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(c) The Bank makes only loans which offer reasonable assurance of repayment. This assurance usually involves not only the credit-worthiness of the borrower but also the ability of the borrower to obtain the necessary dollar exchange to service the loan.

(d) As a general rule, the Bank extends credit only to finance purchases of materials and equipment produced or manufactured in the United States together with technical services of American firms and individuals, as distinguished from expenditures for goods and services in the borrowing country or for purchases in third countries.

(e) The Bank supplements and encourages the utilization of private capital in export and import trade and in foreign investment generally. Financial assistance is not extended by the Bank for any purpose if capital for the same purpose is believed to be obtainable from private sources on reasonable terms.

(f) In the absence of a clear showing to the contrary, it is assumed that credit for periods of less than one year may be obtained on reasonable terms from private sources. Accordingly, the Bank generally limits its consideration to transactions justifying credit of one year or more.

(g) The Bank is prepared to consider proposals for the purchase of portions of its portfolio by commercial banks or other private investors.

§ 402.2 Maturities, interest rates, and participation.

(a) Maturities. The maturities of credits granted by the Export-Import Bank are arranged in accordance with the circumstances in each case. Generally speaking they are commensurate with those customarily extended in the United States for similar goods or projects. Principal amounts are ordinarily made payable in equal semiannual or quarterly installments.

(b) Interest rates. In determining rates of interest to be charged on loans, the Bank will take into consideration

the maturity of the loan and the extent of credit risk to be assumed by the Bank as affected by such guaranties as may be offered, as well as prevailing United States commercial and government rates. Interest is computed on the outstanding balance and is usually payable semiannually or quarterly.

(c) Participation. The Bank ordinarily requires that a United States exporter who desires financial assistance from it shall have contracted to receive a cash payment of not less than 20 percent of the invoice value not later than delivery of the goods, and that the exporter shall participate in the financing to the extent of not less than 25 percent of the financed portion. Similarly if the applicant is the foreign buyer he should, whenever possible, arrange participation in the financing by the proposed United States exporter.

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(a) Marine transportation. Public Resolution No. 17, Seventy-Third Congress, requires that exports of agricultural or other products fostered loans made by any instrumentality of the United States Government shall be carried exclusively in vessels of United States registry unless it is determined by the Maritime Administration that such vessels are not available in sufficient numbers or in sufficient tonnage capacity or on necessary sailing schedule or at reasonable rates. When appropriate the Bank is prepared to finance United States inland freight and ocean freight under the relative credit.

(b) Insurance. When the Bank determines that shipments of exports financed through its credits must be covered by marine insurance, the insurance contracts shall be satisfactory to the Bank and shall provide that payments for loss or damage will be made in United States dollars. When such insurance contracts are placed in the United States market the Bank is prepared to finance the premiums under the relative credit.

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569a Receivers for insured institutions other than Federal Savings and Loan

570 571

Associations.

Board rulings.

Statements of policy.

SUBCHAPTER E-DISTRICT OF COLUMBIA SAVINGS AND LOAN OFFICES

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SUBCHAPTER A-GENERAL

PART 500-FUNCTIONAL ORGANI

ZATION AND AUTHORITY

§ 500.10 Assessments.

Each semiannual assessment under the provisions of subsection (b) of section 18 of the Federal Home Loan Bank Act, as amended, to meet the estimated expenses of the Federal Home Loan Bank Board (referred to in this subchapter as "Board") shall be made on the following basis: Each Federal Home Loan Bank will be assessed such amount as may be necessary to meet the Board's expenses, such assessment to be upon the several Banks in the same proportion as the total gross operating income of the respective Banks for the 6 months' period next preceding, hereinafter prescribed, bears to the total gross operating income of all the Banks for the same period of time. For the assessment for the first half of a calendar year, total gross operating income shall be determined from information contained in the reports of the respective Banks for each month during the period from June 1 through November 30, and for the assessment for the last half of a calendar year such determination shall be made from information contained in the reports of the respective Banks for each month during the period from December 1 through May 31.

(Secs. 17, 18, 47 Stat. 736, as amended, 737; 12 U.S.C. 1437, 1438, Reorg. Plan No. 3 of 1947; 3 CFR 1943-1948 Comp.) [23 F.R. 9878, Dec. 23, 1958]

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ration shall attempt collection of all claims for money or property arising out of their respective activities in conformity with the Federal Claims Collection Act of 1966 (31 U.S.C. 951), and the Joint Regulations of the Attorney General and the Comptroller General thereunder (4 CFR Ch. II). This section does not apply to the Federal Savings and Loan Insurance Corporation in its capacity as conservator, receiver, or other legal custodian of a financial institution.

