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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 {{12-29-06 p.1171}}   SEC. 10  (a)  The Board of Directors shall administer the affairs of the Corporation fairly and impartially and without discrimination. The Board of Directors of the Corporation shall determine and prescribe the manner in which its obligations shall be incurred and its expenses allowed and paid. The Corporation shall be entitled to the free use of the United States mails in the same manner as the executive departments of the Government. The Corporation with the consent of any Federal Reserve bank or of any board, commission, independent establishment, or executive department of the Government, including any field service thereof, may avail itself of the use of information, services, and facilities thereof in carrying out the provisions of this Act. [Codified to 12 U.S.C. 1820(a)] [Source:  Section 2[10(a)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950]   (b)   EXAMINATIONS.--     (1)  APPOINTMENT OF EXAMINERS AND CLAIMS AGENTS.--The Board of Directors shall appoint examiners and claims agents.     (2)  REGULAR EXAMINATIONS.--Any examiner appointed under paragraph (1) shall have power, on behalf of the Corporation, to examine--       (A)  any insured State nonmember bank or insured State branch of any foreign bank;       (B)  any depository institution which files an application with the Corporation to become an insured depository institution; and       (C)  any insured depository institution in default, whenever the Board of Directors determines an examination of any such depository institution is necessary.     (3)  Special examination of any insured depository institution.--In addition to the examinations authorized under paragraph (2), any examiner appointed under paragraph (1) shall have power, on behalf of the Corporation, to make any special examination of any insured depository institution whenever the Board of Directors determines a special examination of any such depository institution is necessary to determine the condition of such depository institution for insurance purposes.     (4)  EXAMINATION OF AFFILIATES.--       (A)  IN GENERAL.--In making any examination under paragraph (2) or (3), any examiner appointed under paragraph (1) shall have power, on behalf of the Corporation, to make such examinations of the affairs of any affiliate of any depository institution as may be necessary to disclose fully--         (i)  the relationship between such depository institution and any such affiliate; and         (ii)  the effect of such relationship on the depository institution.       (B)  Commitment by foreign banks to allow examinations of affiliates.--No branch or depository institution subsidiary of a foreign bank may become an insured depository institution unless such foreign bank submits a written binding commitment to the Board of Directors to permit any examination of any affiliate of such branch or depository institution subsidiary pursuant to subparagraph (A) to the extent determined by the Board of Directors to be necessary to carry out the purposes of this Act.     (5)  EXAMINATION OF INSURED STATE BRANCHES.--The Board of Directors shall--       (A)  coordinate examinations of insured State branches of foreign banks with examinations conducted by the Board of Governors of the Federal Reserve System under section 7(c)(1) of the International Banking Act of 1978; and       (B)  to the extent possible, participate in any simultaneous examination of the United States operations of a foreign bank requested by the Board under such section.     (6)  POWER AND DUTY OF EXAMINERS.--Each examiner appointed under paragraph (1) shall--       (A)  have power to make a thorough examination of any insured depository institution or affiliate under paragraph (2), (3), (4) or (5); and {{12-29-06 p.1172}}       (B)  shall make a full and detailed report of condition of any insured depository institution or affiliate examined to the Corporation.     (7)  POWER OF CLAIM AGENTS.--Each claim agent appointed under paragraph (1) shall have power to investigate and examine all claims for insured deposits. [Codified to 12 U.S.C. 1820(b)] [Source:  Section 2[10(b)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as amended by section 203 of title II of the Act of October 16, 1966 (Pub. L. No. 89--695; 80 Stat. 1053), effective October 16, 1966; section 6(c)(16) of the Act of September 17, 1978 (Pub. L. No. 95--369; 92 Stat. 619), effective September 17, 1978; section 305(a) of title III of the Act of November 10, 1978 (Pub. L. No. 95--630; 92 Stat. 3677), effective March 10, 1979; section 113(i) of title I of the Act of October 15, 1982 (Pub. L. No. 97--320; 96 Stat. 1474), effective October 15, 1982; sections 201(a) and 210(a) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 187 and 217, respectively), effective August 9, 1989; sections 113(b) and (c)(2) of title I and section 203(c) of title II of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2247, 