FDIC Law, Regulations, Related Acts - Federal Deposit Insurance Act

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1000 - Federal Deposit Insurance Act

FEDERAL DEPOSIT INSURANCE ACT
______________

TABLE OF CONTENTS

SEC. 1. Federal Deposit Insurance Corporation

(a) Establishment of Corporation
(b) Asset disposition division

(a) Board of Directors
(b) Chairperson and Vice Chairperson
(c) Terms
(d) Vacancy
(e) Ineligibility for other offices
(f) Status of employees

SEC. 3. Definitions

(a) Definitions of bank and related terms
(b) Definitions of savings associations and related terms
(c) Definitions relating to depository institutions
(d) Definitions relating to member banks
(e) Definitions relating to nonmember bank
(f) Mutual savings bank
(g) Savings bank
(h) Insured bank and noninsured bank
(i) New bank and bridge bank
(j) Receiver
(k) Board of Directors
(l) Deposit and money or its equivalent
(m) Insured deposit
(n) Transferred deposit
(o) Domestic branch
(p) Trust funds
(q) Appropriate Federal banking agency
(r) State bank supervisor
(s) Definitions relating to foreign banks and branches
(t) Includes, including
(u) Institution-affiliated party
(v) Violation
(w) Definitions relating to affiliates of depository institutions
(x) Definitions relating to default
(y) Deposit insurance fund
(z) Federal banking agency

SEC. 4. Admission of banks to Federal deposit insurance

(a) Continuation of insurance
(b) Continuation of insurance upon becoming a member bank
(c) Continuation of insurance after conversion
(d) Continuation of insurance after merger or consolidation

SEC. 5. Deposit insurance

(a) Application to Corporation required
(b) Application by branches of foreign banks
(c) Requirements for insurance of foreign branches
(d) Insurance fees
(e) Liability of commonly controlled depository institutions

SEC. 6. Factors to be considered

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
(b) Assessments
(c) Certified statements; payments
(d) Corporation exempt from apportionment
(e) Refunds
(f) Action against insured banks for failure to file reports of condition or certified statements
(g) Action by Corporation to recover unpaid assessments
(h) Forfeiture of rights of national banks for failure to file reports of condition or certified statements
(i) Insurance of trust funds
(j) Changes in control of insured banks; reports
(k) Disclosure and reports to Federal banking agencies; rules and regulations
( l ) Designation of fund membership for newly insured depository institutions; definitions
(m) Secondary reserve offsets against premiums
(n) Collections on behalf of the Director of the Office of Thrift Supervision

SEC. 8. Termination of insured status; cease-and-desist proceedings; suspension or removal of directors or officers

(a) Termination of insurance
(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
(c) Temporary cease-and-desist orders; effective date; injunctions against enforcement
(d) Injunctions to enforce temporary cease-and-desist orders
(e) Removal and prohibition authority
(f) Stay of suspension orders or of orders prohibiting participation in bank affairs
(g) Suspension, removal, and prohibition from participation orders in the case of certain criminal offenses
(h) Hearings; decisions; judicial review of orders
(i) Applications for enforcement of orders; jurisdiction
(j) Criminal penalty
(k) [Reserved]
( l ) Service of notices
(m) Notice to State authorities; action by State authorities
(n) Conduct of proceedings; administration of oaths and affirmations; taking of depositions; issuance of subpenas; etc.
(o) Termination of insured status of national and State member banks
(p) Termination of insured status of insured banking institution not engaged in business of receiving deposits
(q) Termination of insured status of bank whose liabilities are assumed by another insured bank
(r) Termination of insured status of a foreign branch; determination of venue
(s) Compliance with monetary transaction recordkeeping and report requirements
(t) Authority of FDIC to take enforcement action against insured depository institutions and institution-affiliated parties
(u) Public disclosures of final orders and agreements
(v) Foreign Investigations
(w) Termination of insurance for money laundering or cash transaction reporting offenses

SEC. 9. Powers of Corporation

(a) In general
(b) Agency authority

SEC. 10. Administration of Corporation

(a) Administration of affairs; expenses and obligations
(b) Examinations
(c) Conduct of examinations; administration of oaths and affirmations; taking of testimony; issuance of subpenas
(d) Annual on-site examinations of all insured depository institutions required
(e) Examination fees
(f) Preservation and destruction of Corporation's records
(g) Authority to prescribe regulations and definitions
(h) Coordination of examination authority
(i) Flood insurance compliance by insured depository institutions
(j) Consultation among examiners

SEC. 11. Insurance Fund

(a) Deposit insurance
(b) When bank deemed closed on account of inability to meet demands of its depositors
(c) Appointment of Corporation as conservator or receiver
(d) Powers and duties of Corporation as conservator or receiver
(e) Provisions relating to contracts entered into before appointment of conservator or receiver
(f) Payment of insured deposits
(g) Subrogation of Corporation
(h) Conditions applicable to resolution proceedings
(i) Valuation of claims in default
(j) Limitation on court action
(k) Liability of directors and officers
( l ) Damages
(m) New banks
(n) Bridge banks
(o) Supervisory records
(p) Certain sales of assets prohibited
(q) Expedited procedures for certain claims
(r) Foreign investigations
(s) Prohibition on entering secrecy agreements and protective orders
(t) Agencies may share information without waiving privilege
(u) Purchase rights of tenants
(v) Preference for sales for homeless families
(w) Preference for sales of certain commercial real properties

SEC. 11A. FSLIC Resolution Fund

(a) Established
(b) Source of funds
(c) Treasury backup
(d) Legal proceedings
(e) Transfer of net proceeds from sale of RTC assets
(f) Dissolution

SEC. 12. Powers and privileges of Corporation as receiver of closed insured banks

(a) Bond not required; agents; fee
(b) Discharge of Corporation upon payment of insured deposits or of transferred deposits
(c) Recognition of ownership of deposits in closed insured banks
(d) Offsets against insured deposits
(e) Disposition of unclaimed deposits
(f) Conflict of interest

SEC. 13. Miscellaneous powers and privileges of Corporation

(a) Investment Corporation's funds
(b) Deposit of Corporation's funds; designation as depository and financial agent of Government
(c) Assistance, loans to, purchases of assets of, or deposits in insured banks in danger of closing or closed
(d) Sale of assets to Corporation
(e) Agreements against interests of Corporation
(f) Assisted emergency interstate acquisitions
(g) Payment of interest on Government's investment in Corporation
(h) Authority of the Corporation to reopen or to avert the closing of insured branches of foreign banks
(i) [Repealed]
(j) Loan loss amortization for certain banks
(k) Emergency acquisitions

SEC. 14. Borrowing authority

(a) Borrowing from Treasury
(b) Borrowing from Federal Financing Bank
(c) Repayment schedules required for any borrowing
(d) Borrowing for the Deposit Insurance Fund from insured depository institutions
(e) Borrowing for the Deposit Insurance Fund from Federal Home Loan Banks

SEC. 15. Exemption of Corporation from taxation

(a) General rule
(b) Other exemptions
(c) Limitation on borrowing
(d) Full faith and credit

SEC. 16. Forms for notes, debentures, bonds, and other obligations of the Corporation

SEC. 17. Annual report; audit of financial transactions

(a) Annual reports on BIF, SAIF, and the FSLIC Resolution Fund
(b) Quarterly report to Treasury
(c) Reports to OMB
(d) Audit
(e) Audit by Government Accountability Office
(f) Annual report to Congress
(g) Use of contractors; reimbursement

SEC. 18. Regulation of insured banks

(a) Insurance logo
(b) Payment of dividends while in default in payment of assessments
(c) Mergers, consolidations, deposit assumptions; asset acquisitions; standards governing approval; moratorium on conversion of insured banks from mutual to stock form of organization
(d) Establishing new branches and moving main office or branch
(e) Protection against burglary, defalcation, or other insurable losses
(f) Failure to comply with Corporation's recommendations based on reports of examination
(g) Regulation of payment and advertisement of interest on deposits
(h) Failure or refusal to file certified statements; penalty
(i) Capital stock reductions or retirements; conversions
(j) Restrictions on transactions with affiliates and insiders
(k) Authority to regulate or prohibit certain forms of benefits to institution-affiliated parties
( l ) Acquisition of stock and other evidence of ownership in foreign financial institutions by insured State nonmember banks
(m) Activities of savings associations and their subsidiaries
(n) Calculation of capital
(o) Real estate lending
(p) Periodic review of capital standards
(q) Sovereign risk
(r) Subsidiary depository institutions as agents for certain affiliates
(s) Prohibition on certain affiliations
(t) Recordkeeping requirements
(u) Limitation on claims
(v) Loans by insured institution on their own stock
(w) Written employment references may contain suspicions of involvement in illegal activity
(x) Privileges not affected by disclosure to banking agency or supervisor

SEC. 19. Penalty for unauthorized participation by convicted individual

(a) Prohibition
(b) Penalty
(d) Bank holding companies
(e) Savings and loan holding companies

SEC. 20. Insured State nonmember bank participation in lotteries prohibited

(a) Dealing in or participating in lotteries prohibited
(b) Permitting use of premises for participation in lotteries prohibited
(c) Definitions
(d) Performing banking services for States operating lotteries not prohibited
(e) Promulgation of implementing regulations

SEC. 21. Retention of records by insured banks

(a) Congressional findings and declaration of purpose
(b) Record-keeping regulations
(c) Identity of persons having accounts and persons authorized to act with respect to such accounts; exemptions
(d) Reproduction of checks, drafts, and other instruments; record of transactions; identity of party
(e) Identity of persons making transactions reportable under the Currency and Foreign Transactions Reporting Act
(f) Additions to or substitutes for required records
(g) Retention period
(h) Report to Congress by Secretary of the Treasury
(i) Exemption of foreign banks; exception
(j) Civil penalties

SEC. 22. Nondiscrimination provision

SEC. 23. Separability provision

SEC. 24. Activities of insured state banks

(a) Permissible activities
(b) Insurance underwriting
(c) Equity investments by insured state banks
(d) Subsidiaries of insured state banks
(e) Savings bank life insurance
(f) Common and preferred stock investment
(g) Determinations
(h) Activity defined
(i) Other authority not affected
(j) Activities of branches of out-of-state banks

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
(b) Enforcement with respect to mutual savings and cooperative banks which are not insured

SEC. 26. [Repealed]

SEC. 27. Interest rates on loans by State banks or insured branches of foreign banks

(a) Interest rates permitted
(b) Recovery of excess interest paid

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Last updated July 30, 2009

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