§ 1441a. — Thrift Depositor Protection Oversight Board and Resolution Trust Corporation.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1441a]
TITLE 12--BANKS AND BANKING
CHAPTER 11--FEDERAL HOME LOAN BANKS
Sec. 1441a. Thrift Depositor Protection Oversight Board and
Resolution Trust Corporation
(a) Thrift Depositor Protection Oversight Board established
(1) In general
There is hereby established the Thrift Depositor Protection
Oversight Board as an instrumentality of the United States with the
powers and authorities herein provided.
(2) Status
The Thrift Depositor Protection Oversight Board shall oversee
and monitor the operations of the Resolution Trust Corporation
(hereinafter referred to in this section as the ``Corporation'') and
shall be accountable for the duties assigned to the Thrift Depositor
Protection Oversight Board by this chapter. The Thrift Depositor
Protection Oversight Board shall be an ``agency'' of the United
States for purposes of subchapter II of chapter 5 and chapter 7 of
title 5.
(3) Membership
(A) In general
The Thrift Depositor Protection Oversight Board shall
consist of 7 members--
(i) the Secretary of the Treasury;
(ii) the Chairman of the Board of Governors of the
Federal Reserve System;
(iii) the Director of the Office of Thrift Supervision;
(iv) the Chairperson of the Board of Directors of the
Federal Deposit Insurance Corporation;
(v) the chief executive officer of the Corporation; and
(vi) two independent members appointed by the President,
with the advice and consent of the Senate. Such nominations
shall be referred to the Committee on Banking, Housing, and
Urban Affairs of the Senate.
(B) Political affiliation
The independent members shall not be members of the same
political party. No independent member of the Thrift Depositor
Protection Oversight Board shall hold any other appointed office
during his or her term as a member.
(C) Chairperson
The Chairperson of the Thrift Depositor Protection Oversight
Board shall be the Secretary of the Treasury.
(D) Term of office
The term of each member (other than the independent members)
of the Thrift Depositor Protection Oversight Board shall expire
when such member has fulfilled all of his or her
responsibilities under this section and section 1441b of this
title. The term of each independent member shall be 3 years.
(E) Quorum required
A quorum shall consist of 4 members of the Thrift Depositor
Protection Oversight Board and all decisions of the Board shall
require an affirmative vote of at least a majority of the
members voting.
(4) Compensation and expenses
(A) Expenses
Members of the Thrift Depositor Protection Oversight Board
shall receive allowances in accordance with subchapter I of
chapter 57 of title 5 for necessary expenses of travel, lodging,
and subsistence incurred in attending meetings and other
activities of the Thrift Depositor Protection Oversight Board,
as set forth in the bylaws issued by the Thrift Depositor
Protection Oversight Board.
(B) No additional compensation for United States officers or
employees
Members of the Thrift Depositor Protection Oversight Board
(other than independent members) shall receive no additional pay
by reason of service on such Board.
(C) Compensation for independent members
The independent members of the Thrift Depositor Protection
Oversight Board shall be paid at a rate equal to the daily
equivalent of the rate of basic pay for level II of the
Executive Schedule for each day (including travel time) during
which such member is engaged in the actual performance of duties
of the Thrift Depositor Protection Oversight Board.
(5) Powers
The Thrift Depositor Protection Oversight Board shall be a body
corporate that shall have the power to--
(A) adopt, alter, and use a corporate seal;
(B) provide for a principal or executive officer and such
other officers and employees as may be necessary to perform the
functions of the Thrift Depositor Protection Oversight Board,
define their duties, and require surety bonds or make other
provisions against losses occasioned by acts of such persons;
(C) fix the compensation and number of, and appoint,
employees for any position established by the Thrift Depositor
Protection Oversight Board;
(D) set and adjust rates of basic pay for employees of the
Thrift Depositor Protection Oversight Board without regard to
the provisions of chapter 51 or subchapter III of chapter 53 of
title 5;
(E) provide additional compensation and benefits to
employees of the Thrift Depositor Protection Oversight Board if
the same type of compensation or benefits are then being
provided by any other Federal bank regulatory agency or, if not
then being provided, could be provided by such an agency under
applicable provisions of law, rule, or regulation; in setting
and adjusting the total amount of compensation and benefits for
employees of the Thrift Depositor Protection Oversight Board,
the Thrift Depositor Protection Oversight Board shall consult
with and seek to maintain comparability with the other Federal
bank regulatory agencies, except that the Thrift Depositor
Protection Oversight Board shall not in any event exceed the
compensation and benefits provided by the Federal Deposit
Insurance Corporation with respect to any comparable position;
(F) with the consent of any executive agency, department, or
independent agency utilize the information, services, staff, and
facilities of such department or agency, on a reimbursable (or
other) basis, in carrying out this section;
(G) prescribe bylaws that are consistent with law to provide
for the manner in which--
(i) its officers and employees are selected, and
(ii) its general operations are to be conducted;
(H) enter into contracts and modify or consent to the
modification of any contract or agreement;
(I) indemnify, from funds made available to it by the
Corporation, the members, officers, and employees of the Thrift
Depositor Protection Oversight Board on such terms as the Thrift
Depositor Protection Oversight Board deems proper against any
liability under any civil suit pursuant to any statute or
pursuant to common law with respect to any claim arising out of
or resulting from any act or omission by such person within the
scope of such person's employment in connection with any
transaction entered into involving the disposition of assets (or
any interests in any assets or any obligations backed by any
assets) by the Corporation, and the indemnification authorized
by this provision shall be in addition to and not in lieu of any
immunities or other protections that may be available to such
person under applicable law, and this provision does not affect
any such immunities or other protections;
(J) sue and be sued in courts of competent jurisdiction; and
(K) exercise any and all powers established under this
section and such incidental powers as are necessary to carry out
its powers, duties, and functions under this chapter.
(6) Thrift Depositor Protection Oversight Board duties and
authorities
The Thrift Depositor Protection Oversight Board shall have the
following duties and authorities with respect to the Corporation:
(A) To review overall strategies, policies, and goals
established by the Corporation for its activities, which shall
include such items as the Thrift Depositor Protection Oversight
Board deems likely to have a material effect upon the financial
condition of the Corporation, the results of its operations, or
its cash flows, and such items as the Thrift Depositor
Protection Oversight Board deems to involve substantial issues
of public policy. After consultation with the Corporation, the
Thrift Depositor Protection Oversight Board may require the
modification of any such overall strategies, policies, and goals
and their implementation. Overall strategies, policies, and
goals shall include such items as--
(i) overall strategies, policies, and goals for case
resolutions, the management and disposition of assets, the
use of private contractors;
(ii) the use of notes, guarantees, or other obligations
by the Corporation;
(iii) financial goals, plans, and budgets; and
(iv) restructuring agreements described in subsection
(b)(10)(B) of this section.
(B) To approve prior to implementation financial plans,
budgets, and periodic financing requests developed by the
Corporation.
(C) To review all rules, regulations, standards, principles,
procedures, guidelines, and statements that may be adopted or
announced by the Corporation. The provisions of this
subparagraph shall not apply to internal administrative policies
and procedures (including such matters as personnel practices,
divisions and organization of staffing, delegations of
authority, and practices respecting day-to-day administration of
the Corporation's affairs) and determinations or actions
described in paragraph (8) \1\
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(D) To review the overall performance of the Corporation on
a periodic basis, including its work, management activities, and
internal controls, and the performance of the Corporation
relative to approved budget plans.
(E) To require from the Corporation any reports, documents,
and records it deems necessary to carry out its oversight
responsibilities.
(F) To establish a national advisory board and regional
advisory boards.
(G) To authorize the use of proceeds from any funds provided
by the Treasury to the Corporation and from any financing by the
Resolution Funding Corporation established pursuant to section
1441b of this title consistent with the approved budget and
financial plans of the Corporation and to oversee the collection
of funds by the Resolution Funding Corporation.
(H) To evaluate audits by the Inspector General and other
congressionally required audits.
(I) To have general oversight over the Resolution Funding
Corporation as provided under section 1441b of this title.
(J) To authorize, as appropriate, the Corporation's sale of
capital certificates to the Resolution Funding Corporation.
(K) To establish the rate of basic pay, benefits, and other
compensation for the chief executive officer of the Corporation.
(7) Transition policies
Until such time as the Thrift Depositor Protection Oversight
Board and the Corporation (consistent with paragraph (6) and
subsection (b)(11) of this section) adopt strategies, policies,
goals, regulations, rules, operating principles, procedures, or
guidelines, the Corporation may carry out its duties in accordance
with the strategies, policies, goals, regulations, rules, operating
principles, procedures, or guidelines of the Federal Deposit
Insurance Corporation, notwithstanding the provisions of section 553
of title 5.
(8) Limitation on authority
The Corporation shall have the authority, without any prior
review, approval, or disapproval by the Thrift Depositor Protection
Oversight Board, to make such determinations and take such actions
as it deems appropriate with respect to case-specific matters
involving (i) individual case resolutions, (ii) asset liquidations,
or (iii) day-to-day operations of the Corporation. The preceding
sentence in no way limits the authority of the Thrift Depositor
Protection Oversight Board to review overall strategies, policies,
and goals established by the Corporation.
(9) Delegation
Except with respect to the meetings required by paragraph (10),
nothing in this section shall preclude a member of the Thrift
Depositor Protection Oversight Board who is a public official from
delegating his or her authority to an employee or officer of such
member's agency or organization, if such employee or officer has
been appointed by the President with the advice and consent of the
Senate. For purposes of the preceding sentence, the Chairman of the
Board of Governors of the Federal Reserve System may delegate his or
her authority to another member of the Board of Governors.
(10) Open meetings
Not less than 6 times each year, the Thrift Depositor Protection
Oversight Board shall conduct open meetings to review overall
strategies, policies, and goals established by the Corporation and
to consider such other matters as pertain to its functions under
this chapter. The Thrift Depositor Protection Oversight Board shall
maintain a transcript of the board's open meetings.
(11) Power to remove; jurisdiction
Notwithstanding any other provision of law, any civil action,
suit, or proceeding to which the Thrift Depositor Protection
Oversight Board is a party shall be deemed to arise under the laws
of the United States, and the United States district courts shall
have original jurisdiction. The Thrift Depositor Protection
Oversight Board may, without bond or security, remove any such
action, suit, or proceeding from a State court to a United States
district court or to the United States District Court for the
District of Columbia.
(12) Administrative expenses
The administrative expenses of the Thrift Depositor Protection
Oversight Board shall be paid by the Corporation, upon request of
the Thrift Depositor Protection Oversight Board.
(13) Standards, policies, procedures, guidelines, and
statements
The Thrift Depositor Protection Oversight Board may issue rules,
regulations, standards, policies, procedures, guidelines, and
statements as the Thrift Depositor Protection Oversight Board
considers necessary or appropriate to carry out its authorities and
duties under this chapter which shall be promulgated pursuant to
subchapter II of chapter 5 of title 5.
(14) Strategic plan for Corporation operations
(A) In general
The chief executive officer of the Corporation is authorized
to implement the strategic plan for conducting the Corporation's
functions and activities submitted by the former Oversight Board
to the Congress, dated December 31, 1989.
(B) Provisions of plan
The strategic plan and implementing policies and procedures
required under this paragraph shall at a minimum contain the
following:
(i) Factors the Corporation shall consider in deciding
the order in which failed institutions or categories of
failed institutions will be resolved.
(ii) Standards the Corporation shall use to select the
appropriate resolution action for a failed institution.
