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FDIC Law, Regulations, Related Acts

[Main Tabs]     [Table of Contents - 1000]     [Index]     [Previous Page]     [Next Page]     [Search] 1000 - Federal Deposit Insurance Act {{10-31-94 p.1513}} SEC. 44. INTERSTATE BANK MERGERS.   (a)  Approval of Interstate Merger Transactions Authorized.--     (1)  IN GENERAL.--Beginning on June 1, 1997, the responsible agency may approve a merger transaction under section 18(c) between insured banks with different home States, without regard to whether such transaction is prohibited under the law of any State.     (2)  State election to prohibit interstate merger transactions.--       (A)  IN GENERAL.--Notwithstanding paragraph (1), a merger transaction may not be approved pursuant to paragraph (1) if the transaction involves a bank the home State of which has enacted a law after the date of enactment of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 and before June 1, 1997, that--         (i)  applies equally to all out-of-State banks; and         (ii)  expressly prohibits merger transactions involving out-of-State banks.       (B)  No effect on prior approvals of merger transactions.--A law enacted by a State pursuant to subparagraph (A) shall have no effect on merger transactions that were approved before the effective date of such law.     (3)  State election to permit early interstate merger transactions.--       (A)  IN GENERAL.--A merger transaction may be approved pursuant to paragraph (1) before June 1, 1997, if the home State of each bank involved in the transaction has in effect, as of the date of the approval of such transaction, a law that--         (i)  applies equally to all out-of-State banks; and         (ii)  expressly permits interstate merger transactions with all out-of-State banks.       (B)  CERTAIN CONDITIONS ALLOWED.--A host State may impose conditions on a branch within such State of a bank resulting from an interstate merger transaction if--         (i)  the conditions do not have the effect of discriminating against out-of-State banks, out-of-State bank holding companies, or any subsidiary of such bank or company (other than on the basis of a nationwide reciprocal treatment requirement);         (ii)  the imposition of the conditions is not preempted by Federal law; and         (iii)  the conditions do not apply or require performance after May 31, 1997.     (4)  Interstate merger transactions involving acquisitions of branches.--       (A)  IN GENERAL.--An interstate merger transaction may involve the acquisition of a branch of an insured bank without the acquisition of the bank only if the law of the State in which the branch is located permits out-of-State banks to acquire a branch of a bank in such State without acquiring the bank.       (B)  Treatment of branch for purposes of this section.--In the case of an interstate merger transaction which involves the acquisition of a branch of an insured bank without the acquisition of the bank, the branch shall be treated, for purposes of this section, as an insured bank the home State of which is the State in which the branch is located.     (5)  PRESERVATION OF STATE AGE LAWS.--       (A)  IN GENERAL.--The responsible agency may not approve an application pursuant to paragraph (1) that would have the effect of permitting an out-of-State bank or out-of-State bank holding company to acquire a bank in a host State that has not been in existence for the minimum period of time, if any, specified in the statutory law of the host State.       (B)  Special rule for state age laws specifying a period of more than 5 years.--Notwithstanding subparagraph (A), the responsible agency may approve a merger transaction pursuant to paragraph (1) involving the acquisition of a bank that has been in existence at least 5 years without regard to any longer minimum period of time specified in a statutory law of the host State.     (6)  SHELL BANKS.--For purposes of this subsection, a bank that has been chartered solely for the purpose of, and does not open for business prior to, acquiring control of, or acquiring all or substantially all of the assets of, an existing bank or branch shall be deemed to have been in existence for the same period of time as the bank or branch to be acquired. [Codified to 12 U.S.C. 1831u(a)] {{10-31-94 p.1514}} [Source:  Section 2[44(a)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 102(a) of title I of the Act of September 29, 1994 (Pub. L. No. 103--328; 108 Stat. 2343), effective September 29, 1994]   (b)  Provisions Relating to Application and Approval Process.--     (1)  COMPLIANCE WITH STATE FILING REQUIREMENTS.--       (A)  IN GENERAL.--Any bank which files an application for an interstate merger transaction shall--         (i)  comply with the filing requirements of any host State of the bank which will result from such transaction to the extent that the requirement--           (I)  does not have the effect of discriminating against out-of-State banks or out-of-State bank holding companies or subsidiaries of such banks or bank holding companies; and           (II)  is similar in effect to any requirement imposed by the host State on a nonbanking corporation incorporated in another State that engages in business in the host State; and         (ii)  submit a copy of the application to the State bank supervisor of the host State.       (B)  PENALTY FOR FAILURE TO COMPLY.--The responsible agency may not approve an application for an interstate merger transaction if the applicant materially fails to comply with subparagraph (A).     (2)  CONCENTRATION LIMITS.--       (B)  NATIONWIDE CONCENTRATION LIMITS.--The responsible agency may not approve an application for an interstate merger transaction if the resulting bank (including all insured depository institutions which are affiliates of the resulting bank), upon consummation of the transaction, would control more than 10 percent of the total amount of deposits of insured depository institutions in the United States.       (B)  Statewide concentration limits other than with respect to initial entries.--The responsible agency may not approve an application for an interstate merger transaction if--         (i)  any bank involved in the transaction (including all insured depository institutions which are affiliates of any such bank) has a branch in any State in which any other bank involved in the transaction has a branch; and         (ii)  the resulting bank (including all insured depository institutions which would be affiliates of the resulting bank), upon consummation of the transaction, would control 30 percent or more of the total amount of deposits of insured depository institutions in any such State.       (C)  EFFECTIVENESS OF STATE DEPOSIT CAPS.--No provision of this subsection shall be construed as affecting the authority of any State to limit, by statute, regulation, or order, the percentage of the total amount of deposits of insured depository institutions in the State which may be held or controlled by any bank or bank holding company (including all insured depository institutions which are affiliates of the bank or bank holding company) to the extent the application of such limitation does not discriminate against out-of-State banks, out-of-State bank holding companies, or subsidiaries of such banks or holding companies.       (D)  EXCEPTIONS TO SUBPARAGRAPH (B).--The responsible agency may approve an application for an interstate merger transaction pursuant to subsection (a) without regard to the applicability of subparagraph (B) with respect to any State if--         (i)  there is a limitation described in subparagraph (C) in a State statute, regulation, or order which has the effect of permitting a bank or bank holding company (including all insured depository institutions which are affiliates of the bank or bank holding company) to control a greater percentage of total deposits of all insured depository institutions in the State than the percentage permitted under subparagraph (B); or         (ii)  the transaction is approved by the appropriate State bank supervisor of such State and the standard on which such approval is based does not have the effect of {{12-30-99 p.1515}}discriminating against out-of-State banks, out-of-State bank holding companies, or subsidiaries of such banks or holding companies.       (E)  EXCEPTION FOR CERTAIN BANKS.--This paragraph shall not apply with respect to any interstate merger transaction involving only affiliated banks.     (3)  COMMUNITY REINVESTMENT COMPLIANCE.--In determining whether to approve an application for an interstate merger transaction in which the resulting bank would have a branch or bank affiliate immediately following the transaction in any State in which the bank submitting the application (as the acquiring bank) had no branch or bank affiliate immediately before the transaction, the responsible agency shall--       (A)  comply with the responsibilities of the agency regarding such application under section 804 of the Community Reinvestment Act of 1977;       (B)  take into account the most recent written evaluation under section 804 of the Community Reinvestment Act of 1977 of any bank which would be an affiliate of the resulting bank; and       (C) take into account the record of compliance of any applicant bank with applicable State community reinvestment laws.     (4)  ADEQUACY OF CAPITAL AND MANAGEMENT SKILLS.--The responsible agency may approve an application for an interstate merger transaction pursuant to subsection (a) only if--       (A)  each bank involved in the transaction is adequately capitalized as of the date the application is filed; and       (B)  the responsible agency determines that the resulting bank will continue to be adequately capitalized and adequately managed upon the consummation of the transaction.     (5)  SURRENDER OF CHARTER AFTER MERGER TRANSACTION.--The charters of all banks involved in an interstate merger transaction, other than the charter of the resulting bank, shall be surrendered, upon request, to the Federal banking agency or State bank supervisor which issued the charter. [Codified to 12 U.S.C. 1831u(b)] [Source:  Section 2[44(b)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 102(a) of title I of the Act of September 29, 1994 (Pub. L. No. 103--328; 108 Stat. 2345), effective September 29, 1994]   (c)  Applicability of Certain Laws to Interstate Banking Operations.--     (1)  STATE TAXATION AUTHORITY NOT AFFECTED.--       (A)  IN GENERAL.--No provision of this section shall be construed as affecting the authority of any State or political subdivision of any State to adopt, apply, or administer any tax or method of taxation to any bank, bank holding company, or foreign bank, or any affiliate of any bank, bank holding company, or foreign bank, to the extent such tax or tax method is otherwise permissible by or under the Constitution of the United States or other Federal law.       (B)  IMPOSITION OF SHARES TAX BY HOST STATES.--In the case of a branch of an out-of-State bank which results from an interstate merger transaction, a proportionate amount of the value of the shares of the out-of-State bank may be subject to any bank shares tax levied or imposed by the host State, or any political subdivision of such host State that imposes such tax based upon a method adopted by the host State, which may include allocation and apportionment.     (2)  APPLICABILITY OF ANTITRUST LAWS.--No provision of this section shall be construed as affecting--       (A)  the applicability of the antitrust laws; or       (B)  the applicability, if any, of any State law which is similar to the antitrust laws.     (3)  RESERVATION OF CERTAIN RIGHTS TO STATES.--No provision of this section shall be construed as limiting in any way the right of a State to--       (A)  determine the authority of State banks chartered by that State to establish and maintain branches; or {{12-30-99 p.1516}}       (B)  supervise, regulate, and examine State banks chartered by that State.     (4)  State-imposed notice requirements.--A host State may impose any notification or reporting requirement on a branch of an out-of-State bank if the requirement--       (A)  does not discriminate against out-of-State banks or bank holding companies; and       (B)  is not preempted by any Federal law regarding the same subject. [Codified to 12 U.S.C. 1831u(c)] [Source:  Section 2[44(c)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 102(a) of title I of the Act of September 29, 1994 (Pub. L. No. 103--328; 108 Stat. 2347), effective September 29, 1994]   (d)  OPERATIONS OF THE RESULTING BANK.--     (1)  CONTINUED OPERATIONS.--A resulting bank may, subject to the approval of the appropriate Federal banking agency, retain and operate, as a main office or a branch, any office that any bank involved in an interstate merger transaction was operating as a main office or a branch immediately before the merger transaction.     (2)  ADDITIONAL BRANCHES.--Following the consummation of any interstate merger transaction, the resulting bank may establish, acquire, or operate additional branches at any location where any bank involved in the transaction could have established, acquired, or operated a branch under applicable Federal or State law if such bank had not been a party to the merger transaction.     (3)  CERTAIN CONDITIONS AND COMMITMENTS CONTINUED.-- If, as a condition for the acquisition of a bank by an out-of-State bank holding company before the date of the enactment of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994--       (A)  the home State of the acquired bank imposed conditions on such acquisition by such out-of-State bank holding company; or       (B)  the bank holding company made commitments to such State in connection with the acquisition,   the State may enforce such conditions and commitments with respect to such bank holding company or any affiliated successor company which controls a bank or branch in such State as a result of an interstate merger transaction to the same extent as the State could enforce such conditions or commitments against the bank holding company before the consummation of the merger transaction. [Codified to 12 U.S.C. 1831u(d)] [Source:  Section 2[44(d)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 102(a) of title I of the Act of September 29, 1994 (Pub. L. No. 103--328; 108 Stat. 2347), effective September 29, 1994]   (e)  Exception for Banks in Default or in Danger of Default.