12 U.S.C. § 1440a — Sharing of information among Federal Home Loan Banks

submitted 94 years ago by Pub. L. 110-289 to r/title-12-BANKS-AND-BANKING · 294 words · no verdicts yet

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The Director must make available information about any Federal Home Loan Bank so the Banks can assess each other and the System and meet Securities Exchange Act duties. Regulations must support direct sharing, but proprietary information may be withheld when the Director finds that the public interest requires it.

(a) Information on financial condition. The Director must make available to the Federal Home Loan Banks any available reports, records, or other information about the condition of any Bank. This is so each Bank can assess other Banks and the Federal Home Loan Bank System, including risks from consolidated bonds, debentures, other borrowing, and the Banks' joint and several liability, and can meet its duties under the Securities Exchange Act of 1934. (b) Sharing of information. (1) The Director must issue regulations that make it easier for the Banks to share this information directly with one another. (2) A Bank answering a request from another Bank or the Director may ask the Director to decide that the information is proprietary and that the public interest requires that it not be shared. (c) Limitation. This section does not change a Bank's duties under the Securities Exchange Act of 1934 or the Securities and Exchange Commission's regulations under that Act. (d) No waiver of privilege. Giving this information to another Bank, or allowing it to be given, for the purposes in subsection (a) does not mean that the Director waived any privilege that applies to the information.

the actual law source: uscode.house.gov ↗public domain

(a) Information on financial condition

In order to enable each Federal Home Loan Bank to evaluate the financial condition of one or more of the other Federal Home Loan Banks individually and the Federal Home Loan Bank System (including any risks associated with the issuance or repayment of consolidated Federal Home Loan Bank bonds and debentures or other borrowings and the joint and several liabilities of the Banks incurred due to such borrowings), as well as to comply with any of its obligations under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.), the Director shall make available to the Banks such reports, records, or other information as may be available, relating to the condition of any Federal Home Loan Bank.

(b) Sharing of information

(1) In general

The Director shall promulgate regulations to facilitate the sharing of information made available under subsection (a) directly among the Federal Home Loan Banks.

(2) Limitation

Notwithstanding paragraph (1), a Federal Home Loan Bank responding to a request from another Bank or from the Director for information pursuant to this section may request that the Director determine that such information is proprietary and that the public interest requires that such information not be shared.

Nothing in this section shall affect the obligations of any Federal Home Loan Bank under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) or the regulations issued by the Securities and Exchange Commission thereunder.

(d) No waiver of privilege

The Director shall not be deemed to have waived any privilege applicable to any information concerning a Federal Home Loan Bank by transferring, or permitting the transfer of, that information to any other Federal Home Loan Bank for the purposes set out in subsection (a).

Source credit: (July 22, 1932, ch. 522, § 20A, as added Pub. L. 110–289, div. A, title II, § 1207, July 30, 2008, 122 Stat. 2787.)

history & why it existsrecord from the source credit

1932Enacted · Pub. L. 110-289 · 122 Stat. 2787

A history note hasn’t been published yet. The record shows enactment by Pub. L. 110-289 on 1932-07-22.

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