r/title-12-BANKS-AND-BANKING wiki — defined terms

“member director” applies in that section

The terms “member director” and “member directorship” mean a member of the board of directors of a Federal Home Loan Bank who is an officer or director of a member institution that is located in the district in which the Federal Home Loan Bank is located, or the directorship held by such a person, respectively.

“member directorship” applies in that section

The terms “member director” and “member directorship” mean a member of the board of directors of a Federal Home Loan Bank who is an officer or director of a member institution that is located in the district in which the Federal Home Loan Bank is located, or the directorship held by such a person, respectively.

“total number of elective directorships” applies in that section

the term “total number of elective directorships” means the total number of elective directorships on the board of directors of the bank of the district in which such State was located on December 31, 1960 , and the term “members” where used for the second time in such sentence means members of such bank. (d) Terms; rules and regulations governing nominations and elections The term of each director shall be 4 years. The board of directors of each Federal home loan bank and the Director shall adjust the terms of members first elected after July 30, 2008 , to ensure that the terms of the members of the board of directors are staggered with approximately ¼ of the terms expiring each year.

“affordable for very-low income households” applies in that section

the term “affordable for very-low income households” means that rents charged to tenants for units made available for occupancy by low-income families shall not exceed 30 percent of the adjusted income of a family whose income equals 50 percent of the income for the area (as determined by the Secretary of Housing and Urban Development) with adjustment for family size.

“community-oriented mortgage lending” applies in that section

the term “community-oriented mortgage lending” means providing loans— (A) to finance home purchases by families whose income does not exceed 115 percent of the median income for the area, (B) to finance purchase or rehabilitation of housing for occupancy by families whose income does not exceed 115 percent of median income for the area, (C) to finance commercial and economic development activities that benefit low- and moderate-income families or activities that are located in low- and moderate-income neighborhoods, and (D) to finance projects that further a combination of the purposes described in subparagraphs (A) through (C).

“low- or moderate-income household” applies in that section

The term “low- or moderate-income household” means any household which has an income of 80 percent or less of the area median. (B) Very low-income household

“low- or moderate-income neighborhood” applies in that section

The term “low- or moderate-income neighborhood” means any neighborhood in which 51 percent or more of the households are low- or moderate-income households. (D) Affordable for very-low income households For purposes of paragraph (2);

“very low-income household” applies in that section

The term “very low-income household” means any household that has an income of 50 percent or less of the area median. (C) Low- or moderate-income neighborhood

“custodian fee” applies in that section

The term “custodian fee” means— (i) any fee incurred by the Financing Corporation in connection with the transfer of any security to, or the maintenance of any security in, the segregated account established under paragraph (2); and (ii) any other expense incurred by the Financing Corporation in connection with the establishment or maintenance of such account. (h) Miscellaneous provisions relating to Financing Corporation (1) Treatment for certain purposes Except as provided in subsection (e)(8)(B), the Financing Corporation shall be treated as a Federal Home Loan Bank for purposes of sections 1433 and 1443 of this title.

“Directorate” applies in that section

The term “Directorate” means the directorate established in the manner provided in subsection (b)(1) to manage the Financing Corporation. (2) Net earnings

“insured depository institution” applies in that section

The term “insured depository institution” has the same meaning as in section 1813 of this title 5

“issuance costs” applies in that section

The term “issuance costs”— (i) means issuance fees and commissions incurred by the Financing Corporation in connection with the issuance or servicing of any obligation of the Financing Corporation; and (ii) includes legal and accounting expenses, trustee and fiscal and paying agent charges, costs incurred in connection with preparing and printing offering materials, and advertising expenses, to the extent that any such cost or expense is incurred by the Financing Corporation in connection with issuing any obligation. (B) Custodian fees

“net earnings” applies in that section

The term “net earnings” means net earnings without reduction for any chargeoffs or expenses incurred by a Bank in connection with the purchase of capital stock of the Financing Corporation or the purchase of stock of the Funding Corporation required by the Thrift Depositor Protection Oversight Board under subsections (e) and (f) of section 1441b of this title . (3) Insured depository institution

“undivided profits” applies in that section

the term “undivided profits” means retained earnings minus the sum of— (A) that portion required to be added to reserves maintained pursuant to the first two sentences of section 1436 of this title ; and (B) the dollar amounts held by the respective Federal Home Loan Banks in special dividend stabilization reserves on December 31, 1985 , as determined under the following table: Bank Dollar amount Federal Home Loan Bank of Boston $3.2 million Federal Home Loan Bank of New York 7.7 million Federal Home Loan Bank of Pittsburgh 5.2 million Federal Home Loan Bank of Atlanta 12.3 million Federal Home Loan Bank of Cincinnati 5.9 million Federal Home Loan Bank of Indianapolis 37.4 million Federal …

“mortgage-related assets” applies in that section

The term “mortgage-related assets” means— (A) residential mortgage loans secured by 1- to 4-family or multifamily dwellings; and (B) real property improved with 1- to 4-family or multifamily residential dwellings, which are located within the jurisdiction of the applicable State housing finance authority or within the geographical area served by the nonprofit entity. (4) Net income

“net income” applies in that section

The term “net income” means income after deduction of all associated expenses calculated in accordance with generally accepted accounting principles.

