Notes on 12 U.S.C. § 1828 : US Code - Notes

Search Notes on 12 U.S.C. § 1828 : US Code - Notes

(Sept. 21, 1950, ch. 967, Sec. 2[18], 64 Stat. 891; Pub. L. 86-463,
May 13, 1960, 74 Stat. 129; Pub. L. 87-827, Sec. 2, Oct. 15, 1962,
76 Stat. 953; Pub. L. 89-79, Sec. 2, July 21, 1965, 79 Stat. 244;
Pub. L. 89-356, Sec. 1, Feb. 21, 1966, 80 Stat. 7; Pub. L. 89-485,
Sec. 12(c), July 1, 1966, 80 Stat. 242; Pub. L. 89-597, Sec. 3,
Sept. 21, 1966, 80 Stat. 824; Pub. L. 90-505, Sec. 2(b), Sept. 21,
1968, 82 Stat. 856; Pub. L. 91-151, title I, Secs. 2(a), 4(b), (c),
Dec. 23, 1969, 83 Stat. 372, 374, 375; Pub. L. 93-100, Sec. 3, Aug.
16, 1973, 87 Stat. 342; Pub. L. 93-495, title I, Sec. 106, Oct. 28,
1974, 88 Stat. 1505; Pub. L. 93-501, title I, Sec. 102(a), title
III, Sec. 302, Oct. 29, 1974, 88 Stat. 1558, 1560; Pub. L. 95-369,
Sec. 6(c)(25)-(28), Sept. 17, 1978, 92 Stat. 620; Pub. L. 95-630,
title I, Sec. 108, title III, Secs. 301(b), (c), 306, Nov. 10,
1978, 92 Stat. 3664, 3675, 3677; Pub. L. 96-104, title II, Sec.
202, Nov. 5, 1979, 93 Stat. 792; Pub. L. 96-161, title I, Sec.
101(b), title II, Sec. 209, Dec. 28, 1979, 93 Stat. 1233, 1239;
Pub. L. 96-221, title II, Sec. 207(b)(2), (3), title III, Secs.
302(b), 307, title V, Sec. 529, Mar. 31, 1980, 94 Stat. 144, 146,
147, 168; Pub. L. 97-320, title I, Sec. 113(n), (o), title IV,
Secs. 410(d), 423, 424(b), (d)(10), (e), Oct. 15, 1982, 96 Stat.
1474, 1520, 1522, 1523; Pub. L. 100-86, title I, Secs. 102(b), 103,
title V, Sec. 504(b), Aug. 10, 1987, 101 Stat. 566, 632; Pub. L.
101-73, title II, Secs. 201, 221, title IX, Secs. 905(d), 907(c),
Aug. 9, 1989, 103 Stat. 187, 266, 460, 466; Pub. L. 101-647, title
XXV, Sec. 2523(a), Nov. 29, 1990, 104 Stat. 4868; Pub. L. 102-242,
title III, Secs. 304(a), 305(a), 306(k), Dec. 19, 1991, 105 Stat.
2354, 2359; Pub. L. 102-550, title XVI, Sec. 1605(a)(9), Oct. 28,
1992, 106 Stat. 4086; Pub. L. 103-325, title III, Secs. 321(b),
324, 326(b)(1), title VI, Sec. 602(a)(44)-(50), Sept. 23, 1994, 108
Stat. 2226, 2227, 2229, 2290; Pub. L. 103-328, title I, Secs.
101(d), 102(b)(3)(A), 103(b), Sept. 29, 1994, 108 Stat. 2342, 2350,
2353; Pub. L. 104-208, div. A, title II, Secs. 2615(b),
2704(d)(14)(U), (V), Sept. 30, 1996, 110 Stat. 3009-479, 3009-494;
Pub. L. 105-277, div. H, Sec. 2, Oct. 21, 1998, 112 Stat. 2681-854;
Pub. L. 106-102, title II, Sec. 204, title VII, Sec. 730, Nov. 12,
1999, 113 Stat. 1391, 1476; Pub. L. 106-569, title XII, Sec.
1207(b), Dec. 27, 2000, 114 Stat. 3034; Pub. L. 107-56, title III,
Secs. 327(b)(1), 355, Oct. 26, 2001, 115 Stat. 319, 324; Pub. L.
108-386, Sec. 8(a)(5), Oct. 30, 2004, 118 Stat. 2231; Pub. L. 108-
458, title VI, Sec. 6203(j), Dec. 17, 2004, 118 Stat. 3747; Pub.
L. 109-171, title II, Secs. 2102(b), 2104(c), Feb. 8, 2006, 120
Stat. 9, 13; Pub. L. 109-173, Secs. 2(c)(2), 8(a)(28)-(30), Feb.
15, 2006, 119 Stat. 3602, 3615; Pub. L. 109-351, title VI, Secs.
606, 607(a), title VII, Secs. 702(b), 704, Oct. 13, 2006, 120 Stat.
1981, 1982, 1985, 1986.)
REFERENCES IN TEXT
Act of July 2, 1890 (the Sherman Antitrust Act), referred to in
subsec. (c)(8), is classified to sections 1 to 7 of Title 15,
Commerce and Trade. For complete classification of the Act to the
Code, see Short Title note set out under section 1 of Title 15 and
Tables.
Act of October 15, 1914 (the Clayton Act), referred to in subsec.
(c)(8), is act Oct. 15, 1914, ch. 323, 38 Stat. 730, as amended,
which is classified generally to sections 12, 13, 14 to 19, 21, and
22 to 27 of Title 15, and sections 52 and 53 of Title 29, Labor.
For further details and complete classification of this Act to the
Code, see References in Text note set out under section 12 of Title
15 and Tables.
The date of enactment of this subsection, referred to in subsec.
(c)(10), probably means the date of enactment of Pub. L. 93-495,
which was approved Oct. 28, 1974.
Section 1831u of this title, referred to in subsec. (d)(3), was
subsequently amended, and subsec. (f)(4) of section 1831u no longer
defines the term "home State". However, such term is defined
elsewhere in that section.
Section 19 of the Federal Reserve Act, as amended, referred to in
subsec. (g)(1), is classified to sections 142, 371a, 371b, 371b-1,
374, 374a, 461, 463 to 466, 505, and 506 of this title. For
provisions of section 19 relating to payment of interest on demand
deposits, see section 371a of this title.
The date of the enactment of this subsection, referred to in
subsec. (s)(4)(C)(i), probably means the date of enactment of Pub.
L. 105-277, which added par. (4) of subsec. (s) and redesignated
former par. (4) as (5), and which was approved Oct. 21, 1998.
Section 1404(e)(1)(A) of the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989, referred to in subsec.
(s)(5), is section 1404(e)(1)(A) of Pub. L. 101-73, which is set
out as a note under section 1811 of this title.
CODIFICATION
Section 202 of Pub. L. 96-104, cited as a credit to this section,
was repealed by section 212 of Pub. L. 96-161, effective at the
close of Dec. 27, 1979. The amendment of this section by that
repealed provision, described in the 1979 Amendment note set out
under this section, shall continue in effect for limited purposes
pursuant to section 212 of Pub. L. 96-161. See Savings Provisions
note, describing the provisions of section 212 of Pub. L. 96-161,
set out under section 85 of this title.
Section 302 of Pub. L. 93-501, cited as a credit to this section,
was repealed by Pub. L. 96-104, Sec. 1, Nov. 5, 1979, 93 Stat. 789.
