asked to certify prior to such meeting that in his or her opinion such meeting may properly be closed to the public, and to state which of the exemptions set forth in § 407.2(a) he or she has relied upon. A copy of such certification will be posted in the Office of the Secretary. The original certification together with a statement from the presiding officer of such meeting setting forth the time, date and place of such meeting and the persons present will be retained by Eximbank as part of the transcript, recording or minutes of such meeting described below.

§ 407.6 Transcripts, recordings and minutes of closed meetings.

Eximbank will maintain a complete transcript or electronic recording of the proceedings of every meeting or portion thereof closed to the public, Provided, however, That if any meeting or portion thereof is closed pursuant to paragraphs (8), (9)(i) or (10) of § 407.2(a), Eximbank may maintain a set of detailed minutes for such meetings in lieu of a transcript or electronic recording. The entire transcript, electronic recording or set of minutes of a meeting will be made promptly available to the public for inspection and copying in the Office of the Secretary. Copies of such transcript or minutes, as well as copies of the transcription of such recording disclosing the identity of each speaker, will be furnished to any person at the actual cost

of duplication or transcription. However, Eximbank will not make available for inspection or copying the transcript, electronic recording or minutes of the discussions of any item on the agenda of such meeting which contains information of the kind described in § 407.2(a). Requests to inspect or to have copies made of any transcript, electronic recording or set of minutes of any meeting or item(s) on the agenda, thereof should be made in writing to the General Counsel and if possible, identify the time, date and place of such meeting and briefly describe the item(s) being sought. Eximbank will maintain a complete verbatim copy of the transcript, a complete electronic recording or a complete copy of the minutes of each meeting, or portion thereof, closed to the public for two years after such meeting or one year from the date of final action of the Board of Directors or the Executive Committee on all items on the agenda of such meeting, whichever occurs later.

§ 407.7 Relationship to Freedom of Information Act.

Nothing in this part expands or limits the present rights of any person under Part 404, except that the exemptions contained in § 407.2 shall govern in the case of any request made pursuant to Part 404 to copy or inspect the transcripts, recordings or minutes described in § 407.6.

PART 500-ORGANIZATION AND CHANNELLING OF FUNCTIONS

NOMENCLATURE CHANGE: 39 FR 31624, Aug. 30, 1974.

Subpart A-Functions and Responsibilities of the Board

Subpart A-Functions and Responsibilities of the Board

§ 500.1 General statement and statutory authority.

The Federal Home Loan Bank Board (referred to in this subchapter as "Board") is responsible for the administration and enforcement of the Federal Home Loan Bank Act, the Home Owners' Loan Act of 1933, Title IV of the National Housing Act, and with respect to institutions subject to provisions of the foregoing acts and title, the Bank Protection Act of 1968, the Truth in Lending Act, and the Fair Credit Reporting Act. The members of the Board constitute the Board of Directors of the Federal Home Loan Mortgage Corporation, which was created by Title III of the Emergency Home Finance Act of 1970.

§ 500.2 The Federal Home Loan Bank System.

The Board supervises the Federal Home Loan Banks created by the Federal Home Loan Bank Act and issues regulations and orders for carrying out the purposes of the provisions of that Act. Savings and loan associations and other institutions specified in section 4 of the Federal Home Loan Bank Act that make long-term home mortgage loans are eligible to become members of a Federal Home Loan Bank. The functions of the Board with respect to the Banks and their members include, but are not limited to, the following: prescribing the conditions upon which a Federal Home Loan Bank is authorized to make advances to its members and to nonmember borrowers; prescribing rules governing the payment and advertisement of interest or dividends on deposits, shares, or withdrawable accounts that may be paid by Bank members, other than those members the deposits of which are insured in accordance with the provisions of the Federal Deposit Insurance Act; prescribing rules and con

ditions upon which a Federal Home Loan Bank shall be authorized to borrow, to pay interest upon its borrowings, and to issue obligations; issuing upon such conditions as the Board may prescribe consolidated Federal Home Loan Bank bonds, notes, or debentures which are the joint and several obligations of all Federal Home Loan Banks; requiring examination of each Federal Home Loan Bank at least annually; appointing six directors to the board of directors of each Bank and conducting the election of the remaining directors by the members; approving dividends paid by each Federal Home Loan Bank; and acting on applications for Bank membership.

[41 FR 55858, Dec. 23, 1976]

§ 500.3 The Federal savings and loan system.

The Board is authorized under such rules and regulations as it may prescribe to provide for the organization, incorporation, examination, operation, and regulation of Federal savings and loan associations. Under this authority, the Board's functions include, but are not limited to, regulation of the corporate structure of such associations, regulation of the distribution of their earnings, regulation of their lending and other investment powers, acting upon their applications for facility offices (including branch offices, limited facilities, mobile facilities and satellite offices), the regulation of mergers, conversions, and disolutions involving such associations, the appointment of conservators and receivers for such associations, and the enforcement of laws, regulations, or conditions against such associations or the officers or directors thereof by proceedings under section 5 of the Home Owners' Loan Act of 1933, as amended.

[40 FR 12989, Mar. 24, 1975]

§ 500.4 The Federal Savings and Loan Insurance Corporation.

The Federal Savings and Loan Insurance Corporation is under the direction of the Federal Home Loan Bank Board. The Corporation insures the accounts of all Federal savings and

loan associations and of other building and loan, savings and loan, and homestead associations and cooperative banks that are eligible for insurance and the applications of which have been approved by the Corporation. The Corporation regulates and exam. ines insured institutions within the authority conferred by Title IV of the National Housing Act and is authorized to enforce applicable laws, regulations, or conditions against insured institutions or the officers or directors thereof by proceedings under section 407 of the National Housing Act, as amended. The Corporation also regulates and supervises savings and loan holding companies pursuant to the provisions of section 408 of the National Housing Act, as amended.

§ 500.5 District of Columbia savings and loan associations.

The Board exercises supervisory and regulatory authority over all building and loan or savings and loan associations and similar institutions of or doing business in or maintaining offices in the District of Columbia.

Subpart B-General Organization

§ 500.10 The Board.

The Board is composed of three members, not more than two of whom are members of the same political party. The members are appointed by the President with the advice and consent of the Senate for four year terms. The Chairman is designated by the President and is the chief executive officer of the Board. Executive and administrative functions of the Board were transferred to the Chairman by Reorganization Plan No. 6 of 1963. The Board is assisted by a staff that includes ten Offices.

[39 FR 45257, Dec. 31, 1974]

§ 500.11 Secretary to the Board.

The Secretary to the Board is responsible for the secretarial functions of the Federal Home Loan Bank Board and the Federal Savings and Loan Insurance Corporation and has custody of the records of the Board and of the Corporation. The Secretary