“nonprofit entity” applies in that section

The term “nonprofit entity” means any not-for-profit corporation chartered under State law that is exempt from Federal taxation under section 501(c) of title 26 and no part of the net earnings of which inures to the benefit of any member, founder, contributor, or individual (including any nonprofit entity established by the corporation established under title IX of the Housing and Urban Development Act of 1968 [ 42 U.S.C. 3931 et seq.]). (3) Mortgage-related assets

“State housing finance authority” applies in that section

The term “State housing finance authority” means any public agency, authority, or corporation which— (A) serves as an instrumentality of any State or any political subdivision of any State; and (B) functions as a source of residential mortgage loan financing in that State. (2) Nonprofit entity

“corporation concerned” applies in that section

The term “corporation concerned” means— (A) the Federal Deposit Insurance Corporation, with respect to matters relating to the Federal Deposit Insurance Corporation; and (B) the Resolution Trust Corporation, with respect to matters relating to the Resolution Trust Corporation. (2) Covered property

“covered property” applies in that section

The term “covered property” means any property— (A) to which— (i) the Resolution Trust Corporation has acquired title in its corporate or receivership capacity; or (ii) the Federal Deposit Insurance Corporation has acquired title in its corporate capacity or which was acquired by the former Federal Savings and Loan Insurance Corporation in its corporate capacity; and (B) that— (i) is located within the John H.

“governmental agency” applies in that section

The term “governmental agency” means any agency or entity of the Federal Government or a State or local government. (4) Undeveloped

“undeveloped” applies in that section

The term “undeveloped” means— (A) containing few manmade structures and having geomorphic and ecological processes that are not significantly impeded by any such structures or human activity; and (B) having natural, cultural, recreational, or scientific value of special significance.

“custodian fee” applies in that section

The term “custodian fee” means— (A) any fee incurred by the Funding Corporation in connection with the transfer of any security to, or the maintenance of any security in, the segregated account established under subsection (g); and (B) any other expense incurred by the Funding Corporation in connection with the establishment or maintenance of such account. (3) Funding Corporation

“Funding Corporation” applies in that section

The term “Funding Corporation” means the Resolution Funding Corporation established in subsection (b). (4) Funding Corporation Principal Fund

“Funding Corporation Principal Fund” applies in that section

The term “Funding Corporation Principal Fund” means the separate account established under subsection (g)(2). (5) Issuance costs

“issuance costs” applies in that section

The term “issuance costs”— (A) means issuance fees and commissions incurred by the Funding Corporation in connection with the issuance or servicing of any obligation of the Funding Corporation; and (B) includes legal and accounting expenses, trustee and fiscal and paying agent charges, costs incurred in connection with preparing and printing offering materials, and advertising expenses, to the extent that any such cost or expense is incurred by the Funding Corporation in connection with issuing any obligation. (6) Net earnings

“net earnings” applies in that section

The term “net earnings” means net earnings without reduction for chargeoffs or expenses incurred by a Federal Home Loan Bank for the purchase of capital stock of the Financing Corporation or payments relating to the Funding Corporation required by the Thrift Depositor Protection Oversight Board under subsections (e) and (f). (7) Thrift Depositor Protection Oversight Board

“Secretary” applies in that section

The term “Secretary” means the Secretary of the Treasury. (9) Undivided profits

“Thrift Depositor Protection Oversight Board” applies in that section

The term “Thrift Depositor Protection Oversight Board” means— (A) the Thrift Depositor Protection Oversight Board of the Resolution Trust Corporation under section 1441a of this title ; and (B) after the termination of the Resolution Trust Corporation— (i) the Secretary of the Treasury; (ii) the Chairman of the Board 2 of Governors of the Federal Reserve System; and (iii) the Secretary of Housing and Urban Development. (8) Secretary

“undivided profits” applies in that section

The term “undivided profits” means earnings retained after dividends have been paid minus the sum of— (A) that portion required to be added to reserves maintained pursuant to the first 2 sentences of section 1436 of this title ; and (B) the dollar amounts held by the respective Federal Home Loan Banks in special dividend stabilization reserves on December 31, 1985 , as determined by the table set forth in section 1441(d)(7) of this title . (l) Regulations The Thrift Depositor Protection Oversight Board may prescribe any regulations necessary to carry out this section.

“Board of Directors” applies throughout its chapter

The term “Board of Directors” means the Board of Directors of the Corporation.;

“conventional mortgage” applies throughout its chapter

The term “conventional mortgage” means a mortgage other than a mortgage as to which the Corporation has the benefit of any guaranty, insurance or other obligation by the United States or any of its agencies or instrumentalities.;

“Corporation” applies throughout its chapter

The term “Corporation” means the Federal Home Loan Mortgage Corporation created by this chapter.;

“law” applies throughout its chapter

The term “law” includes any law of the United States or of any State (including any rule of law or of equity).;

“mortgage” applies throughout its chapter

The term “mortgage” includes such classes of liens as are commonly given or are legally effective to secure advances on, or the unpaid purchase price of, real estate under the laws of the State in which the real estate is located or a manufactured home that is personal property under the laws of the State in which the manufactured home is located together with the credit instruments, if any, secured thereby, and includes interests in mortgages.;

“mortgage insurance program” applies throughout its chapter

The term “mortgage insurance program” includes, in the case of a residential mortgage secured by a manufactured home, any manufactured home lending program under title I of the National Housing Act [ 12 U.S.C. 1702 et seq.].

