Page:United States Statutes at Large Volume 106 Part 5.djvu/371

 PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 4009 Subtitle E—Regulation of Federal Home Loan Bank System SEC. 1391. PRIMACY OF FINANCIAL SAFETY AND SOUNDNESS FOR FEDERAL HOUSING FINANCE BOARD. Section 2A(a)(3) of the Federal Home Loan Bank Act (12 U.S.C. 1422a(a)(3)) is amended to read as follows: "(3) DUTIES. — "(A) SAFETY AND SOUNDNESS. —The primary duty of the Bosurd shall be to ensure that the Federal Home Loan Banks operate in afinancially^safe and soimd manner. "(B) OTHER DUTIES.— To the extent consistent with subparagraph (A), the duties of the Board shall also be— "(i) to supervise the Federal Home Loan Banks; "(ii) to ensure that the Federal Home Loan Banks carry out their housing finance mission; and "(iii) to ensure that the Federal Home Loan Banks remain adequately capitalized and able to raise funds in the capital markets. ". SEC. 1392. ADVANCES UNDER FEDERAL HOME LOAN BANK ACT. (a) ADVANCES TO NONQUALIFIED THRIFT LENDER MEMBERS. — Section 10(e)(2) of the Federal Home Loan Bank Act (12 U.S.C. 1430(e)(2)) is amended by striking the second sentence and inserting the following new sentence: "The aggregate amount of the advances by the Federal Home Loan Bank System to members that are not qualified thrift lenders shall not exceed 30 percent of the total advances of the Federal Home Loan Bank System.". (b) EXCEPTION TO REQUIREMENTS FOR ADVANCES.— Section 10b of the Federal Home Loan Bank Act (12 U.S.C. 1430b) is amended— (1) in the first sentence, by inserting before "Each" the following new subsection designation and heading: "(a) IN GEN- ERAL. — "; and (2) by adding at the end the following new subsection: "(b) EXCEPTION.— An advance made to a State housing finance agency for the purpose of facilitating mortgage lending that benefits individuals and families that meet the income requirements set forth in section 142(d) or 143(f) of the Internal Revenue Code of 1986, need not be collateralized by a mortgage insured under title II of the National Housing Act or otherwise, if— "(1) such advance otherwise meets the requirements of this subsection; and "(2) such advance meets the requirements of section ICXa) of this Act, and any real estate collateral for such loan comprises, single family or multifamily residential mortgages.". SEC. 1393. STUDIES REGARDING FEDERAL HOME LOAN BANK SYSTEM. (a) IN GENERAL. —The Federal Housing Finance Board, the Comptroller General of the United States, the Director of the Congressional Budget Ofilce, and the Secretary of Housing and Urban Development shall each conduct a study analyzing and making appropriate recommendations with respect to the following topics: (1) The appropriate capital standards for the Federal Home Loan Bank System.

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