---
kind: "section"
citation: "12 U.S.C. § 1441"
title: "12"
title_heading: "Banks and Banking"
number: "1441"
heading: "Financing Corporation"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/1441"
units:
  - "Chapter 11 — Federal Home Loan Banks"
---

# §1441. Financing Corporation

- (a) **Establishment—** Notwithstanding any other provision of law, the [Director](/usc/12/1422.md?p=11) shall charter a corporation to be known as the Financing Corporation.
- (b) **Management of Financing Corporation—**
  - (1) **Directorate—** The Financing Corporation shall be under the management of a directorate composed of 3 [members](/usc/12/1422.md?p=3) as follows:
    - (A) The [Director](/usc/12/1422.md?p=11) of the Office of Finance of the [Federal Home Loan Banks](/usc/12/1422.md?p=1-A) (or the head of any successor to such office).
    - (B) 2 [members](/usc/12/1422.md?p=3) selected by the [Director](/usc/12/1422.md?p=11) from among the presidents of the [Federal Home Loan Banks](/usc/12/1422.md?p=1-A).
  - (2) **Terms—** Each [member](/usc/12/1422.md?p=3) appointed under [paragraph (1)(B)](#b-1-B) shall be appointed for a term of 1 year.
  - (3) **Vacancy—** If any [member](/usc/12/1422.md?p=3) leaves the office in which such [member](/usc/12/1422.md?p=3) was serving when appointed to the Directorate—
    - (A) such [member](/usc/12/1422.md?p=3)’s service on the Directorate shall terminate on the date such [member](/usc/12/1422.md?p=3) leaves such office; and
    - (B) the successor to the office of such [member](/usc/12/1422.md?p=3) shall serve the remainder of such [member](/usc/12/1422.md?p=3)’s term.
  - (4) **Equal representation of banks—** No president of a [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) may be appointed to serve an additional term on the Directorate until such time as the presidents of each of the other [Federal Home Loan Banks](/usc/12/1422.md?p=1-A) have served as many terms on the Directorate as the president of such [bank](/usc/12/1422.md?p=1-A) (before the appointment of such president to such additional term).
  - (5) **Chairperson—** The [Director](/usc/12/1422.md?p=11) shall select the chairperson of the Directorate from among the 3 [members](/usc/12/1422.md?p=3) of the Directorate.
  - (6) **Staff—**
    - (A) **No paid employees—** The Financing Corporation shall have no paid employees.
    - (B) **Powers—** The Directorate may, with the approval of the [Director](/usc/12/1422.md?p=11), authorize the officers, employees, or agents of the [Federal Home Loan Banks](/usc/12/1422.md?p=1-A) to act for and on behalf of the Financing Corporation in such manner as may be necessary to carry out the functions of the Financing Corporation.
  - (7) **Administrative expenses—**
    - (A) **In general—** All administrative expenses of the Financing Corporation shall be paid by the [Federal Home Loan Banks](/usc/12/1422.md?p=1-A).
    - (B) **Pro rata distribution—** The amount each [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) shall pay shall be determined by the [Director](/usc/12/1422.md?p=11) by multiplying the total administrative expenses for any period by the percentage arrived at by dividing—
      - (i) the aggregate amount the [Director](/usc/12/1422.md?p=11) required such [bank](/usc/12/1422.md?p=1-A) to [invest](/usc/12/1861.md?p=b-6) in the Financing Corporation (as of the time of such determination) under paragraphs [(4)](#d-4) and [(5)](#d-5) of subsection (d) (as computed without regard to paragraph [(3)](#b-3) or [(6)](#b-6) of such subsection); by
      - (ii) the aggregate amount the [Director](/usc/12/1422.md?p=11) required all [Federal Home Loan Banks](/usc/12/1422.md?p=1-A) to [invest](/usc/12/1861.md?p=b-6) (as of the time of such determination) under such paragraphs.
    - (C) **Administrative expenses defined—** For purposes of this paragraph, the term “administrative expenses” does not include—
      - (i) issuance costs (as such term is defined in [subsection (g)(5)(A)](#g-5-A));
      - (ii) any interest on (and any redemption premium with respect to) any obligation of the Financing Corporation; or
      - (iii) custodian fees (as such term is defined in [subsection (g)(5)(B)](#g-5-B)).
  - (8) **Regulation by Director—** The Directorate shall be subject to such regulations, orders, and directions as the [Director](/usc/12/1422.md?p=11) may prescribe.
  - (9) **No compensation from Financing Corporation—** [Members](/usc/12/1422.md?p=3) of the Directorate shall receive no pay, allowances, or benefits from the Financing Corporation by reason of their service on the Directorate.
