Notes on 12 U.S.C. § 1821 : US Code - Notes

Search Notes on 12 U.S.C. § 1821 : US Code - Notes

(Sept. 21, 1950, ch. 967, Sec. 2[11], 64 Stat. 884; Pub. L. 89-695,
title III, Sec. 301(c), (d), Oct. 16, 1966, 80 Stat. 1055; Pub. L.
91-151, title I, Sec. 7(a)(3), (4), Dec. 23, 1969, 83 Stat. 375;
Pub. L. 93-495, title I, Secs. 101(a)(3), 102(a)(3), (4), Oct. 28,
1974, 88 Stat. 1500, 1502; Pub. L. 95-369, Sec. 6(c)(17)-(22),
Sept. 17, 1978, 92 Stat. 619; Pub. L. 95-630, title XIV, Sec.
1401(a), Nov. 10, 1978, 92 Stat. 3712; Pub. L. 96-153, title III,
Sec. 323(a), Dec. 21, 1979, 93 Stat. 1120; Pub. L. 96-221, title
III, Sec. 308(a)(1)(C), (D), Mar. 31, 1980, 94 Stat. 147; Pub. L.
97-110, title I, Sec. 103(c), Dec. 26, 1981, 95 Stat. 1514; Pub. L.
97-320, title I, Sec. 113(j), (k), Oct. 15, 1982, 96 Stat. 1474;
Pub. L. 99-514, Sec. 2, Oct. 22, 1986, 100 Stat. 2095; Pub. L. 100-
86, title V, Secs. 503(a), 507, Aug. 10, 1987, 101 Stat. 629, 634;
Pub. L. 101-73, title II, Secs. 201(a), 211-214, title IX, Sec.
909, Aug. 9, 1989, 103 Stat. 187, 218-246, 477; Pub. L. 101-647,
title XXV, Secs. 2521(a)(1), 2526(a), 2527(a), 2528(a), 2532(b),
2534(a), Nov. 29, 1990, 104 Stat. 4863, 4875, 4877, 4880, 4882;
Pub. L. 102-233, title I, Sec. 102, title II, Sec. 202(a), (b),
title III, Sec. 302(a), Dec. 12, 1991, 105 Stat. 1761, 1766, 1767;
Pub. L. 102-242, title I, Secs. 123(a), 133(a), (e), 141(b), (d),
161(a), (e), title II, Sec. 241(c)(1), title III, Sec. 311(a)(1),
(b)(1), (2), (5)(B), (C), title IV, Secs. 416, 426, 446, Dec. 19,
1991, 105 Stat. 2252, 2270, 2272, 2277, 2285, 2286, 2331, 2363,
2364, 2366, 2376, 2378, 2382; Pub. L. 102-550, title XV, Secs.
1501(a), 1544, title XVI, Secs. 1603(e)(1), 1604(c)(2), 1606(c),
1611(b), Oct. 28, 1992, 106 Stat. 4044, 4069, 4081, 4083, 4088,
4090; Pub. L. 103-66, title III, Sec. 3001(a), (b), Aug. 10, 1993,
107 Stat. 336; Pub. L. 103-204, Secs. 3(d), 4(b), 8(a)-(f), (i),
11, 15(b), 16(b), 17(b), 20, 27(b), 38(b), Dec. 17, 1993, 107 Stat.
2379, 2380, 2384-2389, 2399-2401, 2404, 2410, 2416; Pub. L. 103-
325, title III, Sec. 325, title IV, Sec. 411(c)(2)(A), title VI,
Sec. 602(a)(21)-(33), Sept. 23, 1994, 108 Stat. 2228, 2253, 2289;
Pub. L. 103-328, title II, Sec. 201(a), Sept. 29, 1994, 108 Stat.
2368; Pub. L. 103-394, title V, Sec. 501(c)(2), Oct. 22, 1994, 108
Stat. 4143; Pub. L. 104-208, div. A, title II, Secs. 2602,
2704(d)(1)-(4), (6)(C), (14)(H), (I), 2705, Sept. 30, 1996, 110
Stat. 3009-469, 3009-487, 3009-488, 3009-492, 3009-495; Pub. L. 104-
316, title I, Sec. 106(i), Oct. 19, 1996, 110 Stat. 3831; Pub. L.
106-102, title I, Sec. 117, title VII, Sec. 736(a), (b)(2), Nov.
12, 1999, 113 Stat. 1372, 1479; Pub. L. 106-400, Sec. 2, Oct. 30,
2000, 114 Stat. 1675; Pub. L. 106-569, title XII, Sec. 1222, Dec.
27, 2000, 114 Stat. 3036; Pub. L. 108-271, Sec. 8(b), July 7, 2004,
118 Stat. 814; Pub. L. 108-386, Sec. 8(a)(4), Oct. 30, 2004, 118
Stat. 2231; Pub. L. 109-8, title IX, Secs. 901(a)(1), (b)(1),
(c)(1), (d)(1), (e)(1), (f)(1), (g)(1), (h)(1), (i)(1), 902(a),
903(a), 904(a), 905(a), 908(a), Apr. 20, 2005, 119 Stat. 146, 147,
149, 151, 152, 155, 157-160, 165, 166, 183; Pub. L. 109-171, title
II, Secs. 2102(b), 2103(a)-(c), Feb. 8, 2006, 120 Stat. 9, 11; Pub.
L. 109-173, Secs. 2(a), (c)(1), 8(a)(11)-(14), Feb. 15, 2006, 119
Stat. 3601, 3602, 3611, 3612; Pub. L. 109-351, title VII, Secs.
701(b), 718(a), 721(a), 722(a), 724, Oct. 13, 2006, 120 Stat. 1985,
1997-1999, 2001; Pub. L. 109-390, Secs. 2(a)(1), (b)(1), (c)(1),
3(a), 6(a), Dec. 12, 2006, 120 Stat. 2692-2694, 2698.)
REFERENCES IN TEXT
The date of the termination of the Resolution Trust Corporation,
referred to in subsec. (a)(6)(F), is provided for in section
1441a(m) of this title.
Section 1441a(b)(4) of this title, referred to in subsec.
(d)(2)(I)(ii), was in the original "section 21A(b)(4)", which has
been translated as reading "section 21A(b)(4) of the Federal Home
Loan Bank Act", to reflect the probable intent of Congress.
Section 1823(e)(2) of this title, referred to in subsec.
(d)(9)(B), was redesignated section 1823(e)(1)(B) of this title by
Pub. L. 103-325, title III, Sec. 317(1), Sept. 23, 1994, 108 Stat.
2223.
The Federal Rules of Civil Procedure, referred to in subsec.
(d)(18), (19), are set out in the Appendix to Title 28, Judiciary
and Judicial Procedure.
The Securities Exchange Act of 1934, referred to in subsec.
(e)(8)(D)(v)(I), is act June 6, 1934, ch. 404, 48 Stat. 881, as
amended, which is classified principally to chapter 2B (Sec. 78a et
seq.) of Title 15, Commerce and Trade. For complete classification
of this Act to the Code, see section 78a of Title 15 and Tables.
The Gramm-Leach-Bliley Act, referred to in subsec. (e)(8)(D)(vi),
(17), is Pub. L. 106-102, Nov. 12, 1999, 113 Stat. 1338, as
amended. For complete classification of this Act to the Code, see
Short Title of 1999 Amendment note set out under section 1811 of
this title and Tables.
The Legal Certainty for Bank Products Act of 2000, referred to in
subsec. (e)(8)(D)(vi), (17), is title IV of H.R. 5660, as enacted
by Pub. L. 106-554, Sec. 1(a)(5), Dec. 21, 2000, 114 Stat. 2763,
2763A-457, which is classified to sections 27 to 27f of Title 7,
Agriculture. For complete classification of this Act to the Code,
see Short Title of 2000 Amendment note set out under section 1 of
Title 7 and Tables.
The Commodity Exchange Act, referred to in subsec. (e)(8)(D)(vi),
(17), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, as amended,
which is classified generally to chapter 1 (Sec. 1 et seq.) of
Title 7, Agriculture. For complete classification of this Act to
the Code, see section 1 of Title 7 and Tables.
The Federal Deposit Insurance Corporation Improvement Act of
1991, referred to in subsec. (e)(13)(C)(ii), is Pub. L. 102-242,
Dec. 19, 1991, 105 Stat. 2236, as amended. Subtitle A of title IV
of the Act is classified generally to subchapter I (Sec. 4401 et
seq.) of chapter 45 of this title. For complete classification of
this Act to the Code, see Short Title of 1991 Amendment note set
out under section 1811 of this title and Tables.
Section 51 of this title, referred to in subsecs. (m)(15)(A) and
(n)(4)(C), was repealed by Pub. L. 106-569, title XII, Sec.
1233(c), Dec. 27, 2000, 114 Stat. 3037.
Section 1008 of title 18, referred to in subsec. (p)(2)(A), was
repealed by Pub. L. 101-73, title IX, Sec. 961(g)(1), Aug. 9, 1989,
103 Stat. 500.
PRIOR PROVISIONS
Section is derived from subsec. (l) of former section 264 of this
title. See Codification note set out under section 1811 of this
title.
AMENDMENTS
2006 - Subsec. (a)(1)(B). Pub. L. 109-171, Sec. 2103(a)(1), added
subpar. (B) and struck out heading and text of former subpar. (B).
Text read as follows: "The net amount due to any depositor at an
insured depository institution shall not exceed $100,000 as
determined in accordance with subparagraphs (C) and (D)."
Subsec. (a)(1)(D). Pub. L. 109-171, Sec. 2103(b), amended heading
and text of subpar. (D) generally. Prior to amendment, subpar. (D)
provided that for the purpose of determining the amount of
insurance due under subpar. (B), the Corporation was to provide
deposit insurance coverage with respect to deposits accepted by any
insured depository institution on a pro rata or "pass-through"
basis to a participant in or beneficiary of an employee benefit
plan, including any eligible deferred compensation plan described
in section 457 of title 26.
Subsec. (a)(1)(E), (F). Pub. L. 109-171, Sec. 2103(a)(2), added
subpars. (E) and (F).
