View all text of Chapter 34 [§ 3301 - § 3311]
§ 3305. Functions of Council
(a) Establishment of principles and standards
(b) Making recommendations regarding supervisory matters and adequacy of supervisory tools
(1) The Council shall make recommendations for uniformity in other supervisory matters, such as, but not limited to, classifying loans subject to country risk, identifying financial institutions in need of special supervisory attention, and evaluating the soundness of large loans that are shared by two or more financial institutions. In addition, the Council shall make recommendations regarding the adequacy of supervisory tools for determining the impact of holding company operations on the financial institutions within the holding company and shall consider the ability of supervisory agencies to discover possible fraud or questionable and illegal payments and practices which might occur in the operation of financial institutions or their holding companies.
(2) When a recommendation of the Council is found unacceptable by one or more of the applicable Federal financial institutions regulatory agencies, the agency or agencies shall submit to the Council, within a time period specified by the Council, a written statement of the reasons the recommendation is unacceptable.
(c) Development of uniform reporting system
(d) Conducting schools for examiners and assistant examiners
(e) Affect on Federal regulatory agency research and development of new financial institutions supervisory agencies
(f) Annual report
(g) Flood insurance
(Pub. L. 95–630, title X, § 1006, Nov. 10, 1978, 92 Stat. 3695; Pub. L. 97–320, title IV, § 431, Oct. 15, 1982, 96 Stat. 1527; Pub. L. 101–73, title VII, § 744(a)(3), Aug. 9, 1989, 103 Stat. 438; Pub. L. 103–325, title V, § 530, Sept. 23, 1994, 108 Stat. 2267.)