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§ 3305. —  Functions of Council. - US § 3305. —  Functions of Council. - US Code : CHAN ROBLES VIRTUAL LAW LIBRARY

[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC3305]

 
                       TITLE 12--BANKS AND BANKING
 
     CHAPTER 34--FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
 
Sec. 3305. Functions of Council


(a) Establishment of principles and standards

    The Council shall establish uniform principles and standards and 
report forms for the examination of financial institutions which shall 
be applied by the Federal financial institutions regulatory agencies.

(b) Making recommendations regarding supervisory matters and adequacy of 
        supervisory tools

    (1) The Council shall make recommendations for uniformity in other 
supervisory matters, such as, but not limited to, classifying loans 
subject to country risk, identifying financial institutions in need of 
special supervisory attention, and evaluating the soundness of large 
loans that are shared by two or more financial institutions. In 
addition, the Council shall make recommendations regarding the adequacy 
of supervisory tools for determining the impact of holding company 
operations on the financial institutions within the holding company and 
shall consider the ability of supervisory agencies to discover possible 
fraud or questionable and illegal payments and practices which might 
occur in the operation of financial institutions or their holding 
companies.
    (2) When a recommendation of the Council is found unacceptable by 
one or more of the applicable Federal financial institutions regulatory 
agencies, the agency or agencies shall submit to the Council, within a 
time period specified by the Council, a written statement of the reasons 
the recommendation is unacceptable.

(c) Development of uniform reporting system

    The Council shall develop uniform reporting systems for federally 
supervised financial institutions, their holding companies, and 
nonfinancial institution subsidiaries of such institutions or holding 
companies. The authority to develop uniform reporting systems shall not 
restrict or amend the requirements of section 78l(i) of title 15.

(d) Conducting schools for examiners and assistant examiners

    The Council shall conduct schools for examiners and assistant 
examiners employed by the Federal financial institutions regulatory 
agencies. Such schools shall be open to enrollment by employees of State 
financial institutions supervisory agencies and employees of the Federal 
Housing Finance Board under conditions specified by the Council.

(e) Affect on Federal regulatory agency research and development of new 
        financial institutions supervisory agencies

    Nothing in this chapter shall be construed to limit or discourage 
Federal regulatory agency research and development of new financial 
institutions supervisory methods and tools, nor to preclude the field 
testing of any innovation devised by any Federal regulatory agency.

(f) Annual report

    Not later than April 1 of each year, the Council shall prepare an 
annual report covering its activities during the preceding year.

(g) Flood insurance

    The Council shall consult with and assist the Federal entities for 
lending regulation, as such term is defined in section 4121(a) of title 
42, in developing and coordinating uniform standards and requirements 
for use by regulated lending institutions under the national flood 
insurance program.

(Pub. L. 95-630, title X, Sec. 1006, Nov. 10, 1978, 92 Stat. 3695; Pub. 
L. 97-320, title IV, Sec. 431, Oct. 15, 1982, 96 Stat. 1527; Pub. L. 
101-73, title VII, Sec. 744(a)(3), Aug. 9, 1989, 103 Stat. 438; Pub. L. 
103-325, title V, Sec. 530, Sept. 23, 1994, 108 Stat. 2267.)


                               Amendments

    1994--Subsec. (g). Pub. L. 103-325 added subsec. (g).
    1989--Subsec. (d). Pub. L. 101-73 inserted ``and employees of the 
Federal Housing Finance Board'' after ``supervisory agencies''.
    1982--Subsec. (b)(2). Pub. L. 97-320 substituted ``unacceptable'' 
for ``unaccepted''.


            Report on Consistent Use of Financial Terminology

    Section 210 of Pub. L. 103-325 provided that: ``Not later than 2 
years after the date of enactment of this Act [Sept. 23, 1994], the 
Financial Institutions Examination Council shall report to the Congress 
on its recommendations for the use of consistent financial terminology 
by depository institutions for small business loans or leases of 
personal property which are sold for the creation of small business 
related securities (as defined in section 3(a)(53)(A) of the Securities 
Exchange Act of 1934 [15 U.S.C. 78c(a)(53)(A)]).''