- (c) **Powers of Financing Corporation—** The Financing Corporation shall have only the following powers, subject to the other provisions of this section and such regulations, orders, and directions as the [Director](/usc/12/1422.md?p=11) may prescribe:
  - (1) To issue nonvoting capital stock to the [Federal Home Loan Banks](/usc/12/1422.md?p=1-A).
  - (2) To [invest](/usc/12/1861.md?p=b-6) in any security issued by the Federal Savings and Loan Insurance Corporation under [section 1725(b) of this title](https://uscode.house.gov/view.xhtml?req=(/us/usc/t12/s1725/b)) prior to August 9, 1989, and thereafter to transfer the proceeds of any obligation issued by the Financing Corporation to the FSLIC Resolution Fund.
  - (3) To issue debentures, bonds, or other obligations and to borrow, to give security for any amount borrowed, and to pay interest on (and any redemption premium with respect to) any such obligation or amount.
  - (4) To impose assessments in accordance with [subsection (f)](#f).
  - (5) To adopt, alter, and use a corporate seal.
  - (6) To have succession until dissolved.
  - (7) To enter into contracts.
  - (8) To sue and be sued in its corporate capacity, and to complain and defend in any action brought by or against the Financing Corporation in any [State](/usc/12/1422.md?p=2) or Federal court of competent jurisdiction.
  - (9) To exercise such incidental powers not inconsistent with the provisions of this section as are necessary or appropriate to carry out the provisions of this section.
- (d) **Capitalization of Financing Corporation—**
  - (1) **Purchase of capital stock by Federal Home Loan Banks—**
    - (A) **In general—** Each [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) shall [invest](/usc/12/1861.md?p=b-6) in nonvoting capital stock of the Financing Corporation at such times and in such amounts as the [Director](/usc/12/1422.md?p=11) may prescribe under this subsection.
    - (B) **Par value; transferability—** Each share of stock issued by the Financing Corporation to a [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) shall have par value in an amount determined by the [Director](/usc/12/1422.md?p=11) and shall be transferable only among the [Federal Home Loan Banks](/usc/12/1422.md?p=1-A) in the manner and to the extent prescribed by the [Director](/usc/12/1422.md?p=11) at not less than par value.
  - (2) **Aggregate dollar amount limitation on all investments—** The aggregate amount of funds invested by all [Federal Home Loan Banks](/usc/12/1422.md?p=1-A) in nonvoting capital stock of the Financing Corporation shall not exceed $3,000,000,000.
  - (3) **Maximum investment amount limitation for each Federal Home Loan Bank—** The cumulative amount of funds invested in nonvoting capital stock of the Financing Corporation by each [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) shall not exceed the aggregate amount of—
    - (A) the sum of—
      - (i) the reserves maintained by such [bank](/usc/12/1422.md?p=1-A) on December 31, 1985, pursuant to the requirement contained in the first 2 sentences of [section 1436 of this title](/usc/12/1436.md); and
      - (ii) the undivided profits (as defined in [paragraph (7)](#d-7)) of such [bank](/usc/12/1422.md?p=1-A) on such date; and
    - (B) the sum of—
      - (i) the amounts added to reserves after December 31, 1985, pursuant to the requirement contained in the first 2 sentences of [section 1436 of this title](/usc/12/1436.md); and
      - (ii) the undivided profits of such [bank](/usc/12/1422.md?p=1-A) accruing after such date.
  - (4) **Pro rata distribution of 1st $1,000,000,000 invested in Financing Corporation by Home Loan Banks—** Of the first $1,000,000,000 in the aggregate which the Thrift Depositor Protection Oversight [Board](/usc/12/1861.md?p=b-3) pursuant to [section 1441b of this title](/usc/12/1441b.md) or the [Director](/usc/12/1422.md?p=11) under this section (as the case may be) may require the [Federal Home Loan Banks](/usc/12/1422.md?p=1-A) collectively to [invest](/usc/12/1861.md?p=b-6) in the stock of the Funding Corporation or [invest](/usc/12/1861.md?p=b-6) in the capital stock of the Financing Corporation, respectively, the amount which each [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) (or any successor to such [Bank](/usc/12/1422.md?p=1-A)) shall [invest](/usc/12/1861.md?p=b-6) shall be determined by the Thrift Depositor Protection Oversight [Board](/usc/12/1861.md?p=b-3) or the [Director](/usc/12/1422.md?p=11) (as the case may be) by multiplying the aggregate amount of such payment or investment by all [Banks](/usc/12/1422.md?p=1-A) by the percentage appearing in the following table for each such [Bank](/usc/12/1422.md?p=1-A):

