Laws: Cases and Codes : U.S. Code : Title 12
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U.S. Code as of:
01/19/04
Chapter 16 - Notes
Sec.
1811. Federal Deposit Insurance Corporation.
(a) Establishment of Corporation.
(b) Asset disposition division.
1812. Management.
(a) Board of Directors.
(b) Chairperson and Vice Chairperson.
(c) Terms.
(d) Vacancy.
(e) Ineligibility for other offices.
(f) Status of employees.
1813. Definitions.
1814. Insured depository institutions.
(a) Continuation of insurance.
(b) Continuation of insurance upon becoming a
member bank.
(c) Continuation of insurance after conversion.
(d) Continuation of insurance after merger or
consolidation.
1815. Deposit insurance.
(a) Application to Corporation required.
(b) Foreign branch nonmember banks; matters
considered.
(c) Protection to deposit insurance fund; surety
bond, pledge of assets, etc.; injunction.
(d) Insurance fees.
(e) Liability of commonly controlled depository
institutions.
1816. Factors to be considered.
1817. Assessments.
(a) Reports of condition; access to reports.
(b) Assessments.
(c) Certified statements; payments.
(d) Corporation exempt from apportionment.
(e) Refunds.
(f) Action against depository institutions failing
to file certified statements.
(g) Action by Corporation to recover assessments.
(h) Forfeiture of rights for failure to comply with
law.
(i) Insurance of trust funds.
(j) Change in control of insured depository
institutions.
(k) Federal banking agency rules and regulations
for reports and public disclosure by banks of
extension of credit to executive officers or
principal shareholders or the related
interests of such persons.
(l) Secondary reserve offsets against premiums.
(m) Collections on behalf of Director of Office of
Thrift Supervision.
1818. Termination of status as insured depository
institution.
(a) Termination of insurance.
(b) Cease-and-desist proceedings.
(c) Temporary cease-and-desist orders.
(d) Temporary cease-and-desist orders; enforcement.
(e) Removal and prohibition authority.
(f) Stay of suspension and/or prohibition of
institution-affiliated party.
(g) Suspension or removal of institution-affiliated
party charged with felony.
(h) Hearings and judicial review.
(i) Jurisdiction and enforcement; penalty.
(j) Criminal penalty.
(k) Repealed.
(l) Notice of service.
(m) Notice to State authorities.
(n) Ancillary provisions; subpena power, etc.
(o) Termination of membership of State bank in
Federal Reserve System.
(p) Banks not receiving deposits.
(q) Assumption of liabilities.
(r) Action or proceeding against foreign bank;
basis; removal of officer or other person;
venue; service of process.
(s) Compliance with monetary transaction
recordkeeping and report requirements.
(t) Authority of FDIC to take enforcement action
against insured depository institutions and
institution-affiliated parties.
(u) Public disclosures of final orders and
agreements.
(v) Foreign investigations.
(w) Termination of insurance for money laundering
or cash transaction reporting offenses.
1819. Corporate powers.
(a) In general.
(b) Agency authority.
1820. Administration of Corporation.
(a) Board of Directors; use of mails; cooperation
with other Federal agencies.
(b) Examinations.
(c) Administration of oaths and affirmations;
evidence; subpena powers.
(d) Annual on-site examinations of all insured
depository institutions required.
(e) Examination fees.
(f) Preservation of records by photography;
admissibility as evidence.
(g) Authority to prescribe regulations and
definitions.
(h) Coordination of examination authority.
(i) Flood insurance compliance by insured
depository institutions.
(j) Consultation among examiners.
1820a. Examination of investment companies.
(a) Exclusive Commission authority.
(b) Examination results and other information.
(c) Certain examinations authorized.
(d) Definitions.
1821. Insurance Funds.
(a) Deposit insurance.
(b) Liquidation as closing of depository
institution.
(c) Appointment of Corporation as conservator or
receiver.
(d) Powers and duties of Corporation as conservator
or receiver.