Subsec. (a)(2). Pub. L. 109-173, Sec. 2(a), inserted par. (2)
heading and substituted subpar. (A) and heading and introductory
provisions of subpar. (B) for introductory provisions of former
subpar. (A) which related to exception to limitation relating to
the amount of deposit insurance available for the account of any
one depositor, struck out concluding provisions of former subpar.
(A) which related to the status of certain depositors under former
provisions, redesignated former subpar. (B) as (C), inserted
heading, and substituted "government depositor" for "depositor
referred to in subparagraph (A) of this paragraph" in two places.
Subsec. (a)(3)(A). Pub. L. 109-171, Sec. 2103(c), in concluding
provisions substituted "$250,000 (which amount shall be subject to
inflation adjustments as provided in paragraph (1)(F), except that
$250,000 shall be substituted for $100,000 wherever such term
appears in such paragraph)" for "$100,000".
Subsec. (a)(4). Pub. L. 109-173, Sec. 8(a)(11)(B), added par. (4)
and struck out former par. (4) which set out general provisions
relating to the Bank Insurance Fund and the Savings Association
Insurance Fund.
Pub. L. 109-171, Sec. 2102(b), repealed Pub. L. 104-208, Sec.
2704(d)(1)-(3). See 1996 Amendment notes below.
Subsec. (a)(5) to (8). Pub. L. 109-173, Sec. 8(a)(11)(C), (D),
redesignated par. (8) as (5) and struck out former pars. (5) to
(7), which related to the establishment and operations of the Bank
Insurance Fund and Savings Association Insurance Fund and
provisions applicable to maintenance of accounts.
Pub. L. 109-171, Sec. 2102(b), repealed Pub. L. 104-208, Sec.
2704(d)(6)(C). See 1996 Amendment notes below.
Subsec. (c)(5)(H)(iii). Pub. L. 109-173, Sec. 8(a)(11)(A),
substituted "Deposit Insurance Fund" for "deposit insurance fund".
Subsec. (c)(7). Pub. L. 109-351, Sec. 701(b), reenacted heading
without change and amended text generally. Prior to amendment, text
read as follows: "If the Corporation appoints itself as conservator
or receiver under paragraph (4), the insured State depository
institution may, within 30 days thereafter, bring an action in the
United States district court for the judicial district in which the
home office of such institution is located, or in the United States
District Court for the District of Columbia, for an order requiring
the Corporation to remove itself as such conservator or receiver,
and the court shall, upon the merits, dismiss such action or direct
the Corporation to remove itself as such conservator or receiver."
Subsec. (c)(10). Pub. L. 109-173, Sec. 8(a)(11)(A), substituted
"Deposit Insurance Fund" for "deposit insurance fund" in heading
and cls. (i) and (ii) of subpar. (B).
Subsec. (d)(15)(D). Pub. L. 109-351, Sec. 722(a), designated
existing provisions as cl. (i), inserted heading, substituted
"Except as provided in clause (ii), after the end of the 6-year
period" for "After the end of the 6-year period", and added cl.
(ii).
Subsec. (e)(8)(D)(ii)(I). Pub. L. 109-390, Sec. 2(a)(1)(A),
substituted "a mortgage loan," for "a mortgage loan, or" after
"certificate of deposit," and inserted before semicolon at end
"(whether or not such repurchase or reverse repurchase transaction
is a 'repurchase agreement', as defined in clause (v))".
Subsec. (e)(8)(D)(ii)(IV). Pub. L. 109-390, Sec. 2(a)(1)(B),
inserted "(including by novation)" after "the guarantee" and
"(whether or not such settlement is in connection with any
agreement or transaction referred to in subclauses (I) through
(XII) (other than subclause (II))" before semicolon at end.
Subsec. (e)(8)(D)(ii)(VI) to (VIII). Pub. L. 109-390, Sec.
2(a)(1)(D), (E), added subcls. (VI) and (VII) and redesignated
former subcl. (VI) as (VIII). Former subcls. (VII) and (VIII)
redesignated (IX) and (X), respectively.
Subsec. (e)(8)(D)(ii)(IX). Pub. L. 109-390, Sec. 2(a)(1)(D),
redesignated subcl. (VII) as (IX). Former subcl. (IX) redesignated
(XI).
Pub. L. 109-390, Sec. 2(a)(1)(C), substituted "(VIII), (IX), or
(X)" for "or (VIII)" in two places.
Subsec. (e)(8)(D)(ii)(X) to (XII). Pub. L. 109-390, Sec.
2(a)(1)(D), redesignated subcls. (VIII) to (X) as (X) to (XII),
respectively.
Subsec. (e)(8)(D)(iv)(I). Pub. L. 109-390, Sec. 2(b)(1),
substituted "or reverse repurchase transaction (whether or not such
repurchase or reverse repurchase transaction is a 'repurchase
agreement', as defined in clause (v))" for "transaction, reverse
repurchase transaction".
Subsec. (e)(8)(D)(vi). Pub. L. 109-390, Sec. 2(c)(1)(C),
substituted in concluding provisions "the Gramm-Leach-Bliley Act,
the Legal Certainty for Bank Products Act of 2000, the securities
laws (as such term is defined in section 3(a)(47) of the Securities
Exchange Act of 1934) and the Commodity Exchange Act" for "the
Securities Act of 1933, the Securities Exchange Act of 1934, the
Public Utility Holding Company Act of 1935, the Trust Indenture Act
of 1939, the Investment Company Act of 1940, the Investment
Advisers Act of 1940, the Securities Investor Protection Act of
1970, the Commodity Exchange Act, the Gramm-Leach-Bliley Act, and
the Legal Certainty for Bank Products Act of 2000".
Subsec. (e)(8)(D)(vi)(I). Pub. L. 109-390, Sec. 2(c)(1)(A),
substituted ", precious metals, or other commodity" for "or
precious metals" and "weather swap, option, future, or forward
agreement; an emissions swap, option, future, or forward agreement;
or an inflation swap, option, future, or forward agreement" for "or
a weather swap, weather derivative, or weather option".
Subsec. (e)(8)(D)(vi)(II). Pub. L. 109-390, Sec. 2(c)(1)(B),
inserted "or other derivatives" after "dealings in the swap" and
substituted "future, option, or spot transaction" for "future, or
option".
Subsec. (e)(8)(D)(ix). Pub. L. 109-390, Sec. 3(a), added cl.
(ix).
Subsec. (e)(8)(G)(ii), (iii). Pub. L. 109-390, Sec. 6(a), added
cls. (ii) and (iii) and struck out former cl. (ii) which defined
walkaway clause.
Subsec. (e)(13)(C). Pub. L. 109-351, Sec. 718(a), added subpar.
(C).
Subsec. (e)(15)(B)(i). Pub. L. 109-173, Sec. 8(a)(11)(A),
substituted "Deposit Insurance Fund" for "deposit insurance fund".
Subsec. (f)(1). Pub. L. 109-173, Sec. 8(a)(12), substituted
period at end for ", except that -
"(A) all payments made pursuant to this section on account of a
closed Bank Insurance Fund member shall be made only from the
Bank Insurance Fund, and
"(B) all payments made pursuant to this section on account of a
closed Savings Association Insurance Fund member shall be made
only from the Savings Association Insurance Fund."
Pub. L. 109-171, Sec. 2102(b), repealed Pub. L. 104-208, Sec.
2704(d)(14)(H). See 1996 Amendment note below.
Subsec. (f)(3) to (5). Pub. L. 109-351, Sec. 721(a), added pars.
(3) to (5) and struck out former pars. (3) to (5) which related to
resolution of disputes, review of Corporation's determination, and
statute of limitations, respectively.
Subsec. (i)(3)(B), (C). Pub. L. 109-173, Sec. 8(a)(13),
redesignated subpar. (C) as (B), substituted "subparagraph (A)" for
"subparagraphs (A) and (B)", and struck out heading and text of
former subpar. (B). Text read as follows: "If the depository
institution in default is a Bank Insurance Fund member, the
Corporation may only make such payments out of funds held in the
Bank Insurance Fund. If the depository institution in default is a
Savings Association Insurance Fund member, the Corporation may only
make such payments out of funds held in the Savings Association
Insurance Fund."
Pub. L. 109-171, Sec. 2102(b), repealed Pub. L. 104-208, Sec.
2704(d)(14)(I). See 1996 Amendment note below.
Subsec. (m)(6). Pub. L. 109-173, Sec. 2(c)(1), substituted "an
amount equal to the standard maximum deposit insurance amount" for
"$100,000".
Subsec. (p)(2)(B). Pub. L. 109-173, Sec. 8(a)(11)(A), (14),
substituted "the Deposit Insurance Fund" for "any deposit insurance
fund".
Subsec. (t)(1). Pub. L. 109-351, Sec. 724(1), inserted ", in any
capacity," after "A covered agency" in introductory provisions.
Subsec. (t)(2)(A)(i). Pub. L. 109-351, Sec. 724(2)(A), struck out
"appropriate" before "Federal banking agency".
Subsec. (t)(2)(A)(ii) to (vi). Pub. L. 109-351, Sec. 724(2)(B),
(C), redesignated cls. (iii) to (vi) as (ii) to (v), respectively,
and struck out former cl. (ii) which read as follows: "The
Resolution Trust Corporation."
2005 - Subsec. (e)(8)(A). Pub. L. 109-8, Sec. 901(h)(1)(A),
substituted "paragraphs (9) and (10)" for "paragraph (10)" in
introductory provisions and "such person has to cause the
termination, liquidation, or acceleration" for "to cause the
termination or liquidation" in cl. (i), added cl. (ii), and struck
out former cl. (ii) which read as follows: "any right under any
security arrangement relating to any contract or agreement
described in clause (i); or".
Subsec. (e)(8)(C)(i). Pub. L. 109-8, Sec. 901(i)(1), inserted
"section 91 of this title or any other Federal or State law
relating to the avoidance of preferential or fraudulent transfers,"
before "the Corporation".
Subsec. (e)(8)(D). Pub. L. 109-8, Sec. 901(a)(1)(A), substituted
"subsection, the following definitions shall apply:" for
"subsection - " in introductory provisions.
Subsec. (e)(8)(D)(i). Pub. L. 109-8, Sec. 901(a)(1)(B), inserted
", resolution, or order" after "any similar agreement that the
Corporation determines by regulation".
