Page:United States Statutes at Large Volume 103 Part 1.djvu/447

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 419 investment or service for members of Banks to maintain contin- ued access to long-term advances. "(2) FACTORS TO BE INCLUDED. —The regulations promulgated pursuant to paragraph (1) shall take into account factors such as a member's performance under the Community Reinvest- ment Act of 1977 and the member's record of lending to first- _ time homebuyers.". ~ SEC. 711. ADMINISTRATIVE EXPENSES. Section 18(b) of the Federal Home Loan Bank Act (12 U.S.C. 1437(b)) is amended to read as follows: 12 USC 1438. "(b) ASSESSMENTS FOR ADMINISTRATIVE EXPENSES. — "(1) IN GENERAL.— The Board may impose a semiannual assessment on the Federal Home Loan Banks, the aggregate amount of which is sufficient to provide for the payment of the Board's estimated expenses for the period for which such assess- ment is made. "(2) DEFICIENCIES.— If, at any time, amounts available from any assessment for any semiannual period are insufficient to cover the expenses of the Board incurred in carrying out the provisions of this Act during such period, the Board may make an immediate assessment against the Bsmks to cover the amount of the deficiency for such semiannual period. "(3) SURPLUSES. —I f, at the end of any semiannual period for which an assessment is made, any amount remains from such assessment, such amount will be deducted from the assessment on the Banks by the Board for the following semiannual period. "(4) TRANSITION PROVISION. —On or after the effective date of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, the Board may levy a one-time special assessment on the Banks pursuant to this subsection for the Board's esti- mated expenses for the transitional period following enactment of such Act, if such assessment is made before the Board's first semiannual assessment under paragraph (1).". SEC. 712. NONADMINISTRATIVE EXPENSES. Subsection (a) of section 18 of the Federal Home Loan Bank Act (12 U.S.C. 1438(a)) and section 19A of such Act (12 U.S.C. 1439-1) are hereby repealed. SEC. 713. FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION INDUS- TRY ADVISORY COMMITTEE. Subsection (i) of section 21 of the Federal Home Loan Bank Act (12 U.S.C. 1441) is repealed and subsections (j), (k), and (1) are redesig- nated subsections (i), (j), and (k), respectively. SEC. 714. ADVANCES. (a) IN GENERAL. —Subsection (a) of section 10 of the Federal Home Loan Bank Act (12 U.S.C. 1430(a)) is amended by striking everything after "members" to the end period and inserting the following: "upon collateral sufficient, in the judgment of the Bank, to fully secure advances obtained from the Bank under this section or section 11(g) of this Act. All long-term advances shall only be made for the purpose of providing funds for residential housing finance. A Bank, at the time of origination or renewal of a loan or advance, shall obtain and maintain a security interest in collateral eligible pursuant to one or more of the following categories:

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