(e) Provisions relating to contracts entered into
before appointment of conservator or receiver.
(f) Payment of insured deposits.
(g) Subrogation of Corporation.
(h) Conditions applicable to resolution
proceedings.
(i) Valuation of claims in default.
(j) Limitation on court action.
(k) Liability of directors and officers.
(l) Damages.
(m) New banks.
(n) Bridge banks.
(o) Supervisory records.
(p) Certain sales of assets prohibited.
(q) Expedited procedures for certain claims.
(r) Foreign investigations.
(s) Prohibition on entering secrecy agreements and
protective orders.
(t) Agencies may share information without waiving
privilege.
(u) Purchase rights of tenants.
(v) Preference for sales for homeless families.
(w) Preferences for sales of certain commercial
real properties.
1821a. FSLIC Resolution Fund.
(a) Established.
(b) Source of funds.
(c) Treasury backup.
(d) Legal proceedings.
(e) Transfer of net proceeds from sale of RTC
assets.
(f) Dissolution.
1822. Corporation as receiver.
(a) Bond not required; agents; fee.
(b) Payment of insured deposit as discharge from
liability.
(c) Recognition of claimant not on depository
institution records.
(d) Withholding payments to meet liability to
depository institution.
(e) Disposition of unclaimed deposits.
(f) Conflict of interest.
1823. Corporation monies.
(a) Investment of Corporation's funds.
(b) Depository accounts.
(c) Assistance to insured depository institutions.
(d) Sale of assets to Corporation.
(e) Agreements against interests of Corporation.
(f) Assisted emergency interstate acquisitions.
(g) Payment of interest on stock subscriptions.
(h) Reopening or aversion of closing of insured
branch of foreign bank.
(i) Repealed.
(j) Loan loss amortization for certain banks.
(k) Emergency acquisitions.
1824. Borrowing authority.
(a) Borrowing from Treasury.
(b) Borrowing from Federal Financing Bank.
(c) Repayment schedules required for any borrowing.
(d) Borrowing for DIF from DIF members.
1825. Issuance of notes, debentures, bonds, and other
obligations; exemption from taxation.
(a) General rule.
(b) Other exemptions.
(c) Limitation on borrowing.
(d) Full faith and credit.
1826. Forms of obligations; preparation by Secretary of the
Treasury.
1827. Reports by Corporation; audit of financial
transactions; report on audits; employment of
certified public accountants for audits.
(a) Annual reports on Deposit Insurance Fund and
FSLIC Resolution Fund.
(b) Quarterly reports to Treasury.
(c) Reports to OMB.
(d) Audit.
(e) Audit of Corporation.
(f) Report of audit.
(g) Assistance in audit; costs.
1828. Regulations governing insured depository institutions.
(a) Insurance logo.
(b) Payment of dividends by defaulting depository
institutions.
(c) Merger transactions; consent of banking
agencies; emergency approval; notice; uniform
standards; antitrust actions; review de novo;
limitations; report to Congress; money
laundering; applicability.
(d) Branch banks.
(e) Indemnity insurance.
(f) Publication of reports.
(g) Interest or dividend on demand deposits;
definitions; regulation of interest rates.
(h) Penalties.
(i) Reduction or retirement of capital stock,
notes, or debentures; conversion of insured
Federal depository institutions to insured
State banks or noninsured institutions;
consent of banking agencies; applicability.
(j) Restrictions on transactions with affiliates
and insiders.
(k) Authority to regulate or prohibit certain forms
of benefits to institution-affiliated parties.
(l) Acquisition of foreign banks or entities.
(m) Activities of savings associations and their
subsidiaries.
(n) Calculation of capital.
(o) Real estate lending.
(p) Periodic review of capital standards.
(q) Sovereign risk.
(r) Subsidiary depository institutions as agents
for certain affiliates.
(s) Prohibition on certain affiliations.
(t) Recordkeeping requirements.
(u) Limitation on claims.
(v) Loans by insured institutions on their own
stock.