The amendment of this section by that repealed provision, described
in the 1974 Amendment note set out under this section, shall
continue in effect for limited purposes pursuant to section 1 of
Pub. L. 96-104. See Savings Provisions note, describing the
provisions of section 1 of Pub. L. 96-104, set out under section 85
of this title.
PRIOR PROVISIONS
Subsecs. (a) to (g) are derived from subsec (v)(2) to (8) of
former section 264 of this title. See Codification note set out
under section 1811 of this title.
AMENDMENTS
2006 - Subsec. (a). Pub. L. 109-173, Sec. 2(c)(2), amended
subsec. (a) generally. Prior to amendment, subsec. (a) related to
the insurance logo and signs to be displayed at insured savings
associations and insured banks.
Subsec. (c)(4). Pub. L. 109-351, Sec. 606(a), inserted heading
and amended text generally. Prior to amendment, text read as
follows: "In the interests of uniform standards, before acting on
any application for approval of a merger transaction, the
responsible agency, unless it finds that it must act immediately in
order to prevent the probable failure of one of the banks or
savings associations involved, shall request reports on the
competitive factors involved from the Attorney General and the
other Federal banking agencies referred to in this subsection. The
reports shall be furnished within thirty calendar days of the date
on which they are requested, or within ten calendar days of such
date if the requesting agency advises the Attorney General and the
other Federal banking agencies that an emergency exists requiring
expeditious action. Notwithstanding the preceding sentence, a
banking agency shall not be required to file a report requested by
the responsible agency under this paragraph if such banking agency
advises the responsible agency by the applicable date under the
preceding sentence that the report is not necessary because none of
the effects described in paragraph (5) are likely to occur as a
result of the transaction."
Subsec. (c)(6). Pub. L. 109-351, Sec. 606(b)(2), substituted, in
penultimate sentence, "If the agency has advised the Attorney
General under paragraph (4)(B)(ii) of the existence of an emergency
requiring expeditious action and has requested a report on the
competitive factors within 10 days, the transaction may not be
consummated before the fifth calendar day after the date of
approval by the agency." for "If the agency has advised the
Attorney General and the other Federal banking agencies of the
existence of an emergency requiring expeditious actions and has
requested reports on the competitive factors within ten days, the
transaction may not be consummated before the fifth calendar day
after the date of approval by the agency."
Pub. L. 109-351, Sec. 606(b)(1), substituted, in second sentence,
"insured depository institutions involved, or if the proposed
merger transaction is solely between an insured depository
institution and 1 or more of its affiliates, and the report on the
competitive factors has" for "banks or savings associations
involved and reports on the competitive factors have".
Subsec. (h). Pub. L. 109-171, Sec. 2104(c), amended subsec. (h)
generally. Prior to amendment, text read as follows: "Any insured
depository institution which willfully fails or refuses to file any
certified statement or pay any assessment required under this
chapter shall be subject to a penalty of not more than $100 for
each day that such violations continue, which penalty the
Corporation may recover for its use: Provided, That this subsection
shall not be applicable under the circumstances stated in the
proviso of subsection (b) of this section."
Subsec. (k)(2)(A). Pub. L. 109-351, Sec. 704(1), substituted "or
covered company" for "or depository institution holding company".
Subsec. (k)(2)(B). Pub. L. 109-351, Sec. 704(2), added subpar.
(B) and struck out former subpar. (B) which read as follows:
"Whether there is a reasonable basis to believe that the
institution-affiliated party is substantially responsible for the
insolvency of the depository institution or depository institution
holding company, the appointment of a conservator or receiver for
the depository institution, or the depository institution's
troubled condition (as defined in the regulations prescribed
pursuant to section 1831i(f) of this title)."
Subsec. (k)(2)(F). Pub. L. 109-351, Sec. 704(3), substituted
"covered company," for "depository institution holding company" in
introductory provisions.
Subsec. (k)(3). Pub. L. 109-351, Sec. 704(4), substituted
"covered company" for "depository institution holding company" in
introductory provisions.
Subsec. (k)(3)(A). Pub. L. 109-351, Sec. 704(5), substituted
"covered company" for "holding company".
Subsec. (k)(4)(A). Pub. L. 109-351, Sec. 704(6), substituted
"covered company for the benefit" for "depository institution
holding company for the benefit" and "or covered company that - "
for "or holding company that - " in introductory provisions,
"covered company;" for "holding company;" in cl. (i), and "covered
company," for "depository institution holding company," and "such
covered company" for "such holding company" in cl. (ii)(I).
Subsec. (k)(5)(A). Pub. L. 109-351, Sec. 704(7), substituted
"covered company" for "depository institution holding company" in
introductory provisions.
Subsec. (k)(5)(D). Pub. L. 109-351, Sec. 704(8), added subpar.
(D).
Subsec. (k)(6). Pub. L. 109-351, Sec. 704(9), substituted
"covered company," for "depository institution holding company" and
"or covered company which is described" for "or holding company
which is described".
Subsec. (m)(3). Pub. L. 109-173, Sec. 8(a)(28), in subpar. (A)
substituted "Deposit Insurance Fund" for "Savings Association
Insurance Fund" and "savings association" for "Savings Association
Insurance Fund member" and in subpar. (C) substituted "Deposit
Insurance Fund" for "Savings Association Insurance Fund or the Bank
Insurance Fund".
Pub. L. 109-171, Sec. 2102(b), repealed Pub. L. 104-208, Sec.
2704(d)(14)(U). See 1996 Amendment note below.
Subsec. (o)(2). Pub. L. 109-173, Sec. 8(a)(29), substituted
"Deposit Insurance Fund" for "deposit insurance funds" in subpar.
(A)(i) and for "deposit insurance fund" in subpar. (B)(ii).
Subsec. (p). Pub. L. 109-173, Sec. 8(a)(30), substituted "Deposit
Insurance Fund" for "deposit insurance funds".
Pub. L. 109-171, Sec. 2102(b), repealed Pub. L. 104-208, Sec.
2704(d)(14)(V). See 1996 Amendment note below.
Subsec. (u)(1). Pub. L. 109-351, Sec. 702(b), inserted "and" at
end of subpar. (A), redesignated subpar. (C) as (B), and struck out
former subpar, (B) which read as follows: "the insured depository
institution is undercapitalized (as defined in section 1831o of
this title); and".
Subsec. (x). Pub. L. 109-351, Sec. 607(a), added subsec. (x).
2004 - Subsec. (c)(2)(A). Pub. L. 108-386, Sec. 8(a)(5)(A),
struck out "or a District bank" after "national bank".
Subsec. (c)(2)(B). Pub. L. 108-386, Sec. 8(a)(5)(B), struck out
"(except a District bank)" after "State member bank".
Subsec. (c)(2)(C). Pub. L. 108-386, Sec. 8(a)(5)(C), struck out
"a District Bank or" before "a savings bank".
Subsec. (d)(1). Pub. L. 108-386, Sec. 8(a)(5)(D), struck out
"(except a District bank)" after "nonmember insured bank" in two
places.
Subsec. (f). Pub. L. 108-386, Sec. 8(a)(5)(E), struck out "or a
District bank" after "national bank".
Subsec. (i)(1). Pub. L. 108-386, Sec. 8(a)(5)(F), struck out
"(except a District bank)" after "State nonmember bank".
Subsec. (i)(2)(A) to (D). Pub. L. 108-386, Sec. 8(a)(5)(G)-(I),
redesignated subpars. (B) to (D) as (A) to (C), respectively,
struck out "(except a District bank)" before semicolon in subpars.