(iii) With respect to assisted acquisitions, factors the
Corporation shall consider in deciding whether non-
performing assets of the failed institution will be
transferred to the acquiring institution rather than
retained by the Corporation for management and disposal.
(iv) Plans for the disposition of assets.
(v) Management objectives by which the Corporation's
progress in carrying out its duties under this section can
be measured.
(vi) A plan for the organizational structure and
staffing of the Corporation, including an assessment of the
extent to which the Corporation will perform asset
management functions and other duties through contracts with
public and private entities.
(vii) Consideration of whether incentives should be
included in asset management contracts to promote active and
efficient asset management.
(viii) Standards for adequate competition and fair and
consistent treatment of offerors.
(ix) Standards that prohibit discrimination on the basis
of race, sex, or ethnic group in the solicitation and
consideration of offers.
(x) Procedures for the active solicitation of offers
from minorities and women.
(xi) Procedures requiring that unsuccessful offerors be
notified in writing of the decision within 30 days after the
offer has been rejected.
(xii) Procedures for establishing the market value of
assets based upon standard market analysis, valuation, and
appraisal practices.
(xiii) Procedures requiring the timely evaluation of
purchase offers for an institution.
(xiv) Procedures for bulk sales and auction marketing of
assets.
(xv) Guidelines for determining if the value of an asset
has decreased so that no reasonable recovery is anticipated.
In such cases, the Corporation may consider potential public
uses of such asset including providing housing for lower
income families (including the homeless), day care centers
for the children of low- and moderate-income families, or
such other public purpose designated by the Secretary of
Housing and Urban Development.
(xvi) Guidelines for the conveyance of assets to units
of general local government, States, and public agencies
designated by a unit of general local government or a State,
for use in connection with urban homesteading programs
approved by the Secretary of Housing and Urban Development
under section 1706e of this title.
(xvii) Policies and procedures for avoiding political
favoritism and undue influence in contracts and decisions
made by the Thrift Depositor Protection Oversight Board and
the Corporation.
(15) Reports on any modification to any strategy, policy, or
goal
If, pursuant to paragraph (6)(A), the Thrift Depositor
Protection Oversight Board requires the Corporation to modify any
overall strategy, policy, or goal, such board shall submit, before
the end of the 30-day period beginning on the date on which the
board first notifies the Corporation of such requirement, to the
Committee on Banking, Housing, and Urban Affairs of the Senate and
the Committee on Banking, Finance and Urban Affairs of the House of
Representatives an explanation of the grounds which the board
determined justified the review and the reasons why the modification
is necessary to satisfy any such ground.
(16) Termination
The Thrift Depositor Protection Oversight Board shall terminate
not later than 60 days after the Thrift Depositor Protection
Oversight Board fulfills all of its responsibilities under this
chapter.
(b) Resolution Trust Corporation established
(1) Establishment
(A) In general
There is hereby established a Corporation to be known as the
Resolution Trust Corporation which shall be an instrumentality
of the United States.
(B) Status
The Corporation shall be deemed to be an agency of the
United States for purposes of subchapter II of chapter 5 and
chapter 7 of title 5 when it is acting as a corporation. The
Corporation, when it is acting as a conservator or receiver of
an insured depository institution, shall be deemed to be an
agency of the United States to the same extent as the Federal
Deposit Insurance Corporation when it is acting as a conservator
or receiver of an insured depository institution.
(C) Management by chief executive officer
The Corporation shall be managed by or under the direction
of its chief executive officer.
(2) Government corporation
Notwithstanding the fact that no Government funds may be
invested in the Corporation, the Corporation shall be treated, for
purposes of sections 9105,\2\ 9107, and 9108 of title 31, as a
mixed-ownership Government corporation which has capital of the
Government.
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(3) Duties
The duties of the Corporation shall be to carry out a program,
under the general oversight of the Thrift Depositor Protection
Oversight Board, including:
(A) To manage and resolve all cases involving depository
institutions--
(i) the accounts of which were insured by the Federal
Savings and Loan Insurance Corporation before August 9,
1989; and
(ii) for which a conservator or receiver is appointed
after December 31, 1988, and before such date as is
determined by the Chairperson of the Thrift Depositor
Protection Oversight Board, but not earlier than January 1,
1995, and not later than July 1, 1995 (including any
institution described in paragraph (6)).
(B) To develop and establish overall strategies, policies,
and goals for the Corporation, subject to review by the Thrift
Depositor Protection Oversight Board pursuant to subsection
(a)(6)(A) of this section.
(C) To conduct the operations of the Corporation in a manner
which--
(i) maximizes the net present value return from the sale
or other disposition of institutions described in
subparagraph (A) or the assets of such institutions;
(ii) minimizes the impact of such transactions on local
real estate and financial markets;
(iii) makes efficient use of funds obtained from the
Funding Corporation or from the Treasury;
(iv) minimizes the amount of any loss realized in the
resolution of cases; and
(v) maximizes the preservation of the availability and
affordability of residential real property for low- and
moderate-income individuals.
(D) To perform any other function authorized under this
section.
(4) Conservatorship, receivership, and assistance powers
(A) In general
Except as provided in paragraph (5) and in addition to any
other provision of this section, the Corporation shall have the
same powers and rights to carry out its duties with respect to
institutions described in paragraph (3)(A) as the Federal
Deposit Insurance Corporation has under sections 1821, 1822, and
1823 of this title with respect to insured depository
institutions (as defined in section 1813 of this title).
(B) Manner of application of least-cost resolution
For purposes of applying section 1823(c)(4) of this title to
the Corporation under subparagraph (A), the Corporation shall be
treated as the affected deposit insurance fund.
(C) Appeals
The Corporation shall implement and maintain a program, in a
manner acceptable to the Thrift Depositor Protection Oversight
Board, to provide an appeals process for business and commercial
borrowers to appeal decisions by the Corporation (when acting as
a conservator) which would have the effect of terminating or
otherwise adversely affecting credit or loan agreements, lines
of credit, and similar arrangements with such borrowers who have
not defaulted on their obligations.
(5) Limitation on paragraph (4) powers
The Corporation--
(A) may not obligate the Federal Deposit Insurance
Corporation or any funds of the Federal Deposit Insurance
Corporation; and
(B) in connection with providing assistance to an
institution under this subsection, shall be subject to the
limitations contained in section 1823(c)(4) of this title.
(6) Continuation of RTC receivership or conservatorship
(A) In general
If the Corporation is appointed as conservator or receiver
for any insured depository institution described in paragraph
(3)(A) before such date as is determined by the Chairperson of
the Thrift Depositor Protection Oversight Board under paragraph
(3)(A)(ii), and a conservator or receiver is appointed for such
institution on or after such date, the Corporation may be
appointed as conservator or receiver for such institution on or
after such date as is determined by the Chairperson of the
Thrift Depositor Protection Oversight Board under paragraph
(3)(A)(ii).
(B) SAIF-insured banks
Notwithstanding any other provision of Federal or State law,
if the Federal Deposit Insurance Corporation is appointed as
conservator or receiver for any Savings Association Insurance
Fund member that has converted to a bank charter and otherwise
meets the criteria in paragraph (3)(A) or (6)(A), the Federal
Deposit Insurance Corporation may tender such appointment to the
Corporation, and the Corporation shall accept such appointment,
if the Corporation is authorized to accept such appointment
under this section.
(7) Obligations and guarantees
The Corporation's authority to issue obligations and guarantees
shall be subject to general supervision by the Thrift Depositor
Protection Oversight Board under subsection (a) of this section and
shall be consistent with subsection (j) of this section.
(8) Staff
(A) In general
Except for the chief executive officer of the Corporation,
the Corporation itself shall have no employees.
(B) Utilization of personnel of other agencies
(i) FDIC
The Corporation shall use employees (selected by the
Corporation) of the Federal Deposit Insurance Corporation
and the Federal Deposit Insurance Corporation shall provide
such personnel to the Corporation for its use.
Notwithstanding the foregoing, the Federal Deposit Insurance
Corporation need not provide to the Corporation any employee
of the Federal Deposit Insurance Corporation who was
employed by the Federal Deposit Insurance Corporation on
December 12, 1991, and who had not theretofore been provided
to the Corporation by the Federal Deposit Insurance
Corporation. In addition to persons otherwise employed by
the Federal Deposit Insurance Corporation, the Federal
Deposit Insurance Corporation shall employ, and shall
provide to the Corporation, such persons as the Corporation
may request from time to time. Federal Deposit Insurance
Corporation employees provided to the Corporation shall be
subject to the direction and control of the Corporation and
any of them may be returned to the Federal Deposit Insurance
Corporation at any time by the Corporation in the discretion
of the Corporation. The Corporation shall reimburse the
Federal Deposit Insurance Corporation for the actual costs
incurred in providing such employees. Any permanent employee
of the Federal Deposit Insurance Corporation who was
performing services on behalf of the Corporation immediately
prior to December 12, 1991, shall continue to be provided to
the Corporation after December 12, 1991, unless the
Corporation determines the services of any such employee to
be unnecessary, in which case such employee shall be
returned to a similar position performing services on behalf
of the Federal Deposit Insurance Corporation. In any ensuing
reduction-in-force or reorganization within the Federal
Deposit Insurance Corporation, any such employee shall
compete with the same rights as any other Federal Deposit
Insurance Corporation employee. The Corporation may use
administrative services of the Federal Deposit Insurance
Corporation and, if it does so, shall reimburse the Federal
Deposit Insurance Corporation for the actual costs of
providing such services.
(ii) Other agencies
With the agreement of any executive department or
agency, the Corporation may utilize the personnel of any
such executive department or agency on a reimbursable basis
to cover actual and reasonable expenses.
(C) Chief executive officer
There is established the office of chief executive officer
of the Corporation. The chief executive officer of the
Corporation shall be appointed by the President, by and with the
advice and consent of the Senate, and shall serve at the
pleasure of the President.
(D) Powers of the chief executive officer
The chief executive officer may exercise all of the powers
of the Corporation and act for and on behalf of the Corporation,
and may delegate such authority, as deemed appropriate by the
chief executive officer, including the power to subdelegate
authority, to persons designated by the chief executive officer
who are employees of the Federal Deposit Insurance Corporation
utilized by the Corporation or who provide services for the
Corporation.
(E) Deputy chief executive officer
(i) In general
There is hereby established the position of deputy chief
executive officer of the Corporation.
(ii) Appointment
The deputy chief executive officer of the Corporation
shall--
(I) be appointed by the Chairperson of the Thrift
Depositor Protection Oversight Board, with the
recommendation of the chief executive officer; and
(II) be an employee of the Federal Deposit Insurance
Corporation in accordance with subparagraph (B)(i).
(iii) Duties
The deputy chief executive officer shall perform such
duties as the chief executive officer may require.
(F) Acting chief executive officer
In the event of a vacancy in the position of chief executive
officer or during the absence or disability of the chief
executive officer, the deputy chief executive officer shall
perform the duties of the position as the acting chief executive
officer.
(G) General counsel
There is established the Office of General Counsel of the
Corporation. The chief executive officer, with the concurrence
of the Chairperson of the Thrift Depositor Protection Oversight
Board, may appoint the general counsel, who shall be an employee
of the Federal Deposit Insurance Corporation, in accordance with
subparagraph (B)(i). The general counsel shall perform such
duties as the chief executive officer may require.
(9) Corporate powers
The Corporation shall have the following powers:
(A) To adopt, alter, and use a corporate seal.