--If an application under subsection (a)(1) for approval of a merger transaction which involves 1 or more banks in default or in danger of default or with respect to which the Corporation provides assistance under section 13(c), the responsible agency may approve such application without regard to subsection (b), or paragraph (2), (4), or (5) of subsection (a). [Codified to 12 U.S.C. 1831u(e)] [Source:  Section 2[44(e)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 102(a) of title I of the Act of September 29, 1994 (Pub. L. No. 103--328; 108 Stat. 2348), effective September 29, 1994]   (f)  APPLICABLE RATE AND OTHER CHARGE LIMITATIONS.--     (1)  IN GENERAL.--In the case of any State that has a constitutional provision that sets a maximum lawful annual percentage rate of interest on any contract at not more than 5 percent above the discount rate for 90-day commercial paper in effect at the Federal reserve bank for the Federal reserve district in which such State is located, except as provided in {{12-30-99 p.1517}}paragraph (2), upon the establishment in such State of a branch of any out-of-State insured depository institution in such State under this section, the maximum interest rate or amount of interest, discount points, finance charges, or other similar charges that may be charged, taken, received, or reserved from time to time in any loan or discount made or upon any note, bill of exchange, financing transaction, or other evidence of debt by any insured depository institution whose home State is such State shall be equal to not more than the greater of--       (A)  the maximum interest rate or amount of interest, discount points, finance charges, or other similar charges that may be charged, taken, received, or reserved in a similar transaction under the constitution or any statute or other law of the home State of the out-of-State insured depository institution establishing any such branch, without reference to this section, as such maximum interest rate or amount of interest may change from time to time; or       (B)  the maximum rate or amount of interest, discount points, finance charges, or other similar charges that may be charged, taken, received, or reserved in a similar transaction by a State insured depository institution chartered under the laws of such State or a national bank or Federal savings association whose main office is located in such State without reference to this section.     (2)  RULE OF CONSTRUCTION.--No provision of this subsection shall be construed as superseding or affecting--       (A)  the authority of any insured depository institution to take, receive, reserve, and charge interest on any loan made in any State other than the State referred to in paragraph (1); or       (B)  the applicability of section 501 of the Depository Institutions Deregulation and Monetary Control Act of 1980, section 5197 of the Revised Statutes of the United States, or section 27 of this Act. [Codified to 12 U.S.C. 1831u(f)] [Source: Section 2[44(f)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 731(2) of title VII of the Act of November 12, 1999 (Pub. L. No. 106-102; 113 Stat. 1477), effective November 12, 1999]   (g)  DEFINITIONS.--For purposes of this section, the following definitions shall apply:     (1)  ADEQUATELY CAPITALIZED.--The term "adequately capitalized" has the same meaning as in section 38.     (2)  ANTITRUST LAWS.--The term "antitrust laws"--       (A)  has the same meaning as in subsection (a) of the first section of the Clayton Act; and       (B)  includes section 5 of the Federal Trade Commission Act to the extent such section 5 relates to unfair methods of competition.     (3)  BRANCH.--The term "branch" means any domestic branch.     (4)  HOME STATE.--The term "home State"--       (A)  means--         (i)  with respect to a national bank, the State in which the main office of the bank is located; and         (ii)  with respect to a State bank, the State by which the bank is chartered; and       (B)  with respect to a bank holding company, has the same meaning as in section 2(o)(4) of the Bank Holding Company Act of 1956.     (5)  HOST STATE.--The term "host State" means, with respect to a bank, a State, other than the home State of the bank, in which the bank maintains, or seeks to establish and maintain, a branch.     (6)  INTERSTATE MERGER TRANSACTION.--The term "interstate merger transaction" means any merger transaction approved pursuant to subsection (a)(1).     (7)  MERGER TRANSACTION.--The term "merger transaction" has the meaning determined under section 18(c)(3). {{12-30-99 p.1518}}     (8)  OUT-OF-STATE BANK.--The term "out-of-State bank" means, with respect to any State, a bank whose home State is another State.     (9)  OUT-OF-STATE BANK HOLDING COMPANY.--The term "out-of-State bank holding company" means, with respect to any State, a bank holding company whose home State is another State.     (10)  RESPONSIBLE AGENCY.--The term "responsible agency" means the agency determined in accordance with section 18(c)(2) with respect to a merger transaction.     (11)  RESULTING BANK.--The term "resulting bank" means a bank that has resulted from an interstate merger transaction under this section. [Codified to 12 U.S.C. 1831u(g)] [Source:  Section 2[44(g)] (formerly section 44(f)) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 102(a) of title I of the Act of September 29, 1994 (Pub. L. No. 103--328; 108 Stat. 2348), effective September 29, 1994; redesignated as section 44(g) by section 731(1) of title VII of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1477), effective November 12, 1999] {{12-30-99 p.1519}} SEC. 45. AUTHORITY OF STATE INSURANCE REGULATOR AND SECURITIES AND EXCHANGE COMMISSION.   (a)  IN GENERAL.--Notwithstanding any other provision of law, the provisions of--     (1)  section (5) of the Bank Holding Company Act of 1956 that limit the authority of the Board of Governors of the Federal Reserve System to require reports from, to make examinations of, or to impose capital requirements on holding companies and their functionally regulated subsidiaries or that require deference to other regulators;     (2)  section 5(g) of the Bank Holding Company Act of 1956 that limit the authority of the Board to require a functionally regulated subsidiary of a holding company to provide capital or other funds or assets to a depository institution subsidiary of the holding company and to take certain actions including requiring divestiture of the depository institution; and     (3)  section 10A of the Bank Holding Company Act of 1956 that limit whatever authority the Board might otherwise have to take direct or indirect action with respect to holding companies and their functionally regulated subsidiaries; shall also limit whatever authority that a Federal banking agency might otherwise have under any statute or regulation to require reports, make examinations, impose capital requirements, or take any other direct or indirect action with respect to any functionally regulated affiliate of a depository institution, subject to the same standards and requirements as are applicable to the Board under those provisions. [Codified to 12 U.S.C. 1831v(a)] [Section 2[45](a) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 112(b) of title I of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1368), effective March 12, 2000]   (b)  CERTAIN EXEMPTION AUTHORIZED.