---
kind: "section"
citation: "12 U.S.C. § 1435"
title: "12"
title_heading: "Banks and Banking"
number: "1435"
heading: "Obligations as lawful investments; liability of United States for debentures, etc., issued by banks"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/1435"
units:
  - "Chapter 11 — Federal Home Loan Banks"
---

# §1435. Obligations as lawful investments; liability of United States for debentures, etc., issued by banks


Obligations of the [Federal Home Loan Banks](/usc/12/1422.md?p=1-A) issued with the approval of the [Board](/usc/12/1861.md?p=b-3) or the [Director](/usc/12/1422.md?p=11) under this chapter shall be lawful investments, and may be accepted as security, for all fiduciary, trust, and public funds the investment or deposit of which shall be under the authority or control of the United States or any officer or officers thereof. The Federal reserve [banks](/usc/12/1422.md?p=1-A) are authorized to act as depositaries, custodians, and/or fiscal agents for [Federal Home Loan Banks](/usc/12/1422.md?p=1-A) in the general performance of their powers under this chapter. All obligations of [Federal Home Loan Banks](/usc/12/1422.md?p=1-A) shall plainly [state](/usc/12/1422.md?p=2) that such obligations are not obligations of the United States and are not guaranteed by the United States.


## Source credit

(July 22, 1932, ch. 522, § 15, 47 Stat. 736; Pub. L. 101–73, title VII, § 701(b)(1), (3)(A), Aug. 9, 1989, 103 Stat. 412; Pub. L. 110–289, div. A, title II, § 1204(7), July 30, 2008, 122 Stat. 2786.)

## Notes

### Editorial Notes

### Amendments

2008—Pub. L. 110–289 inserted “or the Director” after “the Board”.

1989—Pub. L. 101–73 substituted “Board” for “board”.