(e) Participation by savings associations in lotteries and related activities
(1) Participation prohibited
No savings association may—
(A) deal in lottery tickets;
(B) deal in bets used as a means or substitute for participation in a lottery;
(C) announce, advertise, or publicize the existence of any lottery; or
(D) announce, advertise, or publicize the existence or identity of any participant or winner, as such, in a lottery.
(2) Use of facilities prohibited
No savings association may permit—
(A) the use of any part of any of its own offices by any person for any purpose forbidden to the institution under paragraph (1); or
(B) direct access by the public from any of its own offices to any premises used by any person for any purpose forbidden to the institution under paragraph (1).
(3) Definitions
For purposes of this subsection—
(A) Deal in
The term “deal in” includes making, taking, buying, selling, redeeming, or collecting.
(B) Lottery
The term “lottery” includes any arrangement, other than a savings promotion raffle, under which—
(i) 3 or more persons (hereafter in this subparagraph referred to as the “participants”) advance money or credit to another in exchange for the possibility or expectation that 1 or more but not all of the participants (hereafter in this paragraph referred to as the “winners”) will receive by reason of those participants’ advances more than the amounts those participants have advanced; and
(ii)
the identity of the winners is determined by any means which includes—
(II) a game, race, or contest; or
(III) any record or tabulation of the result of 1 or more events in which any participant has no interest except for the bearing that event has on the possibility that the participant may become a winner.
(C) Lottery ticket
The term “lottery ticket” includes any right, privilege, or possibility (and any ticket, receipt, record, or other evidence of any such right, privilege, or possibility) of becoming a winner in a lottery.
(D) Savings promotion raffle
The term “savings promotion raffle” means a contest in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or other savings program, where each ticket or entry has an equal chance of being drawn, such contest being subject to regulations that may from time to time be promulgated by the appropriate prudential regulator (as defined in section 5481 of this title).
(4) Exception for State lotteries
Paragraphs (1) and (2) shall not apply with respect to any savings association accepting funds from, or performing any lawful services for, any State operating a lottery, or any officer or employee of such a State who is charged with administering the lottery.
(5) Regulations
The Comptroller shall prescribe such regulations as may be necessary to provide for enforcement of this subsection and to prevent any evasion of any provision of this subsection.
Prior Provisions
A prior section 1463, acts June 13, 1933, ch. 64, § 4, 48 Stat. 129; Apr. 27, 1934, ch. 168, §§ 1(a), 2–4, 13, 48 Stat. 643–645, 647; June 27, 1934, ch. 847, title V, §§ 506, 508(b), 48 Stat. 1263, 1264; May 28, 1935, ch. 150, §§ 10–17(a), 49 Stat. 296, 297; Aug. 11, 1939, ch. 684, 53 Stat. 1403; Oct. 24, 1942, ch. 621, 56 Stat. 986; June 30, 1947, ch. 166, title II, § 206(f), 61 Stat. 206, related to creation of Home Owners’ Loan Corporation, for appointment and compensation of its board of directors, for appointment and compensation of its employees, and for other powers, prior to repeal by Pub. L. 89–554, § 8(a), Sept. 6, 1966, 80 Stat. 648.
A prior section 1463a, act Apr. 27, 1934, ch. 168, § 1(b), 48 Stat. 644, provided that amendments made to subsec. (c) of former section 1463 of this title, except with respect to refunding, by act Apr. 27, 1934, should not apply to any bonds prior to Apr. 27, 1934, issued under subsec. (c), or to any bonds thereafter issued in compliance with commitments of the Corporation outstanding on Apr. 27, 1934.
A prior section 1463b, act Apr. 27, 1934, ch. 168, § 9, 48 Stat. 646, related to purchase of obligations of, and loans to, Federal Home Loan Banks, prior to repeal by act May 28, 1935, ch. 150, § 17(b), 49 Stat. 297.