(A) and (B), and struck out former subpar. (A), which read as
follows: "the Comptroller of the Currency if the resulting bank is
to be a District bank;".
Subsec. (w)(3). Pub. L. 108-458 inserted comma after "agent of
such institution".
2001 - Subsec. (c)(11), (12). Pub. L. 107-56, Sec. 327(b)(1),
added par. (11) and redesignated former par. (11) as (12).
Subsec. (w). Pub. L. 107-56, Sec. 355, added subsec. (w).
2000 - Subsecs. (t), (u). Pub. L. 106-569, Sec. 1207(b)(1),
redesignated subsec. (t), relating to limitation on claims, as (u).
Subsec. (v). Pub. L. 106-569, Sec. 1207(b)(2), added subsec. (v).
1999 - Subsec. (t). Pub. L. 106-102, Sec. 730, added subsec. (t)
relating to limitation on claims.
Pub. L. 106-102, Sec. 204, which directed amendment of section by
adding at end subsec. (t) relating to recordkeeping requirements,
was executed by making the addition after subsec. (s) to reflect
the probable intent of Congress.
1998 - Subsec. (s)(4), (5). Pub. L. 105-277 redesignated par. (4)
as (5) and added par. (4).
1996 - Subsec. (m)(3). Pub. L. 104-208, Sec. 2704(d)(14)(U),
which directed substitution of "Deposit Insurance Fund" for
"Savings Association Insurance Fund" wherever appearing and
striking of "or the Bank Insurance Fund" in subpar. (C), was
repealed by Pub. L. 109-171. See Effective Date of 1996 Amendment
note below and 2006 Amendment note above.
Subsec. (p). Pub. L. 104-208, Sec. 2704(d)(14)(V), which directed
substitution of "Deposit Insurance Fund" for "deposit insurance
funds", was repealed by Pub. L. 109-171. See Effective Date of 1996
Amendment note below and 2006 Amendment note above.
Subsec. (s). Pub. L. 104-208, Sec. 2615(b), added subsec. (s).
1994 - Subsec. (b). Pub. L. 103-325, Sec. 602(a)(44), substituted
"if the insured depository institution deposits" for ", if such
bank shall deposit".
Subsec. (c)(1)(B). Pub. L. 103-325, Sec. 602(a)(45), inserted
"or" at end.
Subsec. (c)(4). Pub. L. 103-325, Secs. 324, 602(a)(46),
substituted "other Federal banking agencies" for "other two banking
agencies" in two places and inserted at end "Notwithstanding the
preceding sentence, a banking agency shall not be required to file
a report requested by the responsible agency under this paragraph
if such banking agency advises the responsible agency by the
applicable date under the preceding sentence that the report is not
necessary because none of the effects described in paragraph (5)
are likely to occur as a result of the transaction."
Subsec. (c)(6). Pub. L. 103-325, Secs. 321(b), 602(a)(47),
substituted "other Federal banking agencies" for "other two banking
agencies" and inserted before period at end "or, if the agency has
not received any adverse comment from the Attorney General of the
United States relating to competitive factors, such shorter period
of time as may be prescribed by the agency with the concurrence of
the Attorney General, but in no event less than 15 calendar days
after the date of approval".
Subsec. (c)(9). Pub. L. 103-325, Sec. 602(a)(48), substituted
"with - " for "with the following information:".
Subsec. (d)(3). Pub. L. 103-328, Sec. 102(b)(3)(A), added par.
(3).
Subsec. (d)(4). Pub. L. 103-328, Sec. 103(b), added par. (4).
Subsec. (f). Pub. L. 103-325, Sec. 602(a)(49), substituted "such
insured depository institution" for "such bank" and "the insured
depository institution" for "the bank".
Subsec. (k)(4)(A)(ii)(II). Pub. L. 103-325, Sec. 602(a)(50),
struck out "or" at end.
Subsec. (q). Pub. L. 103-325, Sec. 326(b)(1), added subsec. (q).
Subsec. (r). Pub. L. 103-328, Sec. 101(d), added subsec. (r).
1992 - Subsec. (p). Pub. L. 102-550 redesignated subsec. (o),
relating to periodic review of capital standards, as (p).
1991 - Subsec. (j). Pub. L. 102-242, Sec. 306(k), amended subsec.
(j) generally, revising and restating as pars. (1) to (3)
provisions of former pars. (1) to (6).
Subsec. (o). Pub. L. 102-242, Sec. 305(a), added subsec. (o)
relating to periodic review of capital standards.
Pub. L. 102-242, Sec. 304(a), added subsec. (o) relating to real
estate lending.
1990 - Subsec. (k). Pub. L. 101-647 added subsec. (k).
1989 - Subsec. (a). Pub. L. 101-73, Sec. 221(1), substituted
heading and pars. (1) to (3) for first two sentences which read as
follows: "Every insured bank shall display at each place of
business maintained by it a sign or signs, and shall include a
statement to the effect that its deposits are insured by the
Corporation in all of its advertisements: Provided, That the Board
of Directors may exempt from this requirement advertisements which
do not relate to deposits or when it is impractical to include such
statement therein. The Board of Directors shall prescribe by
regulation the forms of such signs and the manner of display and
the substance of such statements and the manner of use."
Pub. L. 101-73, Sec. 201(a), substituted "insured depository
institution" for "insured bank".
Subsecs. (b), (c)(1), (2). Pub. L. 101-73, Sec. 201(a),
substituted "insured depository institution" for "insured bank"
wherever appearing.
Subsec. (c)(2)(C), (D). Pub. L. 101-73, Sec. 221(2)(A), added
subpars. (C) and (D) and struck out former subpar. (C) which read
as follows: "the Corporation if the acquiring, assuming or
resulting bank is to be a nonmember insured bank (except a District
bank)."
Subsec. (c)(3). Pub. L. 101-73, Sec. 221(2)(C), (D), substituted
"banks or savings associations" for "banks" wherever appearing and
"default" for "failure".
Subsec. (c)(4), (6). Pub. L. 101-73, Sec. 221(2)(C), substituted
"banks or savings associations" for "banks".
Subsec. (c)(7)(C), (9)(A). Pub. L. 101-73, Sec. 221(2)(C),
substituted "bank or savings association" for "bank".
Subsec. (c)(10). Pub. L. 101-73, Sec. 201(a), substituted
"insured depository institution" for "insured bank".
Subsec. (c)(12). Pub. L. 101-73, Sec. 221(2)(B), struck out par.
(12) which read as follows: "The provisions of this subsection
shall not apply to any transaction where the acquiring, assuming,
or resulting institution is an insured Federal savings bank or an
institution insured by the Federal Savings and Loan Insurance
Corporation, except that any insured bank involved in the
transaction shall notify the Corporation in writing at least 30
days prior to consummation of the transaction and, if any approval
by the Federal Home Loan Bank Board or the Federal Savings and Loan
Insurance Corporation is required in connection therewith, such
approving authority shall provide the Corporation with notification
of the application for approval, shall consult with the Corporation
before disposing of the application, and shall provide notification
to the Corporation of the determination with respect to said
application."
Subsecs. (e), (f). Pub. L. 101-73, Sec. 201(a), substituted
"insured depository institution" for "insured bank" wherever
appearing.
Subsec. (g)(1). Pub. L. 101-73, Sec. 201(b), substituted
"Director of the Office of Thrift Supervision" for "Federal Home
Loan Bank Board".
