§ 1266.14. Advances to the Savings Association Insurance Fund.
137 words·~1 min read·
/us/cfr/t12/s§ 1266.14·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Authority. Upon receipt of a written request from the FDIC, a Bank may make advances to the FDIC for the use of the Savings Association Insurance Fund. The Bank shall provide a copy of such request to the FHFA.
(b)Requirements. Advances to the FDIC for the use of the Savings Association Insurance Fund shall:
(1)Bear a rate of interest not less than the Bank's marginal cost of funds, taking into account the maturities involved and reasonable administrative costs;
(2)Have a maturity acceptable to the Bank;
(3)Be subject to any prepayment, commitment, or other appropriate fees of the Bank; and
(4)Be adequately secured by collateral acceptable to the Bank. [58 FR 29469, May 20, 1993, as amended at 65 FR 8262, Feb. 18, 2000. Redesignated at 65 FR 44430, July 18, 2000]