US Codex
U.S.C.
Notes

§1462. Definitions — Inbound Citations

12 U.S.C. § 1462

Cited by 886 provisions in release 119-102.

Citations to §1462(1)

Citations to §1462(2)

Citations to §1462(3)

Citations to §1462(4)

Citations to §1462(5)

  • 12 U.S.C. § 1463(b)(2)(A)
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    (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
  • 15 U.S.C. § 80b–2(a)(2)
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    (2) “Bank” means (A) a banking institution organized under the laws of the United States or a Federal savings association, as defined in section 1462(5) of title 12, (B) a member bank of the Federal Reserve System, (C) any other banking institution, savings association, as defined in section 1462(4) of title 12, or trust company, whether incorporated or not, doing business under the laws of any State or of the United States, a substantial portion of the business of which consists of receiving deposits or exercising fiduciary powers similar to those permitted to national banks under the authority of the Comptroller of the Currency, and which is supervised and examined by State or Federal authority having supervision over banks or savings associations, and which is not operated for the purpose of evading the provisions of this subchapter, and (D) a receiver, conservator, or other liquidating agent of any institution or firm included in clauses (A), (B), or (C) of this paragraph.

Citations to §1462(6)

Citations to §1462(7)

Citations to §1462(8)

  • 12 U.S.C. § 1462a(a)(1)
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    (1) were vested in the Federal Home Loan Bank Board (in the Board’s capacity as such) or the Chairman of such Board on the day before the date of the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 [Aug. 9, 1989]; and
  • 12 U.S.C. § 1462a(a)(2)(A)
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    (A) transferred to the Federal Deposit Insurance Corporation, the Federal Housing Finance Board, the Resolution Trust Corporation, or the Federal Home Loan Mortgage Corporation pursuant to any amendment made by such Act; or
  • 12 U.S.C. § 1464(n)(9)(A)
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    (A) Any Federal savings association may surrender its right to exercise the powers granted under this subsection, and have returned to it any securities which it may have deposited with the State authorities, by filing with the Comptroller a certified copy of a resolution of its board of directors indicating its intention to surrender its right.
  • 12 U.S.C. § 1464(o)(2)(D)
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    (D) A bank may be converted under subparagraph (C) only if the board of trustees of the bank—
    (i) has specified in writing that the bank is in danger of closing or is closed, or that severe financial conditions exist that threaten the stability of the bank and a conversion is likely to improve the financial condition of the bank; and
    (ii) has requested in writing that the Corporation use the authority of subparagraph (C).
  • 12 U.S.C. § 1464(o)(2)(E)(ii)
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    (ii) If the State supervisor objects during such period, the Corporation may use the authority of subparagraph (D) only by an affirmative vote of three-fourths of the Board of Directors. The Board of Directors shall provide the State supervisor, as soon as practicable, with a written certification of its determination.
  • 12 U.S.C. § 1464(q)(4)
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    (4) Nothing contained in this subsection affects in any manner the right of the United States or any other party to bring an action under any other law of the United States or of any State, including any right which may exist in addition to specific statutory authority, challenging the legality of any act or practice which may be proscribed by this subsection. No regulation or order issued by the Board under this subsection shall in any manner constitute a defense to such action.
  • 12 U.S.C. § 1464(q)(6)
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    (6) The Board may, by regulation or order, permit such exceptions to the prohibitions of this subsection as the Board in5 consultation with the Comptroller and the Corporation, considers will not be contrary to the purposes of this subsection and which conform to exceptions granted by the Board pursuant to section 1972 of this title.
  • 12 U.S.C. § 1464a(d)(1)
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    (1) of governance of the covered savings association, including incorporation, bylaws, boards of directors, shareholders, and distribution of dividends;
  • 12 U.S.C. § 1467a(a)(2)(D)
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    (D) a savings association or any other company if the Board determines, after reasonable notice and opportunity for hearing, that such person directly or indirectly exercises a controlling influence over the management or policies of such association or other company.
  • 12 U.S.C. § 1467a(a)(3)(A)
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    (A) any company by virtue of its ownership or control of voting shares of a savings association or a savings and loan holding company acquired in connection with the underwriting of securities if such shares are held only for such period of time (not exceeding 120 days unless extended by the Board) as will permit the sale thereof on a reasonable basis; and
  • 12 U.S.C. § 1467a(a)(4)
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    (4) No savings and loan holding company shall be deemed to control a savings association solely by reason of the purchase by such savings and loan holding company of shares issued by such savings association, or issued by any savings and loan holding company (other than a bank holding company) which controls such savings association, in connection with a qualified stock issuance if such purchase is approved by the Board under subsection (q)(1)(D), unless the acquiring savings and loan holding company, directly or indirectly, or acting in concert with 1 or more other persons, or through 1 or more subsidiaries, owns, controls, or holds with power to vote, or holds proxies representing, more than 15 percent of the voting shares of such savings association or holding company.
  • 12 U.S.C. § 1467a(b)(1)
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    (1) Within 90 days after becoming a savings and loan holding company, each savings and loan holding company shall register with the Board on forms prescribed by the Board, which shall include such information, under oath or otherwise, with respect to the financial condition, ownership, operations, management, and intercompany relationships of such holding company and its subsidiaries, and related matters, as the Board may deem necessary or appropriate to carry out the purposes of this section. Upon application, the Board may extend the time within which a savings and loan holding company shall register and file the requisite information.
  • 12 U.S.C. § 1467a(b)(2)(A)
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    (A) Each savings and loan holding company and each subsidiary thereof, other than a savings association, shall file with the Board, such reports as may be required by the Board. Such reports shall be made under oath or otherwise, and shall be in such form and for such periods, as the Board may prescribe. Each report shall contain such information concerning the operations of such savings and loan holding company and its subsidiaries as the Board may require.