(b) Compromise and termination of collection action. The Board may compromise, or suspend or terminate collection action on, any claims arising out of its activities, other than claims arising under section 5 of the Home Owners' Loan Act of 1933, as amended (12 U.S.C. 1464), not exceeding $20,000, exclusive of interest, in corformity with the Federal Claims Collection Act of 1966 and the Joint Regulations of the Attorney General and the Comptroller General thereunder. Claims of the Board arising under section 5 of the Home Owners' Loan Act of 1933, as amended, and claims of the Federal Savings and Loan Insurance Corporation, may be compromised and collection action may be suspended or terminated without regard to the amount of the claim.

(c) Referral to General Accounting Office or for litigation. The Board and the Federal Savings and Loan Insurance Corporation may refer claims to the General Accounting Office, or to the Department of Justice for litigation, pursuant to the Federal Claims Collection Act of 1966 and the Joint Regulations of the Attorney General and the Comptroller General thereunder.

(d) Delegation of authority; referral to Board. (1) The Comptroller of the Board is delegated the authority to collect all claims of the Board, and claims of the Federal Savings and Loan Insurance Corporation for insurance premiums and for the cost of examinations and audits, and as to the uncollected balance of any such claim not in excess of $5,000, exclusive of interest, said Comptroller is delegated the authority to compromise, suspends or terminate collection action, or refer the claim to the General Accounting Office, except that:

(i) The advice of the General Counsel shall be obtained before any action, other than collection action, is taken by the Comptroller under this section, and

(ii) The concurrence of the Director or Deputy Director of the Office of Examinations and Supervision shall be obtained before any action, other than collection action, is taken by the Comptroller under this section concerning claims for the cost of examinations and audits.

(2) The Director, Office of the Federal Savings and Loan Insurance Corporation, is delegated the authority to collect all claims of the Federal Savings and Loan Insurance Corporation other than for insurance premiums and for the cost of examinations and audits. As to the uncollected balance of any claim arising out of, pursuant to or in connection with action taken by the Federal Savings and Loan Insurance Corporation under section 406 (f) of the National Housing Act (12 U.S.C. 1729 (f)), or any other claim (except claims for insurance premiums and claims for the cost of examinations and audits) not in excess of $5,000, exclusive of interest, said Director is delegated the authority to compromise, suspend or terminate collection action on, or refer the claim to the General Accounting Office, except that the advice of the General Counsel of the Board shall be obtained before any action, other than collection action, is taken by the Director, Office of the Federal Savings and Loan Insurance Corporation, under this section.

(3) The authority to refer claims of the Board and of the Federal Savings and Loan Insurance Corporation which do not exceed $5,000, exclusive of interest to the Department of Justice for litigation is delegated to the General Counsel.

(4) Claims of the Board and the Federal Savings and Loan Insurance Corporation, other than claims arising out of, pursuant to or in connection with action taken by said Corporation under section 406 (f) of the National Housing Act, as amended (12 U.S.C. 1729 (f)), which exceed $5,000, exclusive of interest, and which are determined by the Director, Office of the Federal Savings and Loan Insurance Corporation, the Comptroller, or the General Counsel to be uncollectible in full, shall be referred to the Board with a recommendation as to whether the claim should be compromised, collection action suspended or terminated, or other action taken thereon.

[33 F.R. 14102, Sept. 18, 1968]

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For the following purposes, officers and employees of a Federal Home Loan Bank, when designated by the Board, shall be the agents of the Board and the Federal Savings and Loan Insurance Corporation and the counsel of the Bank shall render to said agents such legal services as may be necessary to enable them properly to carry out such duties:

(a) It shall be the specific duty of said agents to give consideration to applications pertaining to organization of Federal savings and loan associations, conversions, and insurance of accounts by the Federal Savings and Loan Insurance Corporation, together with such supplemental information as may be available to them, and promptly to make comments and recommendations upon such applications. Said agents shall transmit such applications to the Board, together with their comments and recommendations thereon. Such comments and recommendations shall be signed by the agents favoring same, and any agent disagreeing therewith shall make a separate report which shall be forwarded at the same time. An agent shall forward to applicants advices of actions taken by the Board and the Federal Savings and Loan Insurance Corporation upon applications, and instructions and other communications from the Board and the Federal Savings and Loan Insurance Corporation.

§ 501.11 President as agent.

For the following purposes, the President of each Federal Home Loan Bank shall be the agent of the Board and the Federal Savings and Loan Insurance Corporation and the counsel of the Bank shall render to said agent such legal services as may be necessary to enable him properly to carry out such duties: Provided, however, That when designated by the Board, some officer or employee of the Bank other than, or in addition to, the President, may act as agent of the Board and the Federal Savings and Loan Insurance Corporation. Said agent shall represent the Board and the Federal Savings and Loan Insurance Corporation in supervising Federal savings and loan associations and other institutions in the Bank's district which are insured by the Federal Savings and Loan Insurance Corporation. When, in his opinion, such action should be taken, he shall advise and en

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