    |  |  |
    | --- | --- |
    | [Bank](/usc/12/1422.md?p=1-A) | Percentage |
    | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of Boston | 1.8629 |
    | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of New York | 9.1006 |
    | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of Pittsburgh | 4.2702 |
    | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of Atlanta | 14.4007 |
    | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of Cincinnati | 8.2653 |
    | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of Indianapolis | 5.2863 |
    | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of Chicago | 9.6886 |
    | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of Des Moines | 6.9301 |
    | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of Dallas | 8.8181 |
    | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of Topeka | 5.2706 |
    | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of San Francisco | 19.9644 |
    | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of Seattle | 6.1422 |

  - (5) **Pro rata distribution of amounts required to be invested in excess of $1,000,000,000—** With respect to any amount in excess of the $1,000,000,000 amount referred to in [paragraph (4)](#d-4) which the [Director](/usc/12/1422.md?p=11) may require the [Federal Home Loan Banks](/usc/12/1422.md?p=1-A) to [invest](/usc/12/1861.md?p=b-6) in capital stock of the Financing Corporation under this subsection, the amount which each [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) (or any successor to such [bank](/usc/12/1422.md?p=1-A)) shall [invest](/usc/12/1861.md?p=b-6) shall be determined by the [Director](/usc/12/1422.md?p=11) by multiplying such excess amount by the percentage arrived at by dividing—
    - (A) the sum of the total assets (as of the most recent December 31) held by all [Savings Association](/usc/12/1422.md?p=8) Insurance Fund [members](/usc/12/1422.md?p=3) which are [members](/usc/12/1422.md?p=3) of such [bank](/usc/12/1422.md?p=1-A); by
    - (B) the sum of the total assets (as of such date) held by all [Savings Association](/usc/12/1422.md?p=8) Insurance Fund [members](/usc/12/1422.md?p=3) which are [members](/usc/12/1422.md?p=3) of any [Federal Home Loan Bank](/usc/12/1422.md?p=1-A).
  - (6) **Special provisions relating to maximum amount limitations—**
    - (A) **In general—** If the amount any [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) is required to [invest](/usc/12/1861.md?p=b-6) in capital stock of the Financing Corporation pursuant to a determination by the [Director](/usc/12/1422.md?p=11) under [paragraph (5)](#d-5) (or under subparagraph (B) of this paragraph) exceeds the maximum investment amount applicable with respect to such [bank](/usc/12/1422.md?p=1-A) under [paragraph (3)](#d-3) at the time of such determination (hereinafter in this paragraph referred to as the “excess amount”)—
      - (i) the [Director](/usc/12/1422.md?p=11) shall require each remaining [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) to [invest](/usc/12/1861.md?p=b-6) (in addition to the amount determined under [paragraph (5)](#d-5) for such remaining [bank](/usc/12/1422.md?p=1-A) and subject to the maximum investment amount applicable with respect to such remaining [bank](/usc/12/1422.md?p=1-A) under [paragraph (3)](#d-3) at the time of such determination) in such capital stock on behalf of the [bank](/usc/12/1422.md?p=1-A) in the amount determined under [subparagraph (B)](#d-6-B);
      - (ii) the [Director](/usc/12/1422.md?p=11) shall require the [bank](/usc/12/1422.md?p=1-A) to subsequently purchase the excess amount of capital stock from the remaining [banks](/usc/12/1422.md?p=1-A) in the manner described in [subparagraph (C)](#d-6-C); and
      - (iii) the requirements contained in subparagraphs [(D)](#d-6-D) and [(E)](#d-6-E) relating to the use of net earnings shall apply to such [bank](/usc/12/1422.md?p=1-A) until the [bank](/usc/12/1422.md?p=1-A) has purchased all of the excess amount of capital stock.
    - (B) **Allocation of excess amount among remaining Home Loan Banks—** The amount each remaining [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) shall be required to [invest](/usc/12/1861.md?p=b-6) under [subparagraph (A)(i)](#d-6-A-i) is the amount determined by the [Director](/usc/12/1422.md?p=11) by multiplying the excess amount by the percentage arrived at by dividing—
      - (i) the amount of capital stock of the Financing Corporation held by such remaining [bank](/usc/12/1422.md?p=1-A) at the time of such determination; by
      - (ii) the aggregate amount of such stock held by all remaining [banks](/usc/12/1422.md?p=1-A) at such time.
    - (C) **Purchase procedure—** The [bank](/usc/12/1422.md?p=1-A) on whose behalf an investment in capital stock is made under [subparagraph (A)(i)](#d-6-A-i) shall purchase, annually and at the issuance price, from each remaining [bank](/usc/12/1422.md?p=1-A) an amount of such stock determined by the [Director](/usc/12/1422.md?p=11) by multiplying the amount available for such purchases (at the time of such determination) by the percentage determined under [subparagraph (B)](#d-6-B) with respect to such remaining [bank](/usc/12/1422.md?p=1-A) until the aggregate amount of such capital stock has been purchased by the [bank](/usc/12/1422.md?p=1-A).
    - (D) **Limitation on dividends—** The amount of dividends which may be paid for any year by a [bank](/usc/12/1422.md?p=1-A) on whose behalf an investment is made under [subparagraph (A)(i)](#d-6-A-i) shall not exceed an amount equal to ½ of the net earnings of the [bank](/usc/12/1422.md?p=1-A) for the year.
    - (E) **Transfer to account for purchase of stock required—** Of the net earnings for any year of a [bank](/usc/12/1422.md?p=1-A) on whose behalf an investment is made under [subparagraph (A)(i)](#d-6-A-i), such amount as is necessary to make the purchases of stock required under [subparagraph (A)(ii)](#d-6-A-ii) shall be placed in a reserve account (established in such manner as the [Director](/usc/12/1422.md?p=11) shall prescribe by regulations) the balance in which shall be available only for such purchases.
  - (7) **Undivided profits defined—** For purposes of [paragraph (3)](#d-3), the term “undivided profits” means retained earnings minus the sum of—
    - (A) that portion required to be added to reserves maintained pursuant to the first two sentences of [section 1436 of this title](/usc/12/1436.md); and
    - (B) the dollar amounts held by the respective [Federal Home Loan Banks](/usc/12/1422.md?p=1-A) in special dividend stabilization reserves on December 31, 1985, as determined under the following table:

      |  |  |
      | --- | --- |
      | [Bank](/usc/12/1422.md?p=1-A) | Dollar amount |
      | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of Boston | $3.2 million |
      | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of New York | 7.7 million |
      | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of Pittsburgh | 5.2 million |
      | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of Atlanta | 12.3 million |
      | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of Cincinnati | 5.9 million |
      | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of Indianapolis | 37.4 million |
      | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of Chicago | 6.0 million |
      | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of Des Moines | 32.7 million |
      | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of Dallas | 45.0 million |
      | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of Topeka | 13.7 million |
      | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of San Francisco | 21.9 million |
      | [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) of Seattle | 33.6 million |