  • 12 U.S.C. § 1467a(b)(2)(B)
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    (B) The Board shall, to the fullest extent possible, use—
    (i) reports and other supervisory information that the savings and loan holding company or any subsidiary thereof has been required to provide to other Federal or State regulatory agencies;
    (ii) externally audited financial statements of the savings and loan holding company or subsidiary;
    (iii) information that is otherwise available from Federal or State regulatory agencies; and
    (iv) information that is otherwise required to be reported publicly.
  • 12 U.S.C. § 1467a(b)(2)(C)
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    (C) Upon the request of the Board, a savings and loan holding company or a subsidiary of a savings and loan holding company shall promptly provide to the Board any information described in clauses (i) through (iii) of subparagraph (B).
  • 12 U.S.C. § 1467a(b)(3)
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    (3) Each savings and loan holding company shall maintain such books and records as may be prescribed by the Board.
  • 12 U.S.C. § 1467a(b)(4)(A)
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    (A) Subject to subtitle B of the Consumer Financial Protection Act of 2010 [12 U.S.C. 5511 et seq.], the Board may make examinations of a savings and loan holding company and each subsidiary of a savings and loan holding company system, in order to—
    (i) inform the Board of—
    (I) the nature of the operations and financial condition of the savings and loan holding company and the subsidiary;
    (II) the financial, operational, and other risks within the savings and loan holding company system that may pose a threat to—
    (aa) the safety and soundness of the savings and loan holding company or of any depository institution subsidiary of the savings and loan holding company; or
    (bb) the stability of the financial system of the United States; and
    (III) the systems of the savings and loan holding company for monitoring and controlling the risks described in subclause (II); and
    (ii) monitor the compliance of the savings and loan holding company and the subsidiary with—
    (I) this chapter;
    (II) Federal laws that the Board has specific jurisdiction to enforce against the company or subsidiary; and
    (III) other than in the case of an insured depository institution or functionally regulated subsidiary, any other applicable provisions of Federal law.
  • 12 U.S.C. § 1467a(b)(4)(A)(i)
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    (i) inform the Board of—
    (I) the nature of the operations and financial condition of the savings and loan holding company and the subsidiary;
    (II) the financial, operational, and other risks within the savings and loan holding company system that may pose a threat to—
    (aa) the safety and soundness of the savings and loan holding company or of any depository institution subsidiary of the savings and loan holding company; or
    (bb) the stability of the financial system of the United States; and
    (III) the systems of the savings and loan holding company for monitoring and controlling the risks described in subclause (II); and
  • 12 U.S.C. § 1467a(b)(4)(A)(ii)(II)
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    (II) Federal laws that the Board has specific jurisdiction to enforce against the company or subsidiary; and
  • 12 U.S.C. § 1467a(b)(4)(B)
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    (B) For purposes of this subsection, the Board shall, to the fullest extent possible, rely on—
    (i) the examination reports made by other Federal or State regulatory agencies relating to a savings and loan holding company and any subsidiary; and
    (ii) the reports and other information required under paragraph (2).
  • 12 U.S.C. § 1467a(b)(4)(C)
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    (C) The Board shall—
    (i) provide reasonable notice to, and consult with, the appropriate Federal banking agency, the Securities and Exchange Commission, the Commodity Futures Trading Commission, or State regulatory agency, as appropriate, for a subsidiary that is a depository institution or a functionally regulated subsidiary of a savings and loan holding company before commencing an examination of the subsidiary under this section; and
    (ii) to the fullest extent possible, avoid duplication of examination activities, reporting requirements, and requests for information.
  • 12 U.S.C. § 1467a(b)(5)
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    (5) The Board may require any savings and loan holding company, or persons connected therewith if it is not a corporation, to execute and file a prescribed form of irrevocable appointment of agent for service of process.
  • 12 U.S.C. § 1467a(b)(6)
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    (6) The Board may at any time, upon the motion or application of the Board, release a registered savings and loan holding company from any registration theretofore made by such company, if the Board determines that such company no longer has control of any savings association.
  • 12 U.S.C. § 1467a(c)(2)(F)(i)
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    (i) which the Board, by regulation, has determined to be permissible for bank holding companies under section 4(c) of the Bank Holding Company Act of 1956 [12 U.S.C. 1843(c)], unless the Board, by regulation, prohibits or limits any such activity for savings and loan holding companies; or
  • 12 U.S.C. § 1467a(c)(2)(G)
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    (G) In the case of a savings and loan holding company, purchasing, holding, or disposing of stock acquired in connection with a qualified stock issuance if the purchase of such stock by such savings and loan holding company is approved by the Board pursuant to subsection (q)(1)(D).
  • 12 U.S.C. § 1467a(c)(2)(H)(ii)
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    (ii) the savings and loan holding company conducts the activity in accordance with the same terms, conditions, and requirements that apply to the conduct of such activity by a bank holding company under the Bank Holding Company Act of 1956 [12 U.S.C. 1841 et seq.] and the Board’s regulations and interpretations under such Act.
  • 12 U.S.C. § 1467a(c)(4)(A)
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    (A) No savings and loan holding company and no subsidiary which is not a savings association shall commence, either de novo or by an acquisition (in whole or in part) of a going concern, any activity described in paragraph (2)(F)(i) of this subsection without the prior approval of the Board.
  • 12 U.S.C. § 1467a(c)(4)(B)
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    (B) In considering any application under subparagraph (A) by any savings and loan holding company or any subsidiary of any such company which is not a savings association, the Board shall consider—