(w) Written employment references may contain
suspicions of involvement in illegal activity.
1828a. Prudential safeguards.
(a) Comptroller of the Currency.
(b) Board of Governors of the Federal Reserve
System.
(c) Federal Deposit Insurance Corporation.
1828b. Interagency data sharing.
(a) In general.
(b) Confidentiality requirements.
(c) Banking agency information sharing.
1829. Penalty for unauthorized participation by convicted
individual.
(a) Prohibition.
(b) Penalty.
1829a. Participation by State nonmember insured banks in
lotteries and related activities.
(a) Prohibited activities.
(b) Use of banking premises prohibited.
(c) Definitions.
(d) Lawful banking services connected with
operation of lottery.
(e) Regulations; enforcement.
1829b. Retention of records by insured depository
institutions.
(a) Congressional findings and declaration of
purpose.
(b) Recordkeeping regulations.
(c) Identity of persons having accounts and persons
authorized to act with respect to such
accounts; exemptions.
(d) Reproduction of checks, drafts, and other
instruments; record of transactions; identity
of party.
(e) Identity of persons making reportable currency
and foreign transactions.
(f) Additions to or substitutes for required
records.
(g) Retention period.
(h) Report to Congress by Secretary of the
Treasury.
(i) Application of provisions to foreign banks.
(j) Civil penalties.
1830. Nondiscrimination.
1831. Separability of certain provisions of this chapter.
1831a. Activities of insured State banks.
(a) Permissible activities.
(b) Insurance underwriting.
(c) Equity investments by insured State banks.
(d) Subsidiaries of insured State banks.
(e) Savings bank life insurance.
(f) Common and preferred stock investment.
(g) Determinations.
(h) "Activity" defined.
(i) Other authority not affected.
(j) Activities of branches of out-of-State banks.
1831b. Disclosures with respect to certain federally related
mortgage loans.
(a) Identity of beneficiary interest as condition
for a loan; report to Corporation.
(b) Enforcement; bank status.
1831c. Repealed.
1831d. State-chartered insured depository institutions and
insured branches of foreign banks.
(a) Interest rates.
(b) Interest overcharge; forfeiture; interest
payment recovery.
1831e. Activities of savings associations.
(a) In general.
(b) Differences of magnitude between State and
Federal powers.
(c) Equity investments by State savings
associations.
(d) Corporate debt securities not of investment
grade.
(e) Transfer of corporate debt security not of
investment grade in exchange for qualified
note.
(f) Determinations.
(g) "Activity" defined.
(h) Other authority not affected.
1831f. Brokered deposits.
(a) In general.
(b) Renewals and rollovers treated as acceptance of
funds.
(c) Waiver authority.
(d) Limited exception for certain conservatorships.
(e) Restriction on interest rate paid.
(f) Additional restrictions.
(g) Definitions relating to deposit broker.
(h) Deposit solicitation restricted.
1831f-1. Repealed.
1831g. Contracts between depository institutions and persons
providing goods, products, or services.
(a) In general.
(b) Rulemaking.
(c) Enforcement.
(d) No private right of action.
(e) Study.
1831h. Savings Association Insurance Fund Industry Advisory
Committee.
(a) Establishment.
(b) Membership.
(c) Vacancies.
(d) Pay and expenses.
(e) Terms.
(f) Authority of Committee.
(g) Meetings.
(h) Reports.
(i) Provision of staff and other resources.
(j) Federal Advisory Committee Act does not apply.
(k) Sunset.
1831i. Agency disapproval of directors and senior executive
officers of insured depository institutions or
depository institution holding companies.
(a) Prior notice required.
(b) Disapproval by agency.
(c) Exception in extraordinary circumstances.
(d) Additional information.
(e) Standard for disapproval.
(f) Definition regulations.
1831j. Depository institution employee protection remedy.
(a) In general.
(b) Enforcement.
(c) Remedies.
(d) Limitation.
(e) "Federal banking agency" defined.
(f) Burdens of proof.