“organization” applies throughout its chapter

The term “organization” means any corporation, partnership, association, business trust, or business entity.;

“prescribe” applies throughout its chapter

The term “prescribe” means to prescribe by regulations or otherwise.;

“property” applies throughout its chapter

The term “property” includes any property, whether real, personal, mixed, or otherwise, including without limitation on the generality of the foregoing choses in action and mortgages, and includes any interest in any of the foregoing.;

“residential mortgage” applies throughout its chapter

The term “residential mortgage” means a mortgage which (1) is a mortgage on real estate, in fee simple or under a leasehold having such term as may be prescribed by the Corporation, upon which there is located a structure or structures designed in whole or in part for residential use, or which comprises or includes one or more condominium units or dwelling units (as defined by the Corporation) and (2) has such characteristics and meets such requirements as to amount, term, repayment provisions, number of families, status as a lien on such real estate, and otherwise, as may be prescribed by the Corporation.

“security” applies throughout its chapter

The term “security” has the meaning ascribed to it by section 77b of title 15 . (k) The term “State”, whether used as a noun or otherwise, includes the several States, the District of Columbia, the Commonwealth of Puerto Rico, and the territories and possessions of the United States.;

“executive officer” applies in that section

the term “executive officer” has the meaning given the term in section 4502 of this title . (4) Notwithstanding any other provision of this section, the Corporation shall not transfer, disburse, or pay compensation to any executive officer, or enter into an agreement with such executive officer, without the approval of the Director, for matters being reviewed under section 4518 of this title .

“credit score” applies in that section

the term “credit score” means a numerical value or a categorization created by a third party derived from a statistical tool or modeling system used by a person who makes or arranges a loan to predict the likelihood of certain credit behaviors, including default.

“affiliate” applies throughout its chapter

The term “affiliate” means any person that controls, is controlled by, or is under common control with, a savings association, except as provided in section 1467a of this title . (8) Board The term “Board”, other than in the context of the Board of Directors of the Corporation, means the Board of Governors of the Federal Reserve System. (9) Comptroller

“appropriate Federal banking agency” applies throughout its chapter

The term “appropriate Federal banking agency” has the same meaning as in section 3(q) of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(q) ). (11) Functionally regulated subsidiary

“Comptroller” applies throughout its chapter

The term “Comptroller” means the Comptroller of the Currency. (10) Appropriate Federal banking agency

“Corporation” applies throughout its chapter

The term “Corporation” means the Federal Deposit Insurance Corporation. (2) Savings association

“Federal banking agencies” applies throughout its chapter

The term “Federal banking agencies” means the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation. (6) State

“Federal savings association” applies throughout its chapter

The term “Federal savings association” means a Federal savings association or a Federal savings bank chartered under section 1464 of this title . (4) National bank

“functionally regulated subsidiary” applies throughout its chapter

The term “functionally regulated subsidiary” has the same meaning as in section 5(c)(5) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1844(c)(5) ).

“national bank” applies throughout its chapter

The term “national bank” has the same meaning as in section 3 of the Federal Deposit Insurance Act [ 12 U.S.C. 1813 ]. (5) Federal banking agencies

“savings association” applies throughout its chapter

The term “savings association” means a savings association, as defined in section 3 of the Federal Deposit Insurance Act [ 12 U.S.C. 1813 ], the deposits of which are insured by the Corporation. (3) Federal savings association

“State” applies throughout its chapter

The term “State” has the same meaning as in section 3 of the Federal Deposit Insurance Act [ 12 U.S.C. 1813 ]. (7) Affiliate

“deal in” applies in that section

The term “deal in” includes making, taking, buying, selling, redeeming, or collecting. (B) Lottery

“lottery” applies in that section

The term “lottery” includes any arrangement, other than a savings promotion raffle, 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 (ii) the identity of the winners is determined by any means which includes— (I) a random selection; (II) a game, race, or contest; or (III) any record or tabulation of the result of 1 or more events in which …

“lottery ticket” applies in that section

The term “lottery ticket” includes any right, privilege, or possibility (and any ticket, receipt, record, or other evidence of any such right, privilege, or possibility) of becoming a winner in a lottery. (D) Savings promotion raffle

“savings promotion raffle” applies in that section

The term “savings promotion raffle” means a contest in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or other savings program, where each ticket or entry has an equal chance of being drawn, such contest being subject to regulations that may from time to time be promulgated by the appropriate prudential regulator (as defined in section 5481 of this title ).

“affiliate” applies in that section

the term “affiliate” has the same meaning as in section 2(b) of the Banking Act of 1933 [ 12 U.S.C. 221a(b) ], except that the term “member bank” in section 2(b) shall be deemed to refer to a savings association. (ii) In the course of any examination of any savings association, upon request by the appropriate Federal banking agency, prompt and complete access shall be given to all savings association officers, directors, employees, and agents, and to all relevant books, records, or documents of any type.

“branch” applies in that section

the term “branch” means any office, place of business, or facility, other than the principal office as defined by the Comptroller, of a savings association at which accounts are opened or payments are received or withdrawals are made, or any other office, place of business, or facility of a savings association defined by the Comptroller as a branch within the meaning of such sentence.