                     Examination Improvement Program

    Pub. L. 102-242, title I, Sec. 111(d), Dec. 19, 1991, 105 Stat. 
2241, provided that:
    ``(1) In general.--The appropriate Federal banking agencies, acting 
through the Federal Financial Institutions Examination Council, shall 
each establish a comparable examination improvement program that meets 
the requirements of paragraph (2).
    ``(2) Requirements.--An examination improvement program meets the 
requirements of this paragraph if, under the program, the agency is 
required--
        ``(A) to periodically review the organization and training of 
    the staff of the agency who are responsible for conducting 
    examinations of insured depository institutions and to make such 
    improvements as the agency determines to be appropriate to ensure 
    frequent, objective, and thorough examinations of such institutions; 
    and
        ``(B) to increase the number of examiners, supervisors, and 
    other individuals employed by the agency in connection with 
    conducting or supervising examinations of insured depository 
    institutions to the extent necessary to ensure frequent, objective, 
    and thorough examinations of such institutions.''


                       Study on Regulatory Burden

    Pub. L. 102-242, title II, Sec. 221, Dec. 19, 1991, 105 Stat. 2305, 
provided that:
    ``(a) In General.--Not later than 1 year after the date of enactment 
of this Act [Dec. 19, 1991], the Federal Financial Institutions 
Examination Council, in consultation with individuals representing 
insured depository institutions, consumers, community groups, and other 
interested parties, shall--
        ``(1) review the policies and procedures, and recordkeeping and 
    documentation requirements used to monitor and enforce compliance 
    with--
            ``(A) all laws under the jurisdiction of the Federal banking 
        agencies; and
            ``(B) all laws affecting insured depository institutions 
        under the jurisdiction of the Secretary of the Treasury;
        ``(2) determine whether such policies, procedures, and 
    requirements impose unnecessary burdens on insured depository 
    institutions; and
        ``(3) identify any revisions of such policies, procedures, and 
    requirements that could reduce unnecessary burdens on insured 
    depository institutions without in any respect--
            ``(A) diminishing either compliance with or enforcement of 
        consumer laws in any respect; or
            ``(B) endangering the safety and soundness of insured 
        depository institutions.
    ``(b) Report.--Not later than 1 year after the date of enactment of 
this Act [Dec. 19, 1991], the Federal Financial Institutions Examination 
Council shall submit to the Congress a report describing the revisions 
identified under subsection (a)(3).
    ``(c) Definitions.--For purposes of this section, the terms `insured 
depository institution' and `Federal banking agency' have the same 
meanings as in section 3 of the Federal Deposit Insurance Act [12 U.S.C. 
1813].''


  Study and Report Assessing Feasibility and Usefulness of Depository 
 Institutions Making Small Business Loans To Compile and Disclose Loan 
                               Information

    Pub. L. 96-399, title III, Sec. 340(d), Oct. 8, 1980, 94 Stat. 1659, 
directed Federal Financial Institutions Examination Council, in 
consultation with Administrator of Small Business Administration, to 
conduct a study to assess feasibility and usefulness of requiring 
depository institutions which make small business loans to compile and 
publicly disclose information regarding such loans, and directed Council 
to submit a report on results of such study, together with 
recommendations, to Senate Committee on Banking, Housing, and Urban 
Affairs and House Committee on Banking, Finance and Urban Affairs not 
later than Mar. 1, 1981.


Evaluation and Report on Feasibility and Desirability of Establishing a 
     Unified System for Enforcing Fair Lending Laws and Regulations

    Pub. L. 96-399, title III, Sec. 340(e), Oct. 8, 1980, 94 Stat. 1659, 
directed Federal Financial Institutions Examination Council to transmit 
a report to Congress not later than Sept. 30, 1982, on feasibility and 
desirability of establishing a unified system for enforcing fair lending 
laws and regulations, implementing Community Reinvestment Act of 1977 
[12 U.S.C. 2901 et seq.], and satisfying public disclosure purposes of 
Home Mortgage Disclosure Act of 1975 [12 U.S.C. 2801 et seq.], such 
report to evaluate status and effectiveness of data collection and 
analysis systems of such agencies involving fair lending and community 
reinvestment, and to outline possible specific timetables for 
implementing such a unified system.




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