§ 1422. — Definitions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1422]
TITLE 12--BANKS AND BANKING
CHAPTER 11--FEDERAL HOME LOAN BANKS
Sec. 1422. Definitions
As used in this chapter--
(1) Board.--The terms ``Finance Board'' and ``Board'' mean the
Federal Housing Finance Board established under section 1422a of
this title.
(2)(A) Bank.--The term ``Federal Home Loan Bank'' or ``Bank''
means a bank established under the authority of this chapter.
(B) Bank system.--The term ``Federal Home Loan Bank System''
means the Federal Home Loan Banks under the supervision of the
Board.
(3) State.--The term ``State'', in addition to the States of the
United States, includes the District of Columbia, Guam, Puerto Rico,
the United States Virgin Islands, American Samoa, and the
Commonwealth of the Northern Mariana Islands.
(4) The term ``member'' means any institution which has
subscribed for the stock of a Federal Home Loan Bank.
(5) The term ``home mortgage loan'' means a loan made by a
member upon the security of a home mortgage.
(6) The term ``home mortgage'' means a mortgage upon real
estate, in fee simple, or on a leasehold (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, upon which is located, or which comprises
or includes, one or more homes or other dwelling units, all of which
may be defined by the Board and shall include, in addition to first
mortgages, such classes of first liens as are commonly given to
secure advances on real estate by institutions authorized under this
chapter to become members, under the laws of the State in which the
real estate is located, together with the credit instruments, if
any, secured thereby.
(7) The term ``unpaid principal,'' when used in respect of a
loan secured by a home mortgage means the principal thereof less the
sum of (1) payments made on such principal, and (2) in cases where
shares or stock are pledged as security for the loan, the payments
made on such shares or stock plus earnings or dividends apportioned
or credited thereon.
(8) An ``amortized'' or ``installment'' home mortgage loan
shall, for the purposes of this chapter, be a home mortgage loan to
be repaid or liquidated in not less than eight years by means of
regular weekly, monthly, or quarterly payments made directly in
reduction of the debt or upon stock or shares pledged as collateral
for the repayment of such loan.
(9) Savings association.--The term ``savings association'' has
the meaning given to such term in section 3 of the Federal Deposit
Insurance Act [12 U.S.C. 1813].
(10) Chairperson.--The term ``Chairperson'' means the
Chairperson of the Board.
(11) Secretary.--The term ``Secretary'' means the Secretary of
Housing and Urban Development.
(12) Insured depository institution.--The term ``insured
depository institution'' means--
(A) an insured depository institution (as defined in section
3 of the Federal Deposit Insurance Act [12 U.S.C. 1813]), and
(B) except as used in sections 1441a and 1441b of this
title, an insured credit union (as defined in section 1752 of
this title).
(13) Community financial institution.--
(A) In general.--The term ``community financial
institution'' means a member--
(i) the deposits of which are insured under the Federal
Deposit Insurance Act [12 U.S.C. 1811 et seq.]; and
(ii) that has, as of the date of the transaction at
issue, less than $500,000,000 in average total assets, based
on an average of total assets over the 3 years preceding
that date.
(B) Adjustments.--The $500,000,000 limit referred to in
subparagraph (A)(ii) shall be adjusted annually by the Finance
Board, based on the annual percentage increase, if any, in the
Consumer Price Index for all urban consumers, as published by
the Department of Labor.
(July 22, 1932, ch. 522, Sec. 2, 47 Stat. 725; June 27, 1934, ch. 847,
Sec. 507, 48 Stat. 1264; May 28, 1935, ch. 150, Sec. 1, 49 Stat. 293;
July 14, 1952, ch. 723, Sec. 10(c), 66 Stat. 604; Pub. L. 86-70,
Sec. 9(a), June 25, 1959, 73 Stat. 142; Pub. L. 86-624, Sec. 5(a), July
12, 1960, 74 Stat. 411; Pub. L. 87-779, Sec. 2(a), Oct. 9, 1962, 76
Stat. 779; Pub. L. 101-73, title VII, Secs. 701(a), 710(b)(1), Aug. 9,
1989, 103 Stat. 411, 418; Pub. L. 106-102, title VI, Sec. 602, Nov. 12,
1999, 113 Stat. 1450.)
References in Text
The Federal Deposit Insurance Act, referred to in par. (13)(A)(i),
is act Sept. 21, 1950, ch. 967, Sec. 2, 64 Stat. 873, as amended, which
is classified generally to chapter 16 (Sec. 1811 et seq.) of this title.
For complete classification of this Act to the Code, see Short Title
note set out under section 1811 of this title and Tables.
Amendments
1999--Par. (1). Pub. L. 106-102, Sec. 602(1), substituted ``terms
`Finance Board' and `Board' mean'' for ``term `Board' means''.
Par. (3). Pub. L. 106-102, Sec. 602(2), added par. (3) and struck
out former par. (3) which read as follows: ``The term `State' includes
the District of Columbia, Guam, Puerto Rico, and the Virgin Islands of
the United States.''
Par. (13). Pub. L. 106-102, Sec. 602(3), added par. (13).
1989--Pars. (1), (2). Pub. L. 101-73, Sec. 701(a)(1), added pars.
(1) and (2) and struck out former pars. (1) and (2) which defined
``board'' and ``Federal Home Loan Bank''.
Par. (4). Pub. L. 101-73, Sec. 701(a)(2), which directed amendment
of par. (4) by striking out ``(except when used in reference to the
member of the Board)'' after `` `member' '', was executed by striking
out ``(except when used in reference to a member of the board)'' as the
probable intent of Congress.
Par. (5). Pub. L. 101-73, Sec. 710(b)(1), struck out ``or a
nonmember borrower'' after ``member''.
Pars. (9) to (12). Pub. L. 101-73, Sec. 701(a)(3), added pars. (9)
to (12) and struck out former par. (9) which read as follows: ``The term
`nonmember borrower' includes an institution authorized to secure
advances from a Federal Home Loan Bank under the provisions of
subsection (e) of section 1426 of this title.''
1962--Subsec. (6). Pub. L. 87-779 substituted ``upon which is
located, or which comprises or includes, one or more homes or other
dwelling units, all of which may be defined by the Board'' for ``upon
which there is located a dwelling for not more than four families''.
1960--Subsec. (3). Pub. L. 86-624 struck out reference to Territory
of Hawaii.
1959--Subsec. (3). Pub. L. 86-70 substituted ``Territory of Hawaii''
for ``Territories of Alaska and Hawaii''.
1952--Subsec. (3). Act July 14, 1952, inserted ``Guam,''.
1935--Subsec. (6). Act May 28, 1935, substituted ``four families''
for ``three families''.
1934--Subsec. (6). Act June 27, 1934, struck out ``first'' before
``mortgage'' and inserted ``or (2) under a lease having a period of not
less than fifty years to run from the date the mortgage was executed''.
Section Referred to in Other Sections
This section is referred to in sections 248, 461, 1424, 1735f-7a of
this title; title 18 section 20.