    (i) whether the performance of the activity described in such application by the company or the subsidiary can reasonably be expected to produce benefits to the public (such as greater convenience, increased competition, or gains in efficiency) that outweigh possible adverse effects of such activity (such as undue concentration of resources, decreased or unfair competition, conflicts of interest, or unsound financial practices);
    (ii) the managerial resources of the companies involved; and
    (iii) the adequacy of the financial resources, including capital, of the companies involved.
  • 12 U.S.C. § 1467a(c)(4)(C)
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    (C) In prescribing any regulation or considering any application under this paragraph, the Board may differentiate between activities commenced de novo and activities commenced by the acquisition, in whole or in part, of a going concern.
  • 12 U.S.C. § 1467a(c)(4)(D)
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    (D) The approval or disapproval of any application under this paragraph by the Board shall be made in an order issued by the Board containing the reasons for such approval or disapproval.
  • 12 U.S.C. § 1467a(c)(5)
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    (5) If any savings association referred to in paragraph (3) fails to maintain the status of such association as a qualified thrift lender, the Board may allow, for good cause shown, any company that controls such association (or any subsidiary of such company which is not a savings association) up to 3 years to comply with the limitations contained in paragraph (1)(C).
  • 12 U.S.C. § 1467a(c)(6)(D)
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    (D) Any activity described in subparagraph (B) may also be terminated by the Board, after opportunity for hearing, if the Board determines, having due regard for the purposes of this chapter, that such action is necessary to prevent conflicts of interest or unsound practices or is in the public interest.
  • 12 U.S.C. § 1467a(c)(9)(E)
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    (E) The Board may issue interpretations, regulations, or orders that the Board determines necessary to administer and carry out the purpose and prevent evasions of this paragraph, including a determination (in consultation with the appropriate Federal banking agency) that, notwithstanding the form of a transaction, the transaction would in substance result in a company acquiring control of a savings association.
  • 12 U.S.C. § 1467a(e)(1)(A)(i)
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    (i) to acquire, except with the prior written approval of the Board, the control of a savings association or a savings and loan holding company, or to retain the control of such an association or holding company acquired or retained in violation of this section as heretofore or hereafter in effect;
  • 12 U.S.C. § 1467a(e)(1)(A)(ii)
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    (ii) to acquire, except with the prior written approval of the Board, by the process of merger, consolidation, or purchase of assets, another savings association or a savings and loan holding company, or all or substantially all of the assets of any such association or holding company;
  • 12 U.S.C. § 1467a(e)(1)(A)(iii)
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    (iii) to acquire, by purchase or otherwise, or to retain, except with the prior written approval of the Board, more than 5 percent of the voting shares of a savings association not a subsidiary, or of a savings and loan holding company not a subsidiary, or in the case of a multiple savings and loan holding company (other than a company described in subsection (c)(8)), to acquire or retain, and the Board may not authorize acquisition or retention of, more than 5 percent of the voting shares of any company not a subsidiary which is engaged in any business activity other than the activities specified in subsection (c)(2). This clause shall not apply to shares of a savings association or of a savings and loan holding company—
    (I) held as a bona fide fiduciary (whether with or without the sole discretion to vote such shares);
    (II) held temporarily pursuant to an underwriting commitment in the normal course of an underwriting business;
    (III) held in an account solely for trading purposes;
    (IV) over which no control is held other than control of voting rights acquired in the normal course of a proxy solicitation;
    (V) acquired in securing or collecting a debt previously contracted in good faith, during the 2-year period beginning on the date of such acquisition or for such additional time (not exceeding 3 years) as the Board may permit if the Board determines that such an extension will not be detrimental to the public interest;
    (VI) acquired under section 408(m)3 of the National Housing Act [12 U.S.C. 1730a(m))] or section 1823(k) of this title;
    (VII) held by any insurance company, as defined in section 2(a)(17) of the Investment Company Act of 1940 [15 U.S.C. 80a–2(a)(17)], except as provided in paragraph (6); or
    (VIII) acquired pursuant to a qualified stock issuance if such purchase is approved by the Board under subsection (q)(1)(D);
  • 12 U.S.C. § 1467a(e)(1)(A)(iii)(V)
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    (V) acquired in securing or collecting a debt previously contracted in good faith, during the 2-year period beginning on the date of such acquisition or for such additional time (not exceeding 3 years) as the Board may permit if the Board determines that such an extension will not be detrimental to the public interest;
  • 12 U.S.C. § 1467a(e)(1)(A)(iii)(VIII)
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    (VIII) acquired pursuant to a qualified stock issuance if such purchase is approved by the Board under subsection (q)(1)(D);
  • 12 U.S.C. § 1467a(e)(1)(A)(iv)
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    (iv) to acquire the control of an uninsured institution, or to retain for more than one year after February 14, 1968, or from the date on which such control was acquired, whichever is later, except that the Board may upon application by such company extend such one-year period from year to year, for an additional period not exceeding 3 years, if the Board finds such extension is warranted and is not detrimental to the public interest; and
  • 12 U.S.C. § 1467a(e)(1)(B)
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    (B) any other company, without the prior written approval of the Board, directly or indirectly, or through one or more subsidiaries or through one or more transactions, to acquire the control of one or more savings associations, except that such approval shall not be required in connection with the control of a savings association, (i) acquired by devise under the terms of a will creating a trust which is excluded from the definition of “savings and loan holding company” under subsection (a) of this section, (ii) acquired in connection with a reorganization in which a person or group of persons, having had control of a savings association for more than 3 years, vests control of that association in a newly formed holding company subject to the control of the same person or group of persons, or (iii) acquired by a bank holding company that is registered under, and subject to, the Bank Holding Company Act of 1956 [12 U.S.C. 1841 et seq.], or any company controlled by such bank holding company. The Board shall approve an acquisition of a savings association under this subparagraph unless the Board finds the financial and managerial resources and future prospects of the company and association involved to be such that the acquisition would be detrimental to the association or the insurance risk of the Deposit Insurance Fund, and shall render a decision within 90 days after submission to the Board of the complete record on the application.
