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§ 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\
---------------------------------------------------------------------------
    \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.

                                     



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