# 12 CFR § 1510.3: How does the Funding Corporation pay administrative expenses?

> Federal · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/ecfr-12-1510.3

## Section

- **Citation:** 12 CFR § 1510.3
- **Heading:** How does the Funding Corporation pay administrative expenses?
- **Jurisdiction:** Federal
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** September 22, 2026
- **Source:** Publisher's official text
- **Location:** Title 12—Banks and Banking > CHAPTER XV—DEPARTMENT OF THE TREASURY > SUBCHAPTER B—RESOLUTION FUNDING CORPORATION > PART 1510—RESOLUTION FUNDING CORPORATION OPERATIONS

## Text

(a) The Directorate proposes a budget. By November 15 of each year, the Directorate must approve and submit to the Secretary a proposed budget for the administrative expenses of the Funding Corporation for the following year.
(b) The Secretary approves the budget. The Funding Corporation's budget is subject to the Secretary's prior approval. The proposed budget submitted by the Directorate shall be deemed to be approved by the Secretary unless the Secretary disapproves it within 45 days of the date submitted. The Funding Corporation must transmit a copy of the approved budget to each Bank.
(c) Budget changes must be approved by the Secretary. If the Funding Corporation projects or anticipates incurring expenses exceeding its approved budget, the Directorate must submit an amended budget to the Secretary for approval.
(d) The Funding Corporation collects funds from the Banks to pay its administrative expenses. At least semiannually, the Funding Corporation must request that each Bank submit within 10 business days of the request payment for a portion of the administrative expenses in the Funding Corporation's budget for the current calendar year. The amount of each Bank's payment must be pro rated according to the percentage of the total outstanding Funding Corporation capital stock owned by the Bank. The Funding Corporation must adjust the amount of each Bank's payment as necessary to reflect differences between aggregate projected and actual administrative expenses incurred during the calendar year and to reflect any changes in estimated aggregate administrative expenses for the coming period. The Funding Corporation must not request payments from the Banks that, in the aggregate, exceed the administrative expenses in the Funding Corporation's approved budget.

## Nearby sections

- [12 CFR § 1510.1 § 1510.1 Authority, purpose, and scope.](https://www.frixlaw.com/law-library/statutes/ecfr-12-1510.1.md)
- [12 CFR § 1510.2 § 1510.2 Definitions.](https://www.frixlaw.com/law-library/statutes/ecfr-12-1510.2.md)
- [12 CFR § 1510.3 § 1510.3 How does the Funding Corporation pay administrative expenses?](https://www.frixlaw.com/law-library/statutes/ecfr-12-1510.3.md)
- [12 CFR § 1510.4 § 1510.4 Who may act as the depositary and fiscal agent for the Funding Corporation?](https://www.frixlaw.com/law-library/statutes/ecfr-12-1510.4.md)
- [12 CFR § 1510.5 § 1510.5 How does the Funding Corporation make interest payments on its obligations?](https://www.frixlaw.com/law-library/statutes/ecfr-12-1510.5.md)
- [12 CFR § 1510.6 § 1510.6 What must the Funding Corporation do with surplus funds?](https://www.frixlaw.com/law-library/statutes/ecfr-12-1510.6.md)
- [12 CFR § 1510.7 § 1510.7 What are the Funding Corporation's reporting requirements?](https://www.frixlaw.com/law-library/statutes/ecfr-12-1510.7.md)
- [12 CFR § 1510.8 § 1510.8 What are the audit requirements for the Funding Corporation?](https://www.frixlaw.com/law-library/statutes/ecfr-12-1510.8.md)
- [12 CFR § 1511.0 § 1511.0 Applicability.](https://www.frixlaw.com/law-library/statutes/ecfr-12-1511.0.md)
- [12 CFR § 1511.1 § 1511.1 Definitions of terms.](https://www.frixlaw.com/law-library/statutes/ecfr-12-1511.1.md)
- [12 CFR § 1511.2 § 1511.2 Law governing rights and obligations of the Funding Corporation and Federal Reserve Banks; rights of any Person against the Funding Corporation and the Federal Reserve Banks.](https://www.frixlaw.com/law-library/statutes/ecfr-12-1511.2.md)
- [12 CFR § 1511.3 § 1511.3 Law governing other interests.](https://www.frixlaw.com/law-library/statutes/ecfr-12-1511.3.md)
- [12 CFR § 1511.4 § 1511.4 Creation of Participant's Security Entitlement; security interests.](https://www.frixlaw.com/law-library/statutes/ecfr-12-1511.4.md)
- [12 CFR § 1511.5 § 1511.5 Obligations of Funding Corporation; no adverse claims.](https://www.frixlaw.com/law-library/statutes/ecfr-12-1511.5.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/ecfr-12-1510.3. Check the current official text before relying on it. Not legal advice.