--No provision of this section shall be construed as preventing the Corporation, if the Corporation finds it necessary to determine the condition of a depository institution for insurance purposes, from examining an affiliate of any depository institution, pursuant to section 10(b)(4), as may be necessary to disclose fully the relationship between the depository institution and the affiliate, and the effect of such relationship on the depository institution. [Codified to 12 U.S.C. 1831v(b)] [Section 2[45](b) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 112(b) of title I of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1368), effective March 12, 2000]   (c)  DEFINITIONS.--For purposes of this section, the following definitions shall apply:     (1)  FUNCTIONALLY REGULATED SUBSIDIARY.--The term "functionally regulated subsidiary" has the meaning given the term in section 5(c)(5) of the Bank Holding Company Act of 1956.     (2)  FUNCTIONALLY REGULATED AFFILIATE.--The term "functionally regulated affiliate" means, with respect to any depository institution, any affiliate of such depository institution that is--       (A)  not a depository institution holding company; and       (B)  a company described in any clause of section 5(c)(5)(B) of the Bank Holding Company Act of 1956. [Codified to 12 U.S.C. 1831v(c)] [Section 2[45](c) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 112(b) of title I of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1368), effective March 12, 2000] [The page following this is 1523.] {{12-30-99 p.1523}} SEC. 46. SAFETY AND SOUNDNESS FIREWALLS APPLICABLE TO FINANCIAL SUBSIDIARIES OF BANKS.   (a)  IN GENERAL.--An insured State bank may control or hold an interest in a subsidiary that engages in activities as principal that would only be permissible for a national bank to conduct through a financial subsidiary if--     (1)  the State bank and each insured depository institution affiliate of the State bank are well capitalized (after the capital deduction required by paragraph (2));     (2)  the State bank complies with the capital deduction and financial statement disclosure requirements in section 5136A(c) of the Revised Statutes of the United States;     (3)  the State bank complies with the financial and operational safeguards required by section 5136A(d) of the Revised Statutes of the United States; and     (4)  the State bank complies with the amendments to sections 23A and 23B of the Federal Reserve Act made by section 121(b) of the Gramm-Leach-Bliley Act. [Codified to 12 U.S.C. 1831w(a)] [Section 2[46](a) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 121(d)(1) of title I of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1380), effective March 12, 2000]   (b)  Preservation of Existing Subsidiaries.--Notwithstanding subsection (a), an insured State bank may retain control of a subsidiary, or retain an interest in a subsidiary, that the State bank lawfully controlled or acquired before the date of the enactment of the Gramm-Leach-Bliley Act, and conduct through such subsidiary any activities lawfully conducted in such subsidiary as of such date. [Codified to 12 U.S.C. 1831w(b)] [Section 2[46](b) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 121(d)(1) of title I of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1380), effective March 12, 2000]   (c)  DEFINITIONS.--For purposes of this section, the following definitions shall apply:     (1)  SUBSIDIARY.--The term "subsidiary" means any company that is a subsidiary (as defined in section 3(w)(4)) of 1 or more insured banks.     (2)  FINANCIAL SUBSIDIARY.--The term "financial subsidiary" has the meaning given the term in section 5136A(g) of the Revised Statutes of the United States. [Codified to 12 U.S.C. 1831w(c)] [Section 2[46](c) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 121(d)(1) of title I of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1381), effective March 12, 2000]   (d)  PRESERVATION OF AUTHORITY.--     (1)  FEDERAL DEPOSIT INSURANCE ACT.--No provision of this section shall be construed as superseding the authority of the Federal Deposit Insurance Corporation to review subsidiary activities under section 24.     (2)  FEDERAL RESERVE ACT.--No provision of this section shall be construed as affecting the applicability of the 20th undesignated paragraph of section 9 of the Federal Reserve Act. [Codified to 12 U.S.C. 1831w(d)] [Section 2[46](d) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 121(d)(1) of title I of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1381), effective March 12, 2000] [The page following this is 1527.] {{12-30-99 p.1527}} SEC. 47. INSURANCE CUSTOMER PROTECTIONS.   (a)  REGULATIONS REQUIRED.--     (1)  IN GENERAL.--The Federal banking agencies shall prescribe and publish in final form, before the end of the 1-year period beginning on the date of the enactment of the Gramm-Leach-Bliley Act, customer protection regulations (which the agencies jointly determine to be appropriate) that--       (A)  apply to retail sales practices, solicitations, advertising, or offers of any insurance product by any depository institution or any person that is engaged in such activities at an office of the institution or on behalf of the institution; and       (B)  are consistent with the requirements of this Act and provide such additional protections for customers to whom such sales, solicitations, advertising, or offers are directed.     (2)  APPLICABILITY TO SUBSIDIARIES.--The regulations prescribed pursuant to paragraph (1) shall extend such protections to any subsidiary of a depository institution, as deemed appropriate by the regulators referred to in paragraph (3), where such extension is determined to be necessary to ensure the consumer protections provided by this section.     (3)  CONSULTATION AND JOINT REGULATIONS.--The Federal banking agencies shall consult with each other and prescribe joint regulations pursuant to paragraph (1), after consultation with the State insurance regulators, as appropriate. [Codified to 12 U.S.C. 1831x(a)] [Section 2[47](a) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 305 of title III of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1410), effective November 12, 1999]   (b)  SALES PRACTICES.