Page:United States Statutes at Large Volume 103 Part 1.djvu/308

 103 STAT. 280 PUBLIC LAW 101-73 —AUG. 9, 1989 necessary to audit all of the activities of the Office of Thrift Super- vision. 12 USC 1463. "SEC. 4. SUPERVISION OP SAVINGS ASSOCIATIONS. \^i " (a) FEDERAL SAVINGS ASSOCIATIONS.— "(1) IN GENERAL.—The Director shall provide for the examina- > tion, safe and sound operation, and regulation of savings associations. "(2) REGULATIONS.—The Director may issue such regulations as the Director determines to be appropriate to carry out the responsibilities of the Director or the Office. "(3) SAFE AND SOUND HOUSING CREDIT TO BE ENCOURAGED. — The Director shall exercise all powers granted to the Director under this Act so as to encourage savings gissociations to provide credit for housing safely and soundly. ^ " (b) ACCOUNTING AND DISCLOSURE. — ^ "(1) IN GENERAL.—The Director shall, by regulation, prescribe uniform accounting and disclosure standards for savings associations, to be used in determining savings associations' compliance with all applicable regulations. "(2) SPECIFIC REQUIREMENTS FOR ACCOUNTING STANDARDS.— Subject to section 5(t), the uniform accounting standards pre- scribed under paragraph (1) shall— "(A) incorporate generally accepted accounting principles to the same degree that such principles are used to deter- mine compliance with regulations prescribed by the Fed- eral banking agencies; "(B) allow for no deviation from full compliance with such standards as are in effect after December 31, 1993; and "(C) prior to January 1, 1994, require full compliance by savings associations with accounting standards in effect at any time before such date not later than provided under the schedule in section 563.23-3 of title 12, Code of Federal Regulations (as in effect on May 1, 1989). "(3) AUTHORITY TO PRESCRIBE MORE STRINGENT ACCOUNTING STANDARDS.—The Director may at any time prescribe account- ing standards more stringent than required under paragraph (2) if the Director determines that the more stringent standards are necessary to ensure the safe and sound operation of savings associations. "(c) STRINGENCY OF STANDARDS. — A ll regulations and policies of the Director governing the safe and sound operation of savings associations, including regulations and policies governing asset classification and appraisals, shall be no less stringent than those established by the Comptroller of the Currency for national banks. "(d) INVESTMENT OF CERTAIN FUNDS IN ACCOUNTS OF SAVINGS ASSOCIATIONS.— The savings accounts and share accounts of savings associations insured by the Corporation shall be lawful investments and may be accepted as security for all public funds of the United States, fiduciary and trust funds under the authority or control of the United States or any officer thereof, and for the funds of all corporations organized under the laws of the United States (subject to any regulatory authority otherwise applicable), regardless of any limitation of law upon the investment of any such funds or upon the acceptance of security for the investment or deposit of any of such funds.

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