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8000 - Miscellaneous Statutes and Regulations


FINANCIAL INSTITUTIONS REGULATORY AND
INTEREST RATE CONTROL ACT OF 1978

AN ACT

To extend the authority for the flexible regulation of interest rates on deposits and accounts in depository institutions.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Financial Institutions Regulatory and Interest Rate Control Act of 1978".

TITLE I—SUPERVISORY AUTHORITY OVER DEPOSITORY INSTITUTIONS

SEC. 109.  Any amendments made by this title which provides for the imposition of civil penalties shall apply only to violations occurring or continuing after the date of its enactment.

[Codified to 12 U.S.C. 93 note]

[Source:  Section 109 of title I of the Act of November 10, 1978 (Pub. L. No. 95--630; 92 Stat. 3665), effective March 10, 1979]

TITLE II—INTERLOCKING DIRECTORS

SEC. 201.  This title may be cited as the "Depository Institution Management Interlocks Act".

[Codified to 12 U.S.C. 3201 note]

[Source:  Section 201 of title II of the Act of November 10, 1978 (Pub. L. No. 95--630; 92 Stat. 3672), effective March 10, 1979]

SEC. 202.  As used in this title--

(1)  the term "depository institution" means a commercial bank, a savings bank, a trust company, a savings and loan association, a building and loan association, a homestead association, a cooperative bank, an industrial bank, or a credit union;

(2)  the term "depository holding company" means a bank holding company as defined in section 2(a) of the Bank Holding Company Act of 1956, a company which would be a bank holding company as defined in section 2(a) of the Bank Holding Company Act of 1956 but for the exemption contained in section 2(a)(5)(F) thereof, or a savings and loan holding company as defined in section 408(a)(1)(D) of the National Housing Act;

(3)  the characterization of any corporation (including depository institutions and depository holding companies), as an "affiliate of," or as "affiliated" with any other corporation means that--

(A)  one of the corporations is a depository holding company and the other is a subsidiary thereof, or both corporations are subsidiaries of the same depository holding company, as the term "subsidiary" is defined in either section 2(d) of the Bank Holding Company Act of 1956 in the case of a bank holding company or section 408(a)(1)(H) of the National Housing Act in the case of a savings and loan holding company; or

(B)  more than 25 percent of the voting stock of one corporation is beneficially owned in the aggregate by one or more persons who also beneficially own in the aggregate more than 25 percent of the voting stock of the other corporation; or

(C)  one of the corporations is a trust company all of the stock of which, except for directors qualifying shares, was owned by one or more mutual savings banks on the date of enactment of this Act, and the other corporation is a mutual savings bank; or

(D)  one of the corporations is a bank, insured by the Federal Deposit Insurance Corporation and chartered under State law, and is a bankers' bank, described in Paragraph Seventh of section 5136 of the Revised Statutes; or

(E)  one of the corporations is a bank, chartered under State law and insured by the Federal Deposit Insurance Corporation, the voting securities of which are held only by persons who are officers of other banks, as permitted by State law, and which bank is primarily engaged in providing banking services for other banks and not for the public: Provided, however, That in no case shall the voting securities of such corporation be held by such officers of other banks in excess of 6 per centum of the paid-in capital and 6 per centum of the surplus of such a bank.

(4)  the term "management official" means an employee or officer with management functions, a director (including an advisory or honorary director, except in the case of a depository institution with total assets of less than $100,000,000), a trustee of a business organization under the control of trustees, or any person who has a representative or nominee serving in any such capacity: Provided, That if a corporator, trustee, director, or other officer of a State-chartered savings bank or cooperative bank is specifically authorized under the laws of the State in which said institution is located to serve as a trustee, director, or other officer of a State-chartered trust company which does not make real estate mortgage loans and does not accept savings deposits from natural persons, then, for the purposes of this title, such corporator, trustee, director, or other officer shall not be deemed to be a management official of such trust company: And provided further, That if a management official of a State-chartered trust company which does not make real estate mortgages loans and does not accept savings deposits from natural persons is specifically authorized under the laws of the State in which said institution is located to serve as a corporator, trustee, director, or other officer of a State-chartered savings bank or cooperative bank, then, for the purposes of this title, such management official shall not be deemed to be a management official of any such savings bank or cooperative bank; and

(5)  the term "office" used with reference to a depository institution means either a principal office or a branch.

(6)  the term "appropriate Federal depository institutions regulatory agency" means, with respect to any depository institution or depository holding company, the agency referred to in section 3207 of this title in connection with such institution or company.

[Codified to 12 U.S.C. 3201]

[Source:  Section 202 of title II of the Act of November 10, 1978 (Pub. L. No. 95--630; 92 Stat. 3672), effective March 10, 1979, as amended by sections 2, 3, and 5(b)(1) of the Act of November 10, 1988, (Pub. L. No. 100--650; 102 Stat. 3819 and 3820), effective November 10, 1988; section 322(c)(2) of title III of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2227), effective September 23, 1994]

SEC. 203.  A management official of a depository institution or a depository holding company may not serve as a management official of any other depository institution or depository holding company not affiliated therewith if an office of one of the institutions or any depository institution that is an affiliate of such institutions is located within either--

(1)  the same primary metropolitan statistical area, the same metropolitan statistical area, or the same consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas as defined by the Office of Management and Budget, except in the case of depository institutions with less than $50,000,000 in assets in which case the provision of paragraph (2) shall apply, as that in which an office of the other institution or any depository institution that is an affiliate of such other institution is located, or

(2)  the same city, town, or village as that in which an office of the other institution or any depository institution that is an affiliate of such other institution is located, or in any city, town, or village contiguous or adjacent thereto.

[Codified to 12 U.S.C. 3202]

[Source:  Section 203 of title II of the Act of November 10, 1978 (Pub. L. No. 95--630; 92 Stat. 3673), effective March 10, 1979, as amended by section 701(c) of title VII of the Act of November 30, 1983 (Pub. L. No. 98--181; 97 Stat. 1267), effective November 30, 1983; section 610 of title VI of the Act of October 13, 2006 (Pub. L. No. 109--351; 120 Stat. 1984), effective October 13, 2006]


SEC. 204.  If a depository institution or a depository holding company has total assets exceeding $2,500,000,000, a management official of such institution or any affiliate thereof may not serve as a management official of any other nonaffiliated depository institution or depository holding company having total assets exceeding $1,500,000,000 or as a management official of any affiliate of such other institution. In order to allow for inflation or market changes, the appropriate Federal depository institutions regulatory agencies may, by regulation, adjust, as necessary, the amount of total assets required for depository institutions or depository holding companies under this section.

[Codified to 12 U.S.C. 3203]

[Source:  Section 204 of title II of the Act of November 10, 1978 (Pub. L. No. 95--630; 92 Stat. 3673), effective March 10, 1979; as amended by section 2210(a) of title II of the Act of September 30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--409), effective September 30, 1996]

SEC. 205.  The prohibitions contained in sections 203 and 204 shall not apply in the case of any one or more of the following or subsidiary thereof:

(1)  A depository institution or depository holding company which has been placed formally in liquidation, or which is in the hands of a receiver, conservator, or other official exercising a similar function.

(2)  A corporation operating under section 25 or 25(a) of the Federal Reserve Act.

(3)  A credit union being served by a management official of another credit union.

(4)  A depository institution or depository holding company which does not do business within any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands except as an incident to its activities outside the United States.

(5)  A State-chartered savings and loan guaranty corporation.

(6)  A Federal Home Loan Bank or any other bank organized specifically to serve depository institutions.

(7)  A depository institution or a depository holding company which--

(A)  is closed or is in danger of closing, as determined by the appropriate Federal depository institutions regulatory agency in accordance with regulations prescribed by such agency; and

(B)  is acquired by another depository institution or depository holding company,

during the 5-year period beginning on the date of the acquisition of the depository institution or depository holding company described in subparagraph (A).

(8)(A)  A diversified savings and loan holding company (as defined in section 408(a)(1)(F) of the National Housing Act) with respect to the service of a director of such company who is also a director of any nonaffiliated depository institution or depository holding company (including a savings and loan holding company) if--

(i)  notice of the proposed dual service is given by such diversified savings and loan holding company to--

(I)  the appropriate Federal depository institutions regulatory agency for such company; and

(II)  the appropriate Federal depository institutions regulatory agency for the nonaffiliated depository institution or depository holding company of which such person is also a director,

not less than 60 days before such dual service is proposed to begin; and

(ii)  the proposed dual service is not disapproved by any such appropriate Federal depository institutions regulatory agency before the end of such 60-day period.

(B)  Any appropriate Federal depository institutions regulatory agency may disapprove, under subparagraph (A)(ii), a notice of proposed dual service by any individual if such agency finds that--

(i)  the dual service cannot be structured or limited so as to preclude the dual service's resulting in a monopoly or substantial lessening of competition in financial services in any part of the United States;

(ii)  the dual service would lead to substantial conflicts of interest or unsafe or unsound practices; or

(iii)  the diversified savings and loan holding company has neglected, failed, or refused to furnish all the information required by such agency.

(C)  Any appropriate Federal depository institutions regulatory agency may, at any time after the end of the 60-day period referred to in subparagraph (A), require that any dual service by any individual which was not disapproved by such agency during such period be terminated if a change in circumstances occurs with respect to any depository institution or depository holding company of which such individual is a director that would have provided a basis for disapproval of the dual service during such period.

(9)  Any savings association (as defined in section 10(a)(1)(A) of the Home Owners' Loan Act or any savings and loan holding company (as defined in section 10(a)(1)(D) of such Act) which has issued stock in connection with a qualified stock issuance pursuant to section 10(q) of such Act, except that this paragraph shall apply only with respect to service as a single management official of such savings association or holding company, or any subsidiary of such savings association or holding company, by a single management official of the savings and loan holding company which purchased the stock issued in connection with such qualified stock issuance, and shall apply only when the Director of the Office of Thrift Supervision has determined that such service is consistent with the purposes of this Act and the Home Owners' Loan Act.

[Codified to 12 U.S.C. 3204]

[Source:  Section 205 of title II of the Act of November 10, 1978 (Pub. L. No. 95--630; 92 Stat. 3673), effective March 10, 1979, as amended by section 425(d) of title IV of the Act of October 15, 1982 (Pub. L. No. 97--320; 96 Stat. 1524), effective October 15, 1982; sections 4 and 5(a) of the Act of November 10, 1988 (Pub. L. No. 100--650; 102 Stat. 3819), effective November 10, 1988; section 604(a) of title VI of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 410), effective August 9, 1989]

SEC. 206.  (a)  A person whose service in a position as a management official began prior to the date of enactment of this title and who was not immediately prior to the date of enactment of this title in violation of section 8 of the Clayton Act is not prohibited by section 203 or section 204 of this title from continuing to serve in that position. The appropriate Federal depository institutions regulatory agency may provide a reasonable period of time for compliance with this title, not exceeding fifteen months, after any change in circumstances which makes service described in the preceding sentence prohibited by this title, except that a merger, acquisition, increase in total assets, establishment of one or more offices, or change in management responsibilities shall not constitute changes in circumstances which would make such service prohibited by section 203 or section 204 of this title.

(b)  Effective on the date of enactment of this title, a person who serves as a management official of a company which is not a depository institution or a depository holding company and as a management official of a depository institution or a depository holding company is not prohibited from continuing to serve as a management official of that depository institution or depository holding company as a result of that company which is not a depository institution or depository holding company becoming a diversified savings and loan holding company as that term is defined in section 408(a) of the National Housing Act.

[Codified to 12 U.S.C. 3205]

[Source:  Section 206 of title II of the Act of November 10, 1978 (Pub. L. No. 95--630; 92 Stat. 3674), effective March 10, 1979, as amended by section 302 of title III of the Act of December 26, 1981 (Pub. L. No. 97--110; 95 Stat. 1515), effective December 26, 1981; sections 5(b)(2) and 6 of the Act of November 10, 1988 (Pub. L. No. 100--650; 102 Stat. 3820--3821), effective November 10, 1988; section 338(a) of title III of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2235), effective September 23, 1994; section 2210(b) of title II of the Act of September 30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--410), effective September 30, 1996]

SEC. 207.  This title shall be administered and enforced by--

(1)  the Comptroller of the Currency with respect to national banks and Federal savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation),

(2)  the Board of Governors of the Federal Reserve System with respect to State banks which are members of the Federal Reserve System, bank holding companies, and savings and loan holding companies,

(3)  the Board of Directors of the Federal Deposit Insurance Corporation and State savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation), with respect to State banks which are not members of the Federal Reserve System but the deposits of which are insured by the Federal Deposit Insurance Corporation,

(4)  the National Credit Union Administration with respect to credit unions the accounts of which are insured by the National Credit Union Administration, and

(5)  Upon referral by the agencies named in the foregoing paragraphs (1) through (4), the Attorney General shall have the authority to enforce compliance by any person with this title.

[Codified to 12 U.S.C. 3206]

[Source:  Section 207 of title II of the Act of November 10, 1978 (Pub. L. No. 95--630; 92 Stat. 3674), effective March 10, 1979; as amended by section 744(r) of title VII of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 440), effective August 9, 1989; section 8(e)(1) of the Act of October 30, 2004 (Pub. L. No. 108-386; 118 Stat. 2232), effective October 30, 2004; section 360(1) of title III of the Act of July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 1548), effective July 21, 2010]

SEC. 209.  Regulations to carry out this title, including regulations that permit service by a management official that would otherwise be prohibited by section 203 or section 204, if such service would not result in a monopoly or substantial lessening of competition, may be prescribed by--

(1)  the Comptroller of the Currency with respect to national banks and Federal savings associatons (the deposits of which are insured by the Federal Deposit Insurance Corporation),

(2)  the Board of Governors of the Federal Reserve System with respect to State banks which are members of the Federal Reserve System, bank holding companies, and savings and loan holding companies,

(3)  the Board of Directors of the Federal Deposit Insurance Corporation and State savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation), with respect to State banks which are not members of the Federal Reserve System but the deposits of which are insured by the Federal Deposit Insurance Corporation,

(4)  the National Credit Union Administration with respect to credit unions the accounts of which are insured by the National Credit Union Administration.

[Codified to 12 U.S.C. 3207]

[Source:  Section 209 of title II of the Act of November 10, 1978 (Pub. L. No. 95--630; 92 Stat. 3675), effective March 10, 1979; as amended by section 338(b) of title III of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2236), effective September 23, 1994; section 2210(c) of title II of the Act of September 30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--410), effective September 30, 1996; section 8(e)(2) of the Act of October 30, 2004 (Pub. L. No. 108-386; 118 Stat. 2232), effective October 30, 2004; section 360(2) of title III of the Act of July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 1549), effective July 21, 2010]


SEC. 210 (a).  For the purpose of the exercise by the Attorney General of the enforcement functions of the Attorney General under section 207(6) of this title, all of the functions and powers of the Attorney General under the Clayton Act are available to the Attorney General, irrespective of any jurisdictional tests in the Clayton Act, including the power to take enforcement actions in the same manner as if the violation had been a violation of the Clayton Act.

(b)  All of the functions and powers of the Attorney General or the Assistant Attorney General in charge of the Antitrust Division of the Department of Justice are available to the Attorney General or to such Assistant Attorney General to investigate possible violations under section 207(6) of the title in the same manner as if such possible violations were possible violations of the Clayton Act.

[Codified to 12 U.S.C. 3208]

[Source:  Section 210 of title II of the Act of November 10, 1978 (Pub. L. No. 95--630), as added by section 426 of title IV of the Act of October 15, 1982 (Pub. L. No. 97--320; 96 Stat. 1524), effective October 15, 1982; section 360(2) of title III of the Act of July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 1549), effective July 21, 2010]

TITLE X—FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL

SEC. 1001.  This title may be cited as the "Federal Financial Institutions Examination Council Act of 1978".

[Codified to 12 U.S.C. 3301 note]

[Source:  Section 1001 of title X of the Act of November 10, 1978 (Pub. L. No. 95--630; 92 Stat. 3694), effective March 10, 1979]

PURPOSE

SEC. 1002.  It is the purpose of this title to establish a Financial Institutions Examination Council which shall prescribe uniform principles and standards for the Federal examination of financial institutions by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Federal Home Loan Bank Board, and the National Credit Union Administration and make recommendations to promote uniformity in the supervision of these financial institutions. The Council's actions shall be designed to promote consistency in such examination and to insure progressive and vigilant supervision.

[Codified to 12 U.S.C. 3301]

[Source:  Section 1002 of title X of the Act of November 10, 1978 (Pub. L. No. 95--630; 92 Stat. 3694), effective March 10, 1979]

DEFINITIONS

SEC. 1003.  As used in this title--

(1)  the term "Federal financial institutions regulatory agencies" means the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, Office of Thrift Supervision, and the National Credit Union Administration;

(2)  the term "Council" means the Financial Institutions Examination Council; and

(3)  the term "financial institution" means a commerical bank, a savings bank, a trust company, a savings association, a building and loan association, a homestead association, a cooperative bank, or a credit union; [.]

[Codified to 12 U.S.C. 3302]

[Source:  Section 1003 of title X of the Act of November 10, 1978 (Pub. L. No. 95--630; 92 Stat. 3694), effective March 10, 1979; as amended by section 744(a)(1) of title VII of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 438), effective August 9, 1989]


ESTABLISHMENT OF THE COUNCIL

SEC. 1004.  (a)  There is established the Financial Institutions Examination Council which shall consist of--

(1)  the Comptroller of the Currency,

(2)  the Chairman of the Board of Directors of the Federal Deposit Insurance Corporation,

(3)  a Governor of the Board of Governors of the Federal Reserve System designated by the Chairman of the Board,

(4)  the Director of the Consumer Financial Protection Bureau,

(5)  The Chairman of the National Credit Union Administration Board; and

(6)  the Chairman of the State Liaison Committee.

(b)  The members of the Council shall select the first chairman of the Council. Thereafter the chairmanship shall rotate among the members of the Council.

(c)  The term of the Chairman of the Council shall be two years.

(d)  The members of the Council may, from time to time, designate other officers or employees of their respective agencies to carry out their duties on the Council.

(e)  Each member of the Council shall serve without additional compensation but shall be entitled to reasonable expenses incurred in carrying out his official duties as such a member.

[Codified to 12 U.S.C. 3303]

[Source:  Section 1004 of title X of the Act of November 10, 1978 (Pub. L. No. 95--630; 92 Stat. 3694), effective March 10, 1979; as amended by section 744(a)(2) of title VII of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 438), effective August 9, 1989; section 714(a) of title VII of the Act of October 13, 2006 (Pub. L. No. 109--351; 120 Stat. 1995), effective October 13, 2006; section 1091 of title X of the Act of July 21, 2010 (Pub. L. No, 111--203; 124 Stat. 2094), effective July 21, 2010]

EXPENSES OF THE COUNCIL

SEC. 1005.  One-fifth of the costs and expenses of the Council, including the salaries of its employees, shall be paid by each of the Federal financial institutions regulatory agencies. Annual assessments for such share shall be levied by the Council based upon its projected budget for the year, and additional assessments may be made during the year if necessary.

[Codified to 12 U.S.C. 3304]

[Source:  Section 1005 of title X of the Act of November 10, 1978 (Pub. L. No. 95--630; 92 Stat. 3695), effective March 10, 1979]

FUNCTIONS OF THE COUNCIL

SEC. 1006.  (a)  The Council shall establish uniform principles and standards and report forms for the examination of financial institutions which shall be applied by the Federal financial institutions regulatory agencies.

(b)(1)  The Council shall make recommendations for uniformity in other supervisory matters, such as, but not limited to, classifying loans subject to country risk, identifying financial institutions in need of special supervisory attention, and evaluating the soundness of large loans that are shared by two or more financial institutions. In addition, the Council shall make recommendations regarding the adequacy of supervisory tools for determining the impact of holding company operations on the financial institutions within the holding company and shall consider the ability of supervisory agencies to discover possible fraud or questionable and illegal payments and practices which might occur in the operation of financial institutions or their holding companies.

(2)  When a recommendation of the Council is found unacceptable by one or more of the applicable Federal financial institutions regulatory agencies, the agency or agencies shall submit to the Council, within a time period specified by the Council, a written statement of the reasons the recommendation is unacceptable.

(c)  The Council shall develop uniform reporting systems for federally supervised financial institutions, their holding companies, and nonfinancial institution subsidiaries of such institutions or holding companies. The authority to develop uniform reporting systems shall not restrict or amend the requirements of section 12(i) of the Securities Exchange Act of 1934.

(d)  The Council shall conduct schools for examiners and assistant examiners employed by the Federal financial institutions regulatory agencies. Such schools shall be open to enrollment by employees of State financial institutions supervisory agencies and employees of the Federal Housing Finance Board under conditions specified by the Council.

(e)  Nothing in this title shall be construed to limit or discourage Federal regulatory agency research and development of new financial institutions supervisory methods and tools, nor to preclude the field testing of any innovation devised by any Federal regulatory agency.

(f)  Not later than April 1 of each year, the Council shall prepare an annual report covering its activities during the preceding year.

(g)  FLOOD INSURANCE.--The Council shall consult with and assist the Federal entities for lending regulation, as such term is defined in section 1370(a) of the National Flood Insurance Act of 1968, in developing and coordinating uniform standards and requirements for use by regulated lending institutions under the national flood insurance program.

[Codified to 12 U.S.C. 3305]

[Source:  Section 1006 of title X of the Act of November 10, 1978 (Pub. L. No. 95--630; 92 Stat. 3695), effective March 10, 1979, as amended by section 431 of title IV of the Act of October 15, 1982 (Pub. L. No. 97--320; 96 Stat. 1527), effective October 15, 1982; section 744(a)(3) of title VII of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 438), effective August 9, 1989; section 530 of title V of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2267), effective September 23, 1994]

STATE LIAISON

SEC. 1007.  To encourage the application of uniform examination principles and standards by State and Federal supervisory agencies, the Council shall establish a liaison committee composed of five representatives of State agencies which supervise financial institutions which shall meet at least twice a year with the Council. Members of the liaison committee shall receive a reasonable allowance for necessary expenses incurred in attending meetings. Members of the Liaison Committee shall elect a chairperson from among the members serving on the committee.

[Codified to 12 U.S.C. 3306]

[Source:  Section 1007 of title X of the Act of November 10, 1978 (Pub. L. No. 95--630; 92 Stat. 3696), effective March 10, 1979; section 714(b) of title VII of the Act of October 13, 2006 (Pub. L. No. 109--351; 120 Stat. 1995), effective October 13, 2006]

ADMINISTRATION

SEC. 1008.  (a)  The Chairman of the Council is authorized to carry out and to delegate the authority to carry out the internal administration of the Council, including the appointment and supervision of employees and the distribution of business among members, employees, and administrative units.

(b)  in addition to any other authority conferred upon it by this title, in carrying out its functions under this title, the Council may utilize, with their consent and to the extent practical, the personnel, services, and facilities of the Federal financial institutions regulatory agencies, Federal Reserve banks and Federal Home Loan Banks, with or without reimbursement therefor.

(c)  In addition, the Council may--

(1)  subject to the provisions of title 5, United States Code, relating to the competitive service, classification, and General Schedule pay rates, appoint and fix the compensation of such officers and employees as are necessary to carry out the provisions of this title, and to prescribe the authority and duties of such officers and employees; and

(2)  obtain the services of such experts and consultants as are necessary to carry out the provisions of this title.

[Codified to 12 U.S.C. 3307]

[Source:  Section 1008 of title X of the Act of November 10, 1978 (Pub. L. No. 95--630; 92 Stat. 3696), effective March 10, 1979]


ACCESS TO INFORMATION BY THE COUNCIL

SEC. 1009.  For the purpose of carrying out this title, the Council shall have access to all books, accounts, records, reports, files, memorandums, papers, things, and property belonging to or in use by Federal financial institutions regulatory agencies, including reports of examination of financial institutions or their holding companies from whatever source, together with workpapers and correspondence files related to such reports, whether or not a part of the report, and all without any deletions.

[Codified to 12 U.S.C. 3308]

[Source:  Sections 1009 of title X of the Act of November 10, 1978 (Pub. L. No. 95--630; 92 Stat. 3696), effective March 10, 1979]

SEC. 1009A.  RISK MANAGEMENT TRAINING.

(a)  SEMINARS.--The Council shall develop and administer training seminars in risk management for its employees and the employees of insured financial institutions.

(b)  STUDY OF RISK MANAGEMENT TRAINING PROGRAM.--Not later than end of the 1-year period beginning on the date of the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, the Council shall--

(1)  conduct a study on the feasibility and appropriateness of establishing a formalized risk management training program designed to lead to the certification of Risk Management Analysts; and

(2)  report to the Congress the results of such study.

[Codified to 12 U.S.C. 3309]

[Section 1009A of title X of the Act of November 10, 1978 (Pub. L. No. 95--630), effective March 10, 1979, as added by section 1218 of title XII of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 546), effective August 9, 1989]

SEC. 1011.  ESTABLISHMENT OF APPRAISAL SUBCOMMITTEE.

There shall be within the Council a subcommittee to be known as the "Appraisal Subcommittee", which shall consist of the designees of the heads of the Federal financial institutions regulatory agencies, the Bureau of Consumer Financial Protection, and the Federal Housing Finance Agency. Each such designee shall be a person who has demonstrated knowledge and competence concerning the appraisal profession. At all times at least one member of the Appraisal Subcommittee shall have demonstrated knowledge and competence through licensure, certification, or professional designation within the appraisal profession.

[Codified to 12 U.S.C. 3310]

[Section 1011 of title X of the Act of November 10, 1978 (Pub. L. No. 95--630), effective March 10, 1979, as added by section 1102 of title XI of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 511), effective August 9, 1989; section 1473(s) of title XIV of the Act of July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 2199), effective July 21, 2010]


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