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CHAPTER V-FEDERAL HOME LOAN BANK BOARD
SUBCHAPTER A GENERAL
Promulgation of regulations and amendments. 509
Rules of practice and procedure; adjudications under Administrative Pro
cedure Act. 510
Ex parte communications.
SUBCHAPTER B-FEDERAL HOME LOAN BANK SYSTEM
Operations of the banks. 525
SUBCHAPTER C-FEDERAL SAVINGS AND LOAN SYSTEM
Amendment of rules and regulations; hearings. 543
Incorporation, organization, and conversion. 544 Charter and bylaws. 545 Operations. 546 Merger, dissolution, reorganization, and conversion.
Appointment of conservators, receivers, and supervisory representatives in
Powers of conservator and conduct of conservatorships.
Powers of receiver and conduct of receiverships. 551
Service of process upon board. 555 Board rulings.
SUBCHAPTER D-FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION
Part 561 562 563 564 565 567 568 570
PART 500_FUNCTIONAL ORGANI
ZATION AND AUTHORITY $ 500.10 Assessments.
Each semiannual assessment under the provisions of subsection (b) of section 18 of the Federal Home Loan Bank Act, as amended, to meet the estimated expenses of the Federal Home Loan Bank Board (referred to in this subchapter as “Board”) shall be made on the following basis: Each Federal Home Loan Bank will be assessed such amount as may be necessary to meet the Board's expenses, such assessment to be upon the several Banks in the same proportion as the total gross operating income of the respective Banks for the 6 months' period next preceding, hereinafter prescribed, bears to the total gross operating income of all the Banks for the same period of time. For the assessment for the first half of a calendar year, total gross operating income shall be determined from information contained in the reports of the respective Banks for each month during the period from June 1 through November 30, and for the assessment for the last half of a calendar year such determination shall be made from information contained in the reports of the respective Banks for each month during the period from December 1 through May 31. (Sec. 17, 47 Stat. 736, as amended; 12 U. S. C. 1437, Reorg. Plan No. 3 of 1947, 12 F. R. 4981, 3 CFR, 1947 Supp. Interprets or applies sec. 18, 47 Stat. 737; 12 U. S. C. 1438) [23 F. R. 9878, Dec. 23, 1958]
PART 501-OPERATIONS Sec. 501.10 Officers as agents. 501.11 President as agent.
AUTHORITY: $ $ 501.10 and 501.11 issued under sec. 17, 47 Stat. 736, as amended; 12 U. S. C. 1437, Reorg. Plan No. 3 of 1947, 12 F. R. 4981, 3 CFR, 1947 Supp. Interpret or apply secs. 402, 403, 48 Stat. 1256, as amended, 1257, as amended; 12 U. S. C. 1725. 1726.
SOURCE: $ $ 501.10 and 501.11 appear at 23 F. R. 9878, Dec. 23, 1958. $ 501.10
Officers as agents. For the following purposes, officers and employees of a Federal Home Loan Bank, when designated by the Board, shall be the agents of the Board and the Federal Savings and Loan Insurance Corporation and the counsel of the Bank shall render to said agents such legal services as may be necessary to enable them properly to carry out such duties:
(a) It shall be the specific duty of said agents to give consideration to applications pertaining to organization of Federal savings and loan associations, conversions, and insurance of accounts by the Federal Savings and Loan Insurance Corporation, together with such supplemental information as may be available to them, and promptly to make comments and recommendations upon such applications. Said agents shall transmit such applications to the Board, together with their comments and recommendations thereon. Such comments and recommendations shall be signed by the agents favoring same, and any agent dis
agreeing therewith shall make a sepa- similar matters as are required to be aprate report which shall be forwarded at proved by the Board or the Federal Savthe same time. An agent shall forward ings and Loan Insurance Corporation to applicants advices of actions taken by under the statutes and rules and regulathe Board and the Federal Savings and
tions. When these matters come to the Loan Insurance Corporation upon appli
attention of said agent he shall, after cations, and instructions and other com- giving them due consideration, submit munications from the Board and the
them, together with such supplemental Federal Savings and Loan Insurance
information as may be available to him, Corporation.
to the Board with his recommendations
thereon. After the issuance by the Board $ 501.11 President as agent.