  • 12 U.S.C. § 1467a(e)(2)
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    (2) The Board shall not approve any acquisition under subparagraph (A)(i) or (A)(ii), or of more than one savings association under subparagraph (B) of paragraph (1) of this subsection, any acquisition of stock in connection with a qualified stock issuance, any acquisition under paragraph (4)(A), or any transaction under section 1823(k) of this title, except in accordance with this paragraph. In every case, the Board shall take into consideration the financial and managerial resources and future prospects of the company and association involved, the effect of the acquisition on the association, the insurance risk to the Deposit Insurance Fund, and the convenience and needs of the community to be served, and shall render a decision within 90 days after submission to the Board of the complete record on the application. Consideration of the managerial resources of a company or savings association shall include consideration of the competence, experience, and integrity of the officers, directors, and principal shareholders of the company or association. Before approving any such acquisition, except a transaction under section 1823(k) of this title, the Board shall request from the Attorney General and consider any report rendered within 30 days on the competitive factors involved. The Board shall not approve any proposed acquisition—
    (A) which would result in a monopoly, or which would be in furtherance of any combination or conspiracy to monopolize or to attempt to monopolize the savings and loan business in any part of the United States,
    (B) the effect of which in any section of the country may be substantially to lessen competition, or tend to create a monopoly, or which in any other manner would be in restraint of trade, unless it finds that the anticompetitive effects of the proposed acquisition are clearly outweighed in the public interest by the probable effect of the acquisition in meeting the convenience and needs of the community to be served,
    (C) if the company fails to provide adequate assurances to the Board that the company will make available to the Board such information on the operations or activities of the company, and any affiliate of the company, as the Board determines to be appropriate to determine and enforce compliance with this chapter,
    (D) in the case of an application involving a foreign bank, if the foreign bank is not subject to comprehensive supervision or regulation on a consolidated basis by the appropriate authorities in the bank’s home country, or
    (E) in the case of an application by a savings and loan holding company to acquire an insured depository institution, if—
    (i) the home State of the insured depository institution is a State other than the home State of the savings and loan holding company;
    (ii) the applicant (including all insured depository institutions which are affiliates of the applicant) controls, or upon consummation of the transaction would control, more than 10 percent of the total amount of deposits of insured depository institutions in the United States; and
    (iii) the acquisition does not involve an insured depository institution in default or in danger of default, or with respect to which the Federal Deposit Insurance Corporation provides assistance under section 1823 of this title.
  • 12 U.S.C. § 1467a(e)(2)(C)
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    (C) if the company fails to provide adequate assurances to the Board that the company will make available to the Board such information on the operations or activities of the company, and any affiliate of the company, as the Board determines to be appropriate to determine and enforce compliance with this chapter,
  • 12 U.S.C. § 1467a(e)(3)
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    (3) No acquisition shall be approved by the Board under this subsection which will result in the formation by any company, through one or more subsidiaries or through one or more transactions, of a multiple savings and loan holding company controlling savings associations in more than one State, unless—
    (A) such company, or a savings association subsidiary of such company, is authorized to acquire control of a savings association subsidiary, or to operate a home or branch office, in the additional State or States pursuant to section 1823(k) of this title;
    (B) such company controls a savings association subsidiary which operated a home or branch office in the additional State or States as of March 5, 1987; or
    (C) the statutes of the State in which the savings association to be acquired is located permit a savings association chartered by such State to be acquired by a savings association chartered by the State where the acquiring savings association or savings and loan holding company is located or by a holding company that controls such a State chartered savings association, and such statutes specifically authorize such an acquisition by language to that effect and not merely by implication.
  • 12 U.S.C. § 1467a(e)(4)(A)
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    (A) Notwithstanding subsection (h)(2), any director or officer of a savings and loan holding company, or any individual who owns, controls, or holds with power to vote (or holds proxies representing) more than 25 percent of the voting shares of such holding company, may acquire control of any savings association not a subsidiary of such savings and loan holding company with the prior written approval of the Board.
  • 12 U.S.C. § 1467a(e)(5)
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    (5) This subsection and subsection (c)(2) of this section do not apply to any savings and loan holding company which acquired the control of a savings association or of a savings and loan holding company pursuant to a pledge or hypothecation to secure a loan, or in connection with the liquidation of a loan, made in the ordinary course of business. It shall be unlawful for any such company to retain such control for more than one year after February 14, 1968, or from the date on which such control was acquired, whichever is later, except that the Board may upon application by such company extend such one-year period from year to year, for an additional period not exceeding 3 years, if the Board finds such extension is warranted and would not be detrimental to the public interest.
  • 12 U.S.C. § 1467a(e)(7)(B)(iii)
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    (iii) with respect to a Federal savings association, the State in which the home office (as defined by the regulations of the Board4 of the Office of Thrift Supervision, or, on and after the transfer date,3 the Comptroller of the Currency) of the Federal savings association is located; and
  • 12 U.S.C. § 1467a(f)
