Source
(June 13, 1933, ch. 64, § 4, as added Pub. L. 101–73, title III, § 301, Aug. 9, 1989, 103 Stat. 280.)
Prior Provisions
A prior section
1463, acts June 13, 1933, ch. 64, § 4,
48 Stat. 129; Apr. 27, 1934, ch. 168, §§ 1(a),
2–4,
13,
48 Stat. 643–645, 647; June 27, 1934, ch. 847, title V, §§ 506,
508
(b),
48 Stat. 1263, 1264; May 28, 1935, ch. 150, §§ 10–17(a),
49 Stat. 296, 297; Aug. 11, 1939, ch. 684,
53 Stat. 1403; Oct. 24, 1942, ch. 621,
56 Stat. 986; June 30, 1947, ch. 166, title II, § 206(f),
61 Stat. 206, related to creation of Home Owners’ Loan Corporation, for appointment and compensation of its board of directors, for appointment and compensation of its employees, and for other powers, prior to repeal by
Pub. L. 89–554, § 8(a), Sept. 6, 1966,
80 Stat. 648.
A prior section
1463a, act Apr. 27, 1934, ch. 168, § 1(b),
48 Stat. 644, provided that amendments made to subsec. (c) of former section
1463 of this title, except with respect to refunding, by act Apr. 27, 1934, should not apply to any bonds prior to Apr. 27, 1934, issued under subsec. (c), or to any bonds thereafter issued in compliance with commitments of the Corporation outstanding on Apr. 27, 1934.
A prior section
1463b, act Apr. 27, 1934, ch. 168, § 9,
48 Stat. 646, related to purchase of obligations of, and loans to, Federal Home Loan Banks, prior to repeal by act May 28, 1935, ch. 150, § 17(b),
49 Stat. 297.
Preserving Minority Ownership of Minority Financial Institutions
Section 308 of
Pub. L. 101–73 provided that:
“(a) Consultation on Methods.—The Secretary of the Treasury shall consult with the Director of the Office of Thrift Supervision and the Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation on methods for best achieving the following goals:
“(1) Preserving the present number of minority depository institutions.
“(2) Preserving their minority character in cases involving mergers or acquisition of a minority depository institution by using general preference guidelines in the following order:
“(A) Same type of minority depository institution in the same city.
“(B) Same type of minority depository institution in the same State.
“(C) Same type of minority depository institution nationwide.
“(D) Any type of minority depository institution in the same city.
“(E) Any type of minority depository institution in the same State.
“(F) Any type of minority depository institution nationwide.
“(G) Any other bidders.
“(3) Providing technical assistance to prevent insolvency of institutions not now insolvent.
“(4) Promoting and encouraging creation of new minority depository institutions.
“(5) Providing for training, technical assistance, and educational programs.
“(b) Definitions.—For purposes of this section—
“(1) Minority financial institution.—The term ‘minority depository institution’ means any depository institution that—
“(A) if a privately owned institution, 51 percent is owned by one or more socially and economically disadvantaged individuals;
“(B) if publicly owned, 51 percent of the stock is owned by one or more socially and economically disadvantaged individuals; and
“(C) in the case of a mutual institution where the majority of the Board of Directors, account holders, and the community which it services is predominantly minority.
“(2) Minority.—The term ‘minority’ means any black American, Native American, Hispanic American, or Asian American.”
Abolition of Home Owners’ Loan Corporation
Act June 30, 1953, ch. 170, § 21,
67 Stat. 126, provided for dissolution and abolition of Home Owners’ Loan Corporation established by former section
1463 of this title.