Report to Congress: Audit of Federal Savings and Loan Insurance Corporation Supervised by Federal Home Loan Bank Board for the Year Ended December 31, 1968
1969 - 33 pages
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accrued interest acquired from insured acquisition action additional adequate agreements allowance for losses amount assets acquired audit authority balance book value borrow calendar cash Chairman Chicago COMPTROLLER CONGRESS connection consistent continue in operation contribution deferred depositors deposits Director disbursements ended December 31 entered estimated Examinations and Supervision existing expenses Federal Home Loan Federal Savings financial condition financial statements five funds Home Loan Bank Illinois included income Insurance premiums insured associations insured institutions investments issued laws liquidity loan associations Loan Bank Board Loan Insurance Corporation loans and real loans to insured meet ments million mortgage loans Office operation opinion Park payment practices Present primary reserve principal prior problem proceeds provision for losses purchase real estate received regulations represent requiring financial assistance result Savings and Loan SCHEDULE secondary reserves securities shown sound sources and application State-chartered statement of financial statements stitutions strengthen Subrogated accounts supervisory tion
Page 6 - ... (b) Section 5B of the Federal Home Loan Bank Act (12 USC 1425b) is amended to read as follows : "Sec. 5B. (a) The Board may from time to time, after consulting with the Board of Governors of the Federal Reserve System and the Board of Directors of the Federal Deposit Insurance Corporation...
Page 16 - ... included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances and appropriate in view of the effectiveness of the system of internal control and the work performed by the Corporation's internal auditors.
Page 27 - The principal officials of the Federal Home Loan Bank Board and of the Federal Savings and Loan Insurance Corporation are listed in the appendix.
Page 6 - To amend section 408 of the National Housing Act, as amended, to provide for the regulation of savings and loan holding companies and subsidiary companies...
Page 14 - ... a return on the outstanding balances of the Secondary Reserve during such calendar year as determined by the Corporation, at a rate equal to the average annual rate of return to the Corporation during the year ending at the close of November 30 of such calendar year, as determined by the Corporation, on the investments held by the Corporation in obligations of, or guaranteed as to principal and interest by, the United States.
Page 13 - ... status of these seven institutions subsequent to March 31, 1964, the date of completion of our review, nor have we considered whether the financial condition of any other associations may have become impaired since March 31. 1964. Reserves and borrowing authority Cumulative net income of $543.314,854 from operations has been retained as a primary reserve pursuant to section 404(a) of the National Housing Act.
Page 14 - ... all withdrawable or repurchasable shares, investment certificates, and deposits in each insured institution. No such call shall be made unless such Board determines that the total amount of such call, plus the outstanding deposits previously made pursuant to such calls, does not exceed 1 per centum of the total amount of all withdrawable or repurchasable shares, investment certificates, and deposits in all insured institutions. For the purposes of this subsection...
Page 5 - The Corporation has discharged its insurance indemnity liability in recent cases by either of two principal methods : (1) by merging a financially impaired association with a financially sound one and agreeing to purchase from the surviving: association at book value any assets recorded on the books of the dissolved association or (2) by purchasing all the assets of...