--The regulations prescribed pursuant to subsection (a) shall include antitying and anticoercion rules applicable to the sale of insurance products that prohibit a depository institution from engaging in any practice that would lead a customer to believe an extension of credit, in violation of section 106(b) of the Bank Holding Company Act Amendments of 1970, is conditional upon--     (1)  the purchase of an insurance product from the institution or any of its affiliates; or     (2)  an agreement by the consumer not to obtain, or a prohibition on the consumer from obtaining, an insurance product from an unaffiliated entity. [Codified to 12 U.S.C. 1831x(b)] [Section 2[47](b) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 305 of title III of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1410), effective November 12, 1999]   (c)  DISCLOSURES AND ADVERTISING.--The regulations prescribed pursuant to subsection (a) shall include the following provisions relating to disclosures and advertising in connection with the initial purchase of an insurance product:     (1)  DISCLOSURES.--       (A)  IN GENERAL.--Requirements that the following disclosures be made orally and in writing before the completion of the initial sale and, in the case of clause (iii), at the time of application for an extension of credit:         (i)  UNINSURED STATUS.--As appropriate, the product is not insured by the Federal Deposit Insurance Corporation, the United States Government, or the depository institution.         (ii)  INVESTMENT RISK.--In the case of a variable annuity or other insurance product which involves an investment risk, that there is an investment risk associated with the product, including possible loss of value.         (iii)  COERCION.--The approval of an extension of credit may not be conditioned on--           (I)  the purchase of an insurance product from the institution in which the application for credit is pending or of any affiliate of the institution; or {{12-30-99 p.1528}}           (II)  an agreement by the consumer not to obtain, or a prohibition on the consumer from obtaining, an insurance product from an unaffiliated entity.       (B)  Making disclosure readily understandable.--Regulations prescribed under subparagraph (A) shall encourage the use of disclosure that is conspicuous, simple, direct, and readily understandable, such as the following:         (i)  "NOT FDIC--INSURED".         (ii)  "NOT GUARANTEED BY THE BANK".         (iii)  "MAY GO DOWN IN VALUE".         (iv)  "NOT INSURED BY ANY GOVERNMENT AGENCY".       (C)  LIMITATION.--Nothing in this paragraph requires the inclusion of the foregoing disclosures in advertisements of a general nature describing or listing the services or products offered by an institution.       (D)  MEANINGFUL DISCLOSURES.--Disclosures shall not be considered to be meaningfully provided under this paragraph if the institution or its representative states that disclosures required by this subsection were available to the customer in printed material available for distribution, where such printed material is not provided and such information is not orally disclosed to the customer.       (E)  ADJUSTMENTS FOR ALTERNATIVE METHODS OF PURCHASE.--In prescribing the requirements under subparagraphs (A) and (F), necessary adjustments shall be made for purchase in person, by telephone, or by electronic media to provide for the most appropriate and complete form of disclosure and acknowledgments.         (F)  CONSUMER ACKNOWLEDGMENT.--A requirement that a depository institution shall require any person selling an insurance product at any office of, or on behalf of, the institution to obtain, at the time a consumer receives the disclosures required under this paragraph or at the time of the initial purchase by the consumer of such product, an acknowledgment by such consumer of the receipt of the disclosure required under this subsection with respect to such product.     (2)  PROHIBITION ON MISREPRESENTATIONS.--A prohibition on any practice, or any advertising, at any office of, or on behalf of, the depository institution, or any subsidiary, as appropriate, that could mislead any person or otherwise cause a reasonable person to reach an erroneous belief with respect to--       (A)  the uninsured nature of any insurance product sold, or offered for sale, by the institution or any subsidiary of the institution;       (B)  in the case of a variable annuity or insurance product that involves an investment risk, the investment risk associated with any such product; or       (C)  in the case of an institution or subsidiary at which insurance products are sold or offered for sale, the fact that--         (i)  the approval of an extension of credit to a customer by the institution or subsidiary may not be conditioned on the purchase of an insurance product by such customer from the institution or subsidiary; and         (ii)  the customer is free to purchase the insurance product from another source. [Codified to 12 U.S.C. 1831x(c)] [Section 2[47](c) of the act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 305 of title III of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1411), effective November 12, 1999]   (d)  SEPARATION OF BANKING AND NONBANKING ACTIVITIES.--     (1)  REGULATIONS REQUIRED.--The regulations prescribed pursuant to subsection (a) shall include such provisions as the Federal banking agencies consider appropriate to ensure that the routine acceptance of deposits is kept, to the extent practicable, physically segregated from insurance product activity.     (2)  REQUIREMENTS.--Regulations prescribed pursuant to paragraph (1) shall include the following requirements: {{12-30-99 p.1529}}       (A)  SEPARATE SETTING.--A clear delineation of the setting in which, and the circumstances under which, transactions involving insurance products shall be conducted in a location physically segregated from an area where retail deposits are routinely accepted.       (B)  REFERRALS.--Standards that permit any person accepting deposits from the public in an area where such transactions are routinely conducted in a depository institution to refer a customer who seeks to purchase any insurance product to a qualified person who sells such product, only if the person making the referral receives no more than a one-time nominal fee of a fixed dollar amount for each referral that does not depend on whether the referral results in a transaction.       (C)  QUALIFICATION AND LICENSING REQUIREMENTS.--Standards prohibiting any depository institution from permitting any person to sell or offer for sale any insurance product in any part of any office of the institution, or on behalf of the institution, unless such person is appropriately qualified and licensed. [Codified to 12 U.S.C. 1831x(d)] [Section 2[47](d) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 305 of title III of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1412), effective November 12, 1999]   (e)  DOMESTIC VIOLENCE DISCRIMINATION PROHIBITION.--     (1)  IN GENERAL.