2248, and 2292, respectively), effective December 19, 1991; section 1604(a)(3) of title XVI of the Act of October 28, 1992 (Pub. L. No. 102--550; 106 Stat. 4082), effective December 19, 1991; section 602(a)(19) and (20) of title VI of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2289), effective September 23, 1994; section 8(a)(3) of the Act of October 30, 2004 (Pub. L. No. 108-386; 118 Stat. 2231), effective October 30, 2004]   (c)  In connection with examinations of insured depository institutions and any State nonmember bank, savings association, or other institution making application to become insured depository institutions, and affiliates thereof, or with other types of investigations to determine compliance with applicable law and regulations, the appropriate Federal banking agency, or its designated representatives, are authorized to administer oaths and affirmations, and to examine and to take and preserve testimony under oath as to any matter in respect to the affairs or ownership of any such bank or institution or affiliate thereof, and to exercise such other powers as are set forth in section 8(n) of this Act. [Codified to 12 U.S.C. 1820(c)] [Source:  Section 2[10(c)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as amended by section 203 of title II of the Act of October 16, 1966 (Pub. L. No. 89--695; 80 Stat. 1053), effective October 16, 1966, section 305(b) of title III of the Act of November 10, 1978 (Pub. L. No. 95--630; 92 Stat. 3677), effective March 10, 1979; sections 201(a) and 210(b)(1) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 187 and 218, respectively), effective August 9, 1989]   (d)  Annual On-Site Examinations of All Insured Depository Institutions Required.--     (1)  IN GENERAL.--The appropriate Federal banking agency shall, not less than once during each 12-month period, conduct a full-scope, on-site examination of each insured depository institution.     (2)  EXAMINATIONS BY CORPORATION.--Paragraph (1) shall not apply during any 12-month period in which the Corporation has conducted a full-scope, on-site examination of the insured depository institution.     (3)  STATE EXAMINATIONS ACCEPTABLE.--The examinations required by paragraph (1) may be conducted in alternate 12-month periods, as appropriate, if the appropriate Federal banking agency determines that an examination of the insured depository institution conducted by the State during the intervening 12-month period carries out the purposes of this subsection.     (4)  18-month rule for certain small institutions.--Paragraphs (1), (2), and (3) shall apply with "18-month" substituted for "12-month" if--       (A)  the insured depository institution has total assets of less than $500,000,000;       (B)  the institution is well capitalized, as defined in section 38; {{8-29-08 p.1173}}       (C)  when the institution was most recently examined, it was found to be well managed, and its composite condition--         (i)  was found to be outstanding; or         (ii)  was found to be outstanding or good, in the case of an insured depository institution that has total assets of not more than $100,000,000;       (D)  the insured institution is not currently subject to a formal enforcement proceeding or order by the Corporation or the appropriate Federal banking agency; and       (E)  no person acquired control of the institution during the 12-month period in which a full-scope, on-site examination would be required but for this paragraph.     (5)  Certain government-controlled institutions exempted.--Paragraph (1) does not apply to--       (A)  any institution for which the Corporation or the Resolution Trust Corporation is conservator; or       (B)  any bridge depository institution, none of the voting securities of which are owned by a person or agency other than the Corporation or the Resolution Trust Corporation.     (6)  COORDINATED EXAMINATIONS.--To minimize the disruptive effects of examinations on the operations of insured depository institutions--       (A)  each appropriate Federal banking agency shall, to the extent practicable and consistent with principles of safety and soundness and the public interest--         (i)  coordinate examinations to be conducted by that agency at an insured depository institution and its affiliates;         (ii)  coordinate with the other appropriate Federal banking agencies in the conduct of such examinations;         (iii)  work to coordinate with the appropriate State bank supervisor--           (I)  the conduct of all examinations made pursuant to this subsection; and           (II)  the number, types, and frequency of reports required to be submitted to such agencies and supervisors by insured depository institutions, and the type and amount of information required to be included in such reports; and         (iv)  use copies of reports of examinations of insured depository institutions made by any other Federal banking agency or appropriate State bank supervisor to eliminate duplicative requests for information; and       (B)  not later than 2 years after the date of enactment of the Riegle Community Development and Regulatory Improvement Act of 1994, the Federal banking agencies shall jointly establish and implement a system for determining which one of the Federal banking agencies or State bank supervisors shall be the lead agency responsible for managing a unified examination of each insured depository institution and its affiliates, as required by this subsection.     (7)  SEPARATE EXAMINATIONS PERMITTED.--Notwithstanding paragraph (6), each appropriate Federal banking agency may conduct a separate examination in an emergency or under other exigent circumstances, or when the agency believes that a violation of law may have occurred.     (8)  REPORT.--At the time the system provided for in paragraph (6) is established, the Federal banking agencies shall submit a joint report describing the system to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives. Thereafter, the Federal banking agencies shall annually submit a joint report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives regarding the progress of the agencies in implementing the system and indicating areas in which enhancements to the system, including legislature improvements, would be appropriate.     (9)  Standards for determining adequacy of state examinations.--The Federal Financial Institutions Examination Council shall issue guidelines establishing standards to be used at the discretion of the appropriate Federal banking agency for purposes of making a determination under paragraph (3). {{8-29-08 p.1174}}     (10)  Agencies authorized to increase maximum asset amount of institutions for certain purposes.--At any time after the end of the 2-year period beginning on the date of enactment of the Riegle Community Development and Regulatory Improvement Act of 1994, the appropriate Federal banking agency, in the agency's discretion, may increase the maximum amount limitation contained in paragraph (4)(C)(ii), by regulation, from $100,000,000 to an amount not to exceed $500,000,000 for purposes of such paragraph, if the agency determines that the greater amount would be consistent with the principles of safety and soundness for insured depository institutions. [Codified to 12 U.S.C. 1820(d)] [Source:  Section 2[10(d)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 111(a)(1) of title I of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2240), effective December 19, 1992; as amended by section 1603(b)(1)(A) of title XVI of the Act of October 28, 1992 (Pub. L. No. 102--550; 106 Stat. 4078), effective December 19, 1991; sections 305, 306 and 349 of title III of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2216, 2217 and 2242, respectively), effective September 23, 1994; sections 2221 and 2243(b) of title II of the Act of September 30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--414 and 3009--419, respectively), effective September 30, 1996; section 605 of title VI of the Act of October 13, 2006 (Pub. L. No. 109--351; 120 Stat. 1981), effective October 13, 2006; section 1 of the Act of January 11, 2007 (Pub. L. No. 109--473; 120 Stat. 3561), effective January 11, 2007; section 1604(b)(1)(B) of title VII of the Act of July 30, 2008 (Pub. L. No. 110--289; 122 Stat. 2829), effective July 30, 2008]   (e)  EXAMINATION FEES.--     (1)  Regular and special examinations of depository institutions.--The cost of conducting any regular examination or special examination of any depository institution under subsection (b)(2), (b)(3), or (d) may be assessed by the Corporation against the institution to meet the Corporation's expenses in carrying out such examinations.     (2)  EXAMINATION OF AFFILIATES.--The cost of conducting any examination of any affiliate of any insured depository institution under subsection (b)(4) may be assessed by the Corporation against each affiliate which is examined to meet the Corporation's expenses in carrying out such examination.     (3)  Assessment against depository institution in case of affiliate's refusal to pay.--       (A)  IN GENERAL.--Subject to subparagraph (B), if any affiliate of any insured depository institution--         (i)  refuses to pay any assessment under paragraph (2); or         (ii)  fails to pay any such assessment before the end of the 60-day period beginning on the date the affiliate receives notice of the assessment, the Corporation may assess such cost against, and collect such cost from, the depository institution.       (B)  AFFILIATE OF MORE THAN 1 DEPOSITORY INSTITUTION.--If any affiliate referred to in subparagraph (A) is an affiliate of more than 1 insured depository institution, the assessment under subparagraph (A) may be assessed against the depository institution in such proportions as the Corporation determines to be appropriate.     (4)  Civil money penalty for affiliate's refusal to cooperate.--       (A)  PENALTY IMPOSED.