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    (f) Every subsidiary savings association of a savings and loan holding company shall give the Board not less than 30 days’ advance notice of the proposed declaration by its directors of any dividend on its guaranty, permanent, or other nonwithdrawable stock. Such notice period shall commence to run from the date of receipt of such notice by the Board. Any such dividend declared within such period, or without the giving of such notice to the Board, shall be invalid and shall confer no rights or benefits upon the holder of any such stock.
  • 12 U.S.C. § 1467a(g)(1)
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    (1) The Board is authorized to issue such regulations and orders, including regulations and orders relating to capital requirements for savings and loan holding companies, as the Board deems necessary or appropriate to enable the Board to administer and carry out the purposes of this section, and to require compliance therewith and prevent evasions thereof. In establishing capital regulations pursuant to this subsection, the appropriate Federal banking agency shall seek to make such requirements countercyclical so that the amount of capital required to be maintained by a company increases in times of economic expansion and decreases in times of economic contraction, consistent with the safety and soundness of the company.
  • 12 U.S.C. § 1467a(g)(2)
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    (2) The Board may make such investigations as the Board deems necessary or appropriate to determine whether the provisions of this section, and regulations and orders thereunder, are being and have been complied with by savings and loan holding companies and subsidiaries and affiliates thereof. For the purpose of any investigation under this section, the Board may administer oaths and affirmations, issue subpenas, take evidence, and require the production of any books, papers, correspondence, memorandums, or other records which may be relevant or material to the inquiry. The attendance of witnesses and the production of any such records may be required from any place in any State. The Board may apply to the United States district court for the judicial district (or the United States court in any territory) in which any witness or company subpenaed resides or carries on business, for enforcement of any subpena issued pursuant to this paragraph, and such courts shall have jurisdiction and power to order and require compliance.
  • 12 U.S.C. § 1467a(g)(3)(A)
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    (A) In any proceeding under subsection (a)(2)(D) or under paragraph (5) of this subsection, the Board may administer oaths and affirmations, take or cause to be taken depositions, and issue subpenas. The Board may make regulations with respect to any such proceedings. The attendance of witnesses and the production of documents provided for in this paragraph may be required from any place in any State or in any territory at any designated place where such proceeding is being conducted. Any party to such proceedings may apply to the United States District Court for the District of Columbia, or the United States district court for the judicial district or the United States court in any territory in which such proceeding is being conducted, or where the witness resides or carries on business, for enforcement of any subpena issued pursuant to this paragraph, and such courts shall have jurisdiction and power to order and require compliance therewith. Witnesses subpenaed under this section shall be paid the same fees and mileage that are paid witnesses in the district courts of the United States.
  • 12 U.S.C. § 1467a(g)(4)
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    (4) Whenever it appears to the Board that any person is engaged or has engaged or is about to engage in any acts or practices which constitute or will constitute a violation of the provisions of this section or of any regulation or order thereunder, the Board may bring an action in the proper United States district court, or the United States court of any territory or other place subject to the jurisdiction of the United States, to enjoin such acts or practices, to enforce compliance with this section or any regulation or order, or to require the divestiture of any acquisition in violation of this section, or for any combination of the foregoing, and such courts shall have jurisdiction of such actions. Upon a proper showing an injunction, decree, restraining order, order of divestiture, or other appropriate order shall be granted without bond.
  • 12 U.S.C. § 1467a(g)(5)(A)
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    (A) Notwithstanding any other provision of this section, the Board may, whenever the Board has reasonable cause to believe that the continuation by a savings and loan holding company of any activity or of ownership or control of any of its noninsured subsidiaries constitutes a serious risk to the financial safety, soundness, or stability of a savings and loan holding company’s subsidiary savings association and is inconsistent with the sound operation of a savings association or with the purposes of this section or section 1818 of this title, order the savings and loan holding company or any of its subsidiaries, after due notice and opportunity for hearing, to terminate such activities or to terminate (within 120 days or such longer period as the Board directs in unusual circumstances) its ownership or control of any such noninsured subsidiary either by sale or by distribution of the shares of the subsidiary to the shareholders of the savings and loan holding company. Such distribution shall be pro rata with respect to all of the shareholders of the distributing savings and loan holding company, and the holding company shall not make any charge to its shareholders arising out of such a distribution.
  • 12 U.S.C. § 1467a(g)(5)(B)
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    (B) The Board may in the discretion of the Board apply to the United States district court within the jurisdiction of which the principal office of the company is located, for the enforcement of any effective and outstanding order issued under this section, and such court shall have jurisdiction and power to order and require compliance therewith. Except as provided in subsection (j), no court shall have jurisdiction to affect by injunction or otherwise the issuance or enforcement of any notice or order under this section, or to review, modify, suspend, terminate, or set aside any such notice or order.
  • 12 U.S.C. § 1467a(h)(2)
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    (2) any director or officer of a savings and loan holding company, or any individual who owns, controls, or holds with power to vote (or holds proxies representing) more than 25 percent of the voting shares of such holding company, to acquire control of any savings association not a subsidiary of such savings and loan holding company, unless such acquisition is approved by the Board pursuant to subsection (e)(4); or
  • 12 U.S.C. § 1467a(h)(3)
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    (3) any individual, except with the prior approval of the Board, to serve or act as a director, officer, or trustee of, or become a partner in, any savings and loan holding company after having been convicted of any criminal offense involving dishonesty or breach of trust.
  • 12 U.S.C. § 1467a(i)(1)(A)
