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of Banking and Finance with the authority to supervise and
examine all financial institutions chartered under State law,
including savings and loan associations, banks, industrial
savings banks, trust companies, international bank agencies or
representative offices, and credit unions. Banks and trust
companies were subject to the statutory provisions set forth in
chapter 658 of title XXXVIII of the Florida Code. Savings,
savings and loan, and building and loan associations were subject
to the statutory provisions set forth in chapter 665 of title
XXXVIII of the Florida Code. After FIRREA, the FDIC insured the
deposits of banking corporations and of savings and loan
associations.
Statutory and Regulatory Provisions
The applicable statutory and regulatory provisions are
former section 593 (section 593), which provided a deduction for
reserves on bad debts, and section 7701(a)(19) and section
301.7701-13A, Proced. & Admin. Regs., which define “domestic
building and loan association” for section 593.
SEC. 593. RESERVES FOR LOSSES ON LOANS.
(a) Reserve for bad debts.--
(1) In general.--Except as provided in
paragraph (2), in the case of–-
(A) any domestic building and loan
association,
(B) any mutual savings bank, or
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Last modified: May 25, 2011