§ 1468.
Transactions with affiliates; extensions of credit to executive officers, directors, and principal shareholders
(b)
Extensions of credit to executive officers, directors, and principal shareholders
(1)
In general
Subsections (g) and (h) of section 22 of the Federal Reserve Act [12 U.S.C. 375a, 375b] shall apply to every savings association in the same manner and to the same extent as if the savings association were a member bank (as defined in such Act).
(2)
Additional restrictions authorized
The appropriate Federal banking agency may impose such additional restrictions on loans or extensions of credit to any appropriate Federal banking agency or executive officer of any savings association, or any person who directly or indirectly owns, controls, or has the power to vote more than 10 percent of any class of voting securities of a savings association, as the appropriate Federal banking agency determines to be necessary to protect the safety and soundness of the savings association.
(d)
Exemptions
(1)
Federal savings associations
The Comptroller of the Currency may, by order, exempt a transaction of a Federal savings association from the requirements of this section if—
(A)
the Board and the Office of the Comptroller of the Currency jointly find the exemption to be in the public interest and consistent with the purposes of this section and notify the Federal Deposit Insurance Corporation of such finding; and
(B)
before the end of the 60-day period beginning on the date on which the Federal Deposit Insurance Corporation receives notice of the finding under subparagraph (A), the Federal Deposit Insurance Corporation does not object, in writing, to the finding, based on a determination that the exemption presents an unacceptable risk to the Deposit Insurance Fund.
(2)
State savings association
The Federal Deposit Insurance Corporation may, by order, exempt a transaction of a State savings association from the requirements of this section if the Board and the Federal Deposit Insurance Corporation jointly find that—
(A)
the exemption is in the public interest and consistent with the purposes of this section; and
(B)
the exemption does not present an unacceptable risk to the Deposit Insurance Fund.
([June 13, 1933, ch. 64, § 11], formerly § 9, [48 Stat. 135]; [Apr. 27, 1934, ch. 168, § 15], [48 Stat. 647]; renumbered § 11, [Pub. L. 100–86, title IV, § 402(a)], Aug. 10, 1987, [101 Stat. 605]; [Pub. L. 101–73, title III, § 301], Aug. 9, 1989, [103 Stat. 342]; [Pub. L. 102–242, title III, § 306(i)], Dec. 19, 1991, [105 Stat. 2359]; [Pub. L. 103–325, title III, § 316], Sept. 23, 1994, [108 Stat. 2223]; [Pub. L. 111–203, title III, § 369(9)], title VI, § 608(c), July 21, 2010, [124 Stat. 1565], 1610.)