(B) To enter into contracts and modify, or consent to the
modification of, any contract or agreement to which the
Corporation is a party or in which the Corporation has an
interest under this section.
(C) To make advance, progress, or other payments.
(D) To acquire, hold, lease, mortgage, maintain, or dispose
of, at public or private sale, real and personal property, using
any legally available private sector methods including without
limitation, securitization of debt or equity, limited
partnerships, mortgage investment conduits, and real estate
investment trusts, and otherwise exercise all the usual
incidents of ownership of property necessary and convenient to
the operations of the Corporation.
(E) To sue and be sued in its corporate capacity in any
court of competent jurisdiction.
(F) To deposit any securities or funds held by the
Corporation in any facility or depositary described in section
1823(b) of this title under the terms and conditions applicable
to the Federal Deposit Insurance Corporation under such section
1823(b) and pay fees thereof and receive interest thereon.
(G) To take warrants, voting and nonvoting equity, or other
participation interests in institutions or assets or properties
of institutions described in paragraph (3)(A) and paragraph
(10)(A)(iv).
(H) To use the United States mails in the same manner and
under the same conditions as other departments and agencies of
the United States.
(I) To prescribe bylaws that shall be consistent with law.
(J) To make loans and, with respect to eligible residential
properties, develop risk sharing structures and other credit
enhancements to assist in the provision of property ownership,
rental, and cooperative housing opportunities for lower- and
moderate-income families.
(K) To prepare reports and provide such reports, documents,
and records to the Thrift Depositor Protection Oversight Board
as required by this section.
(L) To issue capital certificates to the Resolution Funding
Corporation consistent with the provisions of section 1441b of
this title in the following manner:
(i) Authorization to issue
The Corporation is hereby authorized to issue to the
Resolution Funding Corporation nonvoting capital
certificates.
(ii) Requirement relating to the amount of
certificates
The amount of certificates issued by the Corporation
under clause (i) shall be equal to the aggregate amount of
funds provided by the Resolution Funding Corporation to the
Corporation under section 1441b of this title.
(iii) Certificates may be issued only to the
Resolution Funding Corporation
Capital certificates issued under clause (i) may be
issued only to the Resolution Funding Corporation in the
manner and to the extent provided in section 1441b of this
title and this section.
(iv) No dividends
The Corporation shall not pay dividends on any capital
certificates issued under this section.
(M) To exercise any other power established under this
section and such incidental powers as are necessary to carry out
its duties and functions under this section. The Corporation may
indemnify the directors, officers and employees of the
Corporation on such terms as the Corporation deems proper
against any liability under any civil suit pursuant to any
statute or pursuant to common law with respect to any claim
arising out of or resulting from any act or omission by such
person within the scope of such person's employment in
connection with any transaction entered into involving the
disposition of assets (or any interests in any assets or any
obligations backed by any assets) by the Corporation. For
purposes of this subparagraph, the terms ``officers'' and
``employees'' include officers and employees of the Federal
Deposit Insurance Corporation or of other agencies who perform
services for the Corporation. The indemnification authorized by
this subparagraph shall be in addition to and not in lieu of any
immunities or other protections that may be available to such
person under applicable law, and this provision does not affect
any such immunities or other protections.
(10) Special powers
(A) In general
In addition to the powers of the Corporation described in
paragraph (9), the Corporation shall have the following powers:
(i) Contracts
The Corporation may enter into contracts with any
person, corporation, or entity, including State housing
finance authorities (as such term is defined in section 1301
of the Financial Institutions Reform, Recovery, and
Enforcement Act of 1989 [12 U.S.C. 1441a-1]) and insured
depository institutions, which the Corporation determines to
be necessary or appropriate to carry out its
responsibilities under this section. Such contracts shall be
subject to the procedures adopted pursuant to paragraph
(11).
(ii) Utilization of private sector
In carrying out the Corporation's duties under this
section, the Corporation and the Federal Deposit Insurance
Corporation shall utilize the services of private persons,
including real estate and loan portfolio asset management,
property management, auction marketing, and brokerage
services, if such services are available in the private
sector and the Corporation determines utilization of such
services are practicable and efficient.
(iii) Mergers and consolidations
The Corporation may require a merger or consolidation of
an institution or institutions over which the Corporation
has jurisdiction, if such merger or consolidation is
consistent with section 1823(c)(4) of this title.
(iv) Organization of savings associations
The Corporation may organize 1 or more Federal savings
associations--
(I) which shall be chartered by the Director of the
Office of Thrift Supervision,
(II) the deposits of which, if any, shall be insured
by the Federal Deposit Insurance Corporation through the
Savings Association Insurance Fund, and
(III) which shall operate in accordance with
subsection (e) of this section.
(v) Organization of bridge banks
The Corporation may organize 1 or more bridge banks
pursuant to subsection (i) \3\ of section 1821 of this title
with respect to any institution described in paragraph
(3)(A) which becomes a bank. Such bridge bank shall be
subject to subsection (e) of this section.
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\3\ So in original. Probably should be subsection ``(n)''.
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(B) Review of prior cases
The Corporation shall--
(i) review and analyze all insolvent institution cases
resolved by the Federal Savings and Loan Insurance
Corporation between January 1, 1988, and August 9, 1989, and
actively review all means by which it can reduce costs under
existing Federal Savings and Loan Insurance Corporation
agreements relating to such cases, including restructuring
such agreements;
(ii) evaluate the costs under existing Federal Savings
and Loan Insurance Corporation agreements with regard to the
following--
(I) capital loss coverage,
(II) yield maintenance guarantees,
(III) forbearances,
(IV) tax consequences, and
(V) any other relevant cost consideration;
(iii) review the bidding procedures used in resolving
such cases in order to determine whether the bidding and
negotiating processes were sufficiently competitive; and
(iv) report to the Thrift Depositor Protection Oversight
Board and the Congress pursuant to subsection (k) of this
section.
(C) Provisions applicable to review of prior cases
(i) In general
The Corporation shall exercise any and all legal rights
to modify, renegotiate, or restructure such agreements where
savings would be realized by such actions. The cost or
income of any modification shall be a liability or an asset
of the Corporation or the FSLIC Resolution Fund as
determined by the Thrift Depositor Protection Oversight
Board. Nothing in this paragraph shall be construed as
granting the Corporation any legal rights to modify,
renegotiate, or restructure agreements between the Federal
Savings and Loan Insurance Corporation and any other party,
which did not exist prior to August 9, 1989.
(ii) Additional provisions
The Corporation, in modifying, renegotiating, or
restructuring the insolvent institution cases resolved by
the Federal Savings and Loan Insurance Corporation between
January 1, 1988, and August 9, 1989, shall carry out its
responsibilities under section 519(a) of the Department of
Veterans Affairs and Housing and Urban Development, and
Independent Agencies Appropriations Act, 1991 (104 Stat.
1386) and shall, consistent with achieving the greatest
overall financial savings to the Federal Government, pursue
all legal means by which the Corporation can reduce both the
direct outlays and the tax benefits associated with such
cases, including, but not limited to, restructuring to
eliminate tax-free interest payments and renegotiating to
capture a larger portion of the tax benefits for the
Corporation.
(11) Regulations, policies, and procedures
(A) Strategies, policies, and goals
The Corporation shall adopt the rules, regulations,
standards, procedures, guidelines, and statements necessary to
implement the strategic plan submitted by the former Oversight
Board to Congress dated December 31, 1989. The Corporation may
establish overall strategies, policies, and goals for its
activities and may issue such rules, regulations, standards,
principles, procedures, guidelines, and statements as the
Corporation considers necessary or appropriate to carry out its
duties.
(B) Review, etc.
Such overall strategies, policies, and goals, and such
rules, regulations, standards, principles, procedures,
guidelines, and statements--
(i) shall be provided by the Corporation to the Thrift
Depositor Protection Oversight Board promptly or prior to
publication or announcement to the extent practicable;
(ii) shall be subject to the review of the Thrift
Depositor Protection Oversight Board as provided in
subsection (a)(6)(A) of this section (with respect to
overall strategies, policies, and goals); and
(iii) shall be promulgated pursuant to subchapter II of
chapter 5 of title 5.
(C) Preparation and maintenance of records relating to
solicitation and acceptance of offers
The Corporation shall--
(i) document decisions made in the solicitation and
selection process and the reasons for the decisions; and
(ii) maintain such documentation in the offices of the
Corporation, as well as any other documentation relating to
the solicitation and selection process.
(D) Distressed areas
(i) In general
In developing its implementing policies, the Corporation
shall take the action described in clause (ii) to avoid
adverse economic impact for those real estate markets that
are distressed.
(ii) Valuation and disposition
The Corporation shall establish an appraisal or other
valuation method for determining the market value of real
property. With respect to a real property asset with a
market value in excess of a certain dollar limit (such limit
to be determined by the chief executive officer of the
Corporation), consideration shall be given to the volume of
assets above such limit and the potential impact of sales in
such distressed areas. The Corporation shall not sell a real
property asset located in a distressed area without
obtaining at least the minimum disposition price, unless a
determination has been made that such a transaction furthers
the objectives set forth in paragraph (3)(C).
(iii) Exception
The provisions of this subparagraph shall not apply to
any property as long as such property is subject to the
requirements of subsection (c) of this section.
(E) Definitions
For the purposes of this subsection--
(i) The term ``minimum disposition price'' means 95
percent of the market value established by the Corporation.
The chief executive officer, in the chief executive
officer's discretion, may change the percentage set forth in
this definition from time to time if the chief executive
officer determines that such change does not adversely
impact the objectives set forth in paragraph (3)(C).
(ii) The term ``sell a real property asset'' means to
convey all title and interest in a piece of tangible real
property in which the Corporation has a fee simple or
equivalent interest. The term ``real property'' does not
include loans secured by real property, joint ventures,
participation interests, options, or other similar
interests. In addition, the term ``sell'' does not include
hypothecation of assets, issuance of asset backed
securities, issuance of joint ventures, or participation
interests, or other similar activities.
(iii) The term ``distressed area'' means the geographic
areas in those political subdivisions designated from time
to time by the chief executive officer as having depressed
real estate markets. Until the chief executive officer
designates otherwise, such distressed areas shall be the
States of Arkansas, Colorado, Louisiana, New Mexico,
Oklahoma, and Texas.
(iv) The term ``market value'' means the most probable
price which a property should bring in a competitive and
open market if--
(I) all conditions requisite to a fair sale are
present,
(II) the buyer and seller are acting prudently and
are knowledgeable, and
(III) the price is not affected by any undue
stimulus.
(F) Real Estate Asset Division
The Corporation shall establish a Real Estate Asset Division
to assist and advise the Corporation with respect to the
management, sale, or other disposition of real property assets
of institutions described in paragraph (3)(A). The Real Estate
Asset Division shall have such duties as the Corporation
establishes, including the publication of an inventory of real
property assets of institutions subject to the jurisdiction of
the Corporation. Such inventory shall be published before
January 1, 1990 and updated semiannually thereafter and shall
identify properties with natural, cultural, recreational, or
scientific values of special significance.
(G) Advisory personnel
The Corporation shall maintain an executive-level position
and dedicated staff to assist and advise the Corporation and
other agencies in pursuing cases, civil claims, and
administrative enforcement actions against institution-
affiliated parties of insured depository institutions under the
jurisdiction of the Corporation. These personnel shall have such
duties as the Corporation establishes, including the duty to
compile and publish a report to the Congress on the coordinated
pursuit of claims by all Federal financial institution
regulatory agencies, including the Department of Justice and the
Securities and Exchange Commission. The report shall be
published before December 31, 1990 and updated semiannually
after such date.