Subsec. (e)(8)(D)(ii). Pub. L. 109-8, Sec. 901(b)(1), reenacted
heading without change and amended text generally. Prior to
amendment, text read as follows: "The term 'securities contract' -
"(I) has the meaning given to such term in section 741 of title
11, except that the term 'security' (as used in such section)
shall be deemed to include any mortgage loan, any mortgage-
related security (as defined in section 78c(a)(41) of title 15),
and any interest in any mortgage loan or mortgage-related
security; and
"(II) does not include any participation in a commercial
mortgage loan unless the Corporation determines by regulation,
resolution, or order to include any such participation within the
meaning of such term."
Subsec. (e)(8)(D)(iii). Pub. L. 109-8, Sec. 901(c)(1), reenacted
heading without change and amended text generally. Prior to
amendment, text read as follows: "The term 'commodity contract' has
the meaning given to such term in section 761 of title 11."
Subsec. (e)(8)(D)(iv). Pub. L. 109-8, Sec. 901(d)(1), reenacted
heading without change and amended text generally. Prior to
amendment, text read as follows: "The term 'forward contract' has
the meaning given to such term in section 101 of title 11."
Subsec. (e)(8)(D)(v). Pub. L. 109-8, Sec. 901(e)(1), reenacted
heading without change and amended text generally. Prior to
amendment, text read as follows: "The term 'repurchase agreement' -

"(I) has the meaning given to such term in section 101 of title
11, except that the items (as described in such section) which
may be subject to any such agreement shall be deemed to include
mortgage-related securities (as such term is defined in section
78c(a)(41) of title 15), any mortgage loan, and any interest in
any mortgage loan; and
"(II) does not include any participation in a commercial
mortgage loan unless the Corporation determines by regulation,
resolution, or order to include any such participation within the
meaning of such term."
Subsec. (e)(8)(D)(vi). Pub. L. 109-8, Sec. 901(f)(1), reenacted
heading without change and amended text generally. Prior to
amendment, text read as follows: "The term 'swap agreement' -
"(I) means any agreement, including the terms and conditions
incorporated by reference in any such agreement, which is a rate
swap agreement, basis swap, commodity swap, forward rate
agreement, interest rate future, interest rate option purchased,
forward foreign exchange agreement, rate cap agreement, rate
floor agreement, rate collar agreement, currency swap agreement,
cross-currency rate swap agreement, currency future, or currency
option purchased or any other similar agreement, and
"(II) includes any combination of such agreements and any
option to enter into any such agreement."
Subsec. (e)(8)(D)(vii). Pub. L. 109-8, Sec. 905(a), amended
heading and text of cl. (vii) generally. Prior to amendment, text
read as follows: "Any master agreement for any agreements described
in clause (vi)(I) together with all supplements to such master
agreement shall be treated as 1 swap agreement."
Subsec. (e)(8)(D)(viii). Pub. L. 109-8, Sec. 901(g)(1), reenacted
heading without change and amended text generally. Prior to
amendment, text read as follows: "The term 'transfer' has the
meaning given to such term in section 101 of title 11."
Subsec. (e)(8)(E). Pub. L. 109-8, Sec. 902(a)(1)(A), substituted
"other than subsections (d)(9) and (e)(10)" for "other than
paragraph (12) of this subsection, subsection (d)(9)" in
introductory provisions.
Subsec. (e)(8)(E)(ii). Pub. L. 109-8, Sec. 901(h)(1)(B), added
cl. (ii) and struck out former cl. (ii) which read as follows: "any
right under any security arrangement relating to such qualified
financial contracts; or".
Subsec. (e)(8)(F), (G). Pub. L. 109-8, Sec. 902(a)(1)(B), added
subpars. (F) and (G).
Subsec. (e)(8)(H). Pub. L. 109-8, Sec. 908(a), added subpar. (H).
Subsec. (e)(9). Pub. L. 109-8, Sec. 903(a)(1), reenacted heading
without change and amended text generally. Prior to amendment, text
related to transfer of qualified financial contracts, claims, and
property of a depository institution in default.
Subsec. (e)(10)(A). Pub. L. 109-8, Sec. 903(a)(2), substituted
concluding provisions for former concluding provisions which read
as follows: "the conservator or receiver shall use such
conservator's or receiver's best efforts to notify any person who
is a party to any such contract of such transfer by 12:00, noon
(local time) on the business day following such transfer."
Subsec. (e)(10)(B) to (D). Pub. L. 109-8, Sec. 903(a)(3), added
subpars. (B) and (C) and redesignated former subpar. (B) as (D).
Subsec. (e)(11). Pub. L. 109-8, Sec. 904(a)(2), added par. (11).
Former par. (11) redesignated (12).
Subsec. (e)(12). Pub. L. 109-8, Sec. 904(a)(1), redesignated par.
(11) as (12). Former par. (12) redesignated (13).
Subsec. (e)(12)(A). Pub. L. 109-8, Sec. 902(a)(2), inserted "or
the exercise of rights or powers by" after "the appointment of".
Subsec. (e)(13) to (16). Pub. L. 109-8, Sec. 904(a)(1),
redesignated pars. (12) to (15) as (13) to (16), respectively.
Subsec. (e)(17). Pub. L. 109-8, Sec. 904(a)(3), added par. (17).
2004 - Subsec. (c)(2)(A)(i). Pub. L. 108-386, Sec. 8(a)(4)(A),
struck out "or District bank" after "Federal depository
institution".
Subsec. (c)(2)(A)(ii). Pub. L. 108-386, Sec. 8(a)(4)(B), struck
out "or District bank" after "Federal depository institution" and
"or the code of law for the District of Columbia" before period at
end.
Subsec. (c)(3)(A). Pub. L. 108-386, Sec. 8(a)(4)(C), struck out
"(other than a District depository institution)" after "State
depository institution".
Subsec. (t)(2)(A)(vi). Pub. L. 108-271 substituted "Government
Accountability Office" for "General Accounting Office".
2000 - Subsec. (d)(10)(C). Pub. L. 106-569 added subpar. (C).
Subsecs. (v), (w)(1)(B)(ii). Pub. L. 106-400 made technical
amendment to references in original act which appear in text as
references to section 11302 of title 42.
1999 - Subsec. (a)(4)(B). Pub. L. 106-102, Sec. 117, substituted
"to benefit any shareholder or affiliate (other than an insured
depository institution that receives assistance in accordance with
the provisions of this chapter) of" for "to benefit any shareholder
of" in introductory provisions.
Subsec. (a)(5). Pub. L. 106-102, Sec. 736(b)(2), amended Pub. L.
104-208, Sec. 2704(d)(4), (6)(C). See 1996 Amendment notes below.
Subsec. (a)(6). Pub. L. 106-102, Sec. 736(b)(2)(B), amended Pub.
L. 104-208, Sec. 2704(d)(6)(C)(i). See 1996 Amendment note below.
Subsec. (a)(6)(L). Pub. L. 106-102, Sec. 736(a), struck out
heading and text of subpar. (L). Text read as follows:
"(i) Establishment. - If, on January 1, 1999, the reserve ratio
of the Savings Association Insurance Fund exceeds the designated
reserve ratio, there is established a Special Reserve of the
Savings Association Insurance Fund, which shall be administered by
the Corporation and shall be invested in accordance with section
1823(a) of this title.
"(ii) Amounts in special reserve. - If, on January 1, 1999, the
reserve ratio of the Savings Association Insurance Fund exceeds the
designated reserve ratio, the amount by which the reserve ratio
exceeds the designated reserve ratio shall be placed in the Special
Reserve of the Savings Association Insurance Fund established by
clause (i).
"(iii) Limitation. - The Corporation shall not provide any
assessment credit, refund, or other payment from any amount in the
Special Reserve of the Savings Association Insurance Fund.
"(iv) Emergency use of special reserve. - Notwithstanding clause
(iii), the Corporation may, in its sole discretion, transfer
amounts from the Special Reserve of the Savings Association
Insurance Fund to the Savings Association Insurance Fund for the
purposes set forth in paragraph (4), only if -
"(I) the reserve ratio of the Savings Association Insurance
Fund is less than 50 percent of the designated reserve ratio; and
"(II) the Corporation expects the reserve ratio of the Savings
Association Insurance Fund to remain at less than 50 percent of
the designated reserve ratio for each of the next 4 calendar
quarters.
"(v) Exclusion of special reserve in calculating reserve ratio. -
Notwithstanding any other provision of law, any amounts in the
Special Reserve of the Savings Association Insurance Fund shall be
excluded in calculating the reserve ratio of the Savings
Association Insurance Fund."
Subsec. (a)(7), (8). Pub. L. 106-102, Sec. 736(b)(2)(B), (C),
amended Pub. L. 104-208, Sec. 2704(d)(6)(C). See 1996 Amendment
notes below.
1996 - Subsec. (a)(4). Pub. L. 104-208, Sec. 2704(d)(1)(C), which
directed substitution of "Establishment of the Deposit Insurance
Fund" for "General provisions relating to funds" in heading, was
repealed by Pub. L. 109-171. See Effective Date of 1996 Amendment
note below and 2006 Amendment note above.
Subsec. (a)(4)(A) to (C). Pub. L. 104-208, Sec. 2704(d)(1)(A),
(B), (2), which directed striking out subpar. (A), redesignating
subpar. (B) as (C) and substituting "Deposit Insurance Fund" for
"Bank Insurance Fund and the Savings Association Insurance Fund" in
introductory provisions, and adding new subpars. (A) and (B), was
repealed by Pub. L. 109-171. See Effective Date of 1996 Amendment
note below and 2006 Amendment note above.
Subsec. (a)(4)(D). Pub. L. 104-208, Sec. 2704(d)(3), which
directed adding subpar. (D), was repealed by Pub. L. 109-171. See
Effective Date of 1996 Amendment note below and 2006 Amendment note
above.
Subsec. (a)(5). Pub. L. 104-208, Sec. 2704(d)(6)(C), as amended
by Pub. L. 106-102, Sec. 736(b)(2)(B), (C), which directed striking
out par. (5) and redesignating par. (8) as (5), was repealed by
Pub. L. 109-171. See Effective Date of 1996 Amendment note below
and 2006 Amendment note above.