“core capital” applies in that section

the term “core capital” means core capital as defined by the Comptroller of the Currency for national banks, less any unidentifiable intangible assets. (B) Tangible capital

“limited liability company” applies in that section

the term “limited liability company” means any company, partnership, trust, or similar business entity organized under the law of a State (as defined in section 3 of the Federal Deposit Insurance Act [ 12 U.S.C. 1813 ]) that provides that a member or manager of such company is not personally liable for a debt, obligation, or liability of the company solely by reason of being, or acting as, a member or manager of such company; and;

“loan” applies in that section

the term “loan” includes obligations and extensions or advances of credit. (6) Exceptions .— The Board may, by regulation or order, permit such exceptions to the prohibitions of this subsection as the Board in 5 consultation with the Comptroller and the Corporation, considers will not be contrary to the purposes of this subsection and which conform to exceptions granted by the Board pursuant to section 1972 of this title .

“loans” applies in that section

The term “loans” includes obligations and extensions or advances of credit; and any reference to a loan or investment includes an interest in such a loan or investment. (d) Regulatory authority (1) In general (A) Enforcement The appropriate Federal banking agency shall have power to enforce this section, section 8 of the Federal Deposit Insurance Act [ 12 U.S.C. 1818 ], and regulations prescribed hereunder.

“residential real estate” applies in that section

The terms “residential real property” or “residential real estate” mean leaseholds, homes (including condominiums and cooperatives, except that in connection with loans on individual cooperative units, such loans shall be adequately secured as defined by the Comptroller) and, combinations of homes or dwelling units and business property, involving only minor or incidental business use, or property to be improved by construction of such structures. (B) Loans

“residential real property” applies in that section

The terms “residential real property” or “residential real estate” mean leaseholds, homes (including condominiums and cooperatives, except that in connection with loans on individual cooperative units, such loans shall be adequately secured as defined by the Comptroller) and, combinations of homes or dwelling units and business property, involving only minor or incidental business use, or property to be improved by construction of such structures. (B) Loans

“savings association” applies in that section

the term “savings association” includes any savings association or former savings association that retains deposits insured by the Corporation, notwithstanding termination of its status as an institution insured by the Corporation. (6) Compliance with monetary transaction recordkeeping and report requirements (A) Compliance procedures required The Comptroller shall prescribe regulations requiring savings associations to establish and maintain procedures reasonably designed to assure and monitor the compliance of such associations with the requirements of subchapter II of chapter 53 of title 31.

“senior executive officer” applies in that section

The term “senior executive officer” has the same meaning as in regulations prescribed under section 32(f) of the Federal Deposit Insurance Act [ 12 U.S.C. 1831i(f) ]. (x) Home State citizenship In determining whether a Federal court has diversity jurisdiction over a case in which a Federal savings association is a party, the Federal savings association shall be considered to be a citizen only of the State in which such savings association has its home office.

“service company” applies in that section

the term “service company” means— (i) any corporation— (I) that is organized to perform services authorized by this chapter or, in the case of a corporation owned in part by a State savings association, authorized by applicable State law; and (II) all of the capital stock of which is owned by 1 or more insured savings associations; and (ii) any limited liability company— (I) that is organized to perform services authorized by this chapter or, in the case of a company, 1 of the members of which is a State savings association, authorized by applicable State law; and (II) all of the members of which are 1 or more insured savings associations;

“State bank” applies in that section

the terms “State bank” and “State bank supervisor” have the same meanings as in section 3 of the Federal Deposit Insurance Act [ 12 U.S.C. 1813 ]. (6) Limitation on certain conversions by Federal savings associations A Federal savings association may not convert to a State bank or State savings association during any period in which the Federal savings association is subject to a cease and desist order (or other formal enforcement order) issued by, or a memorandum of understanding entered into with, the Office of Thrift Supervision or the Comptroller of the Currency with respect to a significant supervisory matter.

“State bank supervisor” applies in that section

the terms “State bank” and “State bank supervisor” have the same meanings as in section 3 of the Federal Deposit Insurance Act [ 12 U.S.C. 1813 ]. (6) Limitation on certain conversions by Federal savings associations A Federal savings association may not convert to a State bank or State savings association during any period in which the Federal savings association is subject to a cease and desist order (or other formal enforcement order) issued by, or a memorandum of understanding entered into with, the Office of Thrift Supervision or the Comptroller of the Currency with respect to a significant supervisory matter.

“State savings association” applies in that section

the terms “State savings association” and “subsidiary” have the same meanings as in section 3 of the Federal Deposit Insurance Act. (e) Character and responsibility A charter may be granted only— (1) to persons of good character and responsibility, (2) if in the judgment of the Comptroller a necessity exists for such an institution in the community to be served, (3) if there is a reasonable probability of its usefulness and success, and (4) if the association can be established without undue injury to properly conducted existing local thrift and home financing institutions.

“subsidiary” applies in that section

the terms “State savings association” and “subsidiary” have the same meanings as in section 3 of the Federal Deposit Insurance Act. (e) Character and responsibility A charter may be granted only— (1) to persons of good character and responsibility, (2) if in the judgment of the Comptroller a necessity exists for such an institution in the community to be served, (3) if there is a reasonable probability of its usefulness and success, and (4) if the association can be established without undue injury to properly conducted existing local thrift and home financing institutions.

“tangible capital” applies in that section

The term “tangible capital” means core capital minus any intangible assets (as intangible assets are defined by the Comptroller for national banks). (C) Total assets

“total assets” applies in that section

The term “total assets” means total assets (as total assets are defined by the Comptroller of the Currency for national banks) adjusted in the same manner as total assets would be adjusted in determining compliance with the leverage limit applicable to national banks if the savings association were a national bank. (10) Use of Comptroller’s definitions (A) In general The standards prescribed under paragraph (1) shall include all relevant substantive definitions established by the Comptroller of the Currency for national banks.