- (e) **Obligations of Financing Corporation—**
  - (1) **Limitation on amount of outstanding obligations—** The aggregate amount of obligations of the Financing Corporation which may be outstanding at any time (as determined by the [Director](/usc/12/1422.md?p=11)) shall not exceed the lesser of—
    - (A) an amount equal to the greater of—
      - (i) 5 times the amount of the nonvoting capital stock of the Financing Corporation which is outstanding at such time; or
      - (ii) the sum of the face amounts (the amount of principal payable at maturity) of securities described in [subsection (g)(2)](#g-2) which are held at such time in the segregated account established pursuant to such subsection; or
    - (B) $10,825,000,000.
  - (2) **Termination of borrowing authority—** No obligation of the Financing Corporation shall be issued after December 12, 1991.
  - (3) **Limitation on term of obligations—** No obligation of the Financing Corporation may be issued which matures—
    - (A) more than 30 years after the date of issue; or
    - (B) after December 31, 2026.
  - (4) **Investment of United States funds in obligations—** Obligations issued under this section by the Financing Corporation with the approval of the [Director](/usc/12/1422.md?p=11) 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 of the United States.
  - (5) **Market for obligations—** All [persons](/usc/12/5481.md?p=19) having the power to [invest](/usc/12/1861.md?p=b-6) in, sell, underwrite, purchase for their own accounts, accept as security, or otherwise deal in obligations of the [Federal Home Loan Banks](/usc/12/1422.md?p=1-A) shall also have the power to do so with respect to obligations of the Financing Corporation.
  - (6) **No full faith and credit of the United States—** Obligations of the Financing Corporation and the interest payable on such obligations shall not be obligations of, or guaranteed as to principal or interest by, the [Federal Home Loan Banks](/usc/12/1422.md?p=1-A), the United States, or the FSLIC Resolution Fund and the obligations shall so plainly [state](/usc/12/1422.md?p=2).
  - (7) **Tax exempt status—**
    - (A) **In general—** Except as provided in [subparagraph (B)](#e-7-B), obligations of the Financing Corporation shall be exempt from tax both as to principal and interest to the same extent as any obligation of a [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) is exempt from tax under [section 1433 of this title](/usc/12/1433.md).
    - (B) **Exception—** The Financing Corporation, like the [Federal Home Loan Banks](/usc/12/1422.md?p=1-A), shall be treated as an [agency](/usc/12/1422.md?p=12) of the United States for purposes of the first sentence of [section 3124(b) of title 31](/usc/31/3124.md?p=b) (relating to determination of tax status of interest on obligations).
  - (8) **Obligations are exempt securities—** Notwithstanding [paragraph (7)](#e-7),[^1] obligations of the Financing Corporation shall be deemed to be exempt securities (within the meaning of laws administered by the Securities and Exchange Commission) to the same extent as securities which are direct obligations of the United States or are guaranteed as to principal or interest by the United States.
  - (9) **Minority participation in public offerings—** The Chairperson of the [Director](/usc/12/1422.md?p=11)[^2] and the Directorate shall ensure that minority owned or controlled commercial [banks](/usc/12/1422.md?p=1-A), investment banking firms, underwriters, and bond counsels throughout the United States have an opportunity to participate to a significant degree in any public offering of obligations issued under this section.
- (f) **Sources of funds for interest payments; Financing Corporation assessment authority—** The Financing Corporation shall obtain funds for anticipated interest payments, issuance costs, and custodial fees on obligations issued hereunder from the following sources:
  - (1) **Preenactment assessments—** The Financing Corporation assessments which were assessed on insured institutions pursuant to this section as in effect prior to August 9, 1989.
  - (2) **New assessment authority—** In addition to the amounts obtained pursuant to [paragraph (1)](#f-1), the Financing Corporation, with the approval of the [Board](/usc/12/1861.md?p=b-3)[^3] of [Directors](/usc/12/1422.md?p=11) of the Federal Deposit Insurance Corporation, shall assess against each [insured depository institution](/usc/12/1422.md?p=9) an assessment (in the same manner as assessments are assessed against such institutions by the Federal Deposit Insurance Corporation under [section 1817 of this title](/usc/12/1817.md)).
  - (3) **Receivership proceeds—** To the extent the amounts available pursuant to paragraphs [(1)](#f-1) and [(2)](#f-2) are insufficient to cover the amount of interest payments, issuance costs, and custodial fees, and if the funds are not required by the Resolution Funding Corporation to provide funds for the Funding Corporation Principal Fund under [section 1441b of this title](/usc/12/1441b.md), the Federal Deposit Insurance Corporation shall transfer to the Financing Corporation, from the liquidating dividends and payments made on claims received by the FSLIC Resolution Fund (established under [section 1821a of this title](/usc/12/1821a.md)) from receiverships, the remaining amount of funds necessary for the Financing Corporation to make interest payments.
- (g) **Use and disposition of assets of Financing Corporation not invested in FSLIC—**
  - (1) **In general—** Subject to such regulations, restrictions, and limitations as may be prescribed by the [Director](/usc/12/1422.md?p=11), assets of the Financing Corporation, which are not invested in capital certificates or capital stock issued by the Federal Savings and Loan Insurance Corporation under [section 1725(b)(1)(A) of this title](https://uscode.house.gov/view.xhtml?req=(/us/usc/t12/s1725/b/1/A)) before August 9, 1989, and after August 9, 1989, in capital certificates issued by the FSLIC Resolution Fund, shall be invested in—
    - (A) direct obligations of the United States;
    - (B) obligations, participations, or other instruments of, or issued by, the Federal National [Mortgage](/usc/12/1707.md?p=a) Association or the Government National [Mortgage](/usc/12/1707.md?p=a) Association;
    - (C) [mortgages](/usc/12/1707.md?p=a), obligations, or other securities for sale by, or which have been disposed of by, the Federal Home Loan [Mortgage](/usc/12/1707.md?p=a) Corporation under section [1454](/usc/12/1454.md) or [1455](/usc/12/1455.md) of this title; or
    - (D) any other security in which it is lawful for fiduciary and trust funds to be invested under the laws of any [State](/usc/12/1422.md?p=2).
  - (2) **Segregated account for zero coupon instruments held to assure payment of principal—** The Financing Corporation shall [invest](/usc/12/1861.md?p=b-6) in, and hold in a segregated account, noninterest bearing instruments—
    - (A) which are securities described in [paragraph (1)](#g-1); and
    - (B) the total of the face amounts (the amount of principal payable at maturity) of which is approximately equal to the aggregate amount of principal on the obligations of the Financing Corporation,

    to assure the repayment of principal on obligations of the Financing Corporation. For purposes of the foregoing, the Financing Corporation shall be deemed to hold noninterest bearing instruments that it lends temporarily to primary United States Treasury dealers in order to enhance market liquidity and facilitate deliveries, provided that United States Treasury securities of equal or greater value have been delivered as collateral.