Pub. L. 104-208, Sec. 2704(d)(4), which directed general
amendment of par. (5), was repealed by Pub. L. 106-102, Sec.
736(b)(2)(A).
Subsec. (a)(6). Pub. L. 104-208, Sec. 2704(d)(6)(C)(i), as
amended by Pub. L. 106-102, Sec. 736(b)(2)(B), which directed
striking out par. (6), was repealed by Pub. L. 109-171. See
Effective Date of 1996 Amendment note below and 2006 Amendment note
above.
Subsec. (a)(6)(L). Pub. L. 104-208, Sec. 2705, added subpar. (L).
Subsec. (a)(7), (8). Pub. L. 104-208, Sec. 2704(d)(6)(C), as
amended by Pub. L. 106-102, Sec. 736(b)(2)(B), (C), which directed
striking out par. (7) and redesignating par. (8) as (5), was
repealed by Pub. L. 109-171. See Effective Date of 1996 Amendment
note below and 2006 Amendment note above.
Subsec. (d)(20). Pub. L. 104-208, Sec. 2602, added par. (20).
Subsec. (f)(1). Pub. L. 104-208, Sec. 2704(d)(14)(H), which
directed substitution of a period for ", except that - " and
subpars. (A) and (B), was repealed by Pub. L. 109-171. See
Effective Date of 1996 Amendment note below and 2006 Amendment note
above.
Subsec. (i)(3)(B), (C). Pub. L. 104-208, Sec. 2704(d)(14)(I),
which directed striking out subpar. (B) and redesignating subpar.
(C) as (B) and substituting "subparagraph (A)" for "subparagraphs
(A) and (B)", was repealed by Pub. L. 109-171. See Effective Date
of 1996 Amendment note below and 2006 Amendment note above.
Subsec. (t)(2)(A)(vi). Pub. L. 104-316 added cl. (vi).
1994 - Subsec. (a)(4). Pub. L. 103-325, Sec. 602(a)(21),
substituted "provisions" for "Provisions" in heading.
Subsec. (c)(5)(M). Pub. L. 103-325, Sec. 411(c)(2)(A),
substituted "section 5322 or 5324 of title 31" for "section 5322 of
title 31".
Subsec. (d)(2)(B)(iii). Pub. L. 103-325, Sec. 602(a)(22),
substituted "are consistent" for "is consistent".
Subsec. (d)(8)(B)(ii). Pub. L. 103-325, Sec. 602(a)(23), inserted
"provide" before "a statement".
Subsec. (d)(14)(B). Pub. L. 103-325, Sec. 602(a)(24), substituted
"statute of limitations" for "statute of limitation".
Subsec. (d)(14)(C). Pub. L. 103-328 added subpar. (C).
Subsec. (d)(16)(B)(iv). Pub. L. 103-325, Sec. 602(a)(25),
substituted "disposition" for "dispositions".
Subsec. (e)(8)(D). Pub. L. 103-394 substituted "section 741" for
"section 741(7)" in cl. (ii)(I), "section 761" for "section 761(4)"
in cl. (iii), "section 101" for "section 101(24)" in cl. (iv),
"section 101" for "section 101(41)" in cl. (v)(I), and "section
101" for "section 101(50)" in cl. (viii).
Subsec. (e)(8)(D)(v)(I). Pub. L. 103-325, Sec. 602(a)(26),
substituted "title 15)," for "title 15,".
Subsec. (e)(12)(B). Pub. L. 103-325, Sec. 602(a)(27), substituted
"director's or officer's" for "directors or officers".
Subsec. (e)(14), (15). Pub. L. 103-325, Sec. 325, added pars.
(14) and (15).
Subsec. (f)(3)(A). Pub. L. 103-325, Sec. 602(a)(28), substituted
"with" for "to" in heading.
Subsec. (i)(3)(A). Pub. L. 103-325, Sec. 602(a)(29), substituted
"other claimant or category of claimants" for "other claimant or
category or claimants" in second sentence.
Subsec. (n)(4)(E)(i). Pub. L. 103-325, Sec. 602(a)(30), inserted
"and" at end.
Subsec. (n)(12)(A). Pub. L. 103-325, Sec. 602(a)(31), substituted
"subparagraph" for "subparagraphs".
Subsec. (q)(1). Pub. L. 103-325, Sec. 602(a)(32), substituted
"held" for "decided" in second sentence.
Subsec. (u)(3)(B). Pub. L. 103-325, Sec. 602(a)(33), substituted
"section 1831q(p) of this title" for "subsection (c)(9)".
1993 - Subsec. (a)(1)(C). Pub. L. 103-204, Sec. 38(b),
substituted "paragraph (1) or (2) of section 1817(i) of this title
or any funds described in section 1817(i)(3) of this title" for
"section 1817(i)(1) of this title".
Subsec. (a)(4). Pub. L. 103-204, Sec. 11, substituted
"Provisions" for "provision" in heading, and amended text
generally. Prior to amendment, text read as follows: "The Bank
Insurance Fund established under paragraph (5) and the Savings
Association Insurance Fund established under paragraph (6) shall
each be -
"(A) maintained and administered by the Corporation;
"(B) maintained separately and not commingled; and
"(C) used by the Corporation to carry out its insurance
purposes in the manner provided in this subsection."
Subsec. (a)(6)(D) to (F). Pub. L. 103-204, Sec. 8(a)-(c), amended
subpars. (D) to (F) generally. Prior to amendment, subpars. (D) to
(F) related to the availability of funds for administrative
expenses, Treasury payments to the Fund, and Treasury payments to
maintain the net worth of the Fund, respectively.
Subsec. (a)(6)(G). Pub. L. 103-204, Sec. 8(i), substituted
"subparagraph (D)" for "subparagraphs (E) and (F)" in heading and
text.
Subsec. (a)(6)(H). Pub. L. 103-204, Sec. 8(d), amended subpar.
(H) generally. Prior to amendment, subpar. (H) read as follows:
"Discretionary rtc payments. - If amounts available to the Savings
Association Insurance Fund for purposes other than the payment of
administrative expenses are insufficient for the Savings
Association Insurance Fund to carry out the purposes of this
chapter, the Corporation may request the Resolution Trust
Corporation to provide, and the Thrift Depositor Protection
Oversight Board of the Resolution Trust Corporation (in the
discretion of the Thrift Depositor Protection Oversight Board) may
pay, such amount as may be needed for such purposes."
Subsec. (a)(6)(J). Pub. L. 103-204, Sec. 8(e), substituted
"Subject to subparagraph (E), there are" for "There are" and "of
subparagraph (D) for fiscal years 1994 through 1998, except that
the aggregate amount appropriated pursuant to this authorization
may not exceed $8,000,000,000." for "of this paragraph, except that
-
"(i) the annual amount appropriated under subparagraph (F)
shall not exceed $2,000,000,000 in either fiscal year 1992 or
fiscal year 1993; and
"(ii) the cumulative amount appropriated under subparagraph (F)
for fiscal years 1992 through 2000 shall not exceed
$16,000,000,000."
Subsec. (a)(6)(K). Pub. L. 103-204, Sec. 8(f), added subpar. (K).
Subsec. (c)(6)(B)(i). Pub. L. 103-204, Sec. 27(b)(1), substituted
"such date as is determined by the Chairperson of the Thrift
Depositor Protection Oversight Board under section
1441a(b)(3)(A)(ii) of this title" for "October 1, 1993".
Subsec. (c)(6)(B)(ii). Pub. L. 103-204, Sec. 27(b)(2), (3),
substituted "on or after the date determined by the Chairperson of
the Thrift Depositor Protection Oversight Board under section
1441a(b)(3)(A)(ii) of this title" for "after September 30, 1993"
and "before such date" for "on or before such date".
Subsec. (c)(6)(B)(iii). Pub. L. 103-204, Sec. 27(b)(2),
substituted "on or after the date determined by the Chairperson of
the Thrift Depositor Protection Oversight Board under section
1441a(b)(3)(A)(ii) of this title" for "after September 30, 1993".
Subsec. (c)(13). Pub. L. 103-66, Sec. 3001(b)(1), in subpar. (A)
struck out "subject to subparagraph (B)," before "this section
shall" and inserted "and" at end, redesignated subpar. (C) as (B),
and struck out former subpar. (B) which read as follows: "the
Corporation shall apply the law of the State in which the
institution is chartered insofar as that law gives the claims of
depositors priority over those of other creditors or claimants;
and".
Subsec. (d)(2)(K). Pub. L. 103-204, Sec. 3(d), inserted "legal,"
after "auction marketing," and substituted "only if" for "if" and
"the most practicable" for "practicable".
Subsec. (d)(11). Pub. L. 103-66, Sec. 3001(a), amended par. (11)
generally, substituting present provisions for former provisions
relating to distribution of assets, which consisted of a subpar.
(A) relating to subrogated claims and claims of uninsured
depositors and other creditors and a subpar. (B) relating to
distribution to shareholders of amounts remaining after payment of
all other claims and expenses.
Subsec. (d)(14)(A)(ii). Pub. L. 103-204, 4(b), inserted "(other
than a claim which is subject to section 1441a(b)(14) of this
title)" after "any tort claim".
Subsec. (g)(4). Pub. L. 103-66, Sec. 3001(b)(2), substituted
"Subject to subsection (d)(11) of this section, if" for "If".
Subsec. (p). Pub. L. 103-204, Sec. 20, in heading, substituted
"Certain sales of assets prohibited" for "Certain convicted debtors
prohibited from purchasing assets", added par. (1), redesignated
former pars. (1) and (2) as pars. (2) and (3), respectively, in
par. (2) substituted "paragraph (3)" for "paragraph (2)" and
"person" for "individual", in par. (3) substituted "Paragraphs (1)
and (2)" for "Paragraph (1)" and "person" for "individual",
wherever appearing, and added par. (4).
Subsec. (u). Pub. L. 103-204, Sec. 15(b), added subsec. (u).
Subsec. (v). Pub. L. 103-204, Sec. 16(b), added subsec. (v).
Subsec. (w). Pub. L. 103-204, Sec. 17(b), added subsec. (w).