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    (A) Whoever knowingly violates any provision of this section or being a company, violates any regulation or order issued by the Board under this section, shall be imprisoned not more than 1 year, fined not more than $100,000 per day for each day during which the violation continues, or both.
  • 12 U.S.C. § 1467a(i)(2)(B)
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    (B) Any penalty imposed under subparagraph (A) may be assessed and collected by the Board in the manner provided in subparagraphs (E), (F), (G), and (I) of section 1818(i)(2) of this title for penalties imposed (under such section) and any such assessment shall be subject to the provisions of such section.
  • 12 U.S.C. § 1467a(i)(2)(F)
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    (F) The Board shall prescribe regulations establishing such procedures as may be necessary to carry out this paragraph.
  • 12 U.S.C. § 1467a(i)(3)(B)
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    (B) Any penalty imposed under subparagraph (A) may be assessed and collected by the Board in the manner provided in subparagraphs (E), (F), (G), and (I) of section 1818(i)(2) of this title for penalties imposed (under such section) and any such assessment shall be subject to the provisions of such section.
  • 12 U.S.C. § 1467a(i)(3)(F)
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    (F) The Board shall prescribe regulations establishing such procedures as may be necessary to carry out this paragraph.
  • 12 U.S.C. § 1467a(i)(4)
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    (4) The resignation, termination of employment or participation, or separation of an institution-affiliated party (within the meaning of section 1813(u) of this title) with respect to a savings and loan holding company or subsidiary thereof (including a separation caused by the deregistration of such a company or such a subsidiary) shall not affect the jurisdiction and authority of the Board to issue any notice and proceed under this section against any such party, if such notice is served before the end of the 6-year period beginning on the date such party ceased to be such a party with respect to such holding company or its subsidiary (whether such date occurs before, on, or after August 9, 1989).
  • 12 U.S.C. § 1467a(j)
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    (j) Any party aggrieved by an order of the Board under this section may obtain a review of such order by filing in the court of appeals of the United States for the circuit in which the principal office of such party is located, or in the United States Court of Appeals for the District of Columbia Circuit, within 30 days after the date of service of such order, a written petition praying that the order of the Board be modified, terminated, or set aside. A copy of the petition shall be forthwith transmitted by the clerk of the court to the Board, and thereupon the Board shall file in the court the record in the proceeding, as provided in section 2112 of title 28. Upon the filing of such petition, such court shall have jurisdiction, which upon the filing of the record shall be exclusive, to affirm, modify, terminate, or set aside, in whole or in part, the order of the Board. Review of such proceedings shall be had as provided in chapter 7 of title 5. The judgment and decree of the court shall be final, except that the same shall be subject to review by the Supreme Court upon certiorari as provided in section 1254 of title 28.
  • 12 U.S.C. § 1467a(m)(3)(B)(i)(III)(cc)
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    (cc) are specifically approved by the Comptroller of the Currency and the Board after a written request submitted to the Comptroller of the Currency and the Board by the savings association not later than 30 days before the date of the proposed payment.
  • 12 U.S.C. § 1467a(o)(2)(A)
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    (A) a plan providing for such reorganization has been approved by a majority of the board of directors of the mutual savings association; and
  • 12 U.S.C. § 1467a(o)(3)(A)
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    (A) At least 60 days prior to taking any action described in paragraph (1), a savings association seeking to establish a mutual holding company shall provide written notice to the Board. The notice shall contain such relevant information as the Board shall require by regulation or by specific request in connection with any particular notice.
  • 12 U.S.C. § 1467a(o)(3)(B)
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    (B) Unless the Board within such 60-day notice period disapproves the proposed holding company formation, or extends for another 30 days the period during which such disapproval may be issued, the savings association providing such notice may proceed with the transaction, if the requirements of paragraph (2) have been met.
  • 12 U.S.C. § 1467a(o)(3)(C)
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    (C) The Board may disapprove any proposed holding company formation only if—
    (i) such disapproval is necessary to prevent unsafe or unsound practices;
    (ii) the financial or management resources of the savings association involved warrant disapproval;
    (iii) the savings association fails to furnish the information required under subparagraph (A); or
    (iv) the savings association fails to comply with the requirement of paragraph (2).
  • 12 U.S.C. § 1467a(o)(3)(D)
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    (D) In connection with the transaction described in paragraph (1), a savings association may, subject to the approval of the Board, retain capital assets at the holding company level to the extent that such capital exceeds the association’s capital requirement established by the Board pursuant to subsections (s) and (t) of section 1464 of this title.
  • 12 U.S.C. § 1467a(o)(7)
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    (7) A mutual holding company shall be chartered by the Board and shall be subject to such regulations as the Board may prescribe. Unless the context otherwise requires, a mutual holding company shall be subject to the other requirements of this section regarding regulation of holding companies.
  • 12 U.S.C. § 1467a(o)(11)(A)(i)
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    (i) Each subsidiary of a mutual holding company that is a savings association shall give the appropriate Federal banking agency and the Board notice not later than 30 days before the date of a proposed declaration by the board of directors of the savings association of any dividend on the guaranty, permanent, or other nonwithdrawable stock of the savings association.
  • 12 U.S.C. § 1467a(o)(11)(A)(ii)
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    (ii) Any dividend described in clause (i) that is declared without giving notice to the appropriate Federal banking agency and the Board under clause (i), or that is declared during the 30-day period preceding the date of a proposed declaration for which notice is given to the appropriate Federal banking agency and the Board under clause (i), shall be invalid and shall confer no rights or benefits upon the holder of any such stock.
  • 12 U.S.C. § 1467a(o)(11)(B)(ii)
