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FDIC Law, Regulations, Related Acts

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1000 - Federal Deposit Insurance Act
SEC. 28. Activities of savings associations
 (a) In general    1349
 (b) Differences of magnitude between State and Federal powers    1349
 (c) Equity investments by State savings associations    1349
 (d) Corporate debt securities not of investment grade    1350
 (e) Transfer of corporate debt security not of investment grade in exchange for a qualified note    1350
 (f) Determinations    1352
 (g) Activity defined    1352
 (h) Disclosures by uninsured savings associations    1352
SEC. 29. Brokered deposits
 (a) In general    1359
 (b) Renewals and rollovers treated as acceptance of funds    1359
 (c) Waiver authority    1359
 (d) Limited exception for certain conservatorships    1359
 (e) Restriction on interest rate paid    1360
 (f) Additional restrictions    1360
 (g) Definitions relating to deposit broker    1360
 (h) Deposit solicitation restricted    1361
SEC. 30. Contracts between depository institutions and persons providing goods, products, or services
 (a) In general    1371
 (b) Rulemaking    1371
 (c) Enforcement    1371
 (d) No private right of action    1371
 (e) Study    1371
SEC. 32. Agency disapproval of directors and senior executive officers of insured depository institutions or depository institution holding companies
 (a) Prior notice required    1391
 (b) Disapproval by agency    1391
 (c) Exception in extraordinary circumstances    1391
 (d) Additional information    1391
 (e) Standard for disapproval    1392
 (f) Definition regulations    1392
SEC. 33. Depository institution employee protection remedy
 (a) In general    1401
 (b) Enforcement    1401
{{10-31-07 p.1007}}
 (c) Remedies    1401
 (d) Limitation    1402
 (e) Federal banking agency defined    1402
 (f) Burdens of proof    1402
SEC. 34. Reward for information leading to recoveries or civil penalties
 (a) In general    1411
 (b) Percentage limitation    1411
 (c) Officials and persons ineligible    1411
 (d) Nonreviewability    1412
SEC. 35 Coordination of risk analysis between SEC and Federal banking agencies    1417
SEC. 36. Early identification of needed improvements in financial management
 (a) Annual report on financial conditions and management    1419
 (b) Management responsibility for financial statements and internal controls    1419
 (c) Internal control evaluation and reporting requirements for independent public accountants    1419
 (d) Annual independent audits of financial statements    1420
 (e) [Repealed]     
 (f) Form and content of reports and auditing standards    1420
 (g) Improved accountability    1420
 (h) Exchange of reports and information    1422
 (i) Requirements for insured subsidiaries of holding companies    1423
 (j) Exemption for small depository institutions    1423
SEC. 37. Accounting objectives, standards, and requirements
 (a) In general    1425
 (b) Uniform accounting of capital standards    1425
 (c) Reports to banking committees    1426
SEC. 38. Prompt corrective action
 (a) Resolving problems to protect deposit insurance funds    1431
 (b) Definitions    1431
 (c) Capital standards    1432
 (d) Provisions applicable to all institutions    1433
 (e) Provisions applicable to undercapitalized institutions    1433
 (f) Provisions applicable to significantly undercapitalized institutions and undercapitalized institutions that fail to submit and implement capital restoration plans    1435
 (g) More stringent treatment based on other supervisory criteria    1437
 (h) Provisions applicable to critically undercapitalized institutions    1437
 (i) Restricting activities of critically undercapitalized institutions    1439
 (j) Certain government-controlled institutions exempted    1439
 (k) Review required when deposit insurance fund incurs material loss    1439
 (l) Implementation    1441
 (m) Other authority not affected    1441
 (n) Administrative review of dismissal orders    1441
 (o) Transition rules for savings associations    1442
SEC. 39. Standards for safety and soundness
 (a) Operational and managerial standards    1455
 (b) Asset quality, earnings, and stock valuation standards    1455
 (c) Compensation standards    1455
 (d) Standards to be prescribed    1456
 (e) Failure to meet standards    1457
 (f) Definitions    1458
 (g) Other authority not affected    1458
{{10-31-07 p.1008}}
SEC. 40. FDIC affordable housing program
 (a) Purpose    1475
 (b) Funding and limitations of program    1475
 (c) Rules governing disposition of eligible single family properties    1476
 (d) Rules governing disposition of eligible multifamily housing properties    1477
 (e) Rent limitations    1479
 (f) Preferences for sales    1479
 (g) Financing sales    1480
 (h) Coordination with other programs    1481
 (i) Exemption for certain transactions with insured depository institutions    1481
 (j) Transfer of certain eligible residential properties to state housing agencies for disposition    1482
 (k) Exception for sales to nonprofit organizations and public agencies    1482
 (l) Rules governing disposition of eligible condominium property    1483
 (m) Liability provisions    1484
 (n) Unified affordable housing programs    1485
 (o) Report    1486
 (p) Definitions    1486
 (q) Notice to clearinghouses regarding ineligible properties    1488
SEC. 41. Payments on foreign deposits prohibited
 (a) In general    1495
 (b) Exception    1495
 (c) Discount window lending    1495
SEC. 42 Notice of branch closure
 (a) Notice to appropriate federal banking agency    1501
 (b) Notice to customers    1501
 (c) Adoption of policies    1501
 (d) Branch closures in interstate banking or branching operations    1501
 (e) Scope of application    1502
SEC. 43 Depository institutions lacking federal deposit insurance
 (a) Annual independent audit of private deposit insurers    1507
 (b) Disclosure required    1507
 (c) Manner and content of disclosure    1509
 (d) Exceptions for institutions not receiving retail deposits    1509
 (e) Definitions    1509
 (f) Enforcement    1510
SEC. 44 Interstate bank mergers
 (a) Approval of interstate merger transactions authorized    1513
 (b) Provisions relating to application and approval process    1514
 (c) Applicability of certain laws to interstate banking operations    1515
 (d) Operations of the resulting bank    1516
 (e) Exceptions for banks in default or in danger of default    1516
 (f) Applicable rate and other charge limitations    1516
 (g) Definitions    1517
SEC. 45 Authority of state insurance regulator and Securities and Exchange Commission
 (a) In general    1519
 (b) Certain exemption authorized    1519
 (c) Definitions    1519
SEC. 46 Safety and soundness firewalls applicable to financial subsidiaries of banks
 (a) In general    1523
 (b) Preservation of existing subsidiaries    1523
{{10-31-07 p.1009}}
 (c) Definitions    1523
 (d) Preservation of authority    1523
SEC. 47 Insurance customer protections
 (a) Regulations required    1527
 (b) Sales practices    1527
 (c) Disclosures and advertising    1527
 (d) Separation of banking and nonbanking activities    1528
 (e) Domestic violence discrimination prohibition    1529
 (f) Consumer grievance process    1529
 (g) Effect on other authority    1530
 (h) Non-discrimination against non-affiliated agents    1531
SEC. 48 CRA sunshine requirements
 (a) Public disclosure of agreements    1537
 (b) Annual report of activity by insured depository Institution    1537
 (c) Annual report of activity by nongovernmental entities    1537
 (d) Applicability    1538
 (e) Definitions    1538
 (f) Violations    1538
 (g) Rule of construction    1539
 (h) Regulations    1539

[The page following this is 1051.]

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