of a charter for a Federal savings and For the following purposes, the Presi- loan association, said agent shall follow dent of each Federal Home Loan Bank up the corporate actions taken by the shall be the agent of the Board and association in the completion of its orthe Federal Savings and Loan Insurance
ganization, and shall require the associCorporation and the counsel of the Bank
ation to comply with the laws, the rules shall render to said agent such legal
and regulations made thereunder, and services as may be necessary to enable
such other requirements as may be aphim properly to carry out such duties:
plicable thereto. Upon receiving from Provided, however, That when desig
the District Examiner two copies of a nated by the Board, some officer or
report of a supervisory examination of a employee of the Bank other than, or
Federal savings and loan association or in addition to, the President, may
other insured institution, together with act as agent of the Board and the
the District Examiner's analysis thereof, Federal Savings and Loan Insurance
said agent shall make a careful study of Corporation. Said agent shall represent
such report and analysis, and shall transthe Board and the Federal Savings and
mit to the institution examined its copy Loan Insurance Corporation in supervis
of the report of the examination, and, if ing Federal savings and loan associations
necessary, a supervisory letter on staand other institutions in the Bank's dis
tionery provided by the Board and the trict which are insured by the Federal
Federal Savings and Loan Insurance Savings and Loan Insurance Corpora
Corporation for such purposes. Said tion. When, in his opinion, such action
agent shall forward promptly to the should be taken, he shall advise and en
Board copies of all transmittal and other deavor to assist Federal savings and loan
supervisory letters, and reports of superassociations and other insured institu
visory conferences or meetings with oftions in his Bank district to conduct their
ficers or directors of Federal savings and
loan associations and other insured inoperations in conformity with the statutes and the rules and regulations gov
stitutions. The Board will consider the erning them. He shall confer and nego
documents so forwarded and will advise tiate, pursuant to instructions from the
the said agent concerning such matters Board and the Federal Savings and Loan
as may appear to be appropriate. Any Insurance Corporation, with applicants
instructions or recommendations from
the Board to the said agent with respect and with officers, directors, members or creditors of applicant institutions, indi
to his duties as agent of the Board vidually or in group meetings, and other
and the Federal Savings and Loan Insur
ance Corporation shall be acted upon wise as the Board and the Federal Savings and Loan Insurance Corporation
promptly. may request in writing. He shall see that all Federal savings and loan associations
PART 505-AVAILABILITY AND and other insured institutions in his
CHARACTER OF RECORDS Bank district submit to him for his con- Sec. sideration such matters as applications
505.10 Records in control of the Federal for Board approval of amendments to
Home Loan Bank Board.
505.11 charters or bylaws, petitions for Board
Records in control of agents, etc.
505.12 Confidential character. permission to establish branch offices, ap
505.13 Availability of opinions, orders, rules plications for Board approval of the pur
and regulations for public inspecchase of assets or of consolidations, dis
tion. solutions, or mergers, and such other 505.14 Classification as confidential.
AUTHORITY: $6505.10 to 505.14 issued un- powers, duties and authorities of the der sec. 17, 47 Stat. 736, as amended; 12
Board under the provisions of the FedU. S. C. 1437, Reorg. Plan No. 3 of 1947, 12
eral Home Loan Bank Act, as amended, F. R. 4981, 3 CFR, 1947 Supp.
the Home Owners' Loan Act of 1933, as SOURCE: $ $ 505.10 to 505.14 appear at 23 amended, and Reorganization Plan No. 3 F.R. 9878, Dec. 23, 1958.
of 1947. They have no control over them
and no discretion with regard to per$ 505.10 Records in control of the Fed
mitting the use of them for any purpose. eral Home Loan Bank Board.
All such agents are hereby prohibited All requests to inspect official records from giving out any official informashall be in writing and delivered to the tion obtained by any one of them on Office of the Secretary, Federal Home
behalf of the Board, or any of such recLoan Bank Board, Federal Home Loan ords, to any private person or to any Bank Board Building, 101 Indiana Ave- local officer or to any court, including nue NW., Washington 25, D.C., with a the production of such records or copies statement of the name or names of the thereof made pursuant to their official party or parties making such request duties, whether in answer to a subpoena and the concern of said party or parties duces tecum or otherwise. Whenever in the matter. All records of the Board any such subpoena shall have been are in its custody and control for pur- served upon any of them, they will apposes relating to the powers, duties and pear in court in answer thereto, and authorities of the Board, under the pro- respectfully decline to produce the recvisions of the Federal Home Loan Bank ords called for, on the ground of being Act, as amended, the Home Owners' prohibited therefrom by the rules and Loan Act of 1933, as amended, and Re- regulations in this part. organization Plan No. 3 of 1947, 3 CFR,
$ 505.12 Confidential character. 1947 Supp., Chapter IV. No officer or employee has any control over such The giving out of any such records records and no discretion with regard
or information, or documents relative to permitting the use of them for any thereto, by any of the persons referred other purpose. All such officers and
to in $$ 505.10 and 505.11 is held to be employees are hereby prohibited from contrary to public policy by reason of its giving out any official information ob- privileged and confidential character intained by any one of them on behalf volving delicate and sensitive matters reof the Board, or any of such records,
lating to the condition and affairs of to any private person or to any local
financial institutions and not to be perofficer or to any court, including the
mitted. In all cases where any such production of such records or copies
documents or records, or copies thereof, thereof made pursuant to their official
are desired by, or on behalf of, any duties, whether in answer to a subpoena
private party, or parties to a suit, duces tecum' or otherwise. Whenever
whether in a court of the United States any such subpoena shall have been any other, such information served upon any of them, they will ap- copies shall be furnished only upon the pear in court in answer thereto, and written authorization or approval of the respectfully decline to produce the rec
Board, or such person or persons as may ords called for, on the ground of being
be authorized by it to grant such auprohibited therefrom by the rules and
thorization or approval. regulations in this part.
$ 505.13 Availability of opinions, or
ders, rules and regulations for public $ 505.11 Records in control of agents,
Notwithstanding any provision of All records in the control of any $ $ 505.10, 505.11 and 505.12, all final person, including any of the Federal opinions or orders in the adjudicaHome Loan Banks or the Federal Savings tion of cases, and all rules and regulaand Loan Insurance Corporation, in the tions for the Federal Home Loan Bank capacity as agents of the Board, or in System now or hereafter in force and the hands of any officer or employee of effect except such final opinions and the Board, must be considered deemed orders as are required for good cause to to be privileged and confidential, and be held confidential and not cited as such records are in their custody and precedents, shall be made available for control for purposes relating to the public inspection at the Office of the