(12) Periodic financing requests
The Corporation shall provide the Thrift Depositor Protection
Oversight Board with periodic financing requests which shall
detail--
(A) anticipated funding requirements for operations, case
resolution, and asset liquidation,
(B) anticipated payments on previously issued notes,
guarantees, other obligations, and related activities, and
(C) any proposed use of notes, guarantees or other
obligations.
Such financing requests shall be submitted on a quarterly basis or
such other period as the Thrift Depositor Protection Oversight Board
determines necessary. Following approval by the Thrift Depositor
Protection Oversight Board, such requests shall form the basis for
expending funds provided by the Treasury, for transferring funds
from the Resolution Funding Corporation to the Corporation and the
issuance of capital certificates by the Corporation in exchange
therefor.
(13) Goal for participation of small business concerns
The Corporation shall have an annual goal that presents the
maximum practicable opportunity for small business concerns, small
business concerns owned and controlled by socially and economically
disadvantaged individuals, and qualified HUBZone small business
concerns (as defined in section 632(p) of title 15) to participate
in the performance of contracts awarded by the Corporation.
(14) Extension of statute of limitations
(A) Tort actions for which the prior limitation has run
(i) In general
In the case of any tort claim--
(I) which is described in clause (ii); and
(II) for which the applicable statute of limitations
under section 1821(d)(14)(A)(ii) of this title has
expired before December 17, 1993;
the statute of limitations which shall apply to an action
brought on such claim by the Corporation in the
Corporation's capacity as conservator or receiver of an
institution described in paragraph (3)(A) shall be the
period determined under subparagraph (C).
(ii) Claims described
A tort claim referred to in clause (i)(I) with respect
to an institution described in paragraph (3)(A) is a claim
arising from fraud, intentional misconduct resulting in
unjust enrichment, or intentional misconduct resulting in
substantial loss to the institution.
(B) Tort actions for which the prior limitation has not run
(i) In general
Notwithstanding section 1821(d)(14)(A) of this title, in
the case of any tort claim--
(I) which is described in clause (ii); and
(II) for which the applicable statute of limitations
under section 1821(d)(14)(A)(ii) of this title has not
expired as of December 17, 1993;
the statute of limitations which shall apply to an action
brought on such claim by the Corporation in the
Corporation's capacity as conservator or receiver of an
institution described in paragraph (3)(A) shall be the
period determined under subparagraph (C).
(ii) Claims described
A tort claim referred to in clause (i)(I) with respect
to an institution described in paragraph (3)(A) is a claim
arising from gross negligence or conduct that demonstrates a
greater disregard of a duty of care than gross negligence,
including intentional tortious conduct relating to the
institution.
(C) Determination of period
The period determined under this subparagraph for any claim
to which subparagraph (A) or (B) applies shall be the longer
of--
(i) the period beginning on the date the claim accrues
(as determined pursuant to section 1821(d)(14)(B) of this
title) and ending on December 31, 1995 or ending on the date
of the termination of the Corporation pursuant to subsection
(m)(1) of this section, whichever is later; or
(ii) the period applicable under State law for such
claim.
(D) Scope of application
Subparagraphs (A) and (B) shall not apply to any action
which is brought after the date of the termination of the
Corporation under subsection (m)(1) of this section.
(E) Revival of expired State causes of action
In the case of any tort claim described in subparagraph
(A)(ii) for which the statute of limitation applicable under
State law with respect to such claim has expired not more than 5
years before the appointment of the Corporation as conservator
or receiver, the Corporation may bring an action as conservator
or receiver on such claim without regard to the expiration of
the statute of limitation applicable under State law.
(15) Purchase rights of tenants
(A) Notice
Except as provided in subparagraph (C), the Corporation may
make available for sale a 1- to 4-family residence (including a
manufactured home) to which the Corporation acquires title only
after the Corporation has provided the household residing in the
property notice (in writing and mailed to the property) of the
availability of such property and the preference afforded such
household under subparagraph (B).
(B) Preference
In selling such a property, the Corporation shall give
preference to any bona fide offer made by the household residing
in the property, if--
(i) such offer is substantially similar in amount to
other offers made within such period (or expected by the
Corporation to be made within such period);
(ii) such offer is made during the period beginning upon
the Corporation making such property available and of a
reasonable duration, as determined by the Corporation based
on the normal period for sale of such properties; and
(iii) the household making the offer complies with any
other requirements applicable to purchasers of such
property, including any downpayment and credit requirements.
(C) Exceptions
Subparagraphs (A) and (B) shall not apply to--
(i) any residence transferred in connection with the
transfer of substantially all of the assets of an insured
depository institution for which the Corporation has been
appointed conservator or receiver;
(ii) any eligible single family property (as such term
is defined in subsection (c)(9) of this section); or
(iii) any residence for which the household occupying
the residence was the mortgagor under a mortgage on such
residence and to which the Corporation acquired title
pursuant to default on such mortgage.
(16) Preference for sales for homeless families
Subject to paragraph (15), in selling any real property (other
than eligible residential property and eligible condominium
property, as such terms are defined in subsection (c)(9) of this
section) to which the Corporation acquires title, the Corporation
shall give preference, among offers to purchase the property that
will result in the same net present value proceeds, to any offer
that would provide for the property to be used, during the remaining
useful life of the property, to provide housing or shelter for
homeless persons (as such term is defined in section 103 of the
McKinney-Vento Homeless Assistance Act [42 U.S.C. 11302]) or
homeless families.
(17) Preferences for sales of certain commercial real
properties
(A) Authority
In selling any eligible commercial real properties of the
Corporation, the Corporation shall give preference, among offers
to purchase the property that will result in the same net
present value proceeds, to any offer--
(i) that is made by a public agency or nonprofit
organization; and
(ii) under which the purchaser agrees that the property
shall be used, during the remaining useful life of the
property, for offices and administrative purposes of the
purchaser to carry out a program to acquire residential
properties to provide (I) homeownership and rental housing
opportunities for very-low-, low-, and moderate-income
families, or (II) housing or shelter for homeless persons
(as such term is defined in section 103 of the McKinney-
Vento Homeless Assistance Act [42 U.S.C. 11302]) or homeless
families.
(B) Definitions
For purposes of this paragraph, the following definitions
shall apply:
(i) Eligible commercial real property
The term ``eligible commercial real property'' means any
property (I) to which the Corporation acquires title, and
(II) that the Corporation, in the discretion of the
Corporation, determines is suitable for use for the location
of offices or other administrative functions involved with
carrying out a program referred to in subparagraph (A)(ii).
(ii) Nonprofit organization and public agency
The terms ``nonprofit organization'' and ``public
agency'' have the same meanings as in subsection (c)(9) of
this section.
(c) Disposition of eligible residential properties
(1) Purpose
The purpose of this subsection is to provide homeownership and
rental housing opportunities for very low-income, lower-income, and
moderate-income families.
(2) Rules governing disposition of eligible single family
properties
(A) Notice to clearinghouses
Within a reasonable period of time after acquiring title to
an eligible single family property, the Corporation shall
provide written notice to clearinghouses. Such notice shall
contain basic information about the property, including but not
limited to location, condition, and information relating to the
estimated fair market value of the property. Each clearinghouse
shall make such information available, upon request, to other
public agencies, other nonprofit organizations, and qualifying
households. The Corporation shall allow public agencies,
nonprofit organizations, and qualifying households reasonable
access to eligible single family property for purposes of
inspection.
(B) Offers to sell single family properties to nonprofit
organizations, public agencies, and qualifying
households
Except as provided in the last sentence of this subparagraph
\4\ for the 3-month and one week period following the date on
which the Corporation makes an eligible single family property
available for sale, the Corporation shall offer to sell the
property to (i) qualifying households (including qualifying
households with members who are veterans), or (ii) public
agencies or nonprofit organizations that agree to (I) make the
property available for occupancy by and maintain it as
affordable for lower-income families (including lower-income
families with members who are veterans) for the remaining useful
life of such property, or (II) make the property available for
purchase by any such family who, except as provided in
subparagraph (D), agrees to occupy the property as a principal
residence for at least 12 months and who certifies in writing
that the family intends to occupy the property for at least 12
months. The restrictions described in subclause (I) of the
preceding sentence shall be contained in the deed or other
recorded instrument. If upon the expiration of such 3-month and
one week period, no qualifying household, public agency, or
nonprofit organization has made a bona fide offer to purchase
the property, the Corporation may offer to sell the property to
any purchaser. The Corporation shall actively market eligible
single family properties for sale to lower-income families and
to lower-income families with members who are veterans. To the
extent or in such amounts as are provided in appropriations Acts
for additional costs and losses to the Corporation resulting
from this sentence taking effect, for purposes of this
subsection the period referred to in the first and third
sentences shall be considered to be the 180-day period following
the date on which the Corporation first makes an eligible single
family property available for sale.
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\4\ So in original. Probably should be followed by a comma.
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(C) Recapture of profits from resale
Except as provided in subparagraph (D), if any eligible
single family property sold (i) to a qualifying household, or
(ii) to a lower-income family pursuant to subparagraph
(B)(ii)(II), paragraph (12)(C)(i), or paragraph (13)(B), is
resold by the qualifying household or lower-income family during
the 1-year period beginning upon initial acquisition by the
household or lower-income family, the Corporation shall
recapture 75 percent of the amount of any proceeds from the
resale that exceed the sum of (I) the original sale price for
the acquisition of the property by the qualifying household or
lower-income family; (II) the costs of any improvements to the
property made after the date of the acquisition, and (III) any
closing costs in connection with the acquisition.
(D) Exceptions to recapture requirement
(i) Relocation
The Corporation (or its successor) may in its discretion
waive the applicability (I) to any qualifying household of
the requirement under subparagraph (C) and the requirements
relating to residency of a qualifying household under
paragraphs (9)(L)(ii) and (iii), and (II) to any lower-
income family of the requirement under subparagraph (C) and
the residency requirements under subparagraph (B)(ii)(II).
The Corporation may grant any such a waiver only for good
cause shown, including any necessary relocation of the
qualifying household or lower-income family.
(ii) Other recapture provisions
The requirement under subparagraph (C) shall not apply
to any eligible single family property for which, upon
resale by the qualifying household or lower-income family
during the 1-year period beginning upon initial acquisition
by the household or family, a portion of the sale proceeds
or any subsidy provided in connection with the acquisition
of the property by the household or family is required to be
recaptured or repaid under any other Federal, State, or
local law (including section 143(m) of title 26) or
regulation or under any sale agreement.
(E) Exception to avoid displacement of existing residents
Notwithstanding the first sentence of subparagraph (B),
during the 180-day period following the date on which the
Corporation makes an eligible single family property available
for sale, the Corporation may sell the property to the household
residing in the property, but only if (i) such household was
residing in the property at the time notice regarding the
property was provided to clearinghouses under subparagraph (A),
(ii) such sale is necessary to avoid the displacement of, and
unnecessary hardship to, the resident household, (iii) the
resident household intends to occupy the property as a principal
residence for at least 12 months, and (iv) and the resident
household certifies in writing that the household intends to
occupy the property for at least 12 months.