--In the case of an applicant for, or an insured under, any insurance product described in paragraph (2), the status of the applicant or insured as a victim of domestic violence, or as a provider of services to victims of domestic violence, shall not be considered as a criterion in any decision with regard to insurance underwriting, pricing, renewal, or scope of coverage of insurance policies, or payment of insurance claims, except as required or expressly permitted under State law.     (2)  SCOPE OF APPLICATION.--The prohibition contained in paragraph (1) shall apply to any life or health insurance product which is sold or offered for sale, as principal, agent, or broker, by any depository institution or any person who is engaged in such activities at an office of the institution or on behalf of the institution.     (3)  DOMESTIC VIOLENCE DEFINED.--For purposes of this subsection, the term "domestic violence" means the occurrence of one or more of the following acts by a current or former family member, household member, intimate partner, or caretaker:       (A)  Attempting to cause or causing or threatening another person physical harm, severe emotional distress, psychological trauma, rape, or sexual assault.       (B)  Engaging in a course of conduct or repeatedly committing acts toward another person, including following the person without proper authority, under circumstances that place the person in reasonable fear of bodily injury or physical harm.       (C)  Subjecting another person to false imprisonment.       (D)  Attempting to cause or cause damage to property so as to intimidate or attempt to control the behavior of another person. [Codified to 12 U.S.C. 1831x(e)] [Section 2[47](e) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 305 of title III of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1413), effective November 12, 1999]   (f)  CONSUMER GRIEVANCE PROCESS.--The Federal banking agencies shall jointly establish a consumer complaint mechanism, for receiving and expeditiously addressing consumer complaints alleging a violation of regulations issued under the section, which shall--     (1)  establish a group within each regulatory agency to receive such complaints;     (2)  develop procedures for investigating such complaints;     (3)  develop procedures for informing consumers of rights they may have in connection with such complaints; and {{12-30-99 p.1530}}     (4)  develop procedures for addressing concerns raised by such complaints, as appropriate, including procedures for the recovery of losses to the extent appropriate. [Codified to 12 U.S.C. 1831x(f)] [Section 2[47](f) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 305 of title III of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1413), effective November 12, 1999]   (g)  EFFECT ON OTHER AUTHORITY.--     (1)  IN GENERAL.--No provision of this section shall be construed as granting, limiting, or otherwise affecting--       (A)  any authority of the Securities and Exchange Commission, any self-regulatory organization, the Municipal Securities Rulemaking Board, or the Secretary of the Treasury under any Federal securities law; or       (B)  except as provided in paragraph (2), any authority of any State insurance commission (or any agency or office performing like functions), or of any State securities commission (or any agency or office performing like functions), or other State authority under any State law.     (2)  COORDINATION WITH STATE LAW.--       (A)  IN GENERAL.--Except as provided in subparagraph (B), insurance customer protection regulations prescribed by a Federal banking agency under this section shall not apply to retail sales, solicitations, advertising, or offers of any insurance product by any depository institution or to any person who is engaged in such activities at an office of such institution or on behalf of the institution, in a State where the State has in effect statutes, regulations, orders, or interpretations, that are inconsistent with or contrary to the regulations prescribed by the Federal banking agencies.       (B)  PREEMPTION.--         (i)  IN GENERAL.--If, with respect to any provision of the regulations prescribed under this section, the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, and the Board of Directors of the Corporation determine jointly that the protection afforded by such provision for customers is greater than the protection provided by a comparable provision of the statutes, regulations, orders, or interpretations referred to in subparagraph (A) of any State, the appropriate State regulatory authority shall be notified of such determination in writing.         (ii)  CONSIDERATIONS.--Before making a final determination under clause (i), the Federal agencies referred to in clause (i) shall given appropriate consideration to comments submitted by the appropriate State regulatory authorities relating to the level of protection afforded to consumers under State law.         (iii)  Federal preemption and ability of states to override federal preemption.--If the Federal agencies referred to in clause (i) jointly determine that any provision of the regulations prescribed under this section affords greater protections than a comparable State law, rule, regulation, order, or interpretation, those agencies shall send a written preemption notice to the appropriate State regulatory authority to notify the State that the Federal provision will preempt the State provision and will become applicable unless, not later than 3 years after the date of such notice, the State adopts legislation to override such preemption. [Codified to 12 U.S.C. 1831x(g)] [Section 2[47](g) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 305 of title III of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1413), effective November 12, 1999] {{12-30-99 p.1531}}   (h)  NON-DISCRIMINATION AGAINST NON-AFFILIATED AGENTS.--The Federal banking agencies shall ensure that the regulations prescribed pursuant to subsection (a) shall not have the effect of discriminating, either intentionally or unintentionally, against any person engaged in insurance sales or solicitations that is not affiliated with a depository institution. [Codified to 12 U.S.C. 1831x(h)] [Section 2[47](h) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 305 of title III of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1414), effective November 12, 1999] [The page following this is 1537.] {{12-30-99 p.1537}} SEC. 48. CRA SUNSHINE REQUIREMENTS.   (a)  PUBLIC DISCLOSURE OF AGREEMENTS.--Any agreement (as defined in subsection (e)) entered into after the date of the enactment of the Gramm-Leach-Bliley Act by an insured depository institution or affiliate with a nongovernmental entity or person made pursuant to or in connection with the Community Reinvestment Act of 1977 involving funds or other resources of such insured depository institution or affiliate--     (1)  shall be in its entirety fully disclosed, and the full text thereof made available to the appropriate Federal banking agency with supervisory responsibility over the insured depository institution and to the public by each party to the agreement; and     (2)  shall obligate each party to comply with this section. [Codified to 12 U.S.C. 1831y(a)] [Section 2[48](a) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 711 of title VII of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1466), effective November 12, 1999]   (b)  Annual Report of Activity by Insured Depository Institution.