  - (3) **Dollar amount limitation on investment in zero coupon instruments for segregated account—** The aggregate amount invested by the Financing Corporation under [paragraph (2)](#g-2) shall not exceed $2,200,000,000 (as determined on the basis of the purchase price).
  - (4) **Exception for payment of issuance costs, interest, and custodian fees—** Notwithstanding the requirements of [paragraph (1)](#g-1), the assets of the Financing Corporation referred to in [paragraph (1)](#g-1) which are not invested under [paragraph (2)](#g-2) may be used to pay—
    - (A) issuance costs;
    - (B) any interest on (and any redemption premium with respect to) any obligation of the Financing Corporation; and
    - (C) custodian fees.
  - (5) **Definitions—** For purposes of this subsection—
    - (A) **Issuance costs—** The term “issuance costs”—
      - (i) means issuance fees and commissions incurred by the Financing Corporation in connection with the issuance or servicing of any obligation of the Financing Corporation; and
      - (ii) includes legal and accounting expenses, trustee and fiscal and paying agent charges, costs incurred in connection with preparing and printing offering materials, and advertising expenses, to the extent that any such cost or expense is incurred by the Financing Corporation in connection with issuing any obligation.
    - (B) **Custodian fees—** The term “custodian fee” means—
      - (i) any fee incurred by the Financing Corporation in connection with the transfer of any security to, or the maintenance of any security in, the segregated account established under [paragraph (2)](#g-2); and
      - (ii) any other expense incurred by the Financing Corporation in connection with the establishment or maintenance of such account.
- (h) **Miscellaneous provisions relating to Financing Corporation—**
  - (1) **Treatment for certain purposes—** Except as provided in subsection (e)(8)(B), the Financing Corporation shall be treated as a [Federal Home Loan Bank](/usc/12/1422.md?p=1-A) for purposes of sections [1433](/usc/12/1433.md) and [1443](/usc/12/1443.md) of this title.
  - (2) **Federal Reserve banks as depositaries and fiscal agents—** The Federal Reserve [banks](/usc/12/1422.md?p=1-A) are authorized to act as depositaries for or fiscal agents or custodians of the Financing Corporation.
  - (3) **Applicability of certain provisions relating to Government corporation—** Notwithstanding the fact that no Government funds may be invested in the Financing Corporation, the Financing Corporation shall be treated, for purposes of sections 9105,[^4] 9107, and [9108](/usc/31/9108.md) of title 31, as a mixed-ownership Government corporation which has capital of the Government.
- (i) **Termination of Financing Corporation—**
  - (1) **In general—** The Financing Corporation shall be dissolved, as soon as practicable, after the earlier of—
    - (A) the maturity and full payment of all obligations issued by the Financing Corporation pursuant to this section; or
    - (B) December 31, 2026.
  - (2) **Director authority to conclude the affairs of Financing Corporation—** Effective on the date of the dissolution of the Financing Corporation under [paragraph (1)](#i-1), the [Director](/usc/12/1422.md?p=11) may exercise, on behalf of the Financing Corporation, any power of the Financing Corporation which the [Director](/usc/12/1422.md?p=11) determines to be necessary to settle and conclude the affairs of the Financing Corporation.
- (j) **Regulations—** The [Director](/usc/12/1422.md?p=11) may prescribe such regulations as may be necessary to carry out the provisions of this section, including regulations defining terms used in this section.
- (k) **Definitions—** For purposes of this section, the following definitions shall apply:
  - (1) **Directorate—** The term “Directorate” means the directorate established in the manner provided in [subsection (b)(1)](#b-1) to manage the Financing Corporation.
  - (2) **Net earnings—** The term “net earnings” means net earnings without reduction for any chargeoffs or expenses incurred by a [Bank](/usc/12/1422.md?p=1-A) in connection with the purchase of capital stock of the Financing Corporation or the purchase of stock of the Funding Corporation required by the Thrift Depositor Protection Oversight [Board](/usc/12/1861.md?p=b-3) under subsections (e) and (f) of [section 1441b of this title](/usc/12/1441b.md).
  - (3) **Insured depository institution—** The term “[insured depository institution](/usc/12/1422.md?p=9)” has the same meaning as in [section 1813 of this title](/usc/12/1813.md)[^5]

## Footnotes

[^1]: So in original. Probably should refer to paragraph (6) in view of the renumbering of paragraph (7) as (6) by Pub. L. 101–73.
[^2]: So in original. See 2008 Amendment note below.
[^3]: See 2008 Amendment note below.
[^4]: See References in Text note below.
[^5]: So in original. Probably should be followed by a period.

## Source credit

(July 22, 1932, ch. 522, § 21, as added Pub. L. 100–86, title III, § 302, Aug. 10, 1987, 101 Stat. 585; amended Pub. L. 101–73, title V, § 512, title VII, §§ 701(b)(2), 713, Aug. 9, 1989, 103 Stat. 406, 412, 419; Pub. L. 102–233, title I, § 104, title III, § 302(b), Dec. 12, 1991, 105 Stat. 1762, 1767; Pub. L. 102–550, title XVI, § 1611(c), Oct. 28, 1992, 106 Stat. 4090; Pub. L. 104–208, div. A, title II, § 2703(a), Sept. 30, 1996, 110 Stat. 3009–485; Pub. L. 109–173, § 9(d)(2), Feb. 15, 2006, 119 Stat. 3616; Pub. L. 110–289, div. A, title II, § 1204(6), (8), (12), July 30, 2008, 122 Stat. 2786.)

## Notes

### Editorial Notes

### References in Text

Section 1725 of this title, referred to in subsecs. (c)(2), (e)(2)(A), and (g)(1), was repealed by Pub. L. 101–73, title IV, § 407, Aug. 9, 1989, 103 Stat. 363.

Section 9105 of title 31, referred to in subsec. (h)(3), was amended generally by Pub. L. 101–576, title III, § 305, Nov. 15, 1990, 104 Stat. 2853, and, as so amended, no longer contains provisions relating to mixed-ownership Government corporations having capital of the Government.

### Prior Provisions

A prior section 1441, act July 22, 1932, ch. 522, § 21, 47 Stat. 738, related to unlawful acts and penalties, prior to repeal by act June 25, 1948, ch. 645, § 21, 62 Stat. 862, eff. Sept. 1, 1948. See sections 433, 493, 657, 659, 660, 709, 1006, 1014, and 2117 of Title 18, Crimes and Criminal Procedure.

### Amendments

2008—Pub. L. 110–289, § 1204(12), substituted “Director” for “Federal Housing Finance Board” wherever appearing in subsecs. (a), (b)(1)(B), (6)(B), (7)(B), (8), (c), (d), (e)(1), (4), (9), (g), (i), and (j).

Subsec. (b)(5). Pub. L. 110–289, § 1204(6), substituted “Director” for “Chairperson of the Federal Housing Finance Board”.

