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U.S. Code as of:
01/19/04
Section 1831r. Payments on foreign deposits prohibited
(a) In general
Notwithstanding any other provision of law, the Corporation, the
Board of Governors of the Federal Reserve System, the Resolution
Trust Corporation, any other agency, department, and
instrumentality of the United States, and any corporation owned or
controlled by the United States may not, directly or indirectly,
make any payment or provide any assistance, guarantee, or transfer
under this chapter or any other provision of law in connection with
any insured depository institution which would have the direct or
indirect effect of satisfying, in whole or in part, any claim
against the institution for obligations of the institution which
would constitute deposits as defined in section 1813(l) of this
title but for subparagraphs (A) and (B) of section 1813(l)(5) of
this title.
(b) Exception
Subsection (a) of this section shall not apply to any payment,
assistance, guarantee, or transfer made or provided by the
Corporation if the Board of Directors determines in writing that
such action is not inconsistent with any requirement of section
1823(c) of this title.
(c) Discount window lending
No provision of this section shall be construed as prohibiting
any Federal Reserve bank from making advances or otherwise
extending credit pursuant to the Federal Reserve Act [12 U.S.C. 221
et seq.] to any insured depository institution to the extent that
such advance or extension of credit is consistent with the
conditions and limitations imposed under section 10B of such Act
[12 U.S.C. 347b].
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