1831k. Reward for information leading to recoveries or civil
penalties.
(a) In general.
(b) Percentage limitation.
(c) Officials and persons ineligible.
(d) Nonreviewability.
1831l. Coordination of risk analysis between SEC and Federal
banking agencies.
1831m. Early identification of needed improvements in
financial management.
(a) Annual report on financial condition and
management.
(b) Management responsibility for financial
statements and internal controls.
(c) Internal control evaluation and reporting
requirements for independent public
accountants.
(d) Annual independent audits of financial
statements.
(e) Repealed.
(f) Form and content of reports and auditing
standards.
(g) Improved accountability.
(h) Exchange of reports and information.
(i) Requirements for insured subsidiaries of
holding companies.
(j) Exemption for small depository institutions.
1831m-1. Reports of information regarding safety and soundness
of depository institutions.
(a) Reports to appropriate Federal banking
agencies.
(b) Procedures for receipt of disclosure reports.
(c) Effect on agencies.
(d) Definitions.
1831n. Accounting objectives, standards, and requirements.
(a) In general.
(b) Uniform accounting of capital standards.
(c) Reports to banking committees.
1831o. Prompt corrective action.
(a) Resolving problems to protect deposit insurance
fund.
(b) Definitions.
(c) Capital standards.
(d) Provisions applicable to all institutions.
(e) Provisions applicable to undercapitalized
institutions.
(f) Provisions applicable to significantly
undercapitalized institutions and
undercapitalized institutions that fail to
submit and implement capital restoration
plans.
(g) More stringent treatment based on other
supervisory criteria.
(h) Provisions applicable to critically
undercapitalized institutions.
(i) Restricting activities of critically
undercapitalized institutions.
(j) Certain Government-controlled institutions
exempted.
(k) Review required when deposit insurance fund
incurs material loss.
(l) Implementation.
(m) Other authority not affected.
(n) Administrative review of dismissal orders.
(o) Transition rules for savings associations.
1831p. Transferred.
1831p-1. Standards for safety and soundness.
(a) Operational and managerial standards.
(b) Asset quality, earnings, and stock valuation
standards.
(c) Compensation standards.
(d) Standards to be prescribed.
(e) Failure to meet standards.
(f) Definitions.
(g) Other authority not affected.
1831q. FDIC affordable housing program.
(a) Purpose.
(b) Funding and limitations of program.
(c) Rules governing disposition of eligible single
family properties.
(d) Rules governing disposition of eligible
multifamily housing properties.
(e) Rent limitations.
(f) Preferences for sales.
(g) Financing sales.
(h) Coordination with other programs.
(i) Exemption for certain transactions with insured
depository institutions.
(j) Transfer of certain eligible residential
properties to State housing agencies for
disposition.
(k) Exception for sales to nonprofit organizations
and public agencies.
(l) Rules governing disposition of eligible
condominium property.
(m) Liability provisions.
(n) Unified affordable housing programs.
(o) Report.
(p) Definitions.
(q) Notice to clearinghouses regarding ineligible
properties.
1831r. Payments on foreign deposits prohibited.
(a) In general.
(b) Exception.
(c) Discount window lending.
1831r-1. Notice of branch closure.
(a) Notice to appropriate Federal banking agency.
(b) Notice to customers.
(c) Adoption of policies.
(d) Branch closures in interstate banking or
branching operations.
(e) Scope of application.
1831s. Transferred.
1831t. Depository institutions lacking Federal deposit
insurance.
(a) Annual independent audit of private deposit
insurers.
(b) Disclosure required.
(c) Manner and content of disclosure.
(d) Exceptions for institutions not receiving
retail deposits.
(e) Eligibility for Federal deposit insurance.
(f) Definitions.
(g) Enforcement.
1831u. Interstate bank mergers.
(a) Approval of interstate merger transactions
authorized.
(b) Provisions relating to application and approval
process.
(c) Applicability of certain laws to interstate
banking operations.
(d) Operations of the resulting bank.