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    (ii) the mutual holding company gives written notice to the Board of the intent of the mutual holding company to waive the right to receive dividends, not later than 30 days before the date of the proposed date of payment of the dividend, and the Board does not object to the waiver.
  • 12 U.S.C. § 1467a(o)(11)(C)
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    (C) A notice of a waiver under subparagraph (B) shall include a copy of the resolution of the board of directors of the mutual holding company, in such form and substance as the Board may determine, together with any supporting materials relied upon by the board of directors of the mutual holding company, concluding that the proposed dividend waiver is consistent with the fiduciary duties of the board of directors to the mutual members of the mutual holding company.
  • 12 U.S.C. § 1467a(o)(11)(D)
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    (D) The Board may not object to a waiver of dividends under subparagraph (B) if—
    (i) the waiver would not be detrimental to the safe and sound operation of the savings association;
    (ii) the board of directors of the mutual holding company expressly determines that a waiver of the dividend by the mutual holding company is consistent with the fiduciary duties of the board of directors to the mutual members of the mutual holding company; and
    (iii) the mutual holding company has, prior to December 1, 2009—
    (I) reorganized into a mutual holding company under this subsection;
    (II) issued minority stock either from its mid-tier stock holding company or its subsidiary stock savings association; and
    (III) waived dividends it had a right to receive from the subsidiary stock savings association.
  • 12 U.S.C. § 1467a(o)(11)(D)(ii)
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    (ii) the board of directors of the mutual holding company expressly determines that a waiver of the dividend by the mutual holding company is consistent with the fiduciary duties of the board of directors to the mutual members of the mutual holding company; and
  • 12 U.S.C. § 1467a(p)(1)
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    (1) If the Board or the appropriate Federal banking agency for the savings association determines that there is reasonable cause to believe that the continuation by a savings and loan holding company of any activity constitutes a serious risk to the financial safety, soundness, or stability of a savings and loan holding company’s subsidiary savings association, the Board may impose such restrictions as the Board, in consultation with the appropriate Federal banking agency for the savings association determines to be necessary to address such risk. Such restrictions shall be issued in the form of a directive to the holding company and any of its subsidiaries, limiting—
    (A) the payment of dividends by the savings association;
    (B) transactions between the savings association, the holding company, and the subsidiaries or affiliates of either; and
    (C) any activities of the savings association that might create a serious risk that the liabilities of the holding company and its other affiliates may be imposed on the savings association.
    Such directive shall be effective as a cease and desist order that has become final.
  • 12 U.S.C. § 1467a(p)(2)(A)
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    (A) After a directive referred to in paragraph (1) is issued, the savings and loan holding company, or any subsidiary of such holding company subject to the directive, may object and present in writing its reasons why the directive should be modified or rescinded. Unless within 10 days after receipt of such response the Board affirms, modifies, or rescinds the directive, such directive shall automatically lapse.
  • 12 U.S.C. § 1467a(p)(2)(B)
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    (B) If the Board affirms or modifies a directive pursuant to subparagraph (A), any affected party may immediately thereafter petition the United States district court for the district in which the savings and loan holding company has its main office or in the United States District Court for the District of Columbia to stay, modify, terminate or set aside the directive. Upon a showing of extraordinary cause, the savings and loan holding company, or any subsidiary of such holding company subject to a directive, may petition a United States district court for relief without first pursuing or exhausting the administrative remedies set forth in this paragraph.
  • 12 U.S.C. § 1467a(q)(1)(C)
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    (C) All shares of stock issued are purchased by a savings and loan holding company that is registered, as of the date of purchase, with the Board in accordance with the provisions of subsection (b)(1) of this section.
  • 12 U.S.C. § 1467a(q)(1)(D)
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    (D) Subject to paragraph (2), the Board approved the purchase of the shares of stock by the acquiring savings and loan holding company.
  • 12 U.S.C. § 1467a(q)(2)(A)
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    (A) The Board shall not disapprove any application for the purchase of stock in connection with a qualified stock issuance on the grounds that the acquiring savings and loan holding company has failed to undertake to make subsequent additional capital contributions to maintain the capital of the undercapitalized savings association at or above the minimum level required by the Board or any other Federal agency having jurisdiction.
  • 12 U.S.C. § 1467a(q)(2)(B)
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    (B) Notwithstanding subsection (a)(4), the Board may impose such conditions on any approval of an application for the purchase of stock in connection with a qualified stock issuance as the Board determines to be appropriate, including—
    (i) a requirement that any savings association subsidiary of the acquiring savings and loan holding company limit dividends paid to such holding company for such period of time as the Board may require; and
    (ii) such other conditions as the Board deems necessary or appropriate to prevent evasions of this section.
  • 12 U.S.C. § 1467a(q)(2)(B)(i)
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    (i) a requirement that any savings association subsidiary of the acquiring savings and loan holding company limit dividends paid to such holding company for such period of time as the Board may require; and
  • 12 U.S.C. § 1467a(q)(2)(B)(ii)
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    (ii) such other conditions as the Board deems necessary or appropriate to prevent evasions of this section.
  • 12 U.S.C. § 1467a(q)(2)(C)
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    (C) An application for approval of a purchase of stock in connection with a qualified stock issuance shall be deemed to have been approved by the Board if such application has not been disapproved by the Board before the end of the 90-day period beginning on the date such application has been deemed sufficient under regulations issued by the Board.
  • 12 U.S.C. § 1467a(r)(1)(A)(i)
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    (i) fails to submit or publish any report or information required under this section or regulations prescribed by the Board or appropriate Federal banking agency, within the period of time specified by the Board or appropriate Federal banking agency; or
