§ 1470. — Federal supervision of insured institutions, State member and nonmember banks; access to information; 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: 12USC1470]
TITLE 12--BANKS AND BANKING
CHAPTER 12--SAVINGS ASSOCIATIONS
Sec. 1470. Federal supervision of insured institutions, State
member and nonmember banks; access to information; definitions
(a)(1) The Federal Savings and Loan Insurance Corporation with
respect to insured institutions, the Board of Governors of the Federal
Reserve System with respect to State member insured banks, and the
Federal Deposit Insurance Corporation with respect to State nonmember
insured banks shall by appropriate rule, regulation, order, or otherwise
regulate investment in State housing corporations.
(2) A State housing corporation in which financial institutions
invest under the authority of this section shall make available to the
appropriate Federal supervisory agency referred to in paragraph (1) such
information as may be necessary to insure that investments are properly
made in accordance with this section.
(b) For the purposes of this section and any Act amended by this
section--
(1) The term ``insured institution'' has the same meaning as in
section 401(a) of the National Housing Act [12 U.S.C. 1724(a)].\1\
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\1\ See References in Text note below.
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(2) The terms ``State member insured banks'' and ``State
nonmember insured banks'' have the same meaning as when used in the
Federal Deposit Insurance Act [12 U.S.C. 1811 et seq.].
(3) The term ``State housing corporation'' means a corporation
established by a State for the limited purpose of providing housing
and incidental services, particularly for families of low or
moderate income.
(4) The term ``State'' means any State, the District of
Columbia, Guam, the Commonwealth of Puerto Rico, and the Virgin
Islands.
(Pub. L. 93-100, Sec. 5(d), (e), Aug. 16, 1973, 87 Stat. 344.)
References in Text
This section, referred to in subsec. (a)(2), refers to section 5 of
Pub. L. 93-100, which enacted this section and section 1469 of this
title and amended sections 24 and 1464 of this title.
This section and any Act amended by this section, referred to in
subsec. (b), are this section and sections 24 par. Seventh, 1464(c), and
1469 of this title.
Section 401(a) of the National Housing Act, referred to in subsec.
(b)(1), which was classified to section 1724 of this title, was repealed
by Pub. L. 101-73, title IV, Sec. 407, Aug. 9, 1989, 103 Stat. 363.
The Federal Deposit Insurance Act, referred to in subsec. (b)(2), 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.
Codification
Section was not enacted as part of the Home Owners' Loan Act of
1933, which comprises this chapter.
Subsecs. (d) and (e) of section 5 of Pub. L. 93-100 have been
designated subsecs. (a) and (b) for purposes of codification.
Effective Date
Section effective Aug. 16, 1973, see section 8 of Pub. L. 93-100,
set out as a note under section 1469 of this title.
Transfer of Functions
Federal Savings and Loan Insurance Corporation abolished and
functions transferred, see sections 401 to 406 of Pub. L. 101-73, set
out as a note under section 1437 of this title.