(3) Rules governing disposition of eligible multifamily
housing properties
Except as provided under paragraph (6)(D), the Corporation shall
dispose of eligible multifamily housing property as follows:
(A) Notice to clearinghouses
Within a reasonable period of time after acquiring title to
an eligible multifamily housing property, the Corporation shall
provide written notice to clearinghouses. Such notice shall
contain basic information about the property, including but not
limited to location, number of units (identified by number of
bedrooms), and information relating to the estimated fair market
value of the property. The clearinghouses shall make such
information available, upon request, to qualifying multifamily
purchasers. The Corporation shall allow qualifying multifamily
purchasers reasonable access to an eligible multifamily housing
property for purposes of inspection.
(B) Expression of serious interest
Qualifying multifamily purchasers may give written notice of
serious interest in a property during a period ending 90 days
after the time the Corporation provides notice under
subparagraph (A). Such notice of serious interest shall be in
such form and include such information as the Corporation may
prescribe.
(C) Notice of readiness for sale
Upon the expiration of the period referred to in
subparagraph (B) for a property, the Corporation shall provide
written notice to any qualifying multifamily purchaser that has
expressed serious interest in the property. Such notice shall
specify the minimum terms and conditions for sale of the
property.
(D) Offers to purchase
A qualifying multifamily purchaser receiving notice in
accordance with subparagraph (C) shall have 45 days (from the
date notice is received) to make a bona fide offer to purchase a
property. The Corporation shall accept an offer that complies
with the terms and conditions established by the Corporation.
If, before the expiration of such 45-day period, any offer to
purchase a property initially accepted by the Corporation is
subsequently rejected or fails (for any reason), the Corporation
shall accept another offer to purchase the property made during
such period that complies with the terms and conditions
established by the Corporation (if such another offer is made).
The preceding sentence may not be construed to require a
qualifying multifamily purchaser whose offer is accepted during
the 45-day period to purchase the property before the expiration
of the period.
(E) Lower-income occupancy requirements
(i) Single property purchases
With respect to any purchase of a single eligible
multifamily housing property by a qualifying multifamily
purchaser under subparagraph (D)--
(I) not less than 35 percent of all dwelling units
purchased shall be made available for occupancy by and
maintained as affordable for lower-income and very low-
income families during the remaining useful life of the
property in which the units are located; and
(II) not less than 20 percent of all dwelling units
purchased shall be made available for occupancy by and
maintained as affordable for very low-income families
(including very low-income families taken into account
for purposes of subclause (I)) during the remaining
useful life of the property in which the units are
located.
(ii) Aggregation requirements for multiproperty
purchases
With respect to any purchase under subparagraph (D) by a
qualifying multifamily purchaser involving more than one
eligible multifamily housing property as a part of the same
negotiation--
(I) the provisions of clause (i) shall apply in the
aggregate to the properties so purchased; except that
(II) to the extent or in such amounts as are
provided in appropriations Acts for additional costs and
losses to the Corporation resulting from this subclause
taking effect, not less than (a) 40 percent of the
aggregate number of all dwelling units purchased shall
be made available for occupancy by and maintained as
affordable for lower-income and very low-income families
during the remaining useful life of the property in
which the units are located, (b) 20 percent of the
aggregate number of all dwelling units purchased shall
be made available for occupancy by and maintained as
affordable for very low-income families (including very
low-income families taken into account for purposes of
subdivision (a) of this subclause) during the remaining
useful life of the property in which the units are
located, and (c) not less than 10 percent of the
dwelling units in each separate property purchased shall
be made available for occupancy by and maintained as
affordable for lower-income families during the
remaining useful life of the property in which the units
are located.
The requirements of this subparagraph shall be contained in the
deed or other recorded instrument.
(F) Sale of multifamily properties to other purchasers
(i) If, upon the expiration of the period referred to in
subparagraph (B), no qualifying multifamily purchaser has
expressed serious interest in a property, the Corporation may
offer to sell the property, individually or in combination with
other properties, to any purchaser.
(ii) The Corporation may not sell in combination with other
properties any property which a qualifying multifamily purchaser
has expressed serious interest in purchasing individually.
(iii) If, upon the expiration of the period referred to in
subparagraph (D), no qualifying multifamily purchaser has made
an offer to purchase the property, the Corporation may sell the
property, individually or in combination with other properties,
to any purchaser.
(G) Extension of restricted offer periods
Notwithstanding subparagraph (F), the Corporation may
provide notice to clearinghouses regarding, and offer for sale
under the provisions of subparagraphs (A) through (D), any
eligible multifamily housing property--
(i) in which no qualifying multifamily purchaser has
expressed serious interest during the period referred to in
subparagraph (B), or
(ii) for which no qualifying multifamily purchaser has
made a bona fide offer before the expiration of the period
referred to in subparagraph (D),
except that the Corporation may, in the discretion of the
Corporation, alter the duration of the periods referred to in
subparagraphs (B) and (D) in offering any property for sale
under this subparagraph.
(H) Exemptions
(i) Continued occupancy of current residents
No purchaser of an eligible multifamily housing property
may terminate the occupancy of any person residing in the
property on the date of purchase for purposes of meeting the
lower-income occupancy requirement applicable to the
property under subparagraph (E). The purchaser shall be in
compliance with this paragraph if each newly vacant dwelling
unit is reserved for lower-income occupancy until the lower-
income occupancy requirement is met.
(ii) Financial infeasibility
The Secretary of Housing and Urban Development or the
State housing finance agency for the State in which the
property is located may temporarily reduce the lower-income
occupancy requirements applicable to any property under
subparagraph (E), if the Secretary or the applicable State
housing finance agency determines that an owner's compliance
with such requirements is no longer financially feasible.
The owner of the property shall make a good-faith effort to
return lower-income occupancy to the level required by
subparagraph (E), and the Secretary of Housing and Urban
Development or the State housing finance agency, as
appropriate, shall review the reduction annually to
determine whether financial infeasibility continues to
exist.
(4) Rent limitations
(A) In general
With respect to properties under subparagraph (B), rents
charged to tenants for units made available for occupancy by
very-low income families shall not exceed 30 percent of the
adjusted income of a family whose income equals 50 percent of
the median income for the area, as determined by the Secretary,
with adjustment for family size. Rents charged to tenants for
units made available for occupancy by lower-income families
other than very low-income families shall not exceed 30 percent
of the adjusted income of a family whose income equals 65
percent of the median income for the area, as determined by the
Secretary, with adjustment for family size.
(B) Applicability
The rent limitations under this paragraph shall apply to any
eligible single-family property sold pursuant to paragraph
(2)(B)(ii)(I) and to any multifamily housing property sold
pursuant to paragraph (3).
(5) Preference for sales
When selling any eligible multifamily housing property or
combinations of eligible residential properties, the Corporation
shall give preference, among substantially similar offers, to the
offer that would reserve the highest percentage of dwelling units
for occupancy or purchase by very low-income families and lower-
income families and would retain such affordability for the longest
term.
(6) Financing of sale
(A) Assistance by Corporation
(i) Sale price
The Corporation shall establish a market value for each
eligible multifamily housing property. The Corporation shall
sell eligible multifamily housing property at the net
realizable market value. The Corporation may agree to sell
eligible multifamily housing property at a price below the
net realizable market value to the extent necessary to
facilitate an expedited sale of such property and enable a
public agency or nonprofit organization to comply with the
lower-income occupancy requirements applicable to such
property under paragraph (3). The Corporation may sell
eligible single family property or eligible condominium
property to qualifying households, nonprofit organizations,
and public agencies without regard to any minimum sale
price.
(ii) Purchase loan
The Corporation may provide a loan at market interest
rates to the purchaser of eligible residential property for
all or a portion of the purchase price, which loan shall be
secured by a first or second mortgage on the property. The
Corporation may provide such a loan at below market interest
rates to the extent necessary to facilitate an expedited
sale of eligible residential property and permit (I) a
lower-income family to purchase an eligible single family
property under paragraph (2); or (II) a public agency or
nonprofit organization to comply with the lower-income
occupancy requirements applicable to the purchase of an
eligible residential property under paragraph (2) or (3).
The Corporation shall provide such loan in a form which
would permit its sale or transfer to a subsequent holder. In
providing financing for combinations of eligible multifamily
housing properties under this subsection, the Corporation
may hold a participating share, including a subordinate
participation. The Corporation shall periodically provide,
to a wide range of minority- and women-owned businesses
engaged in providing affordable housing and to nonprofit
organizations, more than 50 percent of the control of which
is held by 1 or more minority individuals, that are engaged
in providing affordable housing, information that is
sufficient to inform such businesses and organizations of
the availability and terms of financing under this clause;
such information may be provided directly, by notices
published in periodicals and other publications that
regularly provide information to such businesses or
organizations, and through persons and organizations that
regularly provide information or services to such businesses
or organizations. For purposes of this clause, the terms
``women-owned business'' and ``minority-owned business''
have the meanings given such terms in subsection (r) of this
section, and the term ``minority'' has the meaning given
such term in section 1204(c)(3) of the Financial
Institutions Reform, Recovery, and Enforcement Act of 1989.
(B) Assistance by HUD
The Secretary shall take such action as may be necessary to
expedite the processing of applications for assistance under
section 202 of the Housing Act of 1959 [12 U.S.C. 1701q], the
United States Housing Act of 1937 [42 U.S.C. 1437 et seq.],
title IV of the McKinney-Vento Homeless Assistance Act [42
U.S.C. 11361 et seq.], section 810 \5\ of the Housing and
Community Development Act of 1974 [12 U.S.C. 1706e], and the
National Housing Act [12 U.S.C. 1701 et seq.] to enable any
organization or individual to purchase eligible residential
property.
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\5\ See References in Text note below.
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(C) Assistance by FmHA
The Secretary of Agriculture shall take such actions as may
be necessary to expedite the processing of applications for
assistance under title V of the Housing Act of 1949 [42 U.S.C.
1471 et seq.] to enable any organization or individual to
purchase eligible residential property.
(D) Exception to disposition rules
Notwithstanding the requirements under subparagraphs (A),
(B), (C), (D), (F), and (G) of paragraph (3), the Corporation
may provide for the disposition of eligible multifamily housing
properties as necessary to facilitate purchase of such
properties for use in connection with the section 202 of the
Housing Act of 1959 [12 U.S.C. 1701q].
(E) Urban homesteading acquisition
(i) In providing for bulk acquisition of eligible single
family properties by the Secretary under section 810(l) \5\ of
the Housing and Community Development Act of 1974 [12 U.S.C.
1706e(l)] and by participating jurisdictions for inclusion in
affordable housing activities assisted under title II of the
Cranston-Gonzalez National Affordable Housing Act [42 U.S.C.
12721 et seq.], the Corporation shall agree to an amount to be
paid for acquisition of such properties. The acquisition price
shall include discounts for bulk purchase and for holding of the
property such that the acquisition price for each property shall
not exceed 50 percent of the fair market value of the property,
as valued individually.
(ii) To the extent necessary to facilitate sale of
properties to the Secretary and participating jurisdictions, the
requirements of paragraphs (2), (5), and (6)(A) of this
subsection shall not apply to such transactions and property
involved in such transactions.
(iii) To facilitate acquisitions by the Secretary and
participating jurisdictions, the Corporation shall provide the
Secretary and participating jurisdictions with an inventory of
eligible single family properties, not less than 4 times each
year.
(7) Contracting rules
Contracts entered into under this subsection shall not be
subject to the requirements of subsection (b)(10)(A) of this
section.
(8) Use of secondary market agencies
(A) In general
In the disposition of eligible residential properties, the
Corporation shall, in consultation with the Secretary, explore
opportunities to work with secondary market entities to provide
housing for lower- and moderate-income families.
