12 U.S.C. § 3305 — Functions of Council
submitted 48 years ago by Pub. L. 95-630 to r/title-12-BANKS-AND-BANKING · 440 words · no verdicts yet
The Financial Institutions Examination Council must create uniform examination principles, reporting systems, and examiner schools, and make recommendations on supervisory matters and tools. It must report annually and assist with uniform flood-insurance standards.
(a) The Council* must establish uniform principles, standards, and report forms for examining financial institutions, for use by the Federal financial-institution regulatory agencies.
(b)(1) The Council must recommend uniformity in other supervisory matters, including classifying country-risk loans, identifying institutions needing special attention, and evaluating large loans shared by two or more institutions. It also must recommend whether supervisory tools adequately measure how holding-company operations affect institutions within the company, and consider whether agencies can find possible fraud or questionable or illegal payments and practices in financial institutions or their holding companies. (2) If an applicable Federal regulatory agency rejects a recommendation, it must give the Council a written explanation within the period the Council specifies.
(c) The Council must develop uniform reporting systems for federally supervised institutions, their holding companies, and nonfinancial subsidiaries. This authority does not restrict or change 15 U.S.C. 78l(i).
(d) The Council must run schools for examiners and assistant examiners employed by Federal regulatory agencies. State* supervisory-agency employees and Federal Housing Finance Board employees may enroll under conditions the Council sets.
(e) Nothing in this chapter limits or discourages Federal regulatory agencies from researching and developing new supervisory methods and tools, or prevents field testing of an innovation devised by an agency.
(f) By April 1 each year, the Council must prepare an annual report covering the previous year's activities.
(g) The Council must consult with and help the Federal lending-regulation entities, a term section 4121(a) of title 42 defines, develop and coordinate uniform standards and requirements for regulated lending institutions under the national flood-insurance program.
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*.
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.
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.
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 78l(i) of title 15.
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.
Nothing in this chapter 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.
Not later than April 1 of each year, the Council shall prepare an annual report covering its activities during the preceding year.
The Council shall consult with and assist the Federal entities for lending regulation, as such term is defined in section 4121(a) of title 42, in developing and coordinating uniform standards and requirements for use by regulated lending institutions under the national flood insurance program.
Source credit: (Pub. L. 95–630, title X, § 1006, Nov. 10, 1978, 92 Stat. 3695; Pub. L. 97–320, title IV, § 431, Oct. 15, 1982, 96 Stat. 1527; Pub. L. 101–73, title VII, § 744(a)(3), Aug. 9, 1989, 103 Stat. 438; Pub. L. 103–325, title V, § 530, Sept. 23, 1994, 108 Stat. 2267.)
- 1978Enacted · Pub. L. 95-630 · 92 Stat. 3695
- 1982Amended · Pub. L. 97-320 · 96 Stat. 1527
- 1989Amended · Pub. L. 101-73 · 103 Stat. 438
- 1994Amended · Pub. L. 103-325 · 108 Stat. 2267
A history note hasn’t been published yet. The record shows enactment by Pub. L. 95-630 on 1978-11-10.
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