1992 - Subsec. (c)(5)(M). Pub. L. 102-550, Sec. 1501(a), added
subpar. (M).
Subsec. (c)(6)(B). Pub. L. 102-550, Sec. 1611(b)(2), substituted
"subparagraph (A) or (C) of section 1464(d)(2) of this title" for
"subparagraph (C) or (F) of section 1464(d)(2) of this title".
Pub. L. 102-550, Sec. 1611(b)(1), substituted "subparagraph (C)
or (F) of section 1464(d)(2) of this title" for "section
1464(d)(2)(C) of this title".
Subsec. (d)(2)(B), (E). Pub. L. 102-550, Sec. 1604(c)(2), made
technical amendment to reference to section 1831q of this title to
reflect change in reference to corresponding section of original
act.
Subsec. (d)(4)(A). Pub. L. 102-550, Sec. 1606(c), substituted
"determination" for "determinations" after "administrative".
Subsec. (d)(5)(D)(iii)(I). Pub. L. 102-550, Sec. 1603(e)(1),
substituted "insured depository institution" for "institution
described in paragraph (3)(A)".
Subsec. (t). Pub. L. 102-550, Sec. 1544, added subsec. (t).
1991 - Subsec. (a)(1). Pub. L. 102-242, Sec. 311(b)(1), added
par. (1) and struck out former par. (1) which read as follows: "The
Corporation shall insure the deposits of all insured depository
institutions as provided in this chapter. The maximum amount of the
insured deposit of any depositor shall be $100,000."
Subsec. (a)(2)(A). Pub. L. 102-242, Sec. 311(b)(5)(B), in closing
provisions, substituted "such depositor shall, for the purpose of
determining the amount of insured deposits under this subsection,
be deemed a depositor in such custodial capacity separate and
distinct from any other officer, employee, or agent of the United
States or any public unit referred to in clause (ii), (iii), (iv),
or (v) and the deposit of any such depositor shall be insured in an
amount not to exceed $100,000 per account" for "his deposit shall
be insured" before "in an amount not to exceed $100,000 per
account."
Subsec. (a)(2)(B). Pub. L. 102-242, Sec. 311(b)(5)(C),
substituted "(B)" for "(b)" as subpar. designation.
Subsec. (a)(3). Pub. L. 102-242, Sec. 311(b)(2), amended par. (3)
generally. Prior to amendment, par. (3) read as follows:
"Notwithstanding any limitation in this chapter or in any other
provision of law relating to the amount of deposit insurance
available for the account of any one depositor, time and savings
deposits in an insured depository institution made pursuant to a
pension or profit-sharing plan described in section 401(d) of title
26, or made in the form of individual retirement accounts as
described in section 408(a) of title 26, shall be insured in the
amount of $100,000 per account. As to any plan qualifying under
section 401(d) or section 408(a) of title 26, the term 'per
account' means the present vested and ascertainable interest of
each beneficiary under the plan, excluding any remainder interest
created by, or as a result of, the plan."
Subsec. (a)(6)(E). Pub. L. 102-233, Sec. 202(a), substituted
"1993" for "1992" and "2000" for "1999".
Subsec. (a)(6)(J). Pub. L. 102-233, Sec. 202(b), substituted
"1992" for "1991" and "1993" for "1992" in cl. (i), and "1992" for
"1991" and "2000" for "1999" in cl. (ii).
Subsec. (a)(8). Pub. L. 102-242, Sec. 311(a)(1), added par. (8).
Subsec. (c)(5). Pub. L. 102-242, Sec. 133(a), amended par. (5)
generally, revising and restating as subpars. (A) to (L) provisions
of former subpars. (A) to (H).
Subsec. (c)(6)(B). Pub. L. 102-233, Sec. 102, amended subpar. (B)
generally. Prior to amendment, subpar. (B) read as follows:
"Whenever the Director of the Office of Thrift Supervision appoints
a receiver under the provisions of section 1464(d)(2)(C) of this
title for the purpose of liquidation or winding up any savings
association's affairs -
"(i) during the 3-year period beginning on August 9, 1989, the
Resolution Trust Corporation shall be appointed; and
"(ii) after the end of the 3-year period referred to in clause
(i), the Corporation shall be appointed."
Subsec. (c)(9). Pub. L. 102-242, Sec. 133(e), amended par. (9)
generally. Prior to amendment, par. (9) read as follows: "In any
case in which the Corporation is appointed conservator or receiver
pursuant to paragraph (4) or (6) -
"(A) the provisions of this section shall be applicable to the
Corporation, as conservator or receiver of any insured State
depository institution in the same manner and to the same extent
as if such institution were a Federal depository institution for
which the Corporation had been appointed conservator or receiver;
and
"(B) the Corporation as receiver of any insured State
depository institution may -
"(i) liquidate such institution in an orderly manner; and
"(ii) make such other disposition of any matter concerning
such institution as the Corporation determines is in the best
interests of the institution, the depositors of such
institution, and the Corporation."
Subsec. (c)(10) to (13). Pub. L. 102-242, Sec. 133(e), added
pars. (10) to (13).
Subsec. (d)(2)(B). Pub. L. 102-242, Sec. 241(c)(1)(A), inserted
"(subject to the provisions of section 1831q of this title)" before
comma in introductory provisions.
Subsec. (d)(2)(E). Pub. L. 102-242, Sec. 241(c)(1)(B), inserted
"(subject to the provisions of section 1831q of this title)" before
first comma.
Subsec. (d)(2)(K). Pub. L. 102-242, Sec. 426, added subpar. (K).
Subsec. (d)(3)(A). Pub. L. 102-242, Sec. 161(a)(1), substituted
"paragraph (4)" for "paragraph (4)(A)".
Subsec. (d)(4). Pub. L. 102-242, Sec. 416, amended par. (4)
generally. Prior to amendment, par. (4) read as follows: "The
Corporation may prescribe regulations regarding the allowance or
disallowance of claims by the receiver and providing for
administrative determination of claims and review of such
determination."
Subsec. (d)(5)(D). Pub. L. 102-242, Sec. 141(b), amended subpar.
(D) generally. Prior to amendment, subpar. (D) read as follows:
"The receiver may disallow any portion of any claim by a creditor
or claim of security, preference, or priority which is not proved
to the satisfaction of the receiver."
Subsec. (d)(11)(B). Pub. L. 102-242, Sec. 161(a)(2), substituted
"paragraph (15)(B)" for "paragraph (14)(C)".
Subsec. (d)(13)(E). Pub. L. 102-242, Sec. 123(a), added subpar.
(E).
Subsec. (e)(3)(C)(ii), (4)(B)(iii). Pub. L. 102-242, Sec.
161(a)(3), (4), substituted "subsection (i)" for "subsection (k)".
Subsec. (e)(8)(A), (E). Pub. L. 102-242, Sec. 161(a)(5),
substituted "subsection (d)(9) of this section" for "subsections
(d)(9) and (i)(4)(I) of this section".
Subsec. (h). Pub. L. 102-242, Sec. 141(d)(2), substituted
"resolution" for "liquidation" in heading.
Subsec. (h)(4). Pub. L. 102-242, Sec. 141(d)(1), added par. (4).
Subsec. (i)(3)(A). Pub. L. 102-242, Sec. 161(e), substituted
"Notwithstanding any other provision of Federal or State law, or
the constitution of any State, the" for "The".
Subsec. (n)(9). Pub. L. 102-242, Sec. 161(a)(6), substituted
"paragraphs (11) and (12)" for "paragraphs (11) and (13)".
Subsec. (n)(11)(D). Pub. L. 102-242, Sec. 161(a)(7), substituted
"paragraph (9)" for "paragraph (8)".
Subsec. (s). Pub. L. 102-242, Sec. 446, added subsec. (s).
1990 - Subsec. (d)(2)(I), (J). Pub. L. 101-647, Sec. 2534(a),
added subpar. (I) and redesignated former subpar. (I) as (J).
Subsec. (d)(17). Pub. L. 101-647, Sec. 2528(a), added par. (17).
Subsec. (d)(18), (19). Pub. L. 101-647, Sec. 2521(a)(1), added
pars. (18) and (19).
Subsec. (p). Pub. L. 101-647, Sec. 2526(a), added subsec. (p).
Subsec. (q). Pub. L. 101-647, Sec. 2527, added subsec. (q).
Subsec. (r). Pub. L. 101-647, Sec. 2532(b), added subsec. (r).
1989 - Subsec. (a)(1). Pub. L. 101-73, Sec. 211(1), added par.
(1) and struck out former par. (1) which read as follows: "The
Temporary Federal Deposit Insurance Fund and the Fund for Mutuals
heretofore created pursuant to the provisions of section 12B of the
Federal Reserve Act, as amended, are consolidated into a Permanent
Insurance Fund for insuring deposits, and the assets therein shall
be held by the Corporation for the uses and purposes of the
Corporation: Provided, That the obligations to and rights of the
Corporation, depositors, banks, and other persons arising out of
any event or transaction prior to September 21, 1950, shall remain
unimpaired. On and after August 23, 1935, the Corporation shall
insure the deposits of all insured banks as provided in this
chapter: Provided further, That the insurance shall apply only to
deposits of insured banks which have been made available since
March 10, 1933, for withdrawal in the usual course of the banking
business: Provided further, That if any insured bank shall, without
the consent of the Corporation, release or modify restrictions on
or deferments of deposits which had not been made available for
withdrawal in the usual course of the banking business on or before
August 23, 1935, such deposits shall not be insured. Except as
provided in paragraph (2), the maximum amount of the insured
deposit of any depositor shall be $100,000."
Subsec. (a)(2)(A). Pub. L. 101-73, Sec. 201(a), substituted
"insured depository institution" for "insured bank" wherever
appearing.
Subsec. (a)(2)(B). Pub. L. 101-73, Sec. 211(2), struck out "time
and savings" after "deposited in".
Pub. L. 101-73, Sec. 201(a), substituted "insured depository
institution" for "insured bank".
Subsec. (a)(3). Pub. L. 101-73, Sec. 201(a), substituted "insured
depository institution" for "insured bank".
Subsec. (a)(4) to (7). Pub. L. 101-73, Sec. 211(3), added pars.
(4) to (7).