“covered savings association” applies in that section

the term “covered savings association” means a Federal savings association that makes an election that is approved under subsection (b). (b) Election (1) In general In accordance with the rules issued under subsection (f), a Federal savings association with total consolidated assets equal to or less than $20,000,000,000, as reported by the association to the Comptroller as of December 31, 2017 , may elect to operate as a covered savings association by submitting a notice to the Comptroller of that election.

“acquire” applies in that section

The term “acquire” has the meaning given to such term in section 1823(f)(8) of this title . (2) Control For purposes of this section, a person shall be deemed to have control of— (A) a savings association if the person directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, or holds with power to vote, or holds proxies representing, more than 25 percent of the voting shares of such savings association, or controls in any manner the election of a majority of the directors of such association; (B) any other company if the person directly or indirectly or acting in concert with one or more other persons, or through one or …

“actual thrift investment percentage” applies in that section

The term “actual thrift investment percentage” means the percentage determined by dividing— (i) the amount of a savings association’s qualified thrift investments, by (ii) the amount of the savings association’s portfolio assets. (B) Portfolio assets

“bank” applies in that section

The terms “bank holding company” and “bank” have the meanings given to such terms in section 2 of the Bank Holding Company Act of 1956 [ 12 U.S.C. 1841 ]. (J) Acquire

“bank holding company” applies in that section

The terms “bank holding company” and “bank” have the meanings given to such terms in section 2 of the Bank Holding Company Act of 1956 [ 12 U.S.C. 1841 ]. (J) Acquire

“company” applies in that section

The term “company” means any corporation, partnership, trust, joint-stock company, or similar organization, but does not include the Federal Deposit Insurance Corporation, the Resolution Trust Corporation, any Federal home loan bank, or any company the majority of the shares of which is owned by the United States or any State, or by an instrumentality of the United States or any State. (D) Savings and loan holding company (i) In general Except as provided in clause (ii),

“default” applies throughout its chapter

the terms “default”, “in danger of default”, and “insured depository institution” have the same meanings as in section 1813 of this title ; and;

“diversified savings and loan holding company” applies in that section

The term “diversified savings and loan holding company” means any savings and loan holding company whose subsidiary savings association and related activities as permitted under paragraph (2) of subsection (c) of this section represented, on either an actual or a pro forma basis, less than 50 percent of its consolidated net worth at the close of its preceding fiscal year and of its consolidated net earnings for such fiscal year, as determined in accordance with regulations issued by the appropriate Federal banking agency. (G) Subsidiary

“home State” applies throughout its chapter

the term “home State” means— (i) with respect to a national bank, the State in which the main office of the bank is located; (ii) with respect to a State bank or State savings association, the State by which the savings association is chartered; (iii) with respect to a Federal savings association, the State in which the home office (as defined by the regulations of the Board 4 of the Office of Thrift Supervision, or, on and after the transfer date, 3 the Comptroller of the Currency) of the Federal savings association is located; and (iv) with respect to a savings and loan holding company, the State in which the amount of total deposits of all insured depository institution subsidiaries of …

“in danger of default” applies throughout its chapter

the terms “default”, “in danger of default”, and “insured depository institution” have the same meanings as in section 1813 of this title ; and;

“insured depository institution” applies throughout its chapter

the terms “default”, “in danger of default”, and “insured depository institution” have the same meanings as in section 1813 of this title ; and;

“multiple savings and loan holding company” applies in that section

The term “multiple savings and loan holding company” means any savings and loan holding company which directly or indirectly controls 2 or more savings associations. (F) Diversified savings and loan holding company

“mutual association” applies in that section

The term “mutual association” means a savings association which is operating in mutual form. (C) Default

“mutual holding company” applies in that section

The term “mutual holding company” means a corporation organized as a holding company under this subsection. (B) Mutual association

“portfolio assets” applies in that section

The term “portfolio assets” means, with respect to any savings association, the total assets of the savings association, minus the sum of— (i) goodwill and other intangible assets; (ii) the value of property used by the savings association to conduct its business; and (iii) liquid assets of the type required to be maintained under section 1465 of this title , as in effect on the day before December 27, 2000 , in an amount not exceeding the amount equal to 20 percent of the savings association’s total assets. (C) Qualified thrift investments (i) In general

“qualified thrift investments” applies in that section

The term “qualified thrift investments” means, with respect to any savings association, the assets of the savings association that are described in clauses (ii) and (iii). (ii) Assets includible without limit The following assets are described in this clause for purposes of clause (i): (I) The aggregate amount of loans held by the savings association that were made to purchase, refinance, construct, improve, or repair domestic residential housing or manufactured housing. (II) Home-equity loans. (III) Securities backed by or representing an interest in mortgages on domestic residential housing or manufactured housing.

“savings and loan holding company” applies in that section

the term “savings and loan holding company” means any company that directly or indirectly controls a savings association or that controls any other company that is a savings and loan holding company. (ii) Exclusion The term “savings and loan holding company” does not include— (I) a bank holding company that is registered under, and subject to, the Bank Holding Company Act of 1956 ( 12 U.S.C.

