Page images
PDF
EPUB

(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. § 402.3 Marine transportation and in

surance. (a) Marine transportation. Public Resolution No. 17, Seventy-Third Congress, requires that exports of agricultural or other products fostered by 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.

CHAPTER V-FEDERAL HOME LOAN BANK BOARD

SUBCHAPTER A-GENERAL

Part 500 501 505 506 507 508

Functional organization and authority.
Operations.
Rules regarding availability of information.
Bonds and debentures.
Hearings.
Promulgation of regulations and amendments.
Rules of practice and procedure.
Miscellaneous rules.
Employee responsibilities and conduct.
Rules for investigative proceedings and formal examination proceedings.

509

510 511 512

[blocks in formation]

Part 549 550 551

Powers of receiver and conduct of receiverships.
Cease-and-desist and suspension and removal orders.
Service of process upon

board.
Board rulings.
Statements of policy.

555

556

SUBCHAPTER D-FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION

561 Definitions.
562 Application for insurance of accounts.
563 Operations.
563a Minimum security devices and procedures.
564 Settlement of insurance.
565

Termination of insurance. 566 Cease-and-desist and suspension and removal orders. 567 Amendment of rules and regulations; hearings. 568 Service of process upon Corporation. 569 Limitations on rate of return. 569a Receivers for insured institutions other than Federal Savings and Loan

Associations. 570

Board rulings. 571 Statements of policy.

SUBCHAPTER E-DISTRICT OF COLUMBIA SAVINGS AND LOAN OFFICES

[blocks in formation]

SUBCHAPTER F-REGULATIONS FOR SAVINGS AND LOAN HOLDING

COMPANIES

[blocks in formation]

SUBCHAPTER A GENERAL

PART 500_FUNCTIONAL ORGANI- ration shall attempt collection of all ZATION AND AUTHORITY

claims for money or property arising out

of their respective activities in conform$ 500.10 Assessments.

ity with the Federal Claims Collection Each semiannual assessment under Act of 1966 (31 U.S.C. 951), and the Joint the provisions of subsection (b) of sec- Regulations of the Attorney General and tion 18 of the Federal Home Loan Bank the Comptroller General thereunder (4 Act, as amended, to meet the estimated CFR Ch. II). This section does not apply expenses of the Federal Home Loan to the Federal Savings and Loan InsurBank Board (referred to in this subchap- ance Corporation in its capacity as conter as “Board”) shall be made on the servator, receiver, or other legal custofollowing basis: Each Federal Home dian of a financial institution. Loan Bank will be assessed such amount (b) Compromise and termination of as may be necessary to meet the Board's collection action. The Board may comexpenses, such assessment to be upon the promise, or suspend or terminate collecseveral Banks in the same proportion as tion action on, any claims arising out of the total gross operating income of the its activities, other than claims arising respective Banks for the 6 months' pe- under section 5 of the Home Owners' riod next preceding, hereinafter pre- Loan Act of 1933, as amended (12 U.S.C. scribed, bears to the total gross operating 1464), not exceeding $20,000, exclusive income of all the Banks for the same of interest, in corformity with the Fedperiod of time. For the assessment eral Claims Collection Act of 1966 and the for the first half of a calendar year, Joint Regulations of the Attorney Gentotal gross operating income shall be eral and the Comptroller General theredetermined from information contained under. Claims of the Board arising under in the reports of the respective Banks section 5 of the Home Owners' Loan Act for each month during the period from of 1933, as amended, and claims of the June 1 through November 30, and for Federal Savings and Loan Insurance the assessment for the last half of a Corporation, may be compromised and calendar year such determination shall collection action may be suspended or be made from information contained in terminated without regard to the amount the reports of the respective Banks for of the claim. each month during the period from

(c) Referral to General Accounting December 1 through May 31.

Office or for litigation. The Board and (Secs. 17, 18, 47 Stat. 736, as amended, 737;

the Federal Savings and Loan Insurance 12 U.S.C. 1437, 1438, Reorg. Plan No. 3 of Corporation may refer claims to the Gen1947; 3 CFR 1943–1948 Comp.) [23 F.R. eral Accounting Office, or to the Depart9878, Dec. 23, 1958]

ment of Justice for litigation, pursuant

to the Federal Claims Collection Act of PART 501-OPERATIONS

1966 and the Joint Regulations of the Sec.

Attorney General and the Comptroller 501.1 Claims of the Board and the Federal General thereunder.

Savings and Loan Insurance Corpo- (d) Delegation of authority; referral ration.

to Board. (1) The Comptroller of the 501.10 Officers as agents.

Board is delegated the authority to col501.11 President as agent.

lect all claims of the Board, and claims AUTHORITY: The provisions of this part 501 of the Federal Savings and Loan Insurissued under sec. 17, 47 Stat. 736, as amended, ance Corporation for insurance premisecs. 402, 403, 48 Stat. 1256, as amended,

ums and for the cost of examinations and 1257, as amended; 12 U.S.C. 1437, 1725, 1726,

audits, and as to the uncollected balance Reorg. Plan No. 3 of 1947; 3 CFR, 1943–1948

of any such claim not in excess of $5,000, Comp.

exclusive of interest, said Comptroller is SOURCE: The provisions of this part 501

delegated the authority to compromise, appear at 23 F.R. 9878, Dec. 23, 1958, unless otherwise noted.

suspends or terminate collection, action,

or refer the claim to the General Ac$ 501.1 Claims of the Board and the

counting Office, except that: Federal Savings and Loan Insurance

(i) The advice of the General Counsel Corporation.

shall be obtained before any action, other (a) General. The Board and the Fed- than collection action, is taken by the eral Savings and Loan Insurance Corpo- 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, other action taken thereon. [33 F.R. 14102, Sept. 18, 1968]

$ 501.10

Officers as agents. 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 empioyee 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

or

« PreviousContinue »