Subsec. (h). Pub. L. 101-73, Sec. 201(a), substituted "insured
depository institution" for "insured bank".
Subsec. (i)(2). Pub. L. 101-73, Sec. 221(3)(A), (B), substituted
"insured Federal depository institution" and "insured State
depository institution" for "insured bank" and "insured State
bank", respectively.
Subsec. (i)(2)(D). Pub. L. 101-73, Sec. 221(3)(C), (D), added
subpar. (D).
Subsec. (i)(3). Pub. L. 101-73, Sec. 201(a), substituted "insured
depository institution" for "insured bank".
Subsec. (i)(4)(D). Pub. L. 101-73, Sec. 221(3)(E), which directed
the amendment of subsec. (i)(2) by inserting "and fitness" after
"character" in par. (4)(D), was executed to par. (4)(D) as the
probable intent of Congress.
Subsec. (i)(5). Pub. L. 101-73, Sec. 221(3)(F), which directed
the amendment of subsec. (i)(2) by striking out par. (5), was
executed to par. (5) as the probable intent of Congress. Prior to
amendment, par. (5) read as follows: "Nothing in this subsection
shall apply to a conversion of an insured bank to an insured
institution pursuant to section 1726(e) of this title."
Subsec. (j)(3)(D). Pub. L. 101-73, Sec. 201(a), substituted
"insured depository institution" for "insured bank".
Subsec. (j)(4), (5). Pub. L. 101-73, Sec. 907(c), amended pars.
(4) and (5) generally. Prior to amendment, pars. (4) and (5) read
as follows:
"(4)(A) Any nonmember insured bank which violates or any officer,
director, employee, agent, or other person participating in the
conduct of the affairs of such nonmember insured bank who violates
any provision of section 371c, 371c-1, or 375b of this title, or
any lawful regulation issued pursuant thereto, or any provision of
section 377 of this title, shall forfeit and pay a civil penalty of
not more than $1,000 per day for each day during which such
violation continues: Provided, That the Corporation may, in its
discretion, compromise, modify, or remit any civil money penalty
which is subject to imposition or has been imposed under authority
of this subsection. The penalty may be assessed and collected by
the Corporation by written notice. As used in this section, the
term 'violates' includes without any limitation any action (alone
or with another or others) for or toward causing, bringing about,
participating in, counseling, or aiding or abetting a violation.
"(B) In determining the amount of the penalty the Corporation
shall take into account the appropriateness of the penalty with
respect to the size of financial resources and good faith of the
member bank or person charged, the gravity of the violation, the
history of previous violations, and such other matters as justice
may require.
"(C) The nonmember insured bank or person charged shall be
afforded an opportunity for agency hearing, upon request made
within ten days after issuance of the notice of assessment. In such
hearing all issues shall be determined on the record pursuant to
section 554 of title 5. The agency determination shall be made by
final order which may be reviewed only as provided in subparagraph
(D). If no hearing is requested as herein provided the assessment
shall constitute a final and unappealable order.
"(D) Any nonmember insured bank or person against whom an order
imposing a civil money penalty has been entered after agency
hearing under this section may obtain review by the United States
court of appeals for the circuit in which the home office of the
member bank is located, or the United States Court of Appeals for
the District of Columbia Circuit, by filing a notice of appeal in
such court within twenty days from the service of such order, and
simultaneously sending a copy of such notice by registered or
certified mail to the Corporation. The Corporation shall promptly
certify and file in such court the record upon which the penalty
was imposed, as provided in section 2112 of title 28. The findings
of the Corporation shall be set aside if found to be unsupported by
substantial evidence as provided by section 706(2)(E) of title 5.
"(E) If any nonmember insured bank or person fails to pay an
assessment after it has become a final and unappealable order, or
after the court of appeals has entered final judgment in favor of
the agency, the Corporation shall refer the matter to the Attorney
General, who shall recover the amount assessed by action in the
appropriate United States district court. In such action the
validity and appropriateness of the final order imposing the
penalty shall not be subject to review.
"(F) The Corporation shall promulgate regulations establishing
procedures necessary to implement this paragraph.
"(G) All penalties collected under the authority of this
paragraph shall be covered into the Treasury of the United States.
"(5) The provisions of this subsection shall not apply to an
insured Federal savings bank."
Subsec. (j)(6). Pub. L. 101-73, Sec. 905(d), added par. (6).
Subsecs. (m), (n). Pub. L. 101-73, Sec. 221(4), added subsecs.
(m) and (n).
1987 - Subsec. (c)(12). Pub. L. 100-86, Sec. 504(b)(1), amended
par. (12) generally. Prior to amendment, par. (12) read as follows:
"The provisions of this subsection shall not apply to any merger
transaction involving an insured Federal savings bank unless the
resulting institution will be an insured bank other than an insured
Federal savings bank."
Subsec. (i)(5). Pub. L. 100-86, Sec. 504(b)(2), added par. (5).
Subsec. (j)(1). Pub. L. 100-86, Sec. 102(b)(1), inserted
reference to section 371c-1 of this title in two places.
Subsec. (j)(3). Pub. L. 100-86, Sec. 103(a), added par. (3) and
redesignated former par. (3) as (4).
Subsec. (j)(4). Pub. L. 100-86, Secs. 102(b)(2), 103,
redesignated former par. (3) as (4) and in subpar. (A) inserted ",
371c-1," and "or any provision of section 377 of this title,".
Subsec. (j)(5). Pub. L. 100-86, Sec. 103(a), redesignated former
par. (4) as (5).
1982 - Subsec. (c)(12). Pub. L. 97-320, Sec. 113(n), added par.
(12).
Subsec. (j)(1). Pub. L. 97-320, Sec. 410(d), struck out "within
the meaning of section 221a of this title and" after "of a
nonmember insured bank,".
Subsec. (j)(2). Pub. L. 97-320, Sec. 423, inserted provisions
relating to the applicability of this subsection to any foreign
bank as defined in section 3101(7) of this title and its branch in
the United States.
Subsec. (j)(3)(A). Pub. L. 97-320, Sec. 424(b), (d)(10), inserted
proviso giving the Corporation discretionary authority to
compromise, etc., any civil money penalty imposed under this
subsection, and substituted "may be assessed" for "shall be
assessed".
Subsec. (j)(3)(D). Pub. L. 97-424(e), substituted "twenty days
from the service" for "ten days from the date".
Subsec. (j)(4). Pub. L. 97-320, Sec. 113(o), added par. (4).
1980 - Subsec. (g). Pub. L. 96-221, Secs. 302(b), 307, inserted
provisions identical to provisions inserted by section 101(b) of
Pub. L. 96-161, designating existing provisions as par. (1) and
adding par. (2), and repealing the amendment made by Pub. L. 96-
161. See Repeals and Effective Date of 1980 Amendment notes below.
Pub. L. 96-221, Sec. 207(b)(2), (3), provided for the future
amendment of subsec. (g)(1) by striking out "payment and" and ",
including limitations on the rates of interest or dividends that
may be paid" in second sentence, and by striking out third, fifth,
and eighth sentences which read as follows: "The Board of Directors
may prescribe different rate limitations for different classes of
deposits, for deposits of different amounts or with different
maturities or subject to different conditions regarding withdrawal
or repayment, according to the nature or location of insured
nonmember banks or their depositors, or according to such other
reasonable bases as the Board of Directors may deem desirable in
the public interest. Such regulations shall prohibit any insured
nonmember bank from paying any time deposit before its maturity
except upon such conditions and in accordance with such rules and
regulations as may be prescribed by the Board of Directors, and
from waiving any requirement of notice before payment of any
savings deposit except as to all savings deposits having the same
requirement. For each violation of any provision of this subsection
or any lawful provision of such regulations relating to the payment
of interest or dividends on deposits or to withdrawal of deposits,
the offending bank shall be subject to a penalty of not more than
$100, which the Corporation may recover for its use." See Effective
Date of 1980 Amendment note below.