Subsec. (b). Pub. L. 101-73, Sec. 201(a), substituted "insured
depository institution" for "insured bank".
Subsec. (c). Pub. L. 101-73, Sec. 212(a), added subsec. (c) and
struck out former subsec. (c) which related to Corporation as
receiver.
Subsec. (d). Pub. L. 101-73, Sec. 212(a), added subsec. (d) and
struck out former subsec. (d) which related to powers and duties of
Corporation as receiver.
Subsec. (e). Pub. L. 101-73, Sec. 212(a), added subsec. (e) and
struck out former subsec. (e) which related to Corporation as
receiver of State banks.
Subsec. (f). Pub. L. 101-73, Sec. 212(a), added subsec. (f) and
struck out former subsec. (f) which related to payment of insured
deposits of closed insured bank or insured branch of a foreign
bank.
Subsec. (g). Pub. L. 101-73, Sec. 212(a), added subsec. (g) and
struck out former subsec. (g) which related to subrogation rights
of Corporation in the case of a closed national bank, insured
branch of a foreign bank, District bank, or closed insured Federal
savings bank.
Subsec. (h). Pub. L. 101-73, Sec. 212(a), added subsec. (h) and
struck out former subsec. (h) which related to organization, etc.,
of new national banks upon closing of insured banks. See subsec.
(m) of this section.
Subsec. (i). Pub. L. 101-73, Sec. 212(a), added subsec. (i) and
struck out former subsec. (i) which related to establishment, etc.,
of bridge banks. See subsec. (n) of this section.
Subsec. (j). Pub. L. 101-73, Sec. 212(a), added subsec. (j) and
struck out former subsec. (j) which related to conditions
applicable to liquidation proceedings.
Subsecs. (k), (l). Pub. L. 101-73, Sec. 212(a), added subsecs.
(k) and (l).
Subsec. (m). Pub. L. 101-73, Sec. 213, added subsec. (m).
Subsec. (n). Pub. L. 101-73, Sec. 214, added subsec. (n).
Subsec. (o). Pub. L. 101-73, Sec. 909, added subsec. (o).
1987 - Subsec. (h). Pub. L. 100-86, Sec. 503(a)(1), (2),
designated existing provisions as par. (1) and redesignated former
subsecs. (i) to (l) as pars. (2) to (5), respectively.
Subsec. (i). Pub. L. 100-86, Sec. 503(a)(2), (3), added subsec.
(i). Former subsec. (i) redesignated subsec. (h)(2) of this
section.
Subsec. (j). Pub. L. 100-86, Secs. 503(a)(2), 507, added subsec.
(j). Former subsec. (j) redesignated subsec. (h)(3) of this
section.
Subsecs. (k), (l). Pub. L. 100-86, Sec. 503(a)(2), redesignated
subsecs. (k) and (l) as pars. (4) and (5), respectively, of subsec.
(h).
1986 - Subsec. (a)(3). Pub. L. 99-514 substituted "Internal
Revenue Code of 1986" for "Internal Revenue Code of 1954" wherever
appearing, which for purposes of codification was translated as
"title 26" thus requiring no change in text.
1982 - Subsec. (c). Pub. L. 97-320, Sec. 113(j), inserted
provision relating to appointment of Corporation as receiver for an
insured Federal savings bank by Federal Home Loan Bank Board.
Subsec. (g). Pub. L. 97-320, Sec. 113(k), inserted "or closed
insured Federal savings bank," after "foreign bank, or District
bank,".
1981 - Subsec. (a)(2)(A)(iv). Pub. L. 97-110 inserted "the Trust
Territory of the Pacific Islands," after "Virgin Islands, American
Samoa," and "of the Trust Territory of the Pacific Islands," after
"of American Samoa,".
1980 - Subsec. (a)(1). Pub. L. 96-221, Sec. 308(a)(1)(C),
substituted "$100,000" for "$40,000".
Subsec. (i). Pub. L. 96-221, Sec. 308(a)(1)(D), substituted
"$100,000" for "$40,000".
1979 - Subsec. (a)(2)(A)(v). Pub. L. 96-153 added cl. (v).
1978 - Subsec. (a)(3). Pub. L. 95-630 added par. (3).
Subsec. (c). Pub. L. 95-369, Sec. 6(c)(17), inserted "insured
Federal branch of a foreign bank" after "any insured national
bank".
Subsec. (e). Pub. L. 95-369, Sec. 6(c)(18), (19), inserted "or
any insured branch (other than a Federal branch) of a foreign bank"
after "(except a District bank)", and substituted "such insured
State bank or insured branch of a foreign bank" for "such insured
State bank".
Subsec. (f). Pub. L. 95-369, Sec. 6(c)(20), inserted "or insured
branch of a foreign bank" after "Whenever an insured bank".
Subsec. (g). Pub. L. 95-369, Sec. 6(c)(21), (22), inserted
"insured branch of a foreign bank" after "In the case of a closed
national bank", and substituted "In the case of any closed insured
bank or closed insured branch of a foreign bank, such subrogation"
for "In the case of any closed insured bank, such subrogation".
1974 - Subsec. (a). Pub. L. 93-495, Secs. 101(a)(3), 102(a)(3),
redesignated existing provisions as par. (1), inserted exception
relating to applicability of par. (2), substituted "$40,000" for
"$20,000', and added par. (2).
Subsec. (i). Pub. L. 93-495, Sec. 102(a)(4), substituted
"$40,000" for "$20,000".
1969 - Subsec. (a). Pub. L. 91-151, Sec. 7(a)(3), substituted
$20,000 for $15,000 in last sentence.
Subsec. (i). Pub. L. 91-151, Sec. 7(a)(4), substituted $20,000
for $15,000 in fifth sentence.
1966 - Subsec. (a). Pub. L. 89-695, Sec. 301(c), substituted in
last sentence "$15,000" for "$10,000" and struck out ": And
provided further, That in the case of banks closing prior to
September 21, 1950, the maximum amount of the insured deposit of
any depositor shall be $5,000".
Subsec. (i). Pub. L. 89-695, Sec. 301(d), substituted "$15,000"
for "$10,000" in fifth sentence.
CHANGE OF NAME
Committee on Banking, Finance and Urban Affairs of House of
Representatives treated as referring to Committee on Banking and
Financial Services of House of Representatives by section 1(a) of
Pub. L. 104-14, set out as a note preceding section 21 of Title 2,
The Congress. Committee on Banking and Financial Services of House
of Representatives abolished and replaced by Committee on Financial
Services of House of Representatives, and jurisdiction over matters
relating to securities and exchanges and insurance generally
transferred from Committee on Energy and Commerce of House of
Representatives by House Resolution No. 5, One Hundred Seventh
Congress, Jan. 3, 2001.
Oversight Board redesignated Thrift Depositor Protection
Oversight Board, effective Feb. 1, 1992, see section 302(a) of Pub.
L. 102-233, set out as a note under section 1441a of this title.
Thrift Depositor Protection Oversight Board abolished, see section
14(a)-(d) of Pub. L. 105-216, set out as a note under section 1441a
of this title.
EFFECTIVE DATE OF 2006 AMENDMENT
Amendment by Pub. L. 109-390 not applicable to any cases
commenced under Title 11, Bankruptcy, or to appointments made under
any Federal or State law, before Dec. 12, 2006, see section 7 of
Pub. L. 109-390, set out as a note under section 101 of Title 11.
Amendment by subsection 701(b) of Pub. L. 109-351 applicable with
respect to conservators or receivers appointed on or after Oct. 13,
2006, see section 701(c) of Pub. L. 109-351, set out as a note
under section 191 of this title.
Amendment by section 2(a), (c)(1) of Pub. L. 109-173 effective
Apr. 1, 2006, see section 2(e) of Pub. L. 109-173, set out as a
note under section 1785 of this title.
Amendment by section 8(a)(11)-(14) of Pub. L. 109-173 effective
Mar. 31, 2006, see section 8(b) of Pub. L. 109-173, set out as a
note under section 1813 of this title.
Amendment by section 2102(b) of Pub. L. 109-171 effective no
later than the first day of the first calendar quarter that begins
after the end of the 90-day period beginning Feb. 8, 2006, see
section 2102(c) of Pub. L. 109-171, set out as a Merger of BIF and
SAIF note below.
Pub. L. 109-171, title II, Sec. 2103(d), Feb. 8, 2006, 120 Stat.
12, provided that: "This section [amending this section] and the
amendments made by this section shall take effect on the date the
final regulations required under section 9(a)(2) [probably means
section 2109(a)(2) of Pub. L. 109-171, set out as a Regulations
note under section 1817 of this title] take effect [Apr. 1, 2006,
see 71 F.R. 14629]."
EFFECTIVE DATE OF 2005 AMENDMENT
Amendment by Pub. L. 109-8 effective 180 days after Apr. 20,
2005, and not applicable with respect to cases commenced under
Title 11, Bankruptcy, before such effective date, except as
otherwise provided, see section 1501 of Pub. L. 109-8, set out as a
note under section 101 of Title 11.
EFFECTIVE DATE OF 2004 AMENDMENT
Amendment by Pub. L. 108-386 effective Oct. 30, 2004, and, except
as otherwise provided, applicable with respect to fiscal year 2005
and each succeeding fiscal year, see sections 8(i) and 9 of Pub. L.
108-386, set out as notes under section 321 of this title.
EFFECTIVE DATE OF 1999 AMENDMENT
Amendment by section 117 of Pub. L. 106-102 effective 120 days
after Nov. 12, 1999, see section 161 of Pub. L. 106-102, set out as
a note under section 24 of this title.
Pub. L. 106-102, title VII, Sec. 736(c), Nov. 12, 1999, 113 Stat.
1479, provided that: "This section [amending this section and
provisions set out as a note under this section] and the amendments
made by this section shall become effective on the date of the
enactment of this Act [Nov. 12, 1999]."
