§ 1442. — Member financial information.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1442]
TITLE 12--BANKS AND BANKING
CHAPTER 11--FEDERAL HOME LOAN BANKS
Sec. 1442. Member financial information
(a) In general
In order to enable the Federal Home Loan Banks to carry out the
provisions of this chapter, the Secretary of the Treasury, the
Comptroller of the Currency, the Chairman of the Board of Governors of
the Federal Reserve System, the Chairperson of the Federal Deposit
Insurance Corporation, the Chairperson of the National Credit Union
Administration, and the Director of the Office of Thrift Supervision,
upon request by any Federal Home Loan Bank--
(1) shall make available in confidence to any Federal Home Loan
Bank, such reports, records, or other information as may be
available, relating to the condition of any member of any Federal
Home Loan Bank or any institution with respect to which any such
Bank has had or contemplates having transactions under this chapter;
and
(2) may perform through their examiners or other employees or
agents, for the confidential use of the Federal Home Loan Bank,
examinations of institutions for which such agency is the
appropriate Federal banking regulatory agency.
In addition, the Comptroller of the Currency, the Chairman of the Board
of Governors of the Federal Reserve System, the Chairperson of the
National Credit Union Administration, and the Director of the Office of
Thrift Supervision shall make available to the Board or any Federal Home
Loan Bank the financial reports filed by members of any Bank to enable
the Board or a Bank to compile and publish cost of funds indices or
other financial or statistical reports.
(b) Consent by members
Every member of a Federal Home Loan Bank shall, as a condition
precedent thereto, be deemed--
(1) to consent to such examinations as the Bank or the Board may
require for the purposes of this chapter;
(2) to agree that reports of examinations by local, State, or
Federal agencies or institutions may be furnished by such
authorities to the Bank or the Board upon request; and
(3) to agree to give the Bank or the Federal agency, upon
request, such information as they may need to compile and publish
cost of funds indices and to publish other reports or statistical
summaries pertaining to the activities of Bank members.
(July 22, 1932, ch. 522, Sec. 22, 47 Stat. 739; Pub. L. 101-73, title
VII, Sec. 719, Aug. 9, 1989, 103 Stat. 422.)
Amendments
1989--Pub. L. 101-73 amended section generally. Prior to amendment,
section read as follows:
``(a) In order to enable the board to carry out the provisions of
this chapter, the Treasury Department, the Comptroller of the Currency,
the Board of Governors of the Federal Reserve System, and the Federal
reserve banks are authorized, under such conditions as they may
prescribe, to make available to the board in confidence for its use and
the use of any Federal Home Loan Bank such reports, records, or other
information as may be available, relating to the condition of
institutions with respect to which any such Federal Home Loan Bank has
had or contemplates having transactions under this chapter or relating
to persons whose obligations are offered to or held by any Federal Home
Loan Bank, and to make through their examiners or other employees, for
the confidential use of the board or any Federal Home Loan Bank,
examinations of such institutions.
``(b) Every institution which shall apply for advances under this
chapter shall, as a condition precedent thereto, consent to such
examination as the bank or the board may require for the purposes of
this chapter and/or that reports of examinations by constituted
authorities may be furnished by such authorities to the bank or the
board upon request therefor.''