“savings association” applies in that section

The term “savings association” includes a savings bank or cooperative bank which is deemed by the appropriate Federal banking agency to be a savings association under subsection ( l ). (B) Uninsured institution

“subsidiary” applies in that section

The term “subsidiary” has the same meaning as in section 1813 of this title . (H) Affiliate The term “affiliate” of a savings association means any person which controls, is controlled by, or is under common control with, such savings association. (I) Bank holding company

“undercapitalized savings association” applies in that section

the term “undercapitalized savings association” means any savings association— (A) the assets of which exceed the liabilities of such association; and (B) which does not comply with one or more of the capital standards in effect under section 1464(t) of this title .

“uninsured institution” applies in that section

The term “uninsured institution” means any depository institution the deposits of which are not insured by the Federal Deposit Insurance Corporation. (C) Company

“violate” applies in that section

the term “violate” includes any action (alone or with another or others) for or toward causing, bringing about, participating in, counseling, or aiding or abetting a violation. (F) Regulations The Board shall prescribe regulations establishing such procedures as may be necessary to carry out this paragraph. (3) 6 Civil money penalty (A) Penalty Any company which violates, and any person who participates in a violation of, any provision of this section, or any regulation or order issued pursuant thereto, shall forfeit and pay a civil penalty of not more than $25,000 for each day during which such violation continues. (B) Assessment; etc.

“financial activities” applies in that section

The term “financial activities” means activities described in clauses (i) and (ii) of section 1467a(c)(9)(A) of this title . (2) Grandfathered unitary savings and loan holding company

“grandfathered unitary savings and loan holding company” applies in that section

The term “grandfathered unitary savings and loan holding company” means a company described in section 1467a(c)(9)(C) of this title . (3) Internal financial activities

“internal financial activities” applies in that section

The term “internal financial activities” includes— (A) internal financial activities conducted by a grandfathered savings and loan holding company or any affiliate; and (B) internal treasury, investment, and employee benefit functions.

“insured institution” applies in that section

The term “insured institution” has the same meaning as in section 401(a) of the National Housing Act [ 12 U.S.C. 1724(a) ]. 1;

“State” applies in that section

The term “State” means any State, the District of Columbia, Guam, the Commonwealth of Puerto Rico, and the Virgin Islands.

“State housing corporation” applies in that section

The term “State housing corporation” means a corporation established by a State for the limited purpose of providing housing and incidental services, particularly for families of low or moderate income.;

“State member insured banks” applies in that section

The terms “State member insured banks” and “State nonmember insured banks” have the same meaning as when used in the Federal Deposit Insurance Act [ 12 U.S.C. 1811 et seq.].;

“State nonmember insured banks” applies in that section

The terms “State member insured banks” and “State nonmember insured banks” have the same meaning as when used in the Federal Deposit Insurance Act [ 12 U.S.C. 1811 et seq.].;

“due-on-sale clause” applies in that section

the term “due-on-sale clause” means a contract provision which authorizes a lender, at its option, to declare due and payable sums secured by the lender’s security instrument if all or any part of the property, or an interest therein, securing the real property loan is sold or transferred without the lender’s prior written consent;

“lender” applies in that section

the term “lender” means a person or government agency making a real property loan or any assignee or transferee, in whole or in part, of such a person or agency;

“real property loan” applies in that section

the term “real property loan” means a loan, mortgage, advance, or credit sale secured by a lien on real property, the stock allocated to a dwelling unit in a cooperative housing corporation, or a residential manufactured home, whether real or personal property; and;

“residential manufactured home” applies in that section

the term “residential manufactured home” means a manufactured home as defined in section 5402(6) of title 42 which is used as a residence; and;

“State” applies in that section

the term “State” means any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, the Northern Mariana Islands, American Samoa, and the Trust Territory of the Pacific Islands. (b) Loan contract and terms governing execution or enforcement of due-on-sale options and rights and remedies of lenders and borrowers; assumptions of loan rates (1) Notwithstanding any provision of the constitution or laws (including the judicial decisions) of any State to the contrary, a lender may, subject to subsection (c), enter into or enforce a contract containing a due-on-sale clause with respect to a real property loan.

“congregate space” applies in that section

the term “congregate space” shall include space for cafeterias or dining halls, community rooms or buildings, workshops, adult day health facilities, or other outpatient health facilities, or other essential service facilities. Neither this section nor any other provision of law may be construed as prohibiting or preventing the location and operation, in a project assisted under this section, of commercial facilities for the benefit of residents of the project and the community in which the project is located, except that assistance made available under this section may not be used to subsidize any such commercial facility.

“elderly person” applies in that section

The term “elderly person” means a household composed of one or more persons at least one of whom is 62 years of age or more at the time of initial occupancy.;

“frail elderly” applies in that section

The term “frail elderly” means an elderly person who is unable to perform at least 3 activities of daily living adopted by the Secretary for purposes of this program. Owners may establish additional eligibility requirements (acceptable to the Secretary) based on the standards in local supportive services programs.;

“owner” applies in that section

The term “owner” means a private nonprofit organization that receives assistance under this section to develop and operate supportive housing for the elderly.;

“private nonprofit organization” applies in that section

The term “private nonprofit organization” means— (A) any incorporated private institution or foundation— (i) no part of the net earnings of which inures to the benefit of any member, founder, contributor, or individual; (ii) which has a governing board— (I) the membership of which is selected in a manner to assure that there is significant representation of the views of the community in which such housing is located; and (II) which is responsible for the operation of the housing assisted under this section, except that, in the case of a nonprofit organization that is the sponsoring organization of multiple housing projects assisted under this section, the Secretary may determine the …

