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U.S. Code as of:
01/19/04
Section 1822. Corporation as receiver
(a) Bond not required; agents; fee
The Corporation as receiver of an insured depository institution
or branch of a foreign bank shall not be required to furnish bond
and may appoint an agent or agents to assist it in its duties as
such receiver. All fees, compensation, and expenses of liquidation
and administration shall be fixed by the Corporation, and may be
paid by it out of funds coming into its possession as such
receiver.
(b) Payment of insured deposit as discharge from liability
Payment of an insured deposit to any person by the Corporation
shall discharge the Corporation, and payment of a transferred
deposit to any person by the new bank or by an insured depository
institution in which a transferred deposit has been made available
shall discharge the Corporation and such new bank or other insured
depository institution, to the same extent that payment to such
person by the depository institution in default would have
discharged it from liability for the insured deposit.
(c) Recognition of claimant not on depository institution records
Except as otherwise prescribed by the Board of Directors, neither
the Corporation nor such new bank or other insured depository
institution shall be required to recognize as the owner of any
portion of a deposit appearing on the records of the depository
institution in default under a name other than that of the
claimant, any person whose name or interest as such owner is not
disclosed on the records of such depository institution in default
as part owner of said deposit, if such recognition would increase
the aggregate amount of the insured deposits in such depository
institution in default.
(d) Withholding payments to meet liability to depository
institution
The Corporation may withhold payment of such portion of the
insured deposit of any depositor in a depository institution in
default as may be required to provide for the payment of any
liability of such depositor to the depository institution in
default or its receiver, which is not offset against a claim due
from such depository institution, pending the determination and
payment of such liability by such depositor or any other person
liable therefor.
(e) Disposition of unclaimed deposits
(1) Notices
(A) First notice
Within 30 days after the initiation of the payment of insured
deposits under section 1821(f) of this title, the Corporation
shall provide written notice to all insured depositors that
they must claim their deposit from the Corporation, or if the
deposit has been transferred to another institution, from the
transferee institution.
(B) Second notice
A second notice containing this information shall be mailed
by the Corporation to all insured depositors who have not
responded to the first notice, 15 months after the Corporation
initiates such payment of insured depositors.
(C) Address
The notices shall be mailed to the last known address of the
depositor appearing on the records of the insured depository
institution in default.
(2) Transfer to appropriate State
If an insured depositor fails to make a claim for his, her, or
its insured or transferred deposit within 18 months after the
Corporation initiates the payment of insured deposits under
section 1821(f) of this title -
(A) any transferee institution shall refund the deposit to
the Corporation, and all rights of the depositor against the
transferee institution shall be barred; and
(B) with the exception of United States deposits, the
Corporation shall deliver the deposit to the custody of the
appropriate State as unclaimed property, unless the appropriate
State declines to accept custody. Upon delivery to the
appropriate State, all rights of the depositor against the
Corporation with respect to the deposit shall be barred and the
Corporation shall be deemed to have made payment to the
depositor for purposes of section 1821(g)(1) of this title.
(3) Refusal of appropriate State to accept custody
If the appropriate State declines to accept custody of the
deposit tendered pursuant to paragraph (2)(B), the deposit shall
not be delivered to any State, and the insured depositor shall
claim the deposit from the Corporation before the receivership is
terminated, or all rights of the depositor with respect to such
deposit shall be barred.
(4) Treatment of United States deposits
If the deposit is a United States deposit it shall be delivered
to the Secretary of the Treasury for deposit in the general fund
of the Treasury. Upon delivery to the Secretary of the Treasury,
all rights of the depositor against the Corporation with respect
to the deposit shall be barred and the Corporation shall be
deemed to have made payment to the depositor for purposes of
section 1821(g)(1) of this title.
(5) Reversion
If a depositor does not claim the deposit delivered to the
custody of the appropriate State pursuant to paragraph (2)(B)
within 10 years of the date of delivery, the deposit shall be
immediately refunded to the Corporation and become its property.
All rights of the depositor against the appropriate State with
respect to such deposit shall be barred as of the date of the
refund to the Corporation.
(6) Definitions
For purposes of this subsection -
(A) the term "transferee institution" means the insured
depository institution in which the Corporation has made
available a transferred deposit pursuant to section 1821(f)(1)
of this title;
(B) the term "appropriate State" means the State to which
notice was mailed under paragraph (1)(C), except that if the
notice was not mailed to an address that is within a State it
shall mean the State in which the depository institution in
default has its main office; and
(C) the term "United States deposit" means an insured or
transferred deposit for which the deposit records of the
depository institution in default disclose that title to the
deposit is held by the United States, any department, agency,
or instrumentality of the Federal Government, or any officer or
employee thereof in such person's official capacity.
(f) Conflict of interest
(1) Applicability of other provisions
(A) Clarification of status of Corporation
The Corporation is, and has been since its creation, an
agency for purposes of title 18.
(B) Treatment of contractors
Any individual who, pursuant to a contract or any other
arrangement, performs functions or activities of the
Corporation, under the direct supervision of an officer or
employee of the Corporation, shall be deemed to be an employee
of the Corporation for purposes of title 18 and this chapter.
Any individual who, pursuant to a contract or any other
agreement, acts for or on behalf of the Corporation, and who is
not otherwise treated as an officer or employee of the United
States for purposes of title 18 shall be deemed to be a public
official for purposes of section 201 of title 18.
(2) Regulations concerning employee conduct
The officers and employees of the Corporation and those
individuals under contract to the Corporation who are deemed,
under paragraph (1)(B), to be employees of the Corporation for
purposes of title 18 shall be subject to the ethics and conflict
of interest rules and regulations issued by the Office of
Government Ethics, including those concerning employee conduct,
financial disclosure, and post-employment activities. The Board
of Directors may prescribe regulations that supplement such rules
and regulations only with the concurrence of that Office.
(3) Regulations concerning independent contractors
The Board of Directors shall prescribe regulations applicable
to those independent contractors who are not deemed, under
paragraph (1)(B), to be employees of the Corporation for purposes
of title 18 governing conflicts of interest, ethical
responsibilities, and the use of confidential information
consistent with the goals and purposes of titles 18 and 41. Any
such regulations shall be in addition to, and not in lieu of, any
other statute or regulation which may apply to the conduct of
such independent contractors.
(4) Disapproval of contractors
(A) In general
The Board of Directors shall prescribe regulations
establishing procedures for ensuring that any individual who is
performing, directly or indirectly, any function or service on
behalf of the Corporation meets minimum standards of
competence, experience, integrity, and fitness.
(B) Prohibition from service on behalf of Corporation
The procedures established under subparagraph (A) shall
provide that the Corporation shall prohibit any person who does
not meet the minimum standards of competence, experience,
integrity, and fitness from -
(i) entering into any contract with the Corporation; or
(ii) becoming employed by the Corporation or otherwise
performing any service for or on behalf of the Corporation.
(C) Information required to be submitted
The procedures established under subparagraph (A) shall
require that any offer submitted to the Corporation by any
person under this section and any employment application
submitted to the Corporation by any person shall include -
(i) a list and description of any instance during the 5
years preceding the submission of such application in which
the person or a company under such person's control defaulted
on a material obligation to an insured depository
institution; and
(ii) such other information as the Board may prescribe by
regulation.
(D) Subsequent submissions
(i) In general
No offer submitted to the Corporation may be accepted
unless the offeror agrees that no person will be employed,
directly or indirectly, by the offeror under any contract
with the Corporation unless -
(I) all applicable information described in subparagraph
(C) with respect to any such person is submitted to the
Corporation; and
(II) the Corporation does not disapprove of the direct or
indirect employment of such person.
(ii) Finality of determination
Any determination made by the Corporation pursuant to this
paragraph shall be in the Corporation's sole discretion and
shall not be subject to review.
(E) Prohibition required in certain cases
The standards established under subparagraph (A) shall
require the Corporation to prohibit any person who has -
(i) been convicted of any felony;
(ii) been removed from, or prohibited from participating in
the affairs of, any insured depository institution pursuant
to any final enforcement action by any appropriate Federal
banking agency;
(iii) demonstrated a pattern or practice of defalcation
regarding obligations to insured depository institutions; or
(iv) caused a substantial loss to Federal deposit insurance
funds;
from performing any service on behalf of the Corporation.
(5) Abrogation of contracts
The Corporation may rescind any contract with a person who -
(A) fails to disclose a material fact to the Corporation;
(B) would be prohibited under paragraph (6) from providing
services to, receiving fees from, or contracting with the
Corporation; or
(C) has been subject to a final enforcement action by any
Federal banking agency.
(6) Priority of FDIC rules
To the extent that the regulations under this subsection
conflict with rules of other agencies or Government corporations,
officers, directors, employees, and independent contractors of
the Corporation who are also subject to the conflict of interest
or ethical rules of another agency or Government corporation,
shall be governed by the regulations prescribed by the Board of
Directors under this subsection when acting for or on behalf of
the Corporation. Notwithstanding the preceding sentence, the
rules of the Corporation shall not take priority over the ethics
and conflict of interest rules and regulations promulgated by the
Office of Government Ethics unless specifically authorized by
that Office.
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