--If any affiliate of any insured depository institution--         (i)  refuses to permit an examiner appointed by the Board of Directors under subsection (b)(1) to conduct an examination; or         (ii)  refuses to provide any information required to be disclosed in the course of any examination, {{2-29-08 p.1175}}the depository institution shall forfeit and pay a penalty of not more than $5,000 for each day that any such refusal continues.       (B)  ASSESSMENT AND COLLECTION.--Any penalty imposed under subparagraph (A) shall be assessed and collected by the Corporation in the manner provided in section 8(i)(2).     (5)  DEPOSITS OF EXAMINATION ASSESSMENT.--Amounts received by the Corporation under this subsection (other than paragraph (4)) may be deposited in the manner provided in section 13. [Codified to 12 U.S.C. 1820(e)] [Source:  Section 2[10(e)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 113(a)(2) of title I of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2246), effective December 19, 1991]   (f)  PRESERVATION OF AGENCY RECORDS.--     (1)  IN GENERAL.--A Federal banking agency may cause any and all records, papers, or documents kept by the agency or in the possession or custody of the agency to be--       (A)  photographed or microphotographed or otherwise reproduced upon film; or       (B)  preserved in any electronic medium or format which is capable of--         (i)  being read or scanned by computer; and         (ii)  being reproduced from such electronic medium or format by printing any other form of reproduction of electronically stored data.     (2)  TREATMENT AS ORIGINAL RECORDS.--Any photographs, microphotographs, or photographic film or copies thereof described in paragraph (1)(A) or reproduction of electronically stored data described in paragraph (1)(B) shall be deemed to be an original record for all purposes, including introduction in evidence in all State and Federal courts or administrative agencies, and shall be admissible to prove any act, transaction, occurrence, or event therein recorded.     (3)  AUTHORITY OF THE FEDERAL BANKING AGENCIES.--Any photographs, microphotographs, or photographic film or copies thereof described in paragraph (1)(A) or reproduction of electronically stored data described in paragraph (1)(B) shall be preserved in such manner as the Federal banking agency shall prescribe, and the original records, papers, or documents may be destroyed or otherwise disposed of as the Federal banking agency may direct. [Codified to 12 U.S.C. 1820(f)] [Source:  Section 2[10(f), formerly 10(e) and 10(g)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 883), effective September 21, 1950, as redesignated by section 4 of the Act of July 14, 1960 (Pub. L. No. 86--671; 74 Stat. 551), effective January 1, 1961; as redesignated by section 113(a)(1) of title I of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2246), effective December 19, 1991; section 723(a) of title VII of the Act of October 13, 2006 (Pub. L. No. 109--351; 120 Stat. 2000), effective October 13, 2006]   (g)  AUTHORITY TO PRESCRIBE REGULATIONS AND DEFINITIONS.-- Except to the extent that authority under this Act is conferred on any of the Federal banking agencies other than the Corporation, the Corporation may--     (1)  prescribe regulations to carry out this Act; and     (2)  by regulation define terms as necessary to carry out this Act. [Codified to 12 U.S.C. 1820(g)] [Source:  Section 2[10(f)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 302(d) of title III of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2349), effective on the earlier of-- 1) 180 days after the date on which final regulations promulgated in accordance with section 302(c) of the Act become effective; or 2) January 1, 1994; as redesignated by section {{2-29-08 p.1176}}303(b)(5) of title III of the Act of October 28, 1992 (Pub. L. No. 102--558; 106 Stat. 4225), effective March 1, 1992]   (h)  COORDINATION OF EXAMINATION AUTHORITY.--     (1)  STATE BANK SUPERVISORS OF HOME AND HOST STATES.--       (A)  HOME STATE OF BANK.--The appropriate State bank supervisor of the home State of an insured State bank has authority to examine and supervise the bank.       (B)  HOST STATE BRANCHES.--The State bank supervisor of the home State of an insured State bank and any State bank supervisor of an appropriate host State shall exercise its respective authority to supervise and examine the branches of the bank in a host State in accordance with the terms of any applicable cooperative agreement between the home State bank supervisor and the State bank supervisor of the relevant host State.       (C)  SUPERVISORY FEES.--Except as expressly provided in a cooperative agreement between the State bank supervisors of the home State and any host State of an insured State bank, only the State bank supervisor of the home State of an insured State bank may levy or charge State supervisory fees on the bank.     (2)  HOST STATE EXAMINATION.--       (A)  IN GENERAL.