EFFECTIVE DATE OF 1996 AMENDMENT
Pub. L. 104-208, div. A, title II, Sec. 2704(c), Sept. 30, 1996,
110 Stat. 3009-487, which provided that section 2704 of div. A of
Pub. L. 104-208 (amending this section, sections 24, 338a, 347b,
1431, 1441a, 1441b, 1464, 1467a, 1723i, 1735f-14, 1813, 1815 to
1817, 1821a, 1823 to 1825, 1827, 1828, 1831a, 1831e, 1831m, 1831o,
1833a, 1834, 1841, and 3341 of this title, and section 905 of Title
2, The Congress, repealing section 1831h of this title, and
enacting provisions set out as notes under this section) was to
become effective on Jan. 1, 1999, if no insured depository
institution was a savings association on that date, was repealed by
Pub. L. 109-171, title II, Sec. 2102(b), (c), Feb. 8, 2006, 120
Stat. 9, eff. no later than the first day of the first calendar
quarter that begins after the end of the 90-day period beginning
Feb. 8, 2006.
EFFECTIVE DATE OF 1994 AMENDMENT
Amendment by Pub. L. 103-394 effective Oct. 22, 1994, and not
applicable with respect to cases commenced under Title 11,
Bankruptcy, before Oct. 22, 1994, see section 702 of Pub. L. 103-
394, set out as a note under section 101 of Title 11.
EFFECTIVE DATE OF 1993 AMENDMENT
Section 3001(c) of Pub. L. 103-66 provided that: "The amendments
made by this section [amending this section] shall apply with
respect to insured depository institutions for which a receiver is
appointed after the date of the enactment of this Act [Aug. 10,
1993]."
EFFECTIVE DATE OF 1992 AMENDMENT
Amendment by section 1501(a) of Pub. L. 102-550 effective Dec.
20, 1992, see section 1501(c) of Pub. L. 102-550, set out as a note
under section 1786 of this title.
Amendment by sections 1603(e)(1), 1604(c)(2), and 1606(c) of Pub.
L. 102-550 effective as if included in the Federal Deposit
Insurance Corporation Improvement Act of 1991, Pub. L. 102-242, as
of Dec. 19, 1991, except that where amendment is to any provision
of law added or amended by Pub. L. 102-242 effective after Dec. 19,
1992, then amendment by Pub. L. 102-550 effective on effective date
of amendment by Pub. L. 102-242, see section 1609 of Pub. L. 102-
550, set out as a note under section 191 of this title.
Section 1611(b)(2) of Pub. L. 102-550 provided that the amendment
made by that section is effective one year after Dec. 19, 1991.
EFFECTIVE DATE OF 1991 AMENDMENT
Amendment by section 133(a), (e) of Pub. L. 102-242 effective 1
year after Dec. 19, 1991, see section 133(g) of Pub. L. 102-242,
set out as a note under section 191 of this title.
Section 311(c) of Pub. L. 102-242 provided that:
"(1) In general. - Except as provided in paragraph (2), the
amendments made by subsection (a) and paragraphs (2) and (3) of
subsection (b) [amending this section and section 1817 of this
title] shall take effect at the end of the 2-year period beginning
on the date of the enactment of this Act [Dec. 19, 1991].
"(2) Application to time deposits. -
"(A) Certain deposits excluded. - Except with respect to the
amendment referred to in paragraph (3), the amendments made by
subsections (a) and (b) [amending this section and sections 1813
and 1817 of this title] shall not apply to any time deposit which
-
"(i) was made before the date of enactment of this Act [Dec.
19, 1991]; and
"(ii) matures after the end of the 2-year period referred to
in paragraph (1).
"(B) Rollovers and renewals treated as new deposit. - Any
renewal or rollover of a time deposit described in subparagraph
(A) after the date of the enactment of this Act shall be treated
as a new deposit which is not described in such subparagraph.
"(3) Effective date for amendment relating to certain employee
plans. -
"(A) Section 11(a)(1)(B) of the Federal Deposit Insurance Act
[12 U.S.C. 1821(a)(1)(B)] (as amended by subsection (b)(1) of
this section) shall take effect on the earlier of -
"(i) the date of the enactment of this Act [Dec. 19, 1991];
or
"(ii) January 1, 1992.
"(B) Section 11(a)(3)(A) of the Federal Deposit Insurance Act
(as amended by subsection (b)(2) of this section) shall take
effect on the earlier of the dates described in clauses (i) and
(ii) of subparagraph (A) with respect to plans described in
clause (ii) of such section."
EFFECTIVE DATE OF 1980 AMENDMENT
Amendment by Pub. L. 96-221 effective Mar. 31, 1980, see section
308(e) of Pub. L. 96-221, set out as a note under section 1817 of
this title.
Amendment by section 308(a)(1) of Pub. L. 96-221 not applicable
to any claim arising out of the closing of a bank prior to the
effective date of section 308 of Pub L. 96-221, see section
308(a)(2) of Pub. L. 96-221, set out as a note under section 1813
of this title.
EFFECTIVE DATE OF 1979 AMENDMENT
Amendment by Pub. L. 96-153 applicable only to claims arising
after Dec. 21, 1979, with respect to a closing of a bank, etc., see
section 323(e) of Pub. L. 96-153, set out as an Effective and
Termination Dates of 1979 Amendment note under section 1757 of this
title.
EFFECTIVE DATE OF 1978 AMENDMENT
Amendment by Pub. L. 95-630 effective Nov. 10, 1978, see section
1402 of Pub. L. 95-630, set out as a note under section 1787 of
this title.
EFFECTIVE DATE OF 1974 AMENDMENT
Amendment by sections 101(a)(3) and 102(a)(3), (4) of Pub. L. 93-
495 effective on thirtieth day beginning after Oct. 28, 1974, and
amendment by section 102(a)(3), (4) of Pub. L. 93-495 not
applicable to any claim arising out of the closing of any bank
prior to such effective date, see sections 101(g) and 102(a)(3),
(4) of Pub. L. 93-495, set out as a note under section 1813 of this
title.
EFFECTIVE DATE OF 1969 AMENDMENT
Amendment by Pub. L. 91-151 not applicable to any claim arising
out of the closing of a bank where such closing took place prior to
Dec. 23, 1969, see section 7(b) of Pub. L. 91-151, set out as a
note under section 1813 of this title.
EFFECTIVE DATE OF 1966 AMENDMENT
Amendment by Pub. L. 89-695 not applicable to any claim arising
out of the closing of a bank where such closing is prior to Oct.
16, 1966, see section 301(e) of Pub. L. 89-695, set out as a note
under section 1813 of this title.
REGULATIONS
Section 311(b)(4) of Pub. L. 102-242 provided that:
"(A) Review of coverage. - For the purpose of prescribing
regulations, during the 1-year period beginning on the date of the
enactment of this Act [Dec. 19, 1991], the Board of Directors shall
review the capacities and rights in which deposit accounts are
maintained and for which deposit insurance coverage is provided by
the Corporation.
"(B) Regulations. - After the end of the 1-year period referred
to in subparagraph (A), the Board of Directors may prescribe
regulations that provide for separate insurance coverage for the
different capacities and rights in which deposit accounts are
maintained if a determination is made by the Board of Directors
that such separate insurance coverage is consistent with -
"(i) the purpose of protecting small depositors and limiting
the undue expansion of deposit insurance coverage; and
"(ii) the insurance provisions of the Federal Deposit Insurance
Act [12 U.S.C. 1811 et seq.].
"(C) Delayed effective date for regulations. - No regulation
prescribed under subparagraph (B) may take effect before the 2-year
period beginning on the date of the enactment of this Act [Dec. 19,
1991]."
TERMINATION OF TRUST TERRITORY OF THE PACIFIC ISLANDS
For termination of Trust Territory of the Pacific Islands, see
note set out preceding section 1681 of Title 48, Territories and
Insular Possessions.
MERGER OF BIF AND SAIF
Pub. L. 109-171, title II, Sec. 2102, Feb. 8, 2006, 120 Stat. 9,
provided that:
"(a) In General. -
"(1) Merger. - The Bank Insurance Fund and the Savings
Association Insurance Fund shall be merged into the Deposit
Insurance Fund.
"(2) Disposition of assets and liabilities. - All assets and
liabilities of the Bank Insurance Fund and the Savings
Association Insurance Fund shall be transferred to the Deposit
Insurance Fund.
"(3) No separate existence. - The separate existence of the
Bank Insurance Fund and the Savings Association Insurance Fund
shall cease on the effective date of the merger thereof under
this section.
"(b) Repeal of Outdated Merger Provision. - Section 2704 of the
Deposit Insurance Funds Act of 1996 (12 U.S.C. 1821 note) [section
2704 of Pub. L. 104-208, which amended this section, sections 24,
338a, 347b, 1431, 1441a, 1441b, 1464, 1467a, 1723i, 1735f-14, 1813,
1815 to 1817, 1821a, 1823 to 1825, 1827, 1828, 1831a, 1831e, 1831m,
1831o, 1833a, 1834, 1841, and 3341 of this title, and section 905
of Title 2, The Congress, repealed section 1831h of this title, and
enacted provisions set out as notes under this section] is
repealed.
"(c) Effective Date. - This section shall take effect no later
than the first day of the first calendar quarter that begins after
the end of the 90-day period beginning on the date of the enactment
of this Act [Feb. 8, 2006]."
Pub. L. 104-208, div. A, title II, Sec. 2704(a), (b), Sept. 30,
1996, 110 Stat. 3009-486, as amended by Pub. L. 106-102, title VII,
Sec. 736(b)(1), Nov. 12, 1999, 113 Stat. 1479, which provided that
the Bank Insurance Fund and the Savings Association Insurance Fund
were to be merged into the Deposit Insurance Fund, that all assets
and liabilities of the Bank Insurance Fund and the Savings
Association Insurance Fund were to be transferred to the Deposit
Insurance Fund, and that the separate existence of the Bank
Insurance Fund and the Savings Association Insurance Fund was to
cease, was repealed by Pub. L. 109-171, title II, Sec. 2102(b),
(c), Feb. 8, 2006, 120 Stat. 9, eff. no later than the first day of
the first calendar quarter that begins after the end of the 90-day
period beginning Feb. 8, 2006. See Effective Date of 1996 Amendment
note and note above.
GAO REPORT
Section 8(g) of Pub. L. 103-204 provided that: "Not later than 60
days after receipt of any certification submitted pursuant to
subparagraph (E) or (F) of section 11(a)(6) of the Federal Deposit
Insurance Act [former 12 U.S.C. 1821(a)(6)], the Comptroller
General shall transmit a report to the Congress evaluating any such
certification."