Subsec. (f)(2). Pub. L. 110–289, § 1204(8), which directed amendment of the Federal Home Loan Bank Act (this chapter) by substituting “the Director” for “the Board” wherever appearing, was not executed to subsec. (f)(2) to reflect the probable intent of Congress.

2006—Subsec. (f)(2). Pub. L. 109–173, § 9(d)(2)(A), struck out before period at end “, except that—

“(A) the assessments imposed on insured depository institutions with respect to any BIF-assessable deposit shall be assessed at a rate equal to ⅕ of the rate of the assessments imposed on insured depository institutions with respect to any SAIF-assessable deposit; and

“(B) no limitation under clause (i) or (iii) of section 7(b)(2)(A) of the Federal Deposit Insurance Act shall apply for purposes of this paragraph.”

Subsec. (k)(4). Pub. L. 109–173, § 9(d)(2)(B), struck out heading and text of par. (4). Text read as follows:

“(A) BIF-assessable deposits.—The term ‘BIF-assessable deposit’ means a deposit that is subject to assessment for purposes of the Bank Insurance Fund under the Federal Deposit Insurance Act (including a deposit that is treated as a deposit insured by the Bank Insurance Fund under section 5(d)(3) of the Federal Deposit Insurance Act).

“(B) SAIF-assessable deposit.—The term ‘SAIF-assessable deposit’ has the meaning given to such term in section 2710 of the Deposit Insurance Funds Act of 1996.”

1996—Subsec. (f)(2). Pub. L. 104–208, § 2703(a)(1)(A), in introductory provisions, substituted “In addition to the amounts obtained pursuant to paragraph (1),” for “To the extent the amounts available pursuant to paragraph (1) are insufficient to cover the amount of interest payments, issuance costs, and custodial fees,”, “insured depository institution” for “Savings Association Insurance Fund member”, and “against such institutions” for “against such members”.

Subsec. (f)(2)(A) to (C). Pub. L. 104–208, § 2703(a)(1)(B), added subpars. (A) and (B) and struck out former subpars. (A) to (C) which read as follows:

“(A) the sum of—

“(i) the amount assessed under this paragraph; and

“(ii) the amount assessed by the Funding Corporation under section 1441b of this title;

shall not exceed the amount authorized to be assessed against Savings Association Insurance Fund members pursuant to section 1817 of this title;

“(B) the Financing Corporation shall have first priority to make the assessment; and

“(C) the amount of the applicable assessment determined under such section 1817 of this title shall be reduced by the sum described in subparagraph (A) of this paragraph.”

Subsec. (k). Pub. L. 104–208, § 2703(a)(2)(A), substituted “section, the following definitions shall apply:” for “section—” in introductory provisions.

Subsec. (k)(1). Pub. L. 104–208, § 2703(a)(2)(B), (C), redesignated par. (2) as (1) and struck out heading and text of former par. (1). Text read as follows: “The term ‘Savings Association Insurance Fund member’ means a savings association which is a Savings Association Insurance Fund member as defined by section 7(l) of the Federal Deposit Insurance Act.”

Subsec. (k)(2) to (4). Pub. L. 104–208, § 2703(a)(2)(C), (D), added pars. (3) and (4) and redesignated former pars. (2) and (3) as (1) and (2), respectively.

1992—Subsec. (e)(2). Pub. L. 102–550 made technical amendment to reference to December 12, 1991, to correct reference to corresponding provisions of original act.

1991—Subsec. (d)(4). Pub. L. 102–233, § 302(b), substituted “Thrift Depositor Protection Oversight Board” for “Oversight Board” in two places.

Subsec. (e)(2). Pub. L. 102–233, § 104, amended par. (2) generally, substituting provisions setting forth termination date of Financing Corporation borrowing authority for provisions relating to investment of proceeds of obligations of such Corporation.

Subsec. (k)(3). Pub. L. 102–233, § 302(b), substituted “Thrift Depositor Protection Oversight Board” for “Oversight Board”.

1989—Subsec. (a). Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”.

Subsec. (b)(1)(B). Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Federal Home Loan Bank Board”.

Subsec. (b)(5). Pub. L. 101–73, § 701(b)(2), substituted “Chairperson” for “Chairman”.

Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Federal Home Loan Bank Board”.

Subsecs. (b)(6)(B), (7)(B), (8), (c). Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board” wherever appearing.

Subsec. (c)(2). Pub. L. 101–73, § 512(3), inserted “prior to August 9, 1989, and thereafter to transfer the proceeds of any obligation issued by the Financing Corporation to the FSLIC Resolution Fund”.

Subsec. (c)(9). Pub. L. 101–73, § 512(4), struck out “or section 1725(b) of this title” after “with the provisions of this section”.

Subsec. (d)(1). Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board” wherever appearing.

Subsec. (d)(4). Pub. L. 101–73, § 512(5), amended generally the portion of par. (4) appearing before the table. Prior to amendment, such portion read as follows: “With respect to the first $1,000,000,000 which the Board may require the Federal Home Loan Banks to invest in capital stock of the Financing Corporation under this subsection, the amount which each Federal Home Loan Bank (or any successor to such bank) shall invest shall be determined by the Board by applying to the total amount of such investment by all such banks the percentage appearing in the following table for each such bank:”.

Subsec. (d)(5). Pub. L. 101–73, § 512(6), substituted “the $1,000,000,000 amount referred to in paragraph (4) which the Federal Housing Finance Board” for “$1,000,000,000 which the Board”.

Pub. L. 101–73, § 512(2), substituted “by the Federal Housing Finance Board” for “by the Board”.

Subsec. (d)(5)(A), (B). Pub. L. 101–73, § 512(1), which directed the amendment of this section by substituting “Savings Association Insurance Fund member” for “insured institution” wherever appearing, was executed by substituting “Savings Association Insurance Fund members” for “insured institutions”, as the probable intent of Congress.

Subsec. (d)(6)(A). Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board” in introductory provisions and in cls. (i) and (ii).

Subsec. (d)(6)(A)(iii). Pub. L. 101–73, § 512(7), struck out “available for dividends” after “use of net earnings”.