Amendments
2014—Subsec. (e)(3)(B). Pub. L. 113–251, § 3(d)(1), inserted “, other than a savings promotion raffle,” after “arrangement” in introductory provisions.
Subsec. (e)(3)(D). Pub. L. 113–251, § 3(d)(2), added subpar. (D).
2010—Subsec. (a). Pub. L. 111–203, § 369(4)(A)(i), struck out “Federal” before “savings” in heading.
Subsec. (a)(1), (2). Pub. L. 111–203, § 369(4)(A)(ii), added pars. (1) and (2) and struck out former pars. (1) and (2) which read as follows:
“(1) In general.—The Director shall provide for the examination, 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.”
Subsec. (a)(3). Pub. L. 111–203, § 369(4)(A)(iii), substituted “Comptroller and the Corporation” for “Director” in two places.
Subsec. (b). Pub. L. 111–203, § 369(4)(B)(ii), substituted “Comptroller” for “Director” wherever appearing.
Subsec. (b)(2). Pub. L. 111–203, § 369(4)(B)(i), inserted “and” at end of subpar. (A), substituted a period for “; and” at end of subpar. (B), and struck out subpar. (C) which read as follows: “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).”
Subsec. (c). Pub. L. 111–203, § 369(4)(C), substituted “The regulations of the Comptroller and the policies of the Comptroller and the Corporation” for “All regulations and policies of the Director” and struck out “of the Currency” before “for national”.
Subsec. (e)(5). Pub. L. 111–203, § 369(4)(D), substituted “Comptroller” for “Director”.
Subsecs. (f), (h). Pub. L. 111–203, § 369(4)(E), (F), substituted “appropriate Federal banking agency” for “Director” in two places.
Effective Date of 2010 Amendment
Amendment by Pub. L. 111–203 effective on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress.
Preserving Minority Ownership of Minority Financial Institutions
Pub. L. 101–73, title III, § 308, Aug. 9, 1989, 103 Stat. 353, as amended by Pub. L. 111–203, title III, § 367(4), July 21, 2010, 124 Stat. 1556, provided that:
“(a) Consultation on Methods.—
The Secretary of the Treasury shall consult with the Chairman of the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Chairman of the National Credit Union Administration, and the Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation on methods for best achieving the following goals:
“(1) Preserving the present number of minority depository institutions.
“(2)
Preserving their minority character in cases involving mergers or acquisition of a minority depository institution by using general preference guidelines in the following order:
“(A) Same type of minority depository institution in the same city.
“(B) Same type of minority depository institution in the same State.
“(C) Same type of minority depository institution nationwide.
“(D) Any type of minority depository institution in the same city.
“(E) Any type of minority depository institution in the same State.
“(F) Any type of minority depository institution nationwide.
“(3) Providing technical assistance to prevent insolvency of institutions not now insolvent.
“(4) Promoting and encouraging creation of new minority depository institutions.
“(5) Providing for training, technical assistance, and educational programs.
“(b) Definitions.—
For purposes of this section—
“(1) Minority financial institution.—
The term ‘minority depository institution’ means any depository institution that—
“(A) if a privately owned institution, 51 percent is owned by one or more socially and economically disadvantaged individuals;
“(B) if publicly owned, 51 percent of the stock is owned by one or more socially and economically disadvantaged individuals; and
“(C) in the case of a mutual institution where the majority of the Board of Directors, account holders, and the community which it services is predominantly minority.
“(2) Minority.— The term ‘minority’ means any black American, Native American, Hispanic American, or Asian American.
“(c) Reports.— The Secretary of the Treasury, the Chairman of the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Chairman of the National Credit Union Administration, and the Chairperson of Board of Directors of the Federal Deposit Insurance Corporation shall each submit an annual report to the Congress containing a description of actions taken to carry out this section.”
Abolition of Home Owners’ Loan Corporation
Act June 30, 1953, ch. 170, § 21, 67 Stat. 126, provided for dissolution and abolition of Home Owners’ Loan Corporation established by former section 1463 of this title.