Subsec. (k). Pub. L. 96-221, Sec. 529, repealed Pub. L. 96-104
and title II of Pub. L. 96-161, resulting in the striking out of
subsec. (k) which had provided that no insured nonmember bank or
affiliate, or any successor, assignee, endorser, guarantor, or
surety thereof, could plead or claim, directly or otherwise, with
respect to any deposit or obligation of such bank or affiliate, any
defense, right, or benefit under any provision of a State or
territory of the United States, or the District of Columbia,
regulating or limiting the rate of interest which could be charged
or received, etc. and any such provision was preempted, and no
civil or criminal penalty which would otherwise be applicable under
such provision would apply to such bank or affiliate or any other
person.
1979 - Subsec. (g). Pub. L. 96-161, Sec. 101(b), designated
existing provisions as par. (1) and added par. (2).
Subsec. (k). Pub. L. 96-161, Sec. 209, added subsec. (k). A prior
subsec. (k), added by Pub. L. 96-104 and identical to the subsec.
(k) added by Pub. L. 96-161, was repealed by section 212 of Pub. L.
96-161. See Codification note above.
Pub. L. 96-104 added subsec. (k). A prior subsec. (k), which also
related to the inapplicability of State usury ceilings to certain
obligations issued by insured nonmember banks and affiliates, was
repealed by section 1 of Pub. L. 96-104.
1978 - Subsec. (c)(1)(B). Pub. L. 95-630, Sec. 306, inserted
"(including liabilities which would be 'deposits' except for the
proviso in section 1813(l)(5) of this title)" after "pay any
deposits".
Subsec. (c)(11). Pub. L. 95-369, Sec. 6(c)(25), added par. (11).
Subsec. (d). Pub. L. 95-630, Sec. 301(b), designated existing
provisions as par. (1) and, inserted "domestic" after "operate any
new" and "such" after "main office or any", and added par. (2).
Pub. L. 95-369, Sec. 6(c)(26), inserted provision prohibiting a
foreign bank from moving any insured branch from one location to
another without the consent of the Corporation.
Subsec. (g). Pub. L. 95-369, Sec. 6(c)(27), inserted "and in
insured branches of foreign banks" after "in insured nonmember
banks".
Subsec. (j). Pub. L. 95-630, Sec. 108, designated existing
provisions as par. (1) and added pars. (2) and (3).
Pub. L. 95-369, Sec. 6(c)(28), inserted at end "The provisions of
this subsection shall not apply to any foreign bank having an
insured branch with respect to dealings between such bank and any
affiliate thereof."
Subsec. (l). Pub. L. 95-630, Sec. 301(c), added subsec. (l).
1974 - Subsec. (c)(10). Pub. L. 93-495 added par. (10).
Subsec. (g). Pub. L. 93-501, Sec. 102(a), struck out requirement
that obligations other than deposits undertaken by insured non-
member banks be for the purpose of obtaining funds to be used in
the banking business in provisions relating to applicability of
this subsection and of regulations under the subsection to such
obligations.
Subsec. (k). Pub. L. 93-501, Sec. 302, added subsec. (k).
1973 - Subsec. (g). Pub. L. 93-100 extended rulemaking authority
of Board of Directors to payment and advertisement of dividends on
deposits and in the provisions relating to the applicability of the
subsection to noninsured banks in the States, eliminated clause
designation and struck out provisions of former cl. (2).
1969 - Subsec. (g). Pub. L. 91-151 extended the authority of the
Board under this subsection to noninsured banks in the States where
uninsured savings deposits exceed 20 per cent of the total savings
deposits, and, where State laws do not provide for such
regulations, empowered the Board up to July 31, 1970, to prevent
the rates paid by such noninsured institutions from exceeding 5 1/2
per cent, and further authorized the Board to bring actions in
federal courts for compliance, authorized the Board to determine
what could be deemed a payment of interest and provided for the
promulgation of regulations necessary for the enforcement of the
subsection, made the subsection and the regulations thereunder
applicable to obligations other than deposits undertaken by insured
nonmember banks and their affiliates and extended the regulatory
power of the Board to include "dividends".
1968 - Subsec. (g). Pub. L. 90-505 gave the Board power to
prescribe rules governing the payment and advertisement of interest
on deposits.
1966 - Subsec. (c). Pub. L. 89-356, Sec. 1(a), laid down more
definite guidelines for dealing with the antitrust aspects of bank
mergers by prohibiting monopoly bank mergers in all cases,
forbidding anticompetitive mergers except in cases where a clear
showing is made that a given merger is so beneficial that its
allowance is in the public interest, and requiring the uniform
application of the law by both judicial and administrative bodies,
inserted provisions to delay the effectiveness of agency approval
of merger transactions except in emergency situations, imposed a
special statute of limitations for antitrust actions arising out of
agency-approved merger transactions thereby precluding antitrust
actions when the agency has acted immediately to prevent probable
failure of a bank, provided for the automatic staying of the
effectiveness of agency action by the commencement of an antitrust
action unless the court orders otherwise, called for de novo court
review, permitted federal bank agencies which approved a
subsequently challenged merger to appear in the suit by its own
counsel, allowed state banking agencies to present their views, and
inserted a definition of "antitrust laws" which would include the
Sherman Act, the Clayton Act, and any other Acts in pari materia.
Subsec. (g). Pub. L. 89-597 made the authority of the FDIC Board
to prescribe maximum permissible rates of interest that may be paid
by member banks on time and savings deposits discretionary rather
than mandatory, included such payments by insured mutual savings
banks, required prior consultations with the Board of Governors of
the FRS and the FHLB Board, authorized different rate limitations
for different classes of deposits, for deposits of different
amounts, or according to such other reasonable bases as the Board
may deem desirable in the public interest, and eliminate provision
for rate limitation according to the varying discount rates of
member banks in the several Federal Reserve districts.
Subsec. (i). Pub. L. 89-356, Sec. 1(b), added subsec. (i).
Subsec. (j). Pub. L. 89-485 added subsec. (j).
1965 - Subsec. (g). Pub. L. 89-79 extended until Oct. 15, 1968,
the period during which the provisions of this subsection should
not apply to the rate of interest which may be paid by insured
nonmember banks on time deposits of foreign governments, monetary
and financial authorities of foreign governments when acting as
such, or international financial institutions of which the United
States is a member.
1962 - Subsec. (g). Pub. L. 87-827 inserted sentence making the
subsection inapplicable, during the period commencing on Oct. 15,
1962, and ending upon the expiration of three years after such
date, to the rate of interest which may be paid by insured
nonmember banks on time deposits of foreign governments, monetary
and financial authorities of foreign governments when acting as
such, or international financial institutions of which the United
States is a member.