(e) Exception for banks in default or in danger of
default.
(f) Applicable rate and other charge limitations.
(g) Definitions.
1831v. Authority of State insurance regulator and Securities
and Exchange Commission.
(a) In general.
(b) Certain exemption authorized.
(c) Definitions.
1831w. Safety and soundness firewalls applicable to financial
subsidiaries of banks.
(a) In general.
(b) Preservation of existing subsidiaries.
(c) Definitions.
(d) Preservation of authority.
1831x. Insurance customer protections.
(a) Regulations required.
(b) Sales practices.
(c) Disclosures and advertising.
(d) Separation of banking and nonbanking
activities.
(e) Domestic violence discrimination prohibition.
(f) Consumer grievance process.
(g) Effect on other authority.
(h) Non-discrimination against non-affiliated
agents.
1831y. CRA sunshine requirements.
(a) Public disclosure of agreements.
(b) Annual report of activity by insured depository
institution.
(c) Annual report of activity by nongovernmental
entities.
(d) Applicability.
(e) Definitions.
(f) Violations.
(g) Rule of construction.
(h) Regulations.
1832. Withdrawals by negotiable or transferable instruments
for transfers to third parties.
(a) Authority of depository institution;
applicability.
(b) "Depository institution" defined.
(c) Fine.
1833. Repealed.
1833a. Civil penalties.
(a) In general.
(b) Maximum amount of penalty.
(c) Violations to which penalty is applicable.
(d) Effective date.
(e) Attorney General to bring action.
(f) Burden of proof.
(g) Administrative subpoenas.
(h) Statute of limitations.
1833b. Comparability in compensation schedules.
(a) In general.
(b) Commodity Futures Trading Commission.
1833c. Comptroller General audit and access to records.
(a) Audit of agencies or other persons performing
functions under banking laws.
(b) Audit of persons providing certain goods or
services.
(c) Provisions applicable to audits under this
section.
1833d. Repealed.
1833e. Equal opportunity.
(a) In general.
(b) Affirmative program for equal employment
opportunity.
(c) Solicitation of contracts.
(d) Report to Congress.
1834. Reduced assessment rate for deposits attributable to
lifeline accounts.
(a) Qualification of lifeline accounts by Federal
Reserve Board.
(b) Omitted.
(c) Availability of funds.
1834a. Assessment credits for qualifying activities relating
to distressed communities.
(a) Determination of credits for increases in
community enterprise activities.
(b) "Qualified distressed community" defined.
(c) Omitted.
(d) Community Enterprise Assessment Credit Board.
(e) Duties of Board.
(f) Availability of funds.
(g) Prohibition on double funding for same
activities.
(h) Priority of awards.
(i) Determination of amount of assessment credit.
(j) Definitions.
1834b. Community development organizations.
(a) Community development organizations described.
(b) Community development bank requirements.
(c) Community development corporation requirements.
(d) Adequate dispersal requirement.
(e) Definitions.
1835. Insured depository institution capital requirements
for transfers of small business obligations.
(a) Accounting principles.
(b) Capital and reserve requirements.
(c) Qualified institutions criteria.
(d) Aggregate amount of recourse.
(e) Institutions that cease to be qualified or
exceed aggregate limits.
(f) Prompt corrective action not affected.
(g) Regulations required.
(h) Alternative system permitted.
(i) Definitions.
1835a. Prohibition against deposit production offices.
(a) Regulations.
(b) Guidelines for meeting credit needs.
(c) Limitation on out-of-State loans.
(d) Application.
(e) Definitions.
-SECREF-
CHAPTER REFERRED TO IN OTHER SECTIONS
This chapter is referred to in sections 161, 203, 205, 211, 222,
329, 461, 1422, 1441, 1441a, 1464, 1467a, 1470, 1828a, 1841, 1843,
2254, 3104, 3105, 3108, 4713, 4717 of this title; title 7 section
2009cc-9; title 15 sections 78c, 78l, 78m; title 40 section 113;
title 42 section 5318a.
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