--Each insured depository institution or affiliate that is a party to an agreement described in subsection (a) shall report to the appropriate Federal banking agency with supervisory responsibility over the insured depository institution, not less frequently than once each year, such information as the Federal banking agency may by rule require relating to the following actions taken by the party pursuant to the agreement during the preceding 12-month period:     (1)  Payments, fees, or loans made to any party to the agreement or received from any party to the agreement and the terms and conditions of the same.     (2)  Aggregate data on loans, investments, and services provided by each party in its community or communities pursuant to the agreement.     (3)  Such other pertinent matters as determined by regulation by the appropriate Federal banking agency with supervisory responsibility over the insured depository institution. [Codified to 12 U.S.C. 1831y(b)] [Section 2[48](a) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 711 of title VII of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1466), effective November 12, 1999]   (c)  Annual Report of Activity by Nongovernmental Entities.--     (1)  IN GENERAL.--Each nongovernmental entity or person that is not an affiliate of an insured depository institution and that is a party to an agreement described in subsection (a) shall report to the appropriate Federal banking agency with supervisory responsibility over the insured depository institution that is a party to such agreement, not less frequently than once each year, an accounting of the use of funds received pursuant to each such agreement during the preceding 12-month period.     (2)  SUBMISSION TO INSURED DEPOSITORY INSTITUTION.--A nongovernmental entity or person referred to in paragraph (1) may comply with the reporting requirement in such paragraph by transmitting the report to the insured depository institution that is a party to the agreement, and such insured depository institution shall promptly transmit such report to the appropriate Federal banking agency with supervisory authority over the insured depository institution.     (3)  INFORMATION TO BE INCLUDED.--The accounting referred to in paragraph (1) shall include a detailed, itemized list of the uses to which such funds have been made, including compensation, administrative expenses, travel, entertainment, consulting and professional fees paid, and such other categories, as determined by regulation by the appropriate Federal banking agency with supervisory responsibility over the insured depository institution. [Codified to 12 U.S.C. 1831y(c)] {{12-30-99 p.1538}} [Section 2[48](c) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 711 of title VII of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1467), effective November 12, 1999]   (d)  APPLICABILITY.--Subsections (b) and (c) shall not apply with respect to any agreement entered into before the end of the 6-month period beginning on the date of the enactment of the Gramm-Leach-Bliley Act. [Codified to 12 U.S.C. 1831y(d)] [Section 2[48](d) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 711 of title VII of the Act of November 12, 1999 (Pub. L. No. 106--102; Stat. 1467), effective November 12, 1999]   (e)  DEFINITIONS.--     (1)  AGREEMENT.--For purposes of this section, the term "agreement"--       (A)  means--         (i)  any written contract, written arrangement, or other written understanding that provides for cash payments, grants, or other consideration with a value in excess of $10,000, or for loans the aggregate amount of principal of which exceeds $50,000, annually (or the sum of all such agreements during a 12-month period with an aggregate value of cash payments, grants, or other consideration in excess of $10,000, or with an aggregate amount of loan principal in excess of $50,000); or         (ii)  a group of substantively related contracts with an aggregate value of cash payments, grants, or other consideration in excess of $10,000, or with an aggregate amount of loan principal in excess of $50,000, annually; made pursuant to, or in connection with, the fulfillment of the Community Reinvestment Act of 1977, at least 1 party to which is an insured depository institution or affiliate thereof, whether organized on a profit or not-for-profit basis; and       (B)  does not include--         (i)  any individual mortgage loan;         (ii)  any specific contractor commitment for a loan or extension of credit to individuals, businesses, farms, or other entities, if the funds are loaned at rates not substantially below market rates and if the purpose of the loan or extension of credit does not include any re-lending of the borrowed funds to other parties; or         (iii)  any agreement entered into by an insured depository institution or affiliate with a nongovernmental entity or person who has not commented on, testified about, or discussed with the institution, or otherwise contacted the institution, concerning the Community Reinvestment Act of 1977.     (2)  FULFILLMENT OF CRA.--For purposes of subparagraph (A), the term "fulfillment" means a list of actors that the appropriate Federal banking agency determines have a material impact on the agency's decision--       (A)  to approve or disapprove an application for a deposit facility (as defined in section 803 of the Community Reinvestment Act of 1977); or       (B)  to assign a rating to an insured depository institution under section 807 of the Community Reinvestment Act of 1977. [Codified to 12 U.S.C. 1831y(e)] [Section 2[48](e) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 711 of title VII of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1467), effective November 12, 1999]   (f)  VIOLATIONS.--     (1)  Violations by persons other than insured depository institutions or their affiliates.--       (A)  MATERIAL FAILURE TO COMPLY.--If the party to an agreement described in subsection (a) that is not an insured depository institution or affiliate willfully fails to comply with this section in a material way, as determined by the appropriate Federal {{4-28-06 p.1539}}banking agency, the agreement shall be unenforceable after the offending party has been given notice and a reasonable period of time to perform or comply.       (B)  DIVERSION OF FUNDS OR RESOURCES.--If funds or resources received under an agreement described in subsection (a) have been diverted contrary to the purposes of the agreement for personal financial gain, the appropriate Federal banking agency with supervisory responsibility over the insured depository institution may impose either or both of the following penalties:         (i)  Disgorgement by the offending individual of funds received under the agreement.         (ii)  Prohibition of the offending individual from being a party to any agreement described in subsection (a) for a period of not to exceed 10 years.     (2)  DESIGNATION OF SUCCESSOR NONGOVERNMENTAL PARTY.--If an agreement described in subsection (a) is found to be unenforceable under this subsection, the appropriate Federal banking agency may assist the insured depository institution in identifying a successor nongovernmental party to assume the responsibilities of the agreement.     (3)  INADVERTENT OR DE MINIMIS REPORTING ERRORS.--An error in a report filed under subsection (c) that is inadvertent or de minimis shall not subject the filing party to any penalty. [Codified to 12 U.S.C. 1831y(f)] [Section 2[48](f) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 711 of title VII of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1467), effective November 12, 1999]   (g)  RULE OF CONSTRUCTION.--No provision of this section shall be construed as authorizing any appropriate Federal banking agency to enforce the provisions of any agreement described in subsection (a). [Codified to 12 U.S.C. 1831y(g)] [Section 2[48](g) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 711 of title VII of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1468), effective November 12, 1999]   (h)  REGULATIONS.--     (2)  IN GENERAL.--Each appropriate Federal banking agency shall prescribe regulations, in accordance with paragraph (4), requiring procedures reasonably designed to ensure and monitor compliance with the requirements of this section.     (2)  PROTECTION OF PARTIES.--In carrying out paragraph (1), each appropriate Federal banking agency shall--       (A)  ensure that the regulations prescribed by the agency do not impose an undue burden on the parties and that proprietary and confidential information is protected; and       (B)  establish procedures to allow any nongovernmental entity or person who is a party to a large number of agreements described in subsection (a) to make a single or consolidated filing of a report under subsection (c) to an insured depository institution or an appropriate Federal banking agency.     (3)  PARTIES NOT SUBJECT TO REPORTING REQUIREMENTS.--The Board of Governors of the Federal Reserve System may prescribe regulations--       (A)  to prevent evasions of subsection (e)(1)(B)(iii); and       (B)  to provide further exemptions under such subsection, consistent with the purposes of this section.     (4)  COORDINATION, CONSISTENCY, AND COMPARABILITY.--In carrying out paragraph (1), each appropriate Federal banking agency shall consult and coordinate with the other such agencies for the purposes of assuring, to the extent possible, that the regulations prescribed by each such agency are consistent and comparable with the regulations prescribed by the other such agencies. {{4-28-06 p.1540}} [Codified to 12 U.S.C. 1831y(h)] [Section 2[48](h) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat 882), effective September 21, 1950, as added by section 711 of title VII of the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1468), effective November 12, 1999] {{2-29-08 p.1541}} SEC. 49.  BI-ANNUAL FDIC SURVEY AND REPORT ON ENCOURAGING USE OF DEPOSITORY INSTITUTIONS BY THE UNBANKED.   (a)  SURVEY REQUIRED.--     (1)  IN GENERAL.--The Corporation shall conduct a bi-annual survey on efforts by insured depository institutions to bring those individuals and families who have rarely, if ever, held a checking account, a savings account or other type of transaction or check cashing account at an insured depository institution (hereafter in this section referred to as the "unbanked") into the conventional finance system.     (2)  FACTORS AND QUESTIONS TO CONSIDER.--In conducting the survey, the Corporation shall take the following factors and questions into account:       (A)  To what extent do insured depository institutions promote financial education and financial literacy outreach?       (B)  Which financial education efforts appear to be the most effective in bringing unbanked' individuals and families into the conventional finance system?       (C)  What efforts are insured institutions making at converting "unbanked" money order, wire transfer, and international remittance customers into conventional account holders?       (D)  What cultural, language and identification issues as well as transaction costs appear to most prevent unbanked' individuals from establishing conventional accounts?       (E)  What is a fair estimate of the size and worth of the unbanked' market in the United States? [Codified to 12 U.S.C. 1831z(a)] [Section 2[49](a) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950; as added by section 7 of the Act of February 15, 2006 (Pub. L. No. 190--173; 119 Stat. 3609), effective February 15, 2006]   (b)  REPORTS.--The Chairperson of the Board of Directors shall submit a bi-annual report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing the Corporation's findings and conclusions with respect to the survey conducted pursuant to subsection (a), together with such recommendations for legislative or administrative action as the Chairperson may determine to be appropriate. [Codified to 12 U.S.C. 1831z(b)] [Section 2[49](b) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950; as added by section 7 of the Act of February 15, 2006 (Pub. L. No. 190--173; 119 Stat. 3609), effective February 15, 2006] SEC. 50.  ENFORCEMENT OF AGREEMENTS.   (a)  IN GENERAL.--Notwithstanding clause (i) or (ii) of section 8(b)(6)(A) or section 38(e)(2)(E)(i), the appropriate Federal banking agency for a depository institution may enforce, under section 8, the terms of--     (1)  any condition imposed in writing by the agency on the depository institution or an institution-affiliated party in connection with any action on any application, notice, or other request concerning the depository institution; or     (2)  any written agreement entered into between the agency and the depository institution or an institution-affiliated party. [Codified to 12 U.S.C. 1831aa(a)] [Section 2[50](a) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950; as added by section 702(a) of title VII of the Act of October 13, 2006 (Pub. L. No. 190--351; 120 Stat. 1984), effective February 15, 2006]   (b)  RECEIVERSHIPS AND CONSERVATORSHIPS.--After the appointment of the Corporation as the receiver or conservator for a depository institution, the Corporation may enforce any condition or agreement described in paragraph (1) or (2) of subsection (a) imposed on or entered into with such institution or institution-affiliated party through an action brought in an appropriate United States district court. {{2-29-08 p.1542}} [Codified to 12 U.S.C. 1831aa(b)] [Section 2[50](b) of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950; as added by section 702(a) of title VII of the Act of October 13, 2006 (Pub. L. No. 190--351; 120 Stat. 1984), effective February 15, 2006] [End Federal Deposit Insurance Act] [The tab card "FDIC Rules and Regulations" follows this.] [Main Tabs]     [Table of Contents - 1000]     [Index]     [Previous Page]     [Next Page]     [Search]

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