1960 - Subsec. (c). Pub. L. 86-463 prohibited merger or
consolidation of any insured bank with any other insured bank, or
acquisition of assets of, or assumption of liability to pay any
deposits made in, any other insured bank without prior written
consent, required publication of notice of any proposed merger,
consolidation, acquisition of assets, or assumption of liabilities,
enumerated specific items required to be considered before consent
may be granted or withheld, directed the agency involved to request
a report on competitive factors involved from the Attorney General
and the other two banking agencies referred to in this subsection,
and provided for inclusion in the annual report of the Comptroller,
the Board and the Corporation of each merger, consolidation,
acquisition of assets, or assumption of liabilities approved.
EFFECTIVE DATE OF 2006 AMENDMENT
Amendment by section 2(c)(2) 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)(28)-(30) 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 under section 1821 of this title.
Amendment by section 2104(c) of Pub. L. 109-171 effective Jan. 1,
2007, see section 2104(e) of Pub L. 109-171, set out as a note
under section 1817 of this title.
EFFECTIVE DATE OF 2004 AMENDMENTS
Pub. L. 108-458, title VI, Sec. 6205, Dec. 17, 2004, 118 Stat.
3747, provided that: "The amendments made by this subchapter
[probably means subtitle C (Secs. 6201-6205) of title VI of Pub. L.
108-458, see Short Title of 2004 Amendment note set out under
section 5301 of Title 31, Money and Finance] to Public Law 107-56,
the United States Code, the Federal Deposit Insurance Act, and any
other provision of law shall take effect as if such amendments had
been included in Public Law 107-56, as of the date of enactment of
such Public Law [Oct. 26, 2001], and no amendment made by such
Public Law that is inconsistent with an amendment made by this
subchapter shall be deemed to have taken effect."
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 2001 AMENDMENT
Pub. L. 107-56, title III, Sec. 327(b)(2), Oct. 26, 2001, 115
Stat. 319, as amended by Pub. L. 108-458, title VI, Sec. 6202(i),
Dec. 17, 2004, 118 Stat. 3746, provided that: "The amendment made
by paragraph (1) [amending this section] shall apply with respect
to any application submitted to the responsible agency under
section 18(c) of the Federal Deposit Insurance Act [12 U.S.C.
1828(c)] after December 31, [sic]."
EFFECTIVE DATE OF 1999 AMENDMENT
Pub. L. 106-102, title II, Sec. 209, Nov. 12, 1999, 113 Stat.
1395, provided that: "This subtitle [subtitle A (Secs. 201-210) of
title II of Pub. L. 106-102, amending this section and sections
78c, 78o, and 78o-3 of Title 15, Commerce and Trade, and enacting
provisions set out as notes under section 1811 of this title and
section 78c of Title 15] shall take effect at the end of the 18-
month period beginning on the date of the enactment of this Act
[Nov. 12, 1999]."
EFFECTIVE DATE OF 1996 AMENDMENT
Amendment by section 2615(b) of Pub. L. 104-208 applicable on and
after Jan. 1, 1996, see section 2615(c) of Pub. L. 104-208, set out
as a note under section 1781 of this title.
Amendment by section 2704(d)(14)(U), (V) of Pub. L. 104-208
effective Jan. 1, 1999, if no insured depository institution is a
savings association on that date, see section 2704(c) of Pub. L.
104-208, formerly set out as a note under section 1821 of this
title.
EFFECTIVE DATE OF 1994 AMENDMENT
Section 101(e) of Pub. L. 103-328 provided that: "The amendments
made by this section [amending this section and sections 1841,
1842, and 1846 of this title] shall take effect at the end of the 1-
year period beginning on the date of the enactment of this Act
[Sept. 29, 1994]."
EFFECTIVE DATE OF 1992 AMENDMENT
Amendment by 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, see section 1609(a) of Pub. L. 102-
550, set out as a note under section 191 of this title.
EFFECTIVE DATE OF 1991 AMENDMENT
Amendment by section 306(k) of Pub. L. 102-242 effective upon
earlier of date on which final regulations under section 306(m)(1)
of Pub. L. 102-242 become effective or 150 days after Dec. 19,
1991, see section 306(l) of Pub. L. 102-242, set out as a note
under section 375b of this title.
EFFECTIVE DATE OF 1989 AMENDMENT
Amendment by section 907(c) of Pub. L. 101-73 applicable to
conduct engaged in after Aug. 9, 1989, except that increased
maximum penalties of $5,000 and $25,000 may apply to conduct
engaged in before such date if such conduct is not already subject
to a notice issued by the appropriate agency and occurred after
completion of the last report of the examination of the institution
by the appropriate agency occurring before Aug. 9, 1989, see
section 907(l) of Pub. L. 101-73, set out as a note under section
93 of this title.
EFFECTIVE DATE OF 1980 AMENDMENT
Section 207(b) of Pub. L. 96-221 provided in part that the
amendment by that section is effective 6 years after Mar. 31, 1980.
Amendment by section 302(b) of Pub. L. 96-221 effective at the
close of Mar. 31, 1980, see section 306 of Pub. L. 96-221, set out
as a note under section 371a of this title.
Section 529 of Pub. L. 96-221 provided that the amendment made by
that section is effective at the close of Mar. 31, 1980.
EFFECTIVE AND TERMINATION DATES OF 1979 AMENDMENTS
Amendment by section 101(b) of Pub. L. 96-161 effective Dec. 31,
1979, with that amendment to remain in effect until the close of
Mar. 31, 1980, see section 104 of Pub. L. 96-161, set out as a note
under section 371a of this title.
Amendment by section 209 of Pub. L. 96-161 applicable only with
respect to deposits made or obligations issued in any State during
the period beginning on Dec. 28, 1979, and ending on the earliest
of (1) in the case of a State statute, July 1, 1980; (2) the date,
after Dec. 28, 1979, on which such State adopts a law stating in
substance that such State does not want the amendment made by Pub.
L. 96-161 to apply with respect to such deposits and obligations;
or (3) the date on which such State certifies that the voters of
such State, after Dec. 28, 1979, have voted in favor of, or to
retain, any law, provision of the constitution of such State, or
amendment of the constitution of such State which limits the amount
of interest which may be charged in connection with such deposits
and obligations, see section 211 of Pub. L. 96-161, set out as an
Effective Date of 1979 Amendment note under section 371b-1 of this
title.
Amendment by Pub. L. 96-104 applicable to deposits made or
obligations issued in any State during the period beginning on Nov.
5, 1979, and ending on the earlier of July 1, 1981, the date after
Nov. 5, 1979, on which such State adopts a law stating in substance
that such State does not want the amendment of this section to
apply with respect to such deposits and obligations, or the date on
which such State certifies that the voters of such State have voted
in favor of, or to retain, any law, provision of the constitution
of such State, or amendment of the constitution of such State,
which limits the amount of interest which may be charged in
connection with such deposits and obligations, see section 204 of
Pub. L. 96-104, set out as an Effective Date of 1979 Amendment note
under section 371b-1 of this title.
EFFECTIVE DATE OF 1978 AMENDMENT
Amendment by section 108 of Pub. L. 95-630, relating to
imposition of civil penalties, applicable to violations occurring
or continuing after Nov. 10, 1978, see section 109 of Pub. L. 95-
630, set out as a note under section 93 of this title.
Amendment by sections 301(c) and 306 of Pub. L. 95-630 effective
on the expiration of 120 days after Nov. 10, 1978, see section 2101
of Pub. L. 95-630, set out as an Effective Date note under section
375b of this title.
EFFECTIVE DATE OF 1974 AMENDMENT
Section 102(b) of Pub. L. 93-501 provided that: "The amendment
made by subsection (a) [amending this section] shall not apply to
any bank holding company which has filed prior to the date of
enactment of this Act [Oct. 29, 1974] an irrevocable declaration
with the Board of Governors of the Federal Reserve System to divest
itself of all of its banks under section 4 of the Bank Holding
Company Act [section 1843 of this title], or to any debt obligation
which is an exempted security under section 3(a)(3) of the
Securities Act of 1933 [section 77c(a)(3) of Title 15, Commerce and
Trade]."
Amendment by section 302 of Pub. L. 93-501 applicable to deposits
made or obligations issued in any state after Oct. 29, 1974, but
prior to the earlier of July 1, 1977 or the date of enactment by
the state of a law limiting the amount of interest which may be
charged in connection with such deposits or obligations, see
section 304 of Pub. L. 93-501, set out as a note under section 371b-
1 of this title.
EFFECTIVE DATE OF 1973 AMENDMENT
Amendment by Pub. L. 93-100 effective on thirtieth day after Aug.
16, 1973, see section 8 of Pub. L. 93-100, set out as an Effective
Date note under section 1469 of this title.
EFFECTIVE AND TERMINATION DATES OF 1969 AMENDMENT
Section 7 of Pub. L. 89-597, as amended, formerly set out as an
Effective and Termination Dates of 1966 Amendment note under
section 461 of this title (which provided in part that amendment of
subsec. (g) of this section by addition of three sentences at the
end thereof by section 2(a) of Pub. L. 91-151 to be effective only
to Dec. 15, 1980, and that on Dec 15, 1980, such three sentences
were to be repealed) was repealed by section 207(a) of Pub. L. 96-
221.
EFFECTIVE AND TERMINATION DATES OF 1966 AMENDMENT
Section 7 of Pub. L. 89-597, as amended, formerly set out as an
Effective and Termination Dates of 1966 Amendment note under
section 461 of this title (which provided in part that amendment of
the second and third sentences of subsec. (g) of this section by
section 3 of Pub. L. 89-597 was effective only to Dec. 15, 1980,
and that on Dec. 15, 1980, such sentences were to be amended to
read as they would without the amendment by section 3 of Pub. L. 89-
597), was repealed by section 207(a) of Pub. L. 96-221.
REPEALS
Amendment by section 101 of Pub. L. 96-161, cited as a credit to
this section, was repealed at the close of Mar. 31, 1980, by
section 307 of Pub. L. 96-221, and substantially identical
provisions were enacted by section 302 of Pub. L. 96-221, such
amendments to take effect at the close of Mar. 31, 1980.
SAVINGS PROVISION
Section 529 of Pub. L. 96-221 provided in part that,
notwithstanding the repeal of Pub. L. 96-104 and title II of Pub.
L. 96-161, the provisions of subsec. (k) of this section [which had
been added to this section by those repealed laws] shall continue
to apply to any loan made, any deposit made, or any obligation
issued to any State during any period when those provisions were in
effect in such State.
TERMINATION OF REPORTING REQUIREMENTS
For termination, effective May 15, 2000, of provisions of law
requiring submittal to Congress of any annual, semiannual, or other
regular periodic report listed in House Document No. 103-7 (in
which a report required under subsection (c)(9) of this section is
listed on page 171), see section 3003 of Pub. L. 104-66, as
amended, set out as a note under section 1113 of Title 31, Money
and Finance.
BANKING AGENCY PUBLICATION REQUIREMENTS
Pub. L. 105-18, title V, Sec. 50004, June 12, 1997, 111 Stat.
212, provided that:
"(a) In General. - A qualifying regulatory agency may take any of
the following actions with respect to depository institutions or
other regulated entities whose principal place of business is
within, or with respect to transactions or activities within, an
area in which the President, pursuant to section 401 of the Robert
T. Stafford Disaster Relief and Emergency Assistance Act [42 U.S.C.
5170], has determined, on or after February 28, 1997, that a major
disaster exists, or within an area determined to be eligible for
disaster relief under other Federal law by reason of damage related
to the 1997 flooding of the Red River of the North, the Minnesota
River, and the tributaries of such rivers, if the agency determines
that the action would facilitate recovery from the major disaster:
"(1) Procedure. - Exercising the agency's authority under
provisions of law other than this section without complying with -

"(A) any requirement of section 553 of title 5, United States
Code; or
"(B) any provision of law that requires notice or opportunity
for hearing or sets maximum or minimum time limits with respect
to agency action.
"(2) Publication requirements. - Making exceptions, with
respect to institutions or other entities for which the agency is
the primary Federal regulator, to -
"(A) any publication requirement with respect to establishing
branches or other deposit-taking facilities; or
"(B) any similar publication requirement.
"(b) Publication Required. - A qualifying regulatory agency shall
publish in the Federal Register a statement that -
"(1) describes any action taken under this section; and
"(2) explains the need for the action.
"(c) Qualifying Regulatory Agency Defined. - For purposes of this
section, the term 'qualifying regulatory agency' means -
"(1) the Board of Governors of the Federal Reserve System;
"(2) the Comptroller of the Currency;
"(3) the Director of the Office of Thrift Supervision;
"(4) the Federal Deposit Insurance Corporation;
"(5) the Financial Institutions Examination Council;
"(6) the National Credit Union Administration; and
"(7) with respect to chapter 53 of title 31, United States
Code, the Secretary of the Treasury.
"(d) Expiration. - Any exception made under this section shall
expire not later than February 28, 1998."
Similar provisions were contained in the following prior acts:
Pub. L. 103-76, Sec. 4, Aug. 12, 1993, 107 Stat. 753.
Pub. L. 102-485, Sec. 5, Oct. 23, 1992, 106 Stat. 2773.
REVIEW OF RISK-BASED CAPITAL STANDARDS
Section 305(b) of Pub. L. 102-242, as amended by Pub. L. 103-325,
title III, Sec. 335, Sept. 23, 1994, 108 Stat. 2233, provided that:
"(1) In general. - Each appropriate Federal banking agency shall
revise its risk-based capital standards for insured depository
institutions to ensure that those standards -
"(A) take adequate account of -
"(i) interest-rate risk;
"(ii) concentration of credit risk; and
"(iii) the risks of nontraditional activities;
"(B) reflect the actual performance and expected risk of loss
of multifamily mortgages; and
"(C) take into account the size and activities of the
institutions and do not cause undue reporting burdens.
"(2) International discussions. - The Federal banking agencies
shall discuss the development of comparable standards with members
of the supervisory committee of the Bank for International
Settlements.
"(3) Deadline for prescribing revised standards. - Each
appropriate Federal banking agency shall -
"(A) publish final regulations in the Federal Register to
implement paragraph (1) not later than 18 months after the date
of enactment of this Act [Dec. 19, 1991]; and
"(B) establish reasonable transition rules to facilitate
compliance with those regulations.
"(4) Definitions. - For purposes of this subsection, the terms
'appropriate Federal banking agency', 'Federal banking agency' and
'insured depository institution' have the same meanings as in
section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)."
PURCHASED MORTGAGE SERVICING RIGHTS
Pub. L. 102-242, title IV, Sec. 475, Dec. 19, 1991, 105 Stat.
2386, as amended by Pub. L. 102-550, title XVI, Sec. 1606(i)(2),
Oct. 28, 1992, 106 Stat. 4089; Pub. L. 106-569, title XII, Sec.
