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FDIC Law, Regulations, Related Acts

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1000 - Federal Deposit Insurance Act

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SEC. 1. Federal Deposit Insurance Corporation    1051
 (a) Establishment of Corporation    1051
 (b) Asset disposition division    1051
SEC. 2. Management    1061
 (a) Board of Directors    1061
 (b) Chairperson and Vice Chairperson    1061
 (c) Terms    1061
 (d) Vacancy    1062
 (e) Ineligibility for other offices    1062
 (f) Status of employees    1062
SEC. 3. Definitions
 (a) Definitions of bank and related terms    1065
 (b) Definitions of savings associations and related terms    1065
 (c) Definitions relating to depository institutions    1066
 (d) Definitions relating to member banks    1066
 (e) Definitions relating to nonmember bank    1066
 (f) Mutual savings bank    1067
 (g) Savings bank    1067
 (h) Insured bank and noninsured bank    1067
 (i) New bank and bridge bank    1067
 (j) Receiver    1067
 (k) Board of Directors    1067
 (l) Deposit and money or its equivalent    1067
 (m) Insured deposit    1069
 (n) Transferred deposit    1070
 (o) Domestic branch    1070
 (p) Trust funds    1070
 (q) Appropriate Federal banking agency    1070
 (r) State bank supervisor    1071
 (s) Definitions relating to foreign banks and branches    1071
 (t) Includes, including    1071
 (u) Institution-affiliated party    1072
 (v) Violation    1072
 (w) Definitions relating to affiliates of depository institutions    1072
 (x) Definitions relating to default    1072.01
 (y) Deposit insurance fund    1073
 (z) Federal banking agency    1073
SEC. 4. Admission of banks to Federal deposit insurance
 (a) Continuation of insurance    1087
 (b) Continuation of insurance upon becoming a member bank    1087
 (c) Continuation of insurance after conversion    1087
 (d) Continuation of insurance after merger or consolidation    1087
SEC. 5. Deposit insurance    1093
 (a) Application to Corporation required    1093
 (b) Application by branches of foreign banks    1093
 (c) Requirements for insurance of foreign branches    1094
 (d) Insurance fees    1094
 (e) Liability of commonly controlled depository institutions    1099
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SEC. 6. Factors to be considered    1105
SEC. 7. Assessments; reports; insurance of trust funds
 (a) Reports of condition of insured banks and insured branches of foreign banks; Corporation's access to reports of condition and examination of national and State member banks    1111
 (b) Assessments    1114
 (c) Certified statements; payments    1117
 (d) Corporation exempt from apportionment    1119
 (e) Refunds    1119
 (f) Action against insured banks for failure to file reports of condition or certified statements    1120.01
 (g) Action by Corporation to recover unpaid assessments    1120.02
 (h) Forfeiture of rights of national banks for failure to file reports of condition or certified statements    1120.02
 (i) Insurance of trust funds    1120.03
 (j) Changes in control of insured banks; reports    1120.03
 (k) Disclosure and reports to Federal banking agencies; rules and regulations    1130.03
 ( l ) Designation of fund membership for newly insured depository institutions; definitions    1130.03
 (m) Secondary reserve offsets against premiums    1130.04
 (n) Collections on behalf of the Director of the Office of Thrift Supervision    1130.06
SEC. 8. Termination of insured status; cease-and-desist proceedings; suspension or removal of directors or officers
 (a) Termination of insurance    1131
 (b) Cease-and-desist orders; effective date; supervisory authority of the Board of Governors of the Federal Reserve System over bank holding companies and their nonbanking subsidiaries    1134
 (c) Temporary cease-and-desist orders; effective date; injunctions against enforcement    1136
 (d) Injunctions to enforce temporary cease-and-desist orders    1137
 (e) Removal and prohibition authority    1137
 (f) Stay of suspension orders or of orders prohibiting participation in bank affairs    1140
 (g) Suspension, removal, and prohibition from participation orders in the case of certain criminal offenses    1141
 (h) Hearings; decisions; judicial review of orders    1142
 (i) Applications for enforcement of orders; jurisdiction    1143
 (j) Criminal penalty    1144.02
 (k) [Reserved]
 ( l ) Service of notices    1145
 (m) Notice to State authorities; action by State authorities    1145
 (n) Conduct of proceedings; administration of oaths and affirmations; taking of depositions; issuance of subpenas; etc.    1145
 (o) Termination of insured status of national and State member banks    1146
 (p) Termination of insured status of insured banking institution not engaged in business of receiving deposits    1146
 (q) Termination of insured status of bank whose liabilities are assumed by another insured bank    1147
 (r) Termination of insured status of a foreign branch; determinaton of venue    1147
 (s) Compliance with monetary transaction recordkeeping and report requirements    1148
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 (t) Authority of FDIC to take enforcement action against insured depository institutions and institution-affiliated parties    1148
 (u) Public disclosures of final orders and agreements    1149
 (v) Foreign Investigations    1150
 (w) Termination of insurance for money laundering or cash transaction reporting offenses    1151
SEC. 9. Powers of Corporation    1155
 (a) In general    1155
 (b) Agency authority    1155
SEC. 10. Administration of Corporation
 (a) Administration of affairs; expenses and obligations    1171
 (b) Examinations    1171
 (c) Conduct of examinations; administration of oaths and affirmations; taking of testimony; issuance of subpenas    1172
 (d) Annual on-site examinations of all insured depository institutions required    1172
 (e) Examination fees    1174
 (f) Preservation and destruction of Corporation's records    1175
 (g) Authority to prescribe regulations and definitions    1175
 (h) Coordination of examination authority    1176
 (i) Flood insurance compliance by insured depository institutions    1177
 (j) Consultation among examiners    1178
SEC. 11. Insurance Fund
 (a) Deposit insurance    1183
 (b) When bank deemed closed on account of inability to meet demands of its depositors    1186
 (c) Appointment of Corporation as conservator or receiver    1186
 (d) Powers and duties of Corporation as conservator or receiver    1188.06
 (e) Provisions relating to contracts entered into before appointment of conservator or receiver    1188.14
 (f) Payment of insured deposits    1188.14-J
 (g) Subrogation of Corporation    1188.18-A
 (h) Conditions applicable to resolution proceedings    1188.18-A
 (i) Valuation of claims in default    1188.19
 (j) Limitation on court action    1188.20
 (k) Liability of directors and officers    1188.20
 ( l ) Damages    1188.20
 (m) New banks    1188.20
 (n) Bridge banks    1188.22
 (o) Supervisory records    1189
 (p) Certain sales of assets prohibited    1189
 (q) Expedited procedures for certain claims    1190
 (r) Foreign investigations    1191
 (s) Prohibition on entering secrecy agreements and protective orders    1191
 (t) Agencies may share information without waiving privilege    1191
 (u) Purchase rights of tenants    1192
 (v) Preference for sales for homeless families    1192
 (w) Preference for sales of certain commercial real properties    1192
SEC. 11A. FSLIC Resolution Fund
 (a) Established    1201
 (b) Source of funds    1201
 (c) Treasury backup    1202
 (d) Legal proceedings    1202
 (e) Transfer of net proceeds from sale of RTC assets    1202
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 (f) Dissolution    1202
SEC. 12. Powers and privileges of Corporation as receiver of closed insured banks
 (a) Bond not required; agents; fee    1207
 (b) Discharge of Corporation upon payment of insured deposits or of transferred deposits    1207
 (c) Recognition of ownership of deposits in closed insured banks    1207
 (d) Offsets against insured deposits    1207
 (e) Disposition of unclaimed deposits    1207
 (f) Conflict of interest    1209
SEC. 13. Miscellaneous powers and privileges of Corporation
 (a) Investment Corporation's funds    1219
 (b) Deposit of Corporation's funds; designation as depository and financial agent of Government    1219
 (c) Assistance, loans to, purchases of assets of, or deposits in insured banks in danger of closing or closed    1219
 (d) Sale of assets to Corporation    1222.01
 (e) Agreements against interests of Corporation    1222.02
 (f) Assisted emergency interstate acquisitions    1222.03
 (g) Payment of interest on Government's investment in Corporation    1226
 (h) Authority of the Corporation to reopen or to avert the closing of insured branches of foreign banks    1226
 (i) [Repealed]     
 (j) Loan loss amortization for certain banks    1227
 (k) Emergency acquisitions    1227
SEC. 14. Borrowing authority    1233
 (a) Borrowing from Treasury    1233
 (b) Borrowing from Federal Financing Bank    1233
 (c) Repayment schedules required for any borrowing    1233
 (d) Borrowing for the Deposit Insurance Fund from insured depository institutions    1234
 (e) Borrowing for the Deposit Insurance Fund from Federal Home Loan Banks    1235
SEC. 15. Exemption of Corporation from taxation
 (a) General rule    1239
 (b) Other exemptions    1239
 (c) Limitation on borrowing    1239
 (d) Full faith and credit    1241
SEC. 16. Forms for notes, debentures, bonds, and other obligations of the Corporation    1243
SEC. 17. Annual report; audit of financial transactions
 (a) Annual reports on BIF, SAIF, and the FSLIC Resolution Fund    1247
 (b) Quarterly report to Treasury    1247
 (c) Reports to OMB    1248
 (d) Audit    1248
 (e) Audit by Government Accountability Office    1248
 (f) Annual report to Congress    1249
 (g) Use of contractors; reimbursement    1249
SEC. 18. Regulation of insured banks
 (a) Insurance logo    1257
 (b) Payment of dividends while in default in payment of assessments    1257
 (c) Mergers, consolidations, deposit assumptions; asset acquisitions; standards governing approval; moratorium on conversion of insured banks from mutual to stock form of organization    1257
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 (d) Establishing new branches and moving main office or branch    1260
 (e) Protection against burglary, defalcation, or other insurable losses    1261
 (f) Failure to comply with Corporation's recommendations based on reports of examination    1262
 (g) Regulation of payment and advertisement of interest on deposits    1262
 (h) Failure or refusal to file certified statements; penalty    1263
 (i) Capital stock reductions or retirements; conversions    1263
 (j) Restrictions on transactions with affiliates and insiders    1264
 (k) Authority to regulate or prohibit certain forms of benefits to institution-affiliated parties    1265
 ( l ) Acquisition of stock and other evidence of ownership in foreign financial institutions by insured State nonmember banks    1267
 (m) Activities of savings associations and their subsidiaries    1267
 (n) Calculation of capital    1268
 (o) Real estate lending    1268
 (p) Periodic review of capital standards    1269
 (q) Sovereign risk    1269
 (r) Subsidiary depository institutions as agents for certain affiliates    1269
 (s) Prohibition on certain affiliations    1271
 (t) Recordkeeping requirements    1271
 (u) Limitation on claims    1271
 (v) Loans by insured institution on their own stock    1272
 (w) Written employment references may contain suspicions of involvement in illegal activity    1272
 (x) Privileges not affected by disclosure to banking agency or supervisor    1273
SEC. 19. Penalty for unauthorized participation by convicted individual
 (a) Prohibition    1291
 (b) Penalty    1291
 (d) Bank holding companies    1292
 (e) Savings and loan holding companies    1292
SEC. 20. Insured State nonmember bank participation in lotteries prohibited
 (a) Dealing in or participating in lotteries prohibited    1297
 (b) Permitting use of premises for participation in lotteries prohibited    1297
 (c) Definitions    1297
 (d) Performing banking services for States operating lotteries not prohibited    1297
 (e) Promulgation of implementing regulations    1297
SEC. 21. Retention of records by insured banks
 (a) Congressional findings and declaration of purpose    1303
 (b) Record-keeping regulations    1303
 (c) Identity of persons having accounts and persons authorized to act with respect to such accounts; exemptions    1304
 (d) Reproduction of checks, drafts, and other instruments; record of transactions; identity of party    1304
 (e) Identity of persons making transactions reportable under the Currency and Foreign Transactions Reporting Act    1304
 (f) Additions to or substitutes for required records    1305
 (g) Retention period    1305
 (h) Report to Congress by Secretary of the Treasury    1305
 (i) Exemption of foreign banks; exception    1305
 (j) Civil penalties    1305
SEC. 22. Nondiscrimination provision    1309
SEC. 23. Separability provision    1315
SEC. 24. Activities of insured state banks
 (a) Permissible activities    1321
 (b) Insurance underwriting    1321
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 (c) Equity investments by insured state banks    1321
 (d) Subsidiaries of insured state banks    1322
 (e) Savings bank life insurance    1323
 (f) Common and preferred stock investment    1323
 (g) Determinations    1325
 (h) Activity defined    1325
 (i) Other authority not affected    1325
 (j) Activities of branches of out-of-state banks    1325
SEC. 25. Limitations and disclosures with respect to certain federally related mortgage loans
 (a) Disclosure to banks of the identity of persons receiving the beneficial interest of federally related mortgage loans    1327
 (b) Enforcement with respect to mutual savings and cooperative banks which are not insured    1327
SEC. 26. [Repealed]
SEC. 27. Interest rates on loans by State banks or insured branches of foreign banks
 (a) Interest rates permitted    1339
 (b) Recovery of excess interest paid    1339

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