12 U.S.C. § 1463 - Supervision of savings associations
|Cite as:||12 U.S.C. § 1463|
|Currency:||Current through P.L. 116-21 (6/12/2019)|
(a) Savings associations
(1) Examination and safe and sound operation
(A) Federal savings associations
The Comptroller shall provide for the examination and safe and sound operation of Federal savings associations.
(B) State savings associations
The Corporation shall provide for the examination and safe and sound operation of State savings associations.
(2) Regulations for savings associations
The Comptroller may prescribe regulations with respect to savings associations, as the Comptroller determines to be appropriate to carry out the purposes of this chapter.
(3) Safe and sound housing credit to be encouraged
The Comptroller and the Corporation shall exercise all powers granted to the Comptroller and the Corporation under this chapter so as to encourage savings associations to provide credit for housing safely and soundly.
(b) Accounting and disclosure
(1) In general
The Comptroller shall, by regulation, prescribe uniform accounting and disclosure standards for savings associations, to be used in determining savings associations' compliance with all applicable regulations.
(2) Specific requirements for accounting standards
Subject to section 1464(t) of this title, the uniform accounting standards prescribed under paragraph (1) shall-
(A) incorporate generally accepted accounting principles to the same degree that such principles are used to determine compliance with regulations prescribed by the Federal banking agencies; and
(B) allow for no deviation from full compliance with such standards as are in effect after December 31, 1993.
(3) Authority to prescribe more stringent accounting standards
The Comptroller may at any time prescribe accounting standards more stringent than required under paragraph (2) if the Comptroller determines that the more stringent standards are necessary to ensure the safe and sound operation of savings associations.
(c) Stringency of standards
The regulations of the Comptroller and the policies of the Comptroller and the Corporation governing the safe and sound operation of savings associations, including regulations and policies governing asset classification and appraisals, shall be no less stringent than those established by the Comptroller for national banks.
(d) Investment of certain funds in accounts of savings associations
The savings accounts and share accounts of savings associations insured by the Corporation shall be lawful investments and may be accepted as security for all public funds of the United States, fiduciary and trust funds under the authority or control of the United States or any officer thereof, and for the funds of all corporations organized under the laws of the United States (subject to any regulatory authority otherwise applicable), regardless of any limitation of law upon the investment of any such funds or upon the acceptance of security for the investment or deposit of any of such funds.
To continue readingFREE SIGN UP