SINGLE AGENCY FOR REAL PROPERTY DISPOSITION
Section 26(b) of Pub. L. 103-204 provided that:
"(1) Study. - The Comptroller General of the United States shall
conduct a study to determine the feasibility and effectiveness of
establishing a single Federal agency responsible for selling and
otherwise disposing of real property owned or held by the
Department of Housing and Urban Development, the Farmers Home
Administration of the Department of Agriculture, the Federal
Deposit Insurance Corporation, and the Resolution Trust
Corporation. The study shall examine the real property disposition
procedures of such agencies and corporations, analyze the
feasibility of consolidating such procedures through such single
agency, and determine the characteristics and authority necessary
for any such single agency to efficiently carry out such
disposition activities.
"(2) Report. - Not later than 12 months after the date of
enactment of this Act [Dec. 17, 1993], the Comptroller General
shall submit a report to the Congress on the study required under
paragraph (1), which shall describe any findings under the study
and contain any recommendations of the Comptroller General for the
establishment of such single agency."
EXEMPTIONS FOR CERTAIN TRANSACTIONS
Section 37 of Pub. L. 103-204 provided that:
"(a) Transactions Involving Certain Institutions. - Section
11(a)(4)(B) of the Federal Deposit Insurance Act [12 U.S.C.
1821(a)(4)(B)] shall not prohibit assistance from the Bank
Insurance Fund that otherwise meets all the criteria established in
section 13(c) of such Act [12 U.S.C. 1823(c)] from being provided
to an insured depository institution that became wholly-owned,
either directly or through a wholly-owned subsidiary, by an entity
or instrumentality of a State government during the period
beginning on January 1, 1992, and ending on the date of enactment
of this Act [Dec. 17, 1993].
"(b) Transactions Involving the FDIC as Receiver. -
Notwithstanding the extension, pursuant to section 27 [12 U.S.C.
1831d], of the Resolution Trust Corporation's jurisdiction to be
appointed conservator or receiver of certain savings associations
after September 30, 1993, no provision of this Act [see Short Title
of 1993 Amendment note set out under section 1421 of this title] or
any amendment made by this Act shall invalidate or otherwise affect
-
"(1) any appointment of the Federal Deposit Insurance
Corporation as receiver for any savings association that became
effective before the date of enactment of this Act; or
"(2) any action taken by the Federal Deposit Insurance
Corporation as such receiver before, on, or after such date of
enactment."
INFORMATIONAL STUDY
Section 311(d) of Pub. L. 102-242 provided that:
"(1) In general. - The Federal Deposit Insurance Corporation, in
conjunction with such consultants and technical experts as the
Corporation determines to be appropriate, shall conduct a study of
the cost and feasibility of tracking the insured and uninsured
deposits of any individual and the exposure, under any Act of
Congress or any regulation of any appropriate Federal banking
agency, of the Federal Government with respect to all insured
depository institutions.
"(2) Analysis of costs and benefits. - The study under paragraph
(1) shall include detailed, technical analysis of the costs and
benefits associated with the least expensive way to implement the
system.
"(3) Specific factors to be studied. - As part of the study under
paragraph (1), the Corporation shall investigate, review, and
evaluate -
"(A) the data systems that would be required to track deposits
in all insured depository institutions;
"(B) the reporting burdens of such tracking on individual
depository institutions;
"(C) the systems which exist or which would be required to be
developed to aggregate such data on an accurate basis;
"(D) the implications such tracking would have for individual
privacy; and
"(E) the manner in which systems would be administered and
enforced.
"(4) Federal reserve board survey. - As part of the informational
study required under paragraph (1), the Board of Governors of the
Federal Reserve System shall conduct, in conjunction with other
Federal departments and agencies as necessary, a survey of the
ownership of deposits held by individuals including the dollar
amount of deposits held, the type of deposit accounts held, and the
type of financial institutions in which the deposit accounts are
held.
"(5) Analysis by fdic. - The results of the survey under
paragraph (4) shall be provided to the Federal Deposit Insurance
Corporation before the end of the 1-year period beginning on the
date of the enactment of this Act [Dec. 19, 1991] for analysis and
inclusion in the informational study.
"(6) Report to congress. - Before the end of the 18-month period
beginning on the date of the enactment of this Act, the Federal
Deposit Insurance Corporation shall submit to the Congress a report
containing a detailed statement of findings made and conclusions
drawn from the study conducted under this section, including such
recommendations for administrative and legislative action as the
Corporation determines to be appropriate."
CONTINUATION OF HEALTH PLAN COVERAGE IN CASES OF FAILED FINANCIAL
INSTITUTIONS
Section 451 of Pub. L. 102-242, as amended by Pub. L. 102-550,
title XVI, Sec. 1606(g)(1), Oct. 28, 1992, 106 Stat. 4088, provided
that:
"(a) Continuation Coverage. - The Federal Deposit Insurance
Corporation -
"(1) shall, in its capacity as a successor of a failed
depository institution (whether acting directly or through any
bridge bank), have the same obligation to provide a group health
plan meeting the requirements of section 602 of the Employee
Retirement Income Security Act of 1974 [29 U.S.C. 1162] (relating
to continuation coverage requirements of group health plans) with
respect to former employees of such institution as such
institution would have had but for its failure, and
"(2) shall require that any successor described in subsection
(b)(1)(B)(iii) provide a group health plan with respect to former
employees of such institution in the same manner as the failed
depository institution would have been required to provide but
for its failure.
"(b) Definitions. - For purposes of this section -
"(1) Successor. - An entity is a successor of a failed
depository institution during any period if -
"(A) such entity holds substantially all of the assets or
liabilities of such institution, and
"(B) such entity is -
"(i) the Federal Deposit Insurance Corporation,
"(ii) any bridge bank, or
"(iii) an entity that acquires such assets or liabilities
from the Federal Deposit Insurance Corporation or a bridge
bank.
"(2) Failed depository institution. - The term 'failed
depository institution' means any depository institution (as
defined in section 3(c) of the Federal Deposit Insurance Act [12
U.S.C. 1813(c)]) for which a receiver has been appointed.
"(3) Bridge bank. - The term 'bridge bank' has the meaning
given such term by section 3(i)(2) of the Federal Deposit
Insurance Act [12 U.S.C. 1813(i)(2)].
"(c) No premium costs imposed on fdic. - Subsection (a) shall not
be construed as requiring the Federal Deposit Insurance Corporation
to incur, by reason of this section, any obligation for any premium
under any group health plan referred to in such subsection.
"(d) Effective Date. - This section shall apply to plan years
beginning on or after the date of the enactment of this Act [Dec.
19, 1991], regardless of whether the qualifying event under section
603 of the Employee Retirement Income Security Act of 1974 [29
U.S.C. 1163] occurred before, on, or after such date."
DEFINITIONS
Section 2710 of div. A of Pub. L. 104-208 provided that: "For
purposes of this subtitle [subtitle G (Secs. 2701-2711) of title II
of div. A of Pub. L. 104-208, see Short Title of 1996 Amendment
note set out under section 1811 of this title], the following
definitions shall apply:
"(1) Bank insurance fund. - The term 'Bank Insurance Fund'
means the fund established pursuant to section (11)(a)(5)(A) of
the Federal Deposit Insurance Act [former 12 U.S.C.
1821(a)(5)(A)], as that section existed on the day before the
date of enactment of this Act [Sept. 30, 1996].
"(2) BIF member, saif member. - The terms 'Bank Insurance Fund
member' and 'Savings Association Insurance Fund member' have the
same meanings as in section 7(l) of the Federal Deposit Insurance
Act [12 U.S.C. 1817(l)].
"(3) Various banking terms. - The terms 'bank', 'Board of
Directors', 'Corporation', 'deposit', 'insured depository
institution', 'Federal savings association', 'savings
association', 'State savings bank', and 'State depository
institution' have the same meanings as in section 3 of the
Federal Deposit Insurance Act [12 U.S.C. 1813].
"(4) Deposit insurance fund. - The term 'Deposit Insurance
Fund' means the fund established under section 11(a)(4) of the
Federal Deposit Insurance Act [former 12 U.S.C. 1821(a)(4)] (as
amended by section 2704(d) of this subtitle).
"(5) Depository institution holding company. - The term
'depository institution holding company' has the same meaning as
in section 3 of the Federal Deposit Insurance Act [12 U.S.C.
1813].
"(6) Designated reserve ratio. - The term 'designated reserve
ratio' has the same meaning as in section 7(b)(2)(A)(iv) of the
Federal Deposit Insurance Act [former 12 U.S.C.
1817(b)(2)(A)(iv), see 12 U.S.C. 1817(b)(3)].
"(7) SAIF. - The term 'Savings Association Insurance Fund'
means the fund established pursuant to section 11(a)(6)(A) of the
Federal Deposit Insurance Act [former 12 U.S.C. 1821(a)(6)(A)],
as that section existed on the day before the date of enactment
of this Act [Sept. 30, 1996].
"(8) SAIF-assessable deposit. - The term 'SAIF-assessable
deposit' -
"(A) means a deposit that is subject to assessment for
purposes of the Savings Association Insurance Fund under the
Federal Deposit Insurance Act [12 U.S.C. 1811 et seq.]
(including a deposit that is treated as insured by the Savings
Association Insurance Fund under section 5(d)(3) of the Federal
Deposit Insurance Act [12 U.S.C. 1815(d)(3)]); and
"(B) includes any deposit described in subparagraph (A) which
is assumed after March 31, 1995, if the insured depository
institution, the deposits of which are assumed, is not an
insured depository institution when the special assessment is
imposed under section 2702(a) [former 12 U.S.C. 1817 note]."
(!1) So in original. Probably should be "depository institution".
(!2) See References in Text note below.
(!3) See References in Text note below.

(!4) So in original. Probably should be followed by "or".

(!5) So in original. The semicolon probably should be preceded
by an additional closing parenthesis.
(!6) So in original. The comma probably should not appear.

(!7) So in original. Probably should be followed by "or".
(!8) See References in Text note below.
(!9) See References in Text note below.
(!10) See References in Text note below.
(!11) So in original. Probably should be "title 28,".