(B) Credit enhancement
(i) In general
With respect to such Corporation properties, the
Secretary may, consistent with statutory authorities, work
through the Federal Housing Administration, the Government
National Mortgage Association, the Federal National Mortgage
Association, the Federal Home Loan Mortgage Corporation, and
other secondary market entities to develop risk sharing
structures, mortgage insurance, and other credit
enhancements to assist in the provision of property
ownership, rental, and cooperative housing opportunities for
lower- and moderate-income families.
(ii) Certain tax-exempt bonds
The Corporation may provide credit enhancements with
respect to tax-exempt bonds issued on behalf of nonprofit
organizations pursuant to section 103, and subpart A of part
IV of subchapter B of chapter 1, of title 26, with respect
to the disposition of eligible residential properties for
the purposes described in clause (i).
(C) Report
In the annual report submitted by the Secretary to the
Congress, the Secretary shall include a detailed description of
his activities under this paragraph, including recommendations
for such additional authorization as he deems necessary to
implement the provisions of this subsection.
(9) Definitions
For purposes of this subsection--
(A) Adjusted income and income
The terms ``adjusted income'' and ``income'' shall have the
meaning given such terms in section 3(b) of the United States
Housing Act of 1937 [42 U.S.C. 1437a(b)].
(B) Clearinghouses
The term ``clearinghouses'' means--
(i) the State housing finance agency for the State in
which an eligible residential property is located,
(ii) the Office of Community Investment (or other
comparable division) within the Federal Housing Finance
Board, and
(iii) any national nonprofit organizations \6\
(including any nonprofit entity established by the
corporation established under title IX of the Housing and
Community Development Act of 1968 [42 U.S.C. 3931 et seq.])
that the Corporation determines has the capacity to act as a
clearinghouse for information.
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\6\ So in original. Probably should be ``organization''.
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(C) Corporation
The term ``Corporation'' means the Resolution Trust
Corporation.
(D) Eligible condominium property
The term ``eligible condominium property'' means a
condominium unit, as such term is defined in section 3603 of
title 15--
(i) to which the Corporation acquires title in its
corporate capacity, its capacity as conservator, or its
capacity as receiver (including its capacity as the sole
owner of a subsidiary corporation of a depository
institution under conservatorship or receivership, which
subsidiary has as its principal business the ownership of
real property); and
(ii) that has an appraised value that does not exceed--
(I) $67,500 in the case of a 1-family residence,
$76,000 in the case of a 2-family residence, $92,000 in
the case of a 3-family residence, and $107,000 in the
case of a 4-family residence; or
(II) only to the extent or in such amounts as are
provided in appropriation Acts for additional costs and
losses to the Corporation resulting from this subclause
taking effect, the amount provided in section
203(b)(2)(A) of the National Housing Act [12 U.S.C.
1709(b)(2)(A)], except that such amount shall not exceed
$101,250 in the case of a 1-family residence, $114,000
in the case of a 2-family residence, $138,000 in the
case of a 3-family residence, and $160,500 in the case
of a 4-family residence.
(E) Eligible multifamily housing property
(i) Basic definition
The term ``eligible multifamily housing property'' means
a property consisting of more than 4 dwelling units--
(I) to which the Corporation acquires title either
in its corporate capacity or as receiver (including its
capacity as the sole owner of a subsidiary corporation
of a depository institution under receivership, which
subsidiary has as its principal business the ownership
of real property), but not in its capacity as an
operating conservator; and
(II) that has an appraised value that does not
exceed, for such part of the property as may be
attributable to dwelling use (excluding exterior land
improvements), $29,500 per family unit without a
bedroom, $33,816 per family unit with 1 bedroom, $41,120
per family unit with 2 bedrooms, $53,195 per family unit
with 3 bedrooms, and $58,392 per family unit with 4 or
more bedrooms.
(ii) Expanded definition
Notwithstanding clause (i), to the extent or in such
amounts as are provided in appropriations Acts for
additional costs and losses to the Corporation resulting
from this clause taking effect, the term ``eligible
multifamily housing property'' shall mean a property
consisting of more than 4 dwelling units--
(I) to which the Corporation acquires title in its
corporate capacity, its capacity as conservator, or its
capacity as receiver (including its capacity as the sole
owner of a subsidiary corporation of a depository
institution under conservatorship or receivership, which
subsidiary has as its principal business the ownership
of real property); and
(II) that has an appraised value that does not
exceed, for such part of the property as may be
attributable to dwelling use (excluding exterior land
improvements), $29,500 per family unit without a
bedroom, $33,816 per family unit with 1 bedroom, $41,120
per family unit with 2 bedrooms, $53,195 per family unit
with 3 bedrooms, and $58,392 per family unit with 4 or
more bedrooms.
(F) Eligible residential property
The term ``eligible residential property'' includes eligible
single family properties and eligible multifamily housing
properties.
(G) Eligible single family property
The term ``eligible single family property'' means a 1- to
4-family residence (including a manufactured home)--
(i) to which the Corporation acquires title in its
corporate capacity, its capacity as conservator, or its
capacity as receiver (including its capacity as the sole
owner of a subsidiary corporation of a depository
institution under conservatorship or receivership, which
subsidiary has as its principal business the ownership of
real property); and
(ii) that has an appraised value that does not exceed--
(I) $67,500 in the case of a 1-family residence,
$76,000 in the case of a 2-family residence, $92,000 in
the case of a 3-family residence, and $107,000 in the
case of a 4-family residence; or
(II) only to the extent or in such amounts as are
provided in appropriation Acts for additional costs and
losses to the Corporation resulting from this subclause
taking effect, the amount provided in section
203(b)(2)(A) of the National Housing Act [12 U.S.C.
1709(b)(2)(A)], except that such amount shall not exceed
$101,250 in the case of a 1-family residence, $114,000
in the case of a 2-family residence, $138,000 in the
case of a 3-family residence, and $160,500 in the case
of a 4-family residence.
(H) Lower-income families
The term ``lower-income families'' means families and
individuals whose incomes do not exceed 80 percent of the median
income of the area involved, as determined by the Secretary,
with adjustment for family size.
(I) Net realizable market value
The term ``net realizable market value'' means a price below
the market value that takes into account (i) any reductions in
holding costs resulting from the expedited sale of a property,
including but not limited to foregone real estate taxes,
insurance, maintenance costs, security costs, and loss of use of
funds, and (ii) the avoidance, where applicable, of fees paid to
real estate brokers, auctioneers, or other individuals or
organizations involved in the sale of property owned by the
Corporation.
(J) Nonprofit organization
The term ``nonprofit organization'' means a private
organization (including a limited equity cooperative)--
(i) no part of the net earnings of which inures to the
benefit of any member, shareholder, founder, contributor, or
individual; and
(ii) that is approved by the Corporation as to financial
responsibility.
(K) Public agency
The term ``public agency''--
(i) means any Federal, State, local, or other
governmental entity; and
(ii) includes any public housing agency.
(L) Qualifying household
The term ``qualifying household'' means a household (i) who
intends to occupy eligible single family property as a principle
\7\ residence; and (ii) who agrees to occupy the property as a
principal residence for at least 12 months (except as provided
in paragraph (2)(D)); (iii) who certifies in writing that the
household intends to occupy the property as a principal
residence for at least 12 months (except as provided in
paragraph (2)(D)); and (iv) whose income does not exceed 115
percent of the median income for the area, as determined by the
Secretary, with adjustment for family size.
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\7\ So in original. Probably should be ``principal''.
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(M) Qualifying multifamily purchaser
The term ``qualifying multifamily purchaser'' means (i) a
public agency, (ii) a nonprofit organization, or (iii) a for-
profit entity which makes a commitment (for itself or any
related entity) to satisfy the lower-income occupancy
requirements specified under paragraph (3)(E) for any eligible
multifamily property for which an offer to purchase is made
during or after the periods specified under paragraph (3).
(N) Rural area
The term ``rural area'' has the meaning given such term in
section 520 of the Housing Act of 1949 [42 U.S.C. 1490].
(O) Secretary
The term ``Secretary'' means the Secretary of the \8\
Housing and Urban Development.
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\8\ So in original. The word ``the'' probably should not appear.
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(P) State housing finance agency
The term ``State housing finance agency'' means the public
agency, authority, corporation, or other instrumentality of a
State that has the authority to provide residential mortgage
loan financing throughout such State.
(Q) Very low-income families
The term ``very-low income families'' means families and
individuals whose incomes do not exceed 50 percent of the median
income of the area involved, as determined by the Secretary,
with adjustment for family size.
(10) Exemption for certain transactions with insured
depository institutions
The provisions of this subsection shall not apply with respect
to any eligible residential property after the date the Corporation
enters into a contract to sell such property to an insured
depository institution (as defined in section 1813 of this title),
including any sale in connection with a transfer of all or
substantially all of the assets of a closed savings association
(including such property) to an insured depository institution.
(11) Third party rights
(A) In general
The provisions of this subsection, or any failure by the
Corporation to comply with such provisions, may not be used by
any person to attack or defeat any title to property once it is
conveyed by the Corporation.
(B) Lower-income occupancy
The lower-income occupancy requirements applicable under
paragraphs (2), (3), (12)(C), (13)(B), and (14)(C) shall be
judicially enforceable against purchasers of property under this
subsection or their successors in interest by affected very low-
and lower-income families, State housing finance agencies, and
any agency, corporation, or authority of the United States
Government. The parties specified in the preceding sentence
shall be entitled to reasonable attorney fees upon prevailing in
any such judicial action.
(C) Clearinghouse
A clearinghouse shall not be subject to suit for its failure
to comply with the requirements of this subsection.
(D) Corporation
The Corporation shall not be liable to any depositor,
creditor, or shareholder of any insured depository institution
for which the Corporation has been appointed receiver or
conservator, or of any subsidiary corporation of a depository
institution under conservatorship or receivership, or any
claimant against such an institution or subsidiary, because the
disposition of assets of the institution or the subsidiary under
this subsection affects the amount of return from the assets.
(12) Transfer of certain eligible residential properties to
State housing agencies for disposition
Notwithstanding paragraphs (2), (3), (5), and (6), the
Corporation may transfer eligible residential properties to the
State housing finance agency or any other State housing agency for
the State in which the property is located, or to any local housing
agency in whose jurisdiction the property is located. Transfers of
eligible residential properties under this paragraph may be
conducted by direct sale, consignment sale, or any other method the
Corporation considers appropriate and shall be subject to the
following requirements:
(A) Individual or bulk transfer
The Corporation may transfer such properties individually or
in bulk, as agreed to by the Corporation and the State housing
finance agency or State or local housing agency.
(B) Acquisition price and discount
The acquisition price paid by the State housing finance
agency or State or local housing agency to the Corporation for
properties transferred under this paragraph shall be an amount
agreed to by the Corporation and the transferee agency.
(C) Lower-income use
Any State housing finance agency or State or local housing
agency acquiring properties under this paragraph shall offer to
sell or transfer the properties only as follows:
(i) Eligible single family properties
For eligible single family properties--
(I) to purchasers described under clauses (i) and
(ii) of paragraph (2)(B);
(II) if the purchaser is a purchaser described under
paragraph (2)(B)(ii)(I), subject to the rent limitations
under paragraph (4)(A);
(III) subject to the requirement in the second
sentence of paragraph (2)(B); and
(IV) subject to recapture by the Corporation of
excess proceeds from resale of the properties under
subparagraphs (C) and (D) of paragraph (2).