1208, Dec. 27, 2000, 114 Stat. 3035, provided that:
"(a) In General. - Notwithstanding section 5(t)(4) of the Home
Owners' Loan Act [former 12 U.S.C. 1464(t)(4)], each appropriate
Federal banking agency shall determine, with respect to insured
depository institutions for which it is the appropriate Federal
regulator, the amount of readily marketable purchased mortgage
servicing rights that may be included in calculating such
institution's tangible capital, risk-based capital, or leverage
limit, if -
"(1) such servicing rights are valued at not more than 90
percent (or such other percentage exceeding 90 percent but not
exceeding 100 percent, as may be determined under subsection (b))
of their fair market value; and
"(2) the fair market value of such servicing rights is
determined not less often than quarterly.
"(b) Authority To Determine Percentage by Which To Discount Value
of Servicing Rights. - The appropriate Federal banking agencies may
allow readily marketable purchased mortgage servicing rights to be
valued at more than 90 percent of their fair market value but at
not more than 100 percent of such value, if such agencies jointly
make a finding that such valuation would not have an adverse effect
on the deposit insurance funds or the safety and soundness of
insured depository institutions.
"(c) Definition. - For purposes of this section, the terms
'appropriate Federal banking agency', 'deposit insurance fund', and
'insured depository institution' have the same meanings as in
section 3 of the Federal Deposit Insurance Act [12 U.S.C. 1813].
"(d) Effective Date. - This section shall apply after the end of
the 60-day period beginning on the date of the enactment of this
Act [Dec. 19, 1991]."
ELIMINATION OF INTEREST RATE DIFFERENTIALS
Section 326(b)-(d) of Pub. L. 97-320 provided that:
"(b)(1) Interest rate differentials for all categories of
deposits or accounts between (i) any bank (other than a savings
bank) the deposits of which are insured by the Federal Deposit
Insurance Corporation, and (ii) any savings and loan, building and
loan, or homestead association (including cooperative banks) the
deposits or accounts of which are insured by the Federal Savings
and Loan Insurance Corporation or any mutual savings bank as
defined in section 3(f) of the Federal Deposit Insurance Act (12
U.S.C. 1813(j)) [12 U.S.C. 1813(f)], shall be phased out on or
before January 1, 1984.
"(2) Any differential which is being phased out pursuant to a
schedule established by regulations prescribed by the Depository
Institutions Deregulation Committee prior to the date of enactment
of this Act [Oct. 15, 1982] shall be phased out as soon as
practicable, but in no event later than such schedule provides.
"(3) Notwithstanding any other provision of law, no differential
for any category of deposits or accounts shall be established or
maintained on or after January 1, 1984.
"(c) No interest rate differential may be established or
maintained in the case of the deposit account authorized pursuant
to section 204(c) of the Depository Institutions Deregulation Act
of 1980 [12 U.S.C. 3503(c)].
"(d) In the case of the elimination or reduction of any interest
rate differential under subsection (b) with respect to any category
of deposits or accounts between (1) any bank (other than a savings
bank) the deposits of which are insured by the Federal Deposit
Insurance Corporation and (2) any savings and loan, building and
loan, or homestead association (including cooperative banks) the
deposits or accounts of which are insured by the Federal Savings
and Loan Insurance Corporation or any mutual savings bank as
defined in section 3(f) of the Federal Deposit Insurance Act [12
U.S.C. 1813(f)], the maximum rate of interest which shall be
established for such category of deposits for banks (other than
savings banks) the deposits of which are insured by the Federal
Deposit Insurance Corporation shall be equal to the highest rate of
interest which savings and loan associations the deposits or
accounts of which are insured by the Federal Savings and Loan
Insurance Corporation were permitted to pay on such category of
deposits immediately prior to the elimination or reduction of such
interest rate differential."
STATES HAVING CONSTITUTIONAL PROVISIONS REGARDING MAXIMUM INTEREST
RATES
Section 213 of Pub. L. 96-161 provided that the provisions of
title II of Pub. L. 96-161, which enacted subsec. (k) of this
section and repealed provisions which had formerly amended this
section, to continue to apply until July 1, 1981, in the case of
any State having a constitutional provision regarding maximum
interest rates.
INTEREST RATES; CONTROLS
Reduction of interest rates to maximum extent feasible in light
of prevailing money market and general economic conditions, see
section 1 of Pub. L. 89-597, set out as a note under section 461 of
this title.
REINSTATEMENT OF WITHDRAWN OR ABANDONED APPLICATIONS MADE BEFORE
FEBRUARY 21, 1966, FOR APPROVAL OF MERGERS
Section 3 of Pub. L. 89-356 provided that: "Any application for
approval of a merger transaction (as the term 'merged transaction'
is used in section 18(c) of the Federal Deposit Insurance Act)
[subsec. (c) of this section] which was made before the date of
enactment of this Act [Feb. 21, 1966], but was withdrawn or
abandoned as a result of any objections made or any suit brought by
the Attorney General, may be reinstituted and shall be acted upon
in accordance with the provisions of this Act without prejudice by
such withdrawal, abandonment, objections, or judicial proceedings."
SPECIAL ANTITRUST TREATMENT OF MERGER TRANSACTIONS CONSUMMATED
BEFORE FEBRUARY 21, 1966, AND OF LITIGATION PENDING ON OR AFTER
FEBRUARY 21, 1966, WITH RESPECT TO MERGER TRANSACTIONS CONSUMMATED
AFTER JUNE 16, 1963
Section 2 of Pub. L. 89-356 provided that:
"(a) Any merger, consolidation, acquisition of assets, or
assumption of liabilities involving an insured bank which was
consummated prior to June 17, 1963, the bank resulting from which
has not been dissolved or divided and has not effected a sale or
distribution of assets and has not taken any other similar action
pursuant to a final judgment under the antitrust laws prior to the
enactment of this Act [Feb. 21, 1966], shall be conclusively
presumed to have not been in violation of any antitrust laws other
than section 2 of the Act of July 2, 1890 (section 2 of the Sherman
Antitrust Act, 15 U.S.C. 2).
"(b) No merger, consolidation, acquisition of assets, or
assumption of liabilities involving an insured bank which was
consummated after June 16, 1963, and prior to the date of enactment
of this Act [Feb. 21, 1966] and as to which no litigation was
initiated by the Attorney General prior to the date of enactment of
this Act [Feb. 21, 1966] may be attacked after such date in any
judicial proceeding on the ground that it alone and of itself
constituted a violation of any antitrust laws other than section 2
of the Act of July 2, 1890 (section 2 of the Sherman Antitrust Act,
15 U.S.C. 2).
"(c) Any court having pending before it on or after the date of
enactment of this Act [Feb. 21, 1966] any litigation initiated
under the antitrust laws by the Attorney General after June 16,
1963 with respect to the merger, consolidation, acquisition of
assets, or assumption of liabilities of an insured bank consummated
after June 16, 1963, shall apply the substantive rule of law set
forth in section 18(c)(5) of the Federal Deposit Insurance Act
[subsec. (c)(5) of this section], as amended by this Act.
"(d) For the purposes of this section, the term 'antitrust laws'
means the Act of July 2, 1890 (the Sherman Antitrust Act, 15 U.S.C.
1-7), the Act of October 15, 1914 (the Clayton Act, 15 U.S.C. 12-
27), and any other Acts in pari materia."
(!1) See References in Text note below.

(!2) So in original. Probably should be "insured depository
institution".