“qualifying smoke alarm” applies in that section

The term “qualifying smoke alarm” means a smoke alarm that— (I) in the case of a dwelling unit built before December 29, 2022 , and not substantially rehabilitated after December 29, 2022 — (aa) (AA) is hardwired; or (BB) uses 10-year non rechargeable, nonreplaceable primary batteries and is sealed, is tamper resistant, and contains silencing means; and (bb) provides notification for persons with hearing loss as required by the National Fire Protection Association Standard 72, or any successor standard; or (II) in the case of a dwelling unit built or substantially rehabilitated after December 29, 2022 , is hardwired. (k) Definitions;

“Secretary” applies in that section

The term “Secretary” means the Secretary of Housing and Urban Development.;

“smoke alarm” applies in that section

The term “smoke alarm” has the meaning given the term “smoke detector” in section 2225(d) of title 15 . (ii) Qualifying smoke alarm defined

“State” applies in that section

The term “State” includes the several States, the District of Columbia, the Commonwealth of Puerto Rico, and the possessions of the United States.;

“supportive housing for the elderly” applies in that section

The term “supportive housing for the elderly” means housing that is designed (A) to meet the special physical needs of elderly persons and (B) to accommodate the provision of supportive services that are expected to be needed, either initially or over the useful life of the housing, by the category or categories of elderly persons that the housing is intended to serve.;

“very low-income” applies in that section

The term “very low-income” has the same meaning as given the term “very low-income families” under section 1437a(b)(2) of title 42 . (l) Allocation of funds (1) Capital advances Of any amounts made available for assistance under this section, such sums as may be necessary shall be available for funding capital advances in accordance with subsection (c)(1). Such amounts, the repayments from such advances, and the proceeds from notes or obligations issued under this section prior to November 28, 1990 , shall constitute a revolving fund to be used by the Secretary in carrying out this section.

“knowingly” applies in that section

The term “knowingly” means having actual knowledge of or acting with deliberate ignorance of or reckless disregard for the prohibitions under this section. (i) Regulations The Secretary shall issue such regulations as the Secretary deems appropriate to implement this section. (j) Deposit of penalties in insurance funds Notwithstanding any other provision of law, all civil money penalties collected under this section shall be deposited in the fund established under section 1715z–1a(j) of this title .

“assisted living facility” applies in that section

the term “assisted living facility” has the meaning given such term in section 1715w(b) of this title ;

“service-enriched housing” applies in that section

the term “service-enriched housing” means housing that— (A) makes available through licensed or certified third party service providers supportive services to assist the residents in carrying out activities of daily living, such as bathing, dressing, eating, getting in and out of bed or chairs, walking, going outdoors, using the toilet, laundry, home management, preparing meals, shopping for personal items, obtaining and taking medication, managing money, using the telephone, or performing light or heavy housework, and which may make available to residents home health care services, such as nursing and therapy; (B) includes the position of service coordinator, which may be funded as an …

“federally assisted rental housing for the elderly or handicapped” applies in that section

the term “federally assisted rental housing for the elderly or handicapped” means any rental housing project that— (1) is assisted under section 1701q of this title ; or (2) is assisted under the United States Housing Act of 1937 [ 42 U.S.C. 1437 et seq.], the National Housing Act [ 12 U.S.C. 1701 et seq.], or title V of the Housing Act of 1949 [ 42 U.S.C. 1471 et seq.], and is designated for occupancy by elderly or handicapped families, as such term is defined in section 1701q(d)(4) 1 of this title.

“housing owner” applies in that section

the term “housing owner” means a private nonprofit corporation or other private nonprofit legal entity, a limited dividend corporation or other limited dividend legal entity, or a cooperative housing corporation, which is a mortgagor under section 221(d)(3) of the National Housing Act [ 12 U.S.C.

“qualified tenant” applies in that section

The terms “qualified tenant” and “tenant” include a member of a cooperative who satisfies the foregoing requirements and who, upon resale of his membership to the cooperative, will not be reimbursed for any equity increment accumulated through payments under this section. With respect to members of a cooperative,

“rental” applies in that section

the terms “rental” and “rental charges” mean the charges under the occupancy agreements between such members and the cooperative. (d) Annual payment amount The amount of the annual payment with respect to any dwelling unit shall be the lesser of (1) 70 per centum of the fair market rent, or (2) the amount by which the fair market rental for such unit exceeds 30 per centum of the tenant’s adjusted income.

“rental charges” applies in that section

the terms “rental” and “rental charges” mean the charges under the occupancy agreements between such members and the cooperative. (d) Annual payment amount The amount of the annual payment with respect to any dwelling unit shall be the lesser of (1) 70 per centum of the fair market rent, or (2) the amount by which the fair market rental for such unit exceeds 30 per centum of the tenant’s adjusted income.

“tenant” applies in that section

The terms “qualified tenant” and “tenant” include a member of a cooperative who satisfies the foregoing requirements and who, upon resale of his membership to the cooperative, will not be reimbursed for any equity increment accumulated through payments under this section. With respect to members of a cooperative,

“a business concern that provides economic opportunities” applies in that section

The term “a business concern that provides economic opportunities” means a business concern that— (A) provides economic opportunities for a class of persons that has a majority controlling interest in the business; (B) employs a substantial number of such persons; or (C) meets such other criteria as the Secretary may establish. (f) Coordination with other Federal agencies The Secretary shall consult with the Secretary of Labor, the Secretary of Health and Human Services, the Secretary of Commerce, the Administrator of the Small Business Administration, and such other Federal agencies as the Secretary determines are necessary to carry out this section.