(ii) Eligible multifamily housing properties
For eligible multifamily housing properties--
(I) to qualifying multifamily purchasers;
(II) subject to the lower-income occupancy
requirements under paragraph (3)(E);
(III) subject to the provisions of paragraph (3)(H);
(IV) subject to a preference, among financially
acceptable offers, to the offer that would reserve the
highest percentage of dwelling units for occupancy or
purchase by very low-income families and lower-income
families and would retain such affordability for the
longest term; and
(V) subject to the rent limitations under paragraph
(4)(A).
(D) Affordability
The State housing finance agency or State or local housing
agency shall endeavor to make the properties transferred under
this paragraph more affordable to lower-income families based
upon the extent to which the acquisition price of a property
under subparagraph (B) is less than the market value of the
property.
(13) Exception for sales to nonprofit organizations and
public agencies
(A) Suspension of offer periods
With respect to any eligible residential property, the
Corporation may (in the discretion of the Corporation) suspend
any of the requirements of subparagraphs (A) and (B) of
paragraph (2) and subparagraphs (A) through (D) of paragraph
(3), as applicable, but only to the extent that for the duration
of the suspension the Corporation negotiates the sale of the
property to a nonprofit organization or public agency. If the
property is not sold pursuant to such negotiations, the
requirements of any provisions suspended shall apply upon the
termination of the suspension. Any time period referred to in
such paragraphs shall toll for the duration of any suspension
under this subparagraph.
(B) Use restrictions
(i) Eligible single family property
Any eligible single family property sold under this
paragraph shall be (I) made available for occupancy by and
maintained as affordable for lower-income families for the
remaining useful life of the property, or made available for
purchase by such families, (II) subject to the rent
limitations under paragraph (4)(A), (III) subject to the
requirements relating to residency of a qualifying household
under paragraph (9)(L) and to residency of a lower-income
family under paragraph (2)(B)(ii), and (IV) subject to
recapture by the Corporation of excess proceeds from resale
of the property under subparagraphs (C) and (D) of paragraph
(2).
(ii) Eligible multifamily housing property
Any eligible multifamily housing property sold under
this paragraph shall comply with the lower-income occupancy
requirements under paragraph (3)(E) and shall be subject to
the rent limitations under paragraph (4)(A).
(14) Rules governing disposition of eligible condominium
property
(A) Notice to clearinghouses
Within a reasonable period of time after acquiring title to
an eligible condominium property, the Corporation shall provide
written notice to clearinghouses. Such notice shall contain
basic information about the property. Each clearinghouse shall
make such information available, upon request, to purchasers
described in clauses (i) through (iv) of subparagraph (B). The
Corporation shall allow such purchasers reasonable access to an
eligible condominium property for purposes of inspection.
(B) Offers to sell
For the 180-day period following the date on which the
Corporation makes an eligible condominium property available for
sale, the Corporation may offer to sell the property, at the
discretion of the Corporation, to 1 or more of the following
purchasers:
(i) Qualifying households.
(ii) Nonprofit organizations.
(iii) Public agencies.
(iv) For-profit entities.
(C) Lower-income occupancy requirements
(i) In general
Except as provided in clause (ii), any nonprofit
organization, public agency, or for-profit entity that
purchases an eligible condominium property shall (I) make
the property available for occupancy by and maintain it as
affordable for lower-income families for the remaining
useful life of the property, or (II) make the property
available for purchase by any such family who, except as
provided in subparagraph (E), agrees to occupy the property
as a principal residence for at least 12 months and who
certifies in writing that the family intends to occupy the
property for at least 12 months. The restriction described
in subclause (I) of the preceding sentence shall be
contained in the deed or other recorded instrument.
(ii) Multiple-unit purchases
If any nonprofit organization, public agency, or for-
profit entity purchases more than 1 eligible condominium
property as a part of the same negotiation or purchase, the
Corporation may (in the discretion of the Corporation) waive
the requirement under clause (i) and provide instead that
not less than 35 percent of all eligible condominium
properties purchased shall be (I) made available for
occupancy by and maintained as affordable for lower-income
families for the remaining useful life of the property, or
(II) made available for purchase by any such family who,
except as provided in subparagraph (E), agrees to occupy the
property as a principal residence for at least 12 months and
who certifies in writing that the family intends to occupy
the property for at least 12 months. The restriction
described \9\ subclause (I) of the preceding sentence shall
be contained in the deed or other recorded instrument.
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\9\ So in original. Probably should be ``described in''.
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(iii) Sale to other purchasers
If, upon the expiration of the 180-day period referred
to in subparagraph (B), no purchaser described in clauses
(i) through (iv) of subparagraph (B) has made a bona fide
offer to purchase the property, the Corporation may offer to
sell the property to any other purchaser.
(D) Recapture of profits from resale
Except as provided in subparagraph (E), if any eligible
condominium property sold (i) to a qualifying household, or (ii)
to a lower-income family pursuant to subparagraph (C)(i)(II) or
(C)(ii)(II), is resold by the qualifying household or lower-
income family during the 1-year period beginning upon initial
acquisition by the household or family, the Corporation shall
recapture 75 percent of the amount of any proceeds from the
resale that exceed the sum of (I) the original sale price for
the acquisition of the property by the qualifying household or
lower-income family, (II) the costs of any improvements to the
property made after the date of the acquisition, and (III) any
closing costs in connection with the acquisition.
(E) Exception to recapture requirement
The Corporation (or its successor) may in its discretion
waive the applicability to any qualifying household or lower-
income family of the requirement under subparagraph (D) and the
requirements relating to residency of a qualifying household or
lower-income family (under paragraph (9)(L) and subparagraph (C)
of this paragraph, respectively). The Corporation may grant any
such a \10\ waiver only for good cause shown, including any
necessary relocation of the qualifying household or lower-income
family.
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\10\ So in original. The word ``a'' probably should not appear.
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(F) Limitations on multiple unit purchases
The Corporation may not sell or offer to sell as part of the
same negotiation or purchase any eligible condominium properties
that are not located in the same condominium project (as such
term is defined in section 3603 of title 15). The preceding
sentence may not be construed to require all eligible
condominium properties offered or sold as part of the same
negotiation or purchase to be located in the same structure.
(G) Rent limitations
Rents charged to tenants of eligible condominium properties
made available for occupancy by very low-income families shall
not exceed 30 percent of the adjusted income of a family whose
income equals 50 percent of the median income for the area, as
determined by the Secretary, with adjustment for family size.
Rents charged to tenants of eligible condominium properties made
available for occupancy by lower-income families other than very
low-income families shall not exceed 30 percent of the adjusted
income of a family whose income equals 65 percent of the median
income for the area, as determined by the Secretary, with
adjustment for family size.
(15) Reports to Congress
(A) In general
The Corporation shall submit to the Congress semiannual
reports under this paragraph regarding the disposition of
eligible residential properties under this subsection during the
most recently concluded reporting period. The first report under
this paragraph shall be submitted not later than the expiration
of the 4-month period beginning upon the conclusion of the first
reporting period under subparagraph (B). Subsequent reports
shall be submitted not less than every 6 months after such
expiration.
(B) Reporting periods
For purposes of this paragraph, the term ``reporting
period'' means the 6-month period for which a report under this
paragraph is made, except that the first reporting period shall
be the period beginning on August 9, 1989, and ending on
December 12, 1991. Each successive reporting period shall begin
upon the conclusion of the preceding reporting period.
(C) Information regarding properties sold
Each report under this paragraph shall contain information
regarding each eligible residential property sold by the
Corporation during the applicable reporting period, as follows:
(i) A description of the property, the location of the
property, and the number of dwelling units in the property.
(ii) The appraised value of the property.
(iii) The sale price of the property.
(iv) For eligible single family properties--
(I) the income and race of the purchaser of the
property, if the property is sold to an occupying
household or is sold for resale to an occupying
household; and
(II) whether the property is reserved for residency
by very low- or lower-income families, if the property
is sold for use as rental property.
(v) For eligible multifamily housing properties, the
number and percentage of dwelling units in the property
reserved for occupancy by very low- and lower-income
families.
(vi) The number of eligible single family properties
sold after the expiration of the offer period for such
properties referred to in paragraph (2)(B).
(vii) The number of eligible multifamily housing
properties sold after the expiration of the periods for such
properties referred to in subparagraphs (B) and (D) of
paragraph (3).
(D) Number of properties within windows
Each report under this paragraph shall contain the following
information:
(i) The number of eligible single family properties for
which the offer period referred to in paragraph (2)(B) had
not expired before the conclusion of the applicable
reporting period (or had not yet commenced).
(ii) The number of eligible multifamily housing
properties for which the 90-day period referred to in
paragraph (3)(B) had not expired before the conclusion of
the applicable reporting period (or had not yet commenced).
(16) Notice to clearinghouses regarding ineligible
properties
(A) In general
Within a reasonable period of time after acquiring title to
an ineligible residential property, the Corporation shall, to
the extent practicable, provide written notice to
clearinghouses.
(B) Content
For ineligible single family properties, such notice shall
contain the same information about such properties that the
notice required under paragraph (2)(A) contains with respect to
eligible single family properties. For ineligible multifamily
housing properties, such notice shall contain the same
information about such properties that the notice required under
paragraph (3)(A) contains with respect to eligible multifamily
housing properties. For ineligible condominium properties, such
notice shall contain the same information about such properties
that the notice required under paragraph (14)(A) contains with
respect to eligible condominium properties.
(C) Availability
The clearinghouses shall make such information available,
upon request, to other public agencies, other nonprofit
organizations, qualifying households, qualifying multifamily
purchasers, and other purchasers, as appropriate.
(D) Definitions
For purposes of this paragraph, the following definitions
shall apply:
(i) Ineligible condominium property
The term ``ineligible condominium property'' means a
condominium unit, as such term is defined in section 3603 of
title 15--
(I) to which the Corporation acquires title in its
corporate capacity, its capacity as conservator, or its
capacity as receiver (including its capacity as the sole
owner of a subsidiary corporation of a depository
institution under conservatorship or receivership, which
subsidiary corporation has as its principal business the
ownership of real property);
(II) that has an appraised value that does not
exceed the applicable dollar amount limitation for the
property under paragraph (9)(D)(ii)(II); and
(III) that is not an eligible condominium property.
(ii) Ineligible multifamily housing property
The term ``ineligible multifamily housing property''
means a property consisting of more than 4 dwelling units--
(I) to which the Corporation acquires title in its
capacity as conservator (including its capacity as the
sole owner of a subsidiary corporation of a depository
institution under conservatorship, which subsidiary
corporation has as its principal business the ownership
of real property);
(II) that has an appraised value that does not
exceed, for such part of the property as may be
attributable to dwelling use (excluding exterior land
improvements), the dollar amount limitations under
paragraph (9)(E)(i)(II); and
(III) that is not an eligible multifamily housing
property.
(iii) Ineligible single family property
The term ``ineligible single family property'' means a
1- to 4-family residence (including a manufactured home)--
(I) to which the Corporation acquires title in its
corporate capacity, its capacity as conservator, or its
capacity as receiver (including its capacity as the sole
owner of a subsidiary corporation of a depository
institution under conservatorship or receivership, which
subsidiary corporation has as its principal business the
ownership of real property);
(II) that has an appraised value that does not
exceed the applicable dollar amount limitation for the
property under paragraph (9)(G)(ii)(II); and
(III) that is not an eligible single family
property.
(iv) Ineligible residential property
The term ``ineligible residential property'' includes
ineligible single family properties, ineligible multifamily
housing properties, and ineligible condominium properties.