Subsec. (d)(6)(B), (C). Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”.

Subsec. (d)(6)(D). Pub. L. 101–73, § 512(8), struck out “available for dividends” after “net earnings”.

Subsec. (d)(6)(E). Pub. L. 101–73, § 512(9), struck out “available for dividends” after “Of the net earnings”.

Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”.

Subsec. (d)(6)(F). Pub. L. 101–73, § 512(10), struck out subpar. (F) which defined “net earnings available for dividends”.

Subsec. (e)(1). Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”.

Subsec. (e)(2). Pub. L. 101–73, § 512(12)(A), redesignated par. (3) as (2) and struck out former par. (2) which set an annual limit on net new borrowing by the Financing Corporation.

Pub. L. 101–73, § 512(11), which directed amendment of par. (2)(A), was executed, as the probable intent of Congress, to the introductory text of par. (2), to par. (2)(A), and to par. (2)(B), as follows: striking out “used to” after “issued by the Financing Corporation” in the introductory text, inserting “used to” before “purchase” and inserting “prior to August 9, 1989, and thereafter transferred to the FSLIC Resolution Fund” before “; or” in subpar. (A), and by inserting “used to” before “refund” in subpar. (B).

Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”.

Subsec. (e)(3). Pub. L. 101–73, § 512(12)(A), redesignated par. (4) as (3). Former par. (3) redesignated (2).

Subsec. (e)(4). Pub. L. 101–73, § 512(2), (12)(A), redesignated par. (5) as (4) and substituted “Federal Housing Finance Board” for “Board”. Former par. (4) redesignated (3).

Subsec. (e)(5). Pub. L. 101–73, § 512(12)(A), redesignated par. (6) as (5). Former par. (5) redesignated (4).

Subsec. (e)(6). Pub. L. 101–73, § 512(12), redesignated par. (7) as (6) and substituted “FSLIC Resolution Fund” for “Federal Savings and Loan Insurance Corporation”. Former par. (6) redesignated (5).

Subsec. (e)(7), (8). Pub. L. 101–73, § 512(12)(A), redesignated pars. (8) and (9) as (7) and (8), respectively. Former par. (7) redesignated (6).

Subsec. (e)(9), (10). Pub. L. 101–73, §§ 512(2), (12)(A), 701(b)(2), redesignated par. (10) as (9) and substituted “Chairperson” for “Chairman” and “Federal Housing Finance Board” for “Board”. Former par. (9) redesignated (8).

Subsec. (f). Pub. L. 101–73, § 512(13), amended subsec. (f) generally, substituting provisions enumerating various sources from which Financing Corporation shall obtain funds for anticipated interest payments, issuance costs, and custodial fees on obligations issued from preenactment assessments, new assessment authority, and receivership proceeds, for former provisions which had outlined assessment authority of Financing Corporation, setting up supplementary assessment authority, setting limits on total amount assessed, and providing for termination assessments.

Subsec. (g)(1). Pub. L. 101–73, § 512(14), inserted reference to before August 9, 1989, and after August 9, 1989, in capital certificates issued by the FSLIC Resolution Fund.

Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”.

Subsec. (g)(2). Pub. L. 101–73, § 512(15), inserted at end “For purposes of the foregoing, the Financing Corporation shall be deemed to hold noninterest bearing instruments that it lends temporarily to primary United States Treasury dealers in order to enhance market liquidity and facilitate deliveries, provided that United States Treasury securities of equal or greater value have been delivered as collateral.”

Subsec. (i). Pub. L. 101–73, § 713, redesignated subsec. (j) as (i) and struck out former subsec. (i) which related to Federal Savings and Loan Insurance Corporation Industry Advisory Committee.

Subsec. (i)(1)(A). Pub. L. 101–73, § 512(16), added subpar. (A) and struck out former subpar. (A) which read as follows: “the date by which all stock purchased by the Financing Corporation in the Federal Savings and Loan Insurance Corporation has been retired; or”.

Subsec. (i)(2). Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board” wherever appearing.

Subsec. (j). Pub. L. 101–73, § 713, redesignated subsec. (k) as (j). Former subsec. (j) redesignated (i).

Pub. L. 101–73, § 512(2), substituted “Federal Housing Finance Board” for “Board”.

Subsec. (k). Pub. L. 101–73, § 713, redesignated subsec. (l) as (k). Former subsec. (k) redesignated (j).

Subsec. (k)(1). Pub. L. 101–73, § 512(17)(A), substituted definition of “Savings Association Insurance Fund member” for definition of “insured institution”.

Subsec. (k)(2). Pub. L. 101–73, § 512(17)(B), redesignated par. (3) as (2) and struck out former par. (2) which defined “insured member”.

Subsec. (k)(3), (4). Pub. L. 101–73, § 512(10), (17)(B), added par. (4) and redesignated pars. (3) and (4) as (2) and (3), respectively.

Subsec. (l). Pub. L. 101–73, § 713, redesignated subsec. (l) as (k).

### Statutory Notes and Related Subsidiaries

### Effective Date of 2006 Amendment

Amendment by Pub. L. 109–173 effective Mar. 31, 2006, see section 9(j) of Pub. L. 109–173, set out as a note under section 24 of this title.

### Effective and Termination Dates of 1996 Amendment

Pub. L. 104–208, div. A, title II, § 2703(c), Sept. 30, 1996, 110 Stat. 3009–485, provided that: In general.—Subsections (a) [amending this section] and (c) [probably should be (b), amending section 1817 of this title] and the amendments made by such subsections shall apply with respect to semiannual periods which begin after December 31, 1996. Termination of certain assessment rates.—Subparagraph (A) of section 21(f)(2) of the Federal Home Loan Bank Act [subsec. (f)(2) of this section] (as amended by subsection (a)) shall not apply after the earlier of— December 31, 1999; or the date as of which the last savings association ceases to exist.”

### Effective Date of 1992 Amendment

Pub. L. 102–550, title XVI, § 1618, Oct. 28, 1992, 106 Stat. 4097, provided that: “Except as otherwise provided by a specific provision of this subtitle [subtitle B (§§ 1611–1618) of title XVI of Pub. L. 102–550, amending this section, sections 1441a, 1441b, 1821, 3345, and 3348 of this title and provisions set out as a note under section 1441a of this title], the amendments made by this subtitle to the Resolution Trust Corporation Refinancing, Restructuring, and Improvement Act of 1991 [Pub. L. 102–233; see Short Title of 1991 Amendment note set out under section 1421 of this title] and the Federal Home Loan Bank Act [12 U.S.C. 1421 et seq.] shall take effect as if such amendments had been included in the Resolution Trust Corporation Refinancing, Restructuring, and Improvement Act of 1991 [Pub. L. 102–233] as of the date of the enactment of such Act [Dec. 12, 1991].”

### Effective Date of 1991 Amendment

Pub. L. 102–233, title III, § 318, Dec. 12, 1991, 105 Stat. 1773, provided that: “The effective date of the Resolution Trust Corporation Thrift Depositor Protection Reform Act of 1991 [title III of Pub. L. 102–233, amending this section, sections 1441a, 1441b, 1786, 1818, 1821, 1833b, and 1833e of this title, sections 5313 and 5314 of Title 5, Government Organization and Employees, and section 11 of the Inspector General Act of 1978, Pub. L. 95–452, set out in the Appendix to Title 5, enacting provisions set out as notes under section 1441a of this title, and amending provisions set out as notes under sections 1437 and 1441a of this title] shall be February 1, 1992.”

### 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.

### Abolition of Thrift Depositor Protection Oversight Board

Thrift Depositor Protection Oversight Board abolished, see section 14(a)–(d) of Pub. L. 105–216, formerly set out as a note under section 1441a of this title.

### Prohibition on Deposit Shifting

Pub. L. 104–208, div. A, title II, § 2703(d), Sept. 30, 1996, 110 Stat. 3009–486, provided that: In general.—Effective as of the date of the enactment of this Act [Sept. 30, 1996] and ending on the date provided in subsection (c)(2) of this section [set out as a note above], the Comptroller of the Currency, the Board of Directors of the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Director of the Office of Thrift Supervision shall take appropriate actions, including enforcement actions, denial of applications, or imposition of entrance and exit fees as if such transactions qualified as conversion transactions pursuant to section 5(d) of the Federal Deposit Insurance Act [12 U.S.C. 1815(d)], to prevent insured depository institutions and depository institution holding companies from facilitating or encouraging the shifting of deposits from SAIF-assessable deposits to BIF-assessable deposits (as defined in section 21(k) of the Federal Home Loan Bank Act [12 U.S.C. 1441(k)]) for the purpose of evading the assessments imposed on insured depository institutions with respect to SAIF-assessable deposits under section 7(b) of the Federal Deposit Insurance Act [12 U.S.C. 1817(b)] and section 21(f)(2) of the Federal Home Loan Bank Act [12 U.S.C. 1441(f)(2)]. Regulations.—The Board of Directors of the Federal Deposit Insurance Corporation may issue regulations, including regulations defining terms used in paragraph (1), to prevent the shifting of deposits described in such paragraph. Rule of construction.—No provision of this subsection shall be construed as prohibiting conduct or activity of any insured depository institution which— is undertaken in the ordinary course of business of such depository institution; and is not directed towards the depositors of an insured depository institution affiliate (as defined in section 2(k) of the Bank Holding Company Act of 1956 [12 U.S.C. 1841(k)]) of such depository institution.”

### State Cooperative Banks Deemed Insured Institutions Under Subsection (f)(4)(F)

Pub. L. 100–202, § 101(f) [title III, § 301], Dec. 22, 1987, 101 Stat. 1329–187, 1329–211, provided that any cooperative bank established under the law of any State which was directed by the State banking authority to obtain Federal deposit insurance between Jan. 1, 1985, and Jan. 1, 1987, would be deemed to be an insured institution described in 12 U.S.C. 1441(f)(4)(F).

### Sunset and Savings Provision

Pub. L. 100–86, title IV, § 416, Aug. 10, 1987, 101 Stat. 623, provided that: In General.—The following provisions shall cease to be effective on the date that a notice is published in the Federal Register by the Financing Corporation pursuant to subsection (b): Paragraphs (2), (3), and (5) of— section 9(a) of the Home Owners’ Loan Act of 1933 [12 U.S.C. 1467(a)(2), (3), (5)]; and section 415(a) of the National Housing Act [12 U.S.C. 1730h(a)(2), (3), (5)],

(as added by subsections (a) and (b), respectively, of section 402 of this title).

“(2) Section 10 of the Home Owners’ Loan Act of 1933 [12 U.S.C. 1467a] and section 416 of the National Housing Act [12 U.S.C. 1730i] (as added by subsections (a) and (b), respectively, of section 404 of this title).

“(3) Paragraph (6) of section 406(f) of the National Housing Act [12 U.S.C. 1729(f)(6)] (as added by section 405 of this title).

“(4) Section 22A of the Federal Home Loan Bank Act [12 U.S.C. 1442a] (as added by section 407(d) of this title).

“(5) Section 411 of this title [12 U.S.C. 1437 note].

“(b) Notice of Completion of Net New Borrowing by Financing Corporation.—When the Financing Corporation established pursuant to section 21 of the Federal Home Loan Bank Act [12 U.S.C. 1441] has completed all net new borrowing under such section, the Financing Corporation shall publish a notice of such fact in the Federal Register. [Notice that the Financing Corporation had completed all net new borrowings and would issue no additional obligations after Dec. 12, 1991, was published Mar. 30, 1992, 57 F.R. 10763.]

“(c) Savings Provision.—The termination by subsection (a) of the effectiveness of any provision described in such subsection shall not be construed to affect or limit any authority of the Federal Home Loan Bank Board or the Federal Savings and Loan Insurance Corporation to prescribe any regulation or engage in any activity with respect to any association or insured institution under any other provision of law.”