“low-income persons” applies in that section

The terms “low-income persons” and “very low-income persons” have the same meanings given the terms “low-income families” and “very low-income families”, respectively, in section 1437a(b)(2) of title 42 . (2) Business concern that provides economic opportunities

“very low-income persons” applies in that section

The terms “low-income persons” and “very low-income persons” have the same meanings given the terms “low-income families” and “very low-income families”, respectively, in section 1437a(b)(2) of title 42 . (2) Business concern that provides economic opportunities

“applicable individual” applies in that section

the term “applicable individual” means an individual who— (I) is— (aa) employed by the organization in a permanent or temporary capacity; (bb) contracted or retained by the organization; or (cc) acting on behalf of, or with the express or apparent authority of, the organization; and (II) has been convicted for a violation under Federal law relating to an election for Federal office. (E) Grantmaking process .— In making assistance available under this paragraph, the Secretary shall consider appropriate ways of streamlining and improving the processes for grant application, review, approval, and award.

“control area” applies in that section

The term “control area” means an area designated by the Secretary under paragraph (7)(E).;

“counseling target area” applies in that section

The term “counseling target area” means an area designated by the Secretary under paragraph (7)(A).;

“covered assistance” applies in that section

the term “covered assistance” means any grant or other financial assistance provided under this section. (j) Offering foreclosure mitigation counseling (1) Covered mortgage loan defined In this subsection,

“covered mortgage loan” applies in that section

the term “covered mortgage loan” means any loan which is secured by a first or subordinate lien on residential real property (including individual units of condominiums and housing cooperatives) designed principally for the occupancy of between 1 and 4 families that is— (i) insured by the Federal Housing Administration under title II of the National Housing Act ( 12 U.S.C. 1707 et seq.); or (ii) guaranteed under section 1715z–13a or 1715z–13b of this title.

“creditor” applies in that section

The term “creditor” means a person or entity that is servicing a home loan on behalf of itself or another person or entity.;

“displaced homemaker” applies in that section

The term “displaced homemaker” means an individual who— (i) is an adult; (ii) has not worked full-time, full-year in the labor force for a number of years, but has during such years, worked primarily without remuneration to care for the home and family; and (iii) is unemployed or underemployed and is experiencing difficulty in obtaining or upgrading employment.;

“downpayment” applies in that section

The term “downpayment” means the amount of purchase price of home required to be paid at or before the time of purchase.;

“eligible homebuyer” applies in that section

The term “eligible homebuyer” means a homebuyer that meets the requirements under paragraph (5)(B).;

“eligible homeowner” applies in that section

The term “eligible homeowner” means a homeowner eligible for counseling under paragraph (4).;

“first-time homebuyer” applies in that section

The term “first-time homebuyer” means an individual who— (i) (and whose spouse) has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the home pursuant to which counseling is provided under this subsection; (ii) is a displaced homemaker who, except for owning a residence with his or her spouse or residing in a residence owned by the spouse, meets the requirements of clause (i); or (iii) is a single parent who, except for owning a residence with his or her spouse or residing in a residence owned by the spouse while married, meets the requirements of clause (i).;

“home” applies in that section

The term “home” includes any dwelling or dwelling unit eligible for a qualified mortgage, and includes a unit in a condominium project, a membership interest and occupancy agreement in a cooperative housing project, and a manufactured home and the lot on which the home is situated.;

“home loan” applies in that section

The term “home loan” means a loan secured by a mortgage or lien on residential property.;

“homeowner” applies in that section

The term “homeowner” means a person who is obligated under a home loan.;

“homeownership counseling” applies in that section

the term “homeownership counseling” means counseling related to homeownership and residential mortgage loans. Such term includes counseling related to homeownership and residential mortgage loans that is provided pursuant to— (i) section 105(a)(20) of the Housing and Community Development Act of 1974 ( 42 U.S.C. 5305(a)(20) ); (ii) in the United States Housing Act of 1937 [ 42 U.S.C. 1437 et seq.]— (I) section 9(e) ( 42 U.S.C. 1437g(e) ); (II) section 8(y)(1)(D) ( 42 U.S.C. 1437f(y)(1)(D) ); (III) section 18(a)(4)(D) ( 42 U.S.C. 1437p(a)(4)(D) ); (IV) section 23(c)(4) 1 ( 42 U.S.C. 1437u(c)(4) ); (V) section 32(e)(4) ( 42 U.S.C. 1437z–4(e)(4) ); (VI) section 33(d)(2)(B) ( 42 U.S.C.

“HUD-approved counseling agency” applies in that section

The term “HUD-approved counseling agency” means a private or public nonprofit organization that is— (A) exempt from taxation under section 501(c) of title 26 ; and (B) certified by the Secretary to provide housing counseling services. (5) State housing finance agency

“metropolitan area” applies in that section

The term “metropolitan area” means a standard metropolitan statistical area as designated by the Director of the Office of Management and Budget.;

“nonprofit organization” applies in that section

The term “nonprofit organization” has the meaning given such term in section 12704(5) of title 42 , except that subparagraph (D) of such section shall not apply for purposes of this section. (2) State