§ 1463. Supervision of savings associations
(a)
Federal savings associations
(1)
In general
The Director shall provide for the examination, safe and sound operation, and regulation of savings associations.
(b)
Accounting and disclosure
(1)
In general
The Director shall, by regulation, prescribe uniform accounting and disclosure standards for savings associations, to be used in determining savings associations’ compliance with all applicable regulations.
(2)
Specific requirements for accounting standards
Subject to section
1464
(t) of this title, the uniform accounting standards prescribed under paragraph (1) shall—
(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;
(B)
allow for no deviation from full compliance with such standards as are in effect after December 31, 1993; and
(C)
prior to January 1, 1994, require full compliance by savings associations with accounting standards in effect at any time before such date not later than provided under the schedule in section
563.23–3 of title 12, Code of Federal Regulations (as in effect on May 1, 1989).
(3)
Authority to prescribe more stringent accounting standards
The Director may at any time prescribe accounting standards more stringent than required under paragraph (2) if the Director determines that the more stringent standards are necessary to ensure the safe and sound operation of savings associations.
(c)
Stringency of standards
All regulations and policies of the Director governing the safe and sound operation of savings associations, including regulations and policies governing asset classification and appraisals, shall be no less stringent than those established by the Comptroller of the Currency for national banks.
(d)
Investment of certain funds in accounts of savings associations
The savings accounts and share accounts of savings associations insured by the Corporation shall be lawful investments and may be accepted as security for all public funds of the United States, fiduciary and trust funds under the authority or control of the United States or any officer thereof, and for the funds of all corporations organized under the laws of the United States (subject to any regulatory authority otherwise applicable), regardless of any limitation of law upon the investment of any such funds or upon the acceptance of security for the investment or deposit of any of such funds.
(e)
Participation by savings associations in lotteries and related activities
(2)
Use of facilities prohibited
No savings association may permit—
(3)
Definitions
For purposes of this subsection—
(B)
Lottery
The term “lottery” includes any arrangement under which—
(i)
3 or more persons (hereafter in this subparagraph referred to as the “participants”) advance money or credit to another in exchange for the possibility or expectation that 1 or more but not all of the participants (hereafter in this paragraph referred to as the “winners”) will receive by reason of those participants’ advances more than the amounts those participants have advanced; and
(f)
Federally related mortgage loan disclosures
A savings association may not make a federally related mortgage loan to an agent, trustee, nominee, or other person acting in a fiduciary capacity without requiring that the identity of the person receiving the beneficial interest of such loan shall at all times be revealed to the savings association. At the request of the Director, the savings association shall report to the Director the identity of such person and the nature and amount of the loan.
(g)
Preemption of State usury laws
(1)
Notwithstanding any State law, a savings association may charge interest on any extension of credit at a rate of not more than 1 percent in excess of the discount rate on 90-day commercial paper in effect at the Federal Reserve bank in the Federal Reserve district in which such savings association is located or at the rate allowed by the laws of the State in which such savings association is located, whichever is greater.
(2)
If the rate prescribed in paragraph (1) exceeds the rate such savings association would be permitted to charge in the absence of this subsection, the receiving or charging a greater rate of interest than that prescribed by paragraph (1), when knowingly done, shall be deemed a forfeiture of the entire interest which the extension of credit carries with it, or which has been agreed to be paid thereon. If such greater rate of interest has been paid, the person who paid it may recover, in a civil action commenced in a court of appropriate jurisdiction not later than 2 years after the date of such payment, an amount equal to twice the amount of the interest paid from the savings association taking or receiving such interest.
(h)
Form and maturity of securities
No savings association shall—