(17) Unified affordable housing program
(A) In general
Not later than 4 months after December 17, 1993, the
Corporation shall enter into an agreement, as described in
section 1831q(n)(3) of this title, with the Federal Deposit
Insurance Corporation that sets out a plan for the orderly
unification of the Corporation's activities, authorities, and
responsibilities under this subsection with the authorities,
activities, and responsibilities of the Federal Deposit
Insurance Corporation pursuant to section 1831q of this title in
a manner that best achieves an effective and comprehensive
affordable housing program management structure. The agreement
shall be entered into after consultation with the Affordable
Housing Advisory Board under section 14(b) of the Resolution
Trust Corporation Completion Act.
(B) Authority and implementation
The Corporation shall have the authority to carry out the
provisions of the agreement entered into pursuant to
subparagraph (A) and shall implement such agreement as soon as
practicable, but in no event later than 8 months after December
17, 1993.
(C) Transfer of authority
Effective upon October 1, 1995, any remaining authority and
responsibilities of the Corporation under this subsection shall
be carried out by the Federal Deposit Insurance Corporation.
(d) National and regional advisory boards
(1) National advisory board
(A) Establishment
The Thrift Depositor Protection Oversight Board shall
establish a national advisory board to provide information to
the Thrift Depositor Protection Oversight Board, and to advise
that Board on policies and programs for the sale or other
disposition of real property assets of institutions which are
described in subsection (b)(3)(A) of this section.
(B) Membership
The national advisory board shall consist of--
(i) a chairperson appointed by the Thrift Depositor
Protection Oversight Board; and
(ii) the chairpersons of any regional advisory boards
established pursuant to paragraph (3).
(C) Meetings
The national advisory board shall meet 4 times a year, or
more frequently if requested by the Corporation.
(2) [Reserved]
(3) Regional advisory boards
(A) Establishment
The Thrift Depositor Protection Oversight Board shall
establish not less than 6 regional advisory boards to advise the
Corporation on the policies and programs for the sale or other
disposition of real property assets of institutions described in
subsection (b)(3)(A) of this section. Such regional advisory
boards shall be established in any region where the Thrift
Depositor Protection Oversight Board determines that there
exists a significant portfolio of real property assets of
institutions which are described in subsection (b)(3)(A) of this
section.
(B) Membership
(i) Appointment
Each regional advisory board shall consist of 5 members.
Each member shall be appointed by the Thrift Depositor
Protection Oversight Board and shall serve at the pleasure
of the Thrift Depositor Protection Oversight Board. The
members shall be selected from those residents of the region
who will represent the views of low- and moderate-income
consumers and small businesses, or who have knowledge and
experience regarding business, financial, and real estate
matters.
(ii) Terms
Each member of a regional advisory board shall serve a
term not to exceed 2 years, except that the Thrift Depositor
Protection Oversight Board may provide for classes of
members so that the terms of not more than 3 members of any
such board shall expire in any 1 year.
(C) Meetings
Each regional advisory board shall meet 4 times a year, or
more frequently if requested by the Corporation. A regional
advisory board shall conduct its meetings in its region.
(4) Prohibition on compensation
Members of the national and regional advisory boards shall serve
without compensation, except that such members shall be entitled to
receive allowances in accordance with subchapter I of chapter 57 of
title 5 for necessary expenses of travel, lodging, and subsistence
incurred in attending official meetings and other activities of the
boards.
(5) Treatment as advisory committee and termination of
national and regional advisory boards
(A) Federal Advisory Committee Act
The national and regional advisory boards shall be subject
to the provisions of the Federal Advisory Committee Act.
(B) Termination
Notwithstanding the provisions of the Federal Advisory
Committee Act, the national advisory board and any regional
advisory board established pursuant to this subsection which is
in existence on the date on which the Corporation terminates
shall also terminate on such date.
(e) Institutions organized by Corporation
(1) Limitations on certain activities
All insured depository institutions (as defined in section 1813
of this title) organized by the Corporation under this section
shall, during the period such institutions are within the control of
the Corporation, be subject to such limitations, restrictions, and
conditions as determined by the Corporation with respect to the
following activities:
(A) Growth of assets.
(B) Lending and borrowing activities.
(C) Asset acquisitions.
(D) Use of brokered deposits.
(E) Payment of deposit rates.
(F) Setting policy or credit standards.
(G) Capital standards.
(2) Applicability of other provisions of law
Except as otherwise provided, all insured depository
institutions (defined in section 1813 of this title) organized by
the Corporation shall--
(A) be subject to all laws and rules otherwise applicable to
them as insured depository institutions, and
(B) shall \11\ be subject to the supervision of the
appropriate Federal banking agency (as that term is defined in
section 1813 of this title).
---------------------------------------------------------------------------
\11\ So in original. The word ``shall'' probably should not appear.
---------------------------------------------------------------------------
(f) Limitation on certain Corporation activities
(1) Certain sales prohibited
The Corporation shall prescribe regulations to prohibit the sale
of assets of a failed institution by the Corporation to any person
who--
(A)(i) has defaulted, or was a member of a partnership or an
officer or director of a corporation which has defaulted, on 1
or more obligations the aggregate amount of which exceed
$1,000,000 to such failed institution;
(ii) has been found to have engaged in fraudulent activity
in connection with any obligation referred to in clause (i); and
(iii) proposes to purchase any such asset in whole or in
part through the use of the proceeds of a loan or advance of
credit from the Corporation or from any institution subject to
the jurisdiction of the Corporation pursuant to paragraph
(3)(A);
(B) participated, as an officer or director of such failed
institution or of any affiliate of such institution, in a
material way in transactions that resulted in a substantial loss
to such failed institution;
(C) has been removed from, or prohibited from participating
in the affairs of, such failed institution pursuant to any final
enforcement action by an appropriate Federal banking agency; or
(D) has demonstrated a pattern or practice of defalcation
regarding obligations to such failed institution.
(2) Settlement of claims; definitions
(A) Settlement of claims
Nothing in this subsection shall prohibit the Corporation
from selling or otherwise transferring any asset to any person
if the sale or transfer of the asset resolves or settles, or is
part of the resolution or settlement, of obligations owed by the
person to the failed institution or the Corporation.
(B) Definitions
For purposes of paragraph (1)--
(i) Default
The term ``default'' means a failure to comply with the
terms of a loan or other obligation to such an extent that
the property securing the obligation is foreclosed upon.
(ii) Affiliate
The term ``affiliate'' has the meaning given to such
term in section 1841(k) of this title.
(g) Exemption from State and local taxation
The Corporation and the Thrift Depositor Protection Oversight Board,
the capital, reserves, surpluses, and assets of the Corporation and the
Thrift Depositor Protection Oversight Board, and the income derived from
such capital, reserves, surpluses, or assets shall be exempt from State,
municipal, and local taxation except taxes on real estate held by the
Corporation, according to its value as other similar property held by
other persons is taxed.
(h) Guarantees of FSLIC
(1) Assumption by Corporation
On August 9, 1989, the Corporation shall, by operation of law
(and without further action by the Corporation, the Thrift Depositor
Protection Oversight Board, the Federal Housing Finance Board, the
Federal Savings and Loan Insurance Corporation, or any court),
assume all rights and obligations of the Federal Savings and Loan
Insurance Corporation with respect to any guarantee issued by the
Federal Savings and Loan Insurance Corporation during the period
beginning on January 1, 1989, and ending on August 9, 1989, in
connection with any loan to any savings association by any Federal
Reserve bank or Federal Home Loan Bank (hereinafter in this
subsection referred to as a ``lender'').
(2) Payment by Corporation
Any obligation assumed by the Corporation for any guarantee
described in paragraph (1) to any lender shall be paid by the
Corporation before the end of the 1-year period beginning on August
9, 1989. Payment shall be made from funds or assets available to the
Corporation.
(3) Priority of claims of lenders
Any claim by a lender with respect to any obligation assumed by
the Corporation for a guarantee described in paragraph (1) shall
have priority over all other secured or unsecured obligations of the
Corporation.
(4) Treasury backup
If the resources of the Corporation are insufficient to pay all
the obligations assumed by the Corporation under paragraph (1)
within the 1-year period, the Secretary of the Treasury shall pay
the amount of any such deficiency. There are hereby appropriated to
the Secretary for fiscal year 1989 and each fiscal year thereafter,
such sums as may be necessary to pay such deficiency.
(i) Funding
(1) Borrowing
(A) In general
The Corporation, upon approval of the Thrift Depositor
Protection Oversight Board, is authorized to borrow from the
Treasury. The Secretary of the Treasury is authorized and
directed to loan to the Corporation, on such terms as may be
fixed by the Secretary of the Treasury, an amount not exceeding
in the aggregate $5,000,000,000 outstanding at any one time.
(B) Interest rate
Each such loan shall bear interest at a rate determined by
the Secretary of the Treasury, taking into consideration current
market yields on outstanding marketable obligations of the
United States of comparable maturities.
(2) Interim funding
The Secretary of the Treasury shall provide the sum of
$30,000,000,000 to the Corporation to carry out the purposes of this
section.
(3) Additional interim funding
In addition to amounts provided under paragraph (2), the
Secretary of the Treasury shall provide to the Corporation such sums
as may be necessary, not to exceed $25 billion, to carry out the
purposes of this section.
(4) Conditions on availability of final funding in excess of
$10,000,000,000
(A) Certification required
Of the funds appropriated under paragraph (3) which are
provided after April 1, 1993, any amount in excess of
$10,000,000,000 shall not be available to the Corporation before
the date on which the Secretary of the Treasury certifies to the
Congress that, since December 17, 1993, the Corporation has
taken such action as may be necessary to comply with the
requirements of subsection (w) of this section or that, as of
the date of the certification, the Corporation is continuing to
make adequate progress toward full compliance with such
requirements.
(B) Appearance upon request
The Secretary of the Treasury shall appear before the
Committee on Banking, Finance and Urban Affairs of the House of
Representatives or the Committee on Banking, Housing, and Urban
Affairs of the Senate, upon the request of the chairman of the
committee, to report on any certification made to the Congress
under subparagraph (A).
(5) Return to Treasury
If the aggregate amount of funds transferred to the Corporation
pursuant to this subsection exceeds the amount needed to carry out
the purposes of this section or to meet the requirements of section
1821(a)(6)(F) of this title, such excess amount shall be deposited
in the general fund of the Treasury.
(6) Funds only for depositors
Notwithstanding any provision of law other than section
1823(c)(4)(G) of this title, funds appropriated under this section
shall not be used in any manner to benefit any shareholder of--
(A) any insured depository institution for which the
Corporation has been appointed conservator or receiver, in
connection with any type of resolution by the Corporation;
(B) any other insured depository institution in default or
in danger of default, in connection with any type of resolution
by the Corporation; or
(C) any insured depository institution, in connection with
the provision of assistance under section 1821 or 1823 of this
title with respect to such institution, except that this
subparagraph shall not prohibit assistance to any insured
depository institution that is not in default, or that is not in
danger of default, that is acquiring (as defined in section
1823(f)(8)(B) of this title) another insured depository
institution.
(j) Maximum amount limitations on outstanding obligations
(1) In general
Notwithstanding any other provision of this section, the amount
which is equal to--
(A) the sum of--
(i) the total amount of contributions received from the
Resolution Funding Corporation; and
(ii) the total amount of outstanding obligations of the
Corporation; minus
(B) the sum of--
(i) the amount of cash held by the Corporation; and
(ii) the amount which is equal to 85 percent of the
Corporation's estimate of the fair market value of other
assