408 of the National Housing Act, referred to in subsecs. (c)(3)(B)(i)(I), (6)(C)(i), (iv), (e)(1)(A)(iii)(VI), and (q)(1)(F), which were classified to sections 1729 and 1730a of this title, respectively, were repealed by Pub. L. 101–73, title IV, § 407,
The transfer date, referred to in subsec. (e)(7)(B)(iii), probably means the transfer date defined in section 5301 of this title.
Section 1815(d) of this title, referred to in subsecs. (m)(3)(G) and (s)(1), was amended by Pub. L. 109–173, § 8(a)(4), (5)(D),
Section 1465 of this title, referred to in subsec. (m)(4)(B)(iii), was repealed by Pub. L. 106–569, title XII, § 1201(a),
The National Bank Act, referred to in subsec. (s)(5), is act June 3, 1864, ch. 106, 13 Stat. 99, which is classified principally to chapter 2 (§ 21 et seq.) of this title. For complete classification of this Act to the Code, see References in Text note set out under section 38 of this title.
The directory language of sections 905(j) and 907(k) of Pub. L. 101–73 amending subsec. (i) of this section resulted in the enactment of two virtually identical pars. (2) and (3) both relating to civil money penalties and a par. (5) identical to former par. (4). See 1989 Amendment notes below.
2022—Subsec. (u). Pub. L. 117–263 added subsec. (u).
2010—Subsec. (a)(1)(A). Pub. L. 111–203, § 369(8)(A), substituted “appropriate Federal banking agency” for “Director”.
Subsec. (a)(1)(D)(ii). Pub. L. 111–203, § 604(i), amended cl. (ii) generally. Prior to amendment, text read as follows: “The term ‘savings and loan holding company’ does not include a bank holding company that is registered under, and subject to, the Bank Holding Company Act of 1956, or to any company directly or indirectly controlled by such company (other than a savings association).”
Subsec. (a)(1)(F). Pub. L. 111–203, § 369(8)(A), substituted “appropriate Federal banking agency” for “Director”.
Subsec. (a)(2)(D), (3)(A), (4). Pub. L. 111–203, § 369(8)(K), substituted “Board” for “Director”.
Subsec. (b)(1). Pub. L. 111–203, § 369(8)(K), substituted “Board” for “Director” wherever appearing.
Subsec. (b)(2). Pub. L. 111–203, § 604(g), designated existing provisions as subpar. (A), inserted heading, and added subpars. (B) and (C).
Pub. L. 111–203, § 369(8)(K), substituted “Board” for “Director” wherever appearing.
Pub. L. 111–203, § 369(8)(B)(i), struck out “and the regional office of the Director of the district in which its principal office is located,” before “such reports as may be required”.
Subsec. (b)(3). Pub. L. 111–203, § 369(8)(K), substituted “Board” for “Director”.
Subsec. (b)(4). Pub. L. 111–203, § 604(h)(2), added par. (4) and struck out former par. (4). Prior to amendment, text read as follows: “Each savings and loan holding company and each subsidiary thereof (other than a bank) shall be subject to such examinations as the Board may prescribe. The cost of such examinations shall be assessed against and paid by such holding company. Examination and other reports may be furnished by the Board to the appropriate State supervisory authority. The Board shall, to the extent deemed feasible, use for the purposes of this subsection reports filed with or examinations made by other Federal agencies or the appropriate State supervisory authority.”
Pub. L. 111–203, § 369(8)(K), substituted “Board” for “Director” wherever appearing.
Subsec. (b)(5). Pub. L. 111–203, § 369(8)(K), substituted “Board” for “Director”.
Subsec. (b)(6). Pub. L. 111–203, § 369(8)(K), substituted “The Board” for “The Director” and “if the Board” for “if the Director”.
Pub. L. 111–203, § 369(8)(B)(ii), which directed substitution of “motion or application of the Board” for “Director’s own motion or application”, was executed by making the substitution for “Director’s own motion or upon application”, to reflect the probable intent of Congress.
Subsec. (c)(2)(F)(i). Pub. L. 111–203, § 369(8)(K), substituted “unless the Board” for “unless the Director”.
Pub. L. 111–203, § 369(8)(C)(i), struck out “of Governors of the Federal Reserve System” after “which the Board”.
Subsec. (c)(2)(G). Pub. L. 111–203, § 369(8)(K), substituted “Board” for “Director”.
Subsec. (c)(2)(H). Pub. L. 111–203, § 606(b), added subpar. (H).
Subsec. (c)(4). Pub. L. 111–203, § 369(8)(K), substituted “Board” for “Director” wherever appearing.
Subsec. (c)(4)(B). Pub. L. 111–203, § 369(8)(C)(ii), struck out “by Director” at end of heading.
Subsec. (c)(5), (6). Pub. L. 111–203, § 369(8)(K), substituted “Board” for “Director” wherever appearing.
Subsec. (c)(6)(D). Pub. L. 111–203, § 369(8)(C)(iii), which directed striking out “by director” in heading, was executed by striking out “by Director” after “Order” in heading, to reflect the probable intent of Congress.
Subsec. (c)(9)(E). Pub. L. 111–203, § 369(8)(K), substituted “Board” for “Director” in two places.
Pub. L. 111–203, § 369(8)(C)(iv), inserted “(in consultation with the appropriate Federal banking agency)” after “including a determination”.
Subsec. (e). Pub. L. 111–203, § 369(8)(K), substituted “Board” for “Director” wherever appearing.
Subsec. (e)(2)(E). Pub. L. 111–203, § 623(c)(1), added subpar. (E).
Subsec. (e)(7). Pub. L. 111–203, § 623(c)(2), added par. (7).
Subsec. (f). Pub. L. 111–203, § 369(8)(K), substituted “Board” for “Director” wherever appearing.
Subsec. (g)(1). Pub. L. 111–203, § 616(b), inserted “, including regulations and orders relating to capital requirements for savings and loan holding companies,” after “issue such regulations and orders” and “In establishing capital regulations pursuant to this subsection, the appropriate Federal banking agency shall seek to make such requirements countercyclical so that the amount of capital required to be maintained by a company increases in times of economic expansion and decreases in times of economic contraction, consistent with the safety and soundness of the company.” at end.
Pub. L. 111–203, § 369(8)(K), substituted “Board” for “Director” wherever appearing.
Subsec. (g)(2), (3)(A), (4), (5)(A). Pub. L. 111–203, § 369(8)(K), substituted “Board” for “Director” wherever appearing.
Subsec. (g)(5)(B). Pub. L. 111–203, § 369(8)(K), substituted “The Board” for “The Director”.
Pub. L. 111–203, § 369(8)(D), substituted “the discretion of the Board” for “the Director’s discretion”.
Subsecs. (h) to (j). Pub. L. 111–203, § 369(8)(K), substituted “Board” for “Director” wherever appearing.
Subsec. (l). Pub. L. 111–203, § 369(8)(E), substituted “appropriate Federal banking agency” for “Director” in pars. (1) and (2).
Subsec. (m). Pub. L. 111–203, § 369(8)(F), which directed substitution of “appropriate Federal banking agency” for “Director”, was executed by making the substitution wherever appearing, to reflect the probable intent of Congress.
Subsec. (m)(3)(A). Pub. L. 111–203, § 624(1), added subpar. (A) and struck out former subpar. (A). Prior to amendment, text read as follows: “A savings association that fails to become or remain a qualified thrift lender shall either become one or more banks (other than a savings bank) or be subject to subparagraph (B), except as provided in subparagraph (D).”
Subsec. (m)(3)(B)(i)(III), (IV). Pub. L. 111–203, § 624(2), added subcls. (III) and (IV) and struck out former subcl. (III). Prior to amendment, text of subcl. (III) read as follows: “The savings association shall be subject to all statutes and regulations governing the payment of dividends by a national bank in the same manner and to the same extent as if the savings association were a national bank.”
Subsec. (o)(3). Pub. L. 111–203, § 369(8)(K), substituted “Board” for “Director” wherever appearing.
Subsec. (o)(7). Pub. L. 111–203, § 369(8)(K), substituted “Board” for “Director” in two places.
Subsec. (o)(11). Pub. L. 111–203, § 625(a), added par. (11).
Subsec. (p)(1). Pub. L. 111–203, § 369(8)(G)(i), in introductory provisions, substituted “If the Board or the appropriate Federal banking agency for the savings association determines” for “If the Director determines”, “Board may” for “Director may”, and “as the Board, in consultation with the appropriate Federal banking agency for the savings association determines” for “as the Director determines”.
Subsec. (p)(2). Pub. L. 111–203, § 369(8)(G)(ii), substituted “Board” for “Director” in subpars. (A) and (B).
Subsec. (q). Pub. L. 111–203, § 369(8)(H), substituted “Board” for “Director” wherever appearing.
Subsec. (r). Pub. L. 111–203, § 369(8)(I), substituted “Board or appropriate Federal banking agency” for “Director” wherever appearing.
Subsec. (s)(2). Pub. L. 111–203, § 369(8)(J)(i)(II), substituted “appropriate Federal banking agency for the savings association” for “Director” wherever appearing.
Subsec. (s)(2)(B)(ii). Pub. L. 111–203, § 369(8)(J)(i)(I), substituted “judgment of the appropriate Federal banking agency for the savings association” for “Director’s judgment”.
Subsec. (s)(4)(A). Pub. L. 111–203, § 369(8)(J)(ii), substituted “Comptroller” for “Director”.
2006—Subsec. (c)(6)(D). Pub. L. 109–173, § 9(e)(2)(A), substituted “this chapter” for “this title”.
Subsec. (e)(1)(A)(iii)(VII). Pub. L. 109–171 repealed Pub. L. 104–208, § 2704(d)(12)(B)(i). See 1996 Amendment note below.
Subsec. (e)(1)(A)(iv). Pub. L. 109–171 repealed Pub. L. 104–208, § 2704(d)(12)(B)(ii). See 1996 Amendment note below.
Subsec. (e)(1)(B). Pub. L. 109–173, § 9(e)(2)(B), substituted “Deposit Insurance Fund” for “Savings Association Insurance Fund or Bank Insurance Fund”.
Pub. L. 109–171 repealed Pub. L. 104–208, § 2704(d)(12)(B)(iii). See 1996 Amendment note below.
Subsec. (e)(2). Pub. L. 109–173, § 9(e)(2)(C), substituted “Deposit Insurance Fund” for “Savings Association Insurance Fund or the Bank Insurance Fund” in introductory provisions.
Pub. L. 109–171 repealed Pub. L. 104–208, § 2704(d)(12)(B)(iv). See 1996 Amendment note below.
Subsec. (e)(4)(B). Pub. L. 109–173, § 9(e)(2)(D), substituted “subsection (l)” for “subsection (1)”.
Subsec. (g)(3)(A). Pub. L. 109–173, § 9(e)(2)(E), substituted “(5) of this subsection” for “(5) of this section”.
Subsec. (i)(4), (5). Pub. L. 109–173, § 9(e)(2)(F), redesignated par. (5) as (4).
Subsec. (m)(3)(E) to (H). Pub. L. 109–173, § 9(e)(2)(G), redesignated subpars. (F) to (H) as (E) to (G), respectively, and struck out heading and text of former subpar. (E). Text read as follows: “Any bank chartered as a result of the requirements of this section shall be obligated until
“(i)
“(ii) the institution’s change of status from a Savings Association Insurance Fund member to a Bank Insurance Fund member,
whichever is later.”
Pub. L. 109–171 repealed Pub. L. 104–208, § 2704(d)(12)(B)(v). See 1996 Amendment notes below.
Subsec. (m)(7)(A). Pub. L. 109–173, § 9(e)(2)(H), substituted “during the period” for “during period” in concluding provisions.
Subsec. (o)(3)(D). Pub. L. 109–173, § 9(e)(2)(I), substituted “subsections (s) and (t) of section 1464 of this title” for “sections 1464(s) and (t) of this title”.
2000—Subsec. (e)(1)(A)(iii). Pub. L. 106–569, § 1202, in introductory provisions, inserted “, except with the prior written approval of the Director,” after “to acquire, by purchase or otherwise, or to retain” and substituted “acquire or retain, and the Director may not authorize acquisition or retention of,” for “so acquire or retain”.
Subsec. (m)(4)(B)(iii). Pub. L. 106–569, § 1201(b)(2), inserted “as in effect on the day before
1999—Subsec. (c)(9). Pub. L. 106–102, § 401(a), added par. (9).
Subsec. (m)(3)(B)(i)(III), (IV). Pub. L. 106–102, § 604(d)(1), redesignated subcl. (IV) as (III) and struck out heading and text of former subcl. (III). Text read as follows: “The savings association shall not be eligible to obtain new advances from any Federal home loan bank.”
Subsec. (m)(3)(B)(ii). Pub. L. 106–102, § 604(d)(2), added cl. (ii) and struck out heading and text of former cl. (ii). Text read as follows: “The following additional restrictions shall apply to a savings association beginning 3 years after the date on which the savings association should have become or ceases to be a qualified thrift lender:
“(I)
“(II)
Subsec. (o)(5)(E). Pub. L. 106–102, § 401(b), substituted “subsection (c)(2) or (c)(9)(A)(ii) of this section” for “subsection (c)(2) of this section, except subparagraph (B)”.
1996—Subsec. (a)(1)(D). Pub. L. 104–208, § 2203(b), amended heading and text of subpar. (D) generally. Prior to amendment, text read as follows: “The term ‘savings and loan holding company’ means any company which directly or indirectly controls a savings association or controls any other company which is a savings and loan holding company.”
Subsec. (e)(1)(A)(iii)(VII). Pub. L. 104–208, § 2704(d)(12)(B)(i), which directed insertion of “or” at end, was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below.
Pub. L. 104–208, § 2203(c)(1), inserted “or” at end.
Subsec. (e)(1)(A)(iv). Pub. L. 104–208, § 2704(d)(12)(B)(ii), which directed insertion of “and” at end, was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below.
Pub. L. 104–208, § 2203(c)(2), inserted “and” at end.
Subsec. (e)(1)(B). Pub. L. 104–208, § 2704(d)(12)(B)(iii), which directed substitution of “Deposit Insurance Fund” for “Savings Association Insurance Fund or Bank Insurance Fund”, was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.
Subsec. (e)(1)(B)(iii). Pub. L. 104–208, § 2203(c)(3), added cl. (iii).
Subsec. (e)(2). Pub. L. 104–208, § 2704(d)(12)(B)(iv), which directed substitution of “Deposit Insurance Fund” for “Savings Association Insurance Fund or the Bank Insurance Fund”, was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.
Subsec. (m)(1). Pub. L. 104–208, § 2203(e)(3), added subpar. (A), redesignated existing provisions as subpar. (B), and redesignated former subpars. (A) and (B) as cls. (i) and (ii), respectively, of subpar. (B).
Subsec. (m)(3)(E). Pub. L. 104–208, § 2704(d)(12)(B)(v), which directed the amendment of par. (3) by striking subpar. (E) and redesignating subpar. (F) as (E), was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.
Subsec. (m)(3)(F). Pub. L. 104–208, § 2704(d)(12)(B)(v), which directed the amendment of par. (3) by redesignating subpar. (F) as (E), was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.
Pub. L. 104–201 substituted “associations serving certain” for “association serving transient” in heading, substituted “company if” for “company if—” and cl. (i), struck out cl. (ii) designation before “at least 90”, and substituted “members” for “officers” in two places. Prior to amendment, cl. (i) read as follows: “the savings and loan holding company is a reciprocal interinsurance exchange that acquired control of the insured institution before
Subsec. (m)(3)(G), (H). Pub. L. 104–208, § 2704(d)(12)(B)(v), which directed the amendment of par. (3) by redesignating subpars. (G) and (H) as (F) and (G), respectively, was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.
Subsec. (m)(4). Pub. L. 104–208, § 2303(g)(1), substituted “subsection, the following definitions apply:” for “subsection—” in introductory provisions.
Subsec. (m)(4)(C)(ii)(VII). Pub. L. 104–208, § 2303(g)(2)(A), added subcl. (VII).
Subsec. (m)(4)(C)(iii)(VI). Pub. L. 104–208, § 2303(g)(2)(B), added cl. (VI) and struck out former cl. (VI) which read as follows: “Loans for personal, family, household, or educational purposes, but the dollar amount treated as qualified thrift investments under this subclause may not exceed the amount which is equal to 10 percent of the savings association’s portfolio assets.”
Subsec. (m)(4)(D), (E). Pub. L. 104–208, § 2303(g)(3), added subpars. (D) and (E).
Subsec. (s)(2)(A). Pub. L. 104–208, § 2201(b)(2), substituted “under any” for “under section 5(d)(3) of the Federal Deposit Insurance Act or any other”.
Subsec. (t). Pub. L. 104–208, § 2203(a), added subsec. (t).
1992—Subsec. (m)(1), (3)(D). Pub. L. 102–550, § 1606(f)(4), amended Pub. L. 102–242, § 437. See 1991 Amendment note below.
Subsecs. (s), (t). Pub. L. 102–550, § 1607(b), redesignated subsec. (t) as (s).
1991—Subsec. (e)(1). Pub. L. 102–242, § 211(1), inserted after subpar. (B) “Consideration of the managerial resources of a company or savings association under subparagraph (B) shall include consideration of the competence, experience, and integrity of the officers, directors, and principal shareholders of the company or association.”
Subsec. (e)(2). Pub. L. 102–242, § 211(2)(A), inserted after second sentence “Consideration of the managerial resources of a company or savings association shall include consideration of the competence, experience, and integrity of the officers, directors, and principal shareholders of the company or association.”
Subsec. (e)(2)(C), (D). Pub. L. 102–242, § 211(2)(B)–(D), added subpars. (C) and (D).
Subsec. (m)(1)(A). Pub. L. 102–242, § 437(b)(1), as added by Pub. L. 102–550, § 1606(f)(4)(B), substituted “65 percent” for “70 percent”.
Subsec. (m)(1)(B). Pub. L. 102–242, § 437(a), as amended by Pub. L. 102–550, § 1606(f)(4)(A), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “the savings association’s qualified thrift investments continue to equal or exceed 70 percent of the savings association’s portfolio assets, as measured by a daily or weekly average of such qualified thrift investments and such portfolio assets, for the 2-year period beginning on
Subsec. (m)(3)(D). Pub. L. 102–242, § 437(b)(2), as added by Pub. L. 102–550, § 1606(f)(4)(B), substituted “on a monthly average basis in 9 out of the preceding 12 months” for “for the preceding 2-year period”.
Subsec. (m)(4)(B)(iii). Pub. L. 102–242, § 438, substituted “20 percent” for “10 percent”.
Subsec. (m)(4)(C)(ii). Pub. L. 102–242, § 439(1), added subcl. (VI).
Subsec. (m)(4)(C)(iii)(VI). Pub. L. 102–242, § 440(a), substituted “10 percent” for “5 percent”.
Subsec. (m)(4)(C)(iii)(VII). Pub. L. 102–242, § 439(2), added subcl. (VII).
Subsec. (m)(4)(C)(iv). Pub. L. 102–242, § 440(b), substituted “20 percent” for “15 percent”.
Subsec. (t). Pub. L. 102–242, § 502(a), added subsec. (t).
1989—Pub. L. 101–73, § 301, amended section generally, substituting subsecs. (a) to (r) relating to regulation of holding companies for former subsecs. (a) to (d) relating to thrift industry recovery regulations.
Subsec. (i)(1). Pub. L. 101–73, § 907(k)(1), added par. (1) and struck out former par. (1) which related to criminal penalties.
Subsec. (i)(2). Pub. L. 101–73, § 907(k)(1), (2), redesignated par. (3) as (2) and struck out former par. (2) which related to penalties for making false entries.
Subsec. (i)(3), (4). Pub. L. 101–73, § 907(k)(2), (3), redesignated par. (4), relating to notice after separation from service, as (3) and amended par. (3) generally, substituting provisions relating to and penalties for provisions relating to notice after separation from service. Former par. (3) redesignated (2). See Codification note above.
Subsec. (i)(5). Pub. L. 101–73, § 905(j), added par. (5).
Subsec. (m). Pub. L. 101–73, § 303(a), amended subsec. (m) generally, revising and restating as pars. (1) to (7) provisions of former pars. (1) to (6).
Amendment by section 369(8) 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.
Amendment by section 604(g), (h)(2), (i) of Pub. L. 111–203 effective on the transfer date, see section 604(j) of Pub. L. 111–203, set out as a note under section 1462 of this title.
Pub. L. 111–203, title VI, § 606(c),
[For definition of “transfer date” as used in section 606(c) of Pub. L. 111–203, set out above, see section 5301 of this title.]
Pub. L. 111–203, title VI, § 616(e),
[For definition of “transfer date” as used in section 616(e) of Pub. L. 111–203, set out above, see section 5301 of this title.]
Amendment by sections 623(c), 624 of Pub. L. 111–203 effective 1 day after
Pub. L. 111–203, title VI, § 625(b),
[For definition of “transfer date” as used in section 625(b) of Pub. L. 111–203, set out above, see section 5301 of this title.]
Amendment by Pub. L. 109–173 effective
Amendment by Pub. L. 109–171 effective no later than the first day of the first calendar quarter that begins after the end of the 90-day period beginning
Amendment by section 2704(d)(12)(B) of Pub. L. 104–208 effective
Amendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102–242, as of
Pub. L. 101–73, title III, § 303(b),
Amendment by section 301 of Pub. L. 101–73 relating to civil penalties applicable with respect to violations committed and activities engaged in after
Amendment by section 907(k) of Pub. L. 101–73 applicable to conduct engaged in after
Pub. L. 101–73, title III, § 302,
Amendment by Pub. L. 117–263 not to be construed to require certain additional information to be collected or disclosed, see section 5864 of Pub. L. 117–263, set out as a note under section 253 of this title.
Pub. L. 106–102, title IV, § 401(c),
Pub. L. 101–73, title III, § 303(c),
Pub. L. 100–86, title IV, § 404(c)–(e),
Section ceases to be effective on date that notice of completion of all net new borrowing by Financing Corporation is published in Federal Register [