  • 12 U.S.C. § 1467a(r)(2)(A)
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    (A) fails to submit or publish any report or information required under this section or under regulations prescribed by the Board or appropriate Federal banking agency, within the period of time specified by the Board or appropriate Federal banking agency; or
  • 12 U.S.C. § 1467a(r)(3)
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    (3) If any savings and loan holding company or any subsidiary of such a holding company knowingly or with reckless disregard for the accuracy of any information or report described in paragraph (2) submits or publishes any false or misleading report or information, the Board or appropriate Federal banking agency may assess a penalty of not more than $1,000,000 or 1 percent of total assets of such company or subsidiary, whichever is less, per day for each day during which such failure continues or such false or misleading information is not corrected.
  • 12 U.S.C. § 1467a(r)(4)
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    (4) Any penalty imposed under paragraph (1), (2), or (3) shall be assessed and collected by the Board or appropriate Federal banking agency in the manner provided in subparagraphs (E), (F), (G), and (I) of section 1818(i)(2) of this title (for penalties imposed under such section) and any such assessment (including the determination of the amount of the penalty) shall be subject to the provisions of such subsection.
  • 12 U.S.C. § 1467a(u)(1)
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    (1) The Board shall adopt data standards for all information that, through a collection of information, is regularly filed with or submitted to the Board by any savings and loan holding company, or subsidiary of a savings and loan holding company, other than a depository institution, under this section.
  • 12 U.S.C. § 1467b(b)(1)(A)
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    (A) If a grandfathered unitary savings and loan holding company conducts activities other than financial activities, the Board may require such company to establish and conduct all or a portion of such financial activities in or through an intermediate holding company, which shall be a savings and loan holding company, established pursuant to regulations of the Board, not later than 90 days (or such longer period as the Board may deem appropriate) after the transfer date.1
  • 12 U.S.C. § 1467b(b)(1)(B)
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    (B) Notwithstanding subparagraph (A), the Board shall require a grandfathered unitary savings and loan holding company to establish an intermediate holding company if the Board makes a determination that the establishment of such intermediate holding company is necessary—
    (i) to appropriately supervise activities that are determined to be financial activities; or
    (ii) to ensure that supervision by the Board does not extend to the activities of such company that are not financial activities.
  • 12 U.S.C. § 1467b(b)(1)(B)(ii)
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    (ii) to ensure that supervision by the Board does not extend to the activities of such company that are not financial activities.
  • 12 U.S.C. § 1467b(b)(2)(B)
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    (B) A grandfathered unitary savings and loan holding company may continue to engage in an internal financial activity, subject to review by the Board to determine whether engaging in such activity presents undue risk to the grandfathered unitary savings and loan holding company or to the financial stability of the United States, if—
    (i) the grandfathered unitary savings and loan holding company engaged in the activity during the year before July 21, 2010; and
    (ii) at least ⅔ of the assets or ⅔ of the revenues generated from the activity are from or attributable to the grandfathered unitary savings and loan holding company.
  • 12 U.S.C. § 1467b(b)(4)
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    (4) The Board, may from time to time, examine and require reports under oath from a grandfathered unitary savings and loan holding company that controls an intermediate holding company, and from the appropriate officers or directors of such company, solely for purposes of ensuring compliance with the provisions of this section, including assessing the ability of the company to serve as a source of strength to its subsidiary intermediate holding company as required under paragraph (3) and enforcing compliance with such requirement.
  • 12 U.S.C. § 1467b(b)(5)(A)
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    (A) In addition to any other authority of the Board, the Board may enforce compliance with the provisions of this subsection that are applicable to any company described in paragraph (1)(A) that controls an intermediate holding company under section 8 of the Federal Deposit Insurance Act [12 U.S.C. 1818], and a company described in paragraph (1)(A) shall be subject to such section (solely for purposes of this subparagraph) in the same manner and to the same extent as if the company described in paragraph (1)(A) were a savings and loan holding company.
  • 12 U.S.C. § 1467b(b)(5)(C)
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    (C) No provision of this paragraph shall be construed as limiting any authority of the Board or any other Federal agency under any other provision of law.
  • 12 U.S.C. § 1467b(c)
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    (c) The Board—
    (1) shall promulgate regulations to establish the criteria for determining whether to require a grandfathered unitary savings and loan holding company to establish an intermediate holding company under subsection (b); and
    (2) may promulgate regulations to establish any restrictions or limitations on transactions between an intermediate holding company or a parent of such company and its affiliates, as necessary to prevent unsafe and unsound practices in connection with transactions between the intermediate holding company, or any subsidiary thereof, and its parent company or affiliates that are not subsidiaries of the intermediate holding company, except that such regulations shall not restrict or limit any transaction in connection with the bona fide acquisition or lease by an unaffiliated person of assets, goods, or services.
  • 12 U.S.C. § 1468(d)(1)(A)
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    (A) the Board and the Office of the Comptroller of the Currency jointly find the exemption to be in the public interest and consistent with the purposes of this section and notify the Federal Deposit Insurance Corporation of such finding; and
  • 12 U.S.C. § 1468(d)(2)
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    (2) The Federal Deposit Insurance Corporation may, by order, exempt a transaction of a State savings association from the requirements of this section if the Board and the Federal Deposit Insurance Corporation jointly find that—
    (A) the exemption is in the public interest and consistent with the purposes of this section; and
    (B) the exemption does not present an unacceptable risk to the Deposit Insurance Fund.

Citations to §1462(9)

Citations to §1462(10)

Citations to §1462(11)