--With respect to a branch operated in a host State by an out-of-State insured State bank that resulted from an interstate merger transaction approved under section 44, or that was established in such State pursuant to section 5155(g) of the Revised Statutes of the United States, the third undesignated paragraph of section 9 of the Federal Reserve Act or section 18(d)(4) of this Act, the appropriate State bank supervisor of such host State may--         (i)  with written notice to the State bank supervisor of the bank's home State and subject to the terms of any applicable cooperative agreement with the State bank supervisor of such home State, examine such branch for the purpose of determining compliance with host State laws that are applicable pursuant to section 24(j), including those that govern community reinvestment, fair lending, and consumer protection; and         (ii)  if expressly permitted under and subject to the terms of a cooperative agreement with the State bank supervisor of the bank's home State or if such out-of-State insured State bank has been determined to be in a troubled condition by either the State bank supervisor of the bank's home State or the bank's appropriate Federal banking agency, participate in the examination of the bank by the State bank supervisor of the bank's home State to ascertain that the activities of the branch in such host State are not conducted in an unsafe or unsound manner.       (B)  NOTICE OF DETERMINATION.--         (i)  IN GENERAL.--The State bank supervisor of the home State of an insured State bank shall notify the State bank supervisor of each host State of the bank if there has been a final determination that the bank is in a troubled condition.         (ii)  TIMING OF NOTICE.--The State bank supervisor of the home State of an insured State bank shall provide notice under clause (i) as soon as is reasonably possible, but in all cases not later than 15 business days after the date on which the State bank supervisor has made such final determination or has received written notification of such final determination.     (3)  HOST STATE ENFORCEMENT.--If the State bank supervisor of a host State determines that a branch of an out-of-State insured State bank is violating any law of the host State that is applicable to such branch pursuant to section 24(j), including a law that governs community reinvestment, fair lending, or consumer protection, the State bank supervisor of the host State or, to the extent authorized by the law of the host State, a host State law enforcement officer may, with written notice to the State bank supervisor of the bank's home State and subject to the terms of any applicable cooperative agreement with the State bank supervisor of the bank's home State, undertake such enforcement actions and proceedings as would be permitted under the law of the host State as if the branch were a bank chartered by that host State.     (4)  COOPERATIVE AGREEMENT.-- {{2-29-08 p.1177}}       (A)  IN GENERAL.--The State bank supervisors from 2 or more States may enter into cooperative agreements to facilitate State regulatory supervision of State banks, including cooperative agreements relating to the coordination of examinations and joint participation in examinations.       (B)  DEFINITION.--For purposes of this subsection, the term cooperative agreement' means a written agreement that is signed by the home State bank supervisor and the host State bank supervisor to facilitate State regulatory supervision of State banks, and includes nationwide or multi-State cooperative agreements and cooperative agreements solely between the home State and host State.       (C)  RULE OF CONSTRUCTION.--Except for State bank supervisors, no provision of this subsection relating to such cooperative agreements shall be construed as limiting in any way the authority of home State and host State law enforcement officers, regulatory supervisors, or other officials that have not signed such cooperative agreements to enforce host State laws that are applicable to a branch of an out-of-State insured State bank located in the host State pursuant to section 24(j).     (5)  FEDERAL REGULATORY AUTHORITY.--No provision of this subsection shall be construed as limiting in any way the authority of any Federal banking agency.     (6)  STATE TAXATION AUTHORITY NOT AFFECTED.--No provision of this subsection 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 that such tax or tax method is otherwise permissible by or under the Constitution of the United States or other Federal law.     (7)  DEFINITION.--For purpose of this section, the following definitions shall apply:       (A)  HOST STATE, HOME STATE, OUT-OF-STATE BANK.--The terms "host State", "home State", and "out-of-State bank" have the same meanings as in section 44(g).       (B)  STATE SUPERVISORY FEES.--The term "State supervisory fees" means assessments, examination fees, branch fees, license fees, and all other fees that are levied or charged by a State bank supervisor directly upon an insured State bank or upon branches of an insured State bank.       (C)  TROUBLED CONDITION.--Solely for purposes of paragraph (2)(B), an insured State bank has been determined to be in troubled condition' if the bank--         (i)  has a composite rating, as determined in its most recent report of examination, of 4 or 5 under the Uniform Financial Institutions Ratings System;         (ii)  is subject to a proceeding initiated by the Corporation for termination or suspension of deposit insurance; or         (iii)  is subject to a proceeding initiated by the State bank supervisor of the bank's home State to vacate, revoke, or terminate the charter of the bank, or to liquidate the bank, or to appoint a receiver for the bank.       (D)  FINAL DETERMINATION.--For purposes of paragraph (2)(B), the term "final determination" means the transmittal of a report of examination to the bank or transmittal of official notice of proceedings to the bank. [Codified to 12 U.S.C. 1820(h)] [Source:  Section 2[10(h)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882, effective September 21, 1950, as added by section 105 of title I of the Act of September 29, 1994 (Pub. L. No. 103--328; 108 Stat. 2357), effective September 29, 1994; section 711 of title VII of the Act of October 13, 2006 (Pub. L. No. 109--351; 120 Stat. 1991), effective October 13, 2006]   (i)  Flood Insurance Compliance by Insured Depository Institutions.--     (1)  EXAMINATIONS.--The appropriate Federal banking agency shall, during each scheduled on-site examination required by this section, determine whether the insured depository institution is complying with the requirements of the national flood insurance program.       (2)  REPORT.-- {{2-29-08 p.1178}}         (A)  REQUIREMENT.--Not later than 1 year after the date of enactment of the Riegle Community Development and Regulatory Improvement Act of 1994 and biennially thereafter for the next 4 years, each appropriate Federal banking agency shall submit a report to the Congress on compliance by insured depository institutions with the requirements of the national flood insurance program.         (B)  CONTENTS.--Each report submitted under this paragraph shall include a description of the methods used to determine compliance, the number of institutions examined during the reporting year, a listing and total number of institutions found not to be in compliance, actions taken to correct incidents of noncompliance, and an analysis of compliance, including a discussion of any trends, patterns, and problems, and recommendations regarding reasonable actions to improve the efficiency of the examinations processes. [Codified to 12 U.S.C. 1820(i)] [Source:  Section 2[10(i)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 529(a) of title V of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2266), effective September 23, 1994]   (j)  CONSULTATION AMONG EXAMINERS.--     (1)  IN GENERAL.--Each appropriate Federal banking agency shall take such action as may be necessary to ensure that examiners employed by the agency--       (A)  consult on examination activities with respect to any depository institution; and       (B)  achieve an agreement and resolve any inconsistencies in the recommendations to be given to such institution as a consequence of any examinations.     (2)  EXAMINER-IN-CHARGE.--Each appropriate Federal banking agency shall consider appointing an examiner-in-charge with respect to a depository institution to ensure consultation on examination activities among all of the examiners of that agency involved in examinations of the institution. [Codified to 12 U.S.C. 1820(j)] [Source:  Section 2[1(j)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 2244(a) of title II of the Act of September 30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--419), effective September 30, 1996] NOTES   Derivation.  Section 10(a) derives from section 12B(k) of the Federal Reserve Act, as added by section 8 of the Act of June 16, 1933 (Pub. L. No. 66; 48 Stat. 172), effective June 16, 1933. Section 12B(k) of the Federal Reserve Act was amended by section 101[12B(k)] of title I of the Act of August 23, 1935 (Pub. L. No. 305; 49 Stat. 693), effective August 23, 1935, which restated what is now section 10(a) and added what is now section 10(b) of the Federal Deposit Insurance Act. By section 1 of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 873), effective September 21, 1950, section 12B of the Federal Reserve Act was withdrawn as a part of that Act and was made a separate act known as the " Federal Deposit Insurance Act."   Sections 10(c)--(e) were enacted by section 2[10(c)--(g)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950.   Sections 10(h) and 10(i) were enacted by sections 105 of title I and 529(a) of title V, respectively, of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2357 and 2266, respectively), effective September 23, 1994.   Section 10(j) was enacted by section 2244(a) of title II of the Act of September 30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--419), effective September 30, 1996. [The page following this is 1183.] [Main Tabs]     [Table of Contents - 1000]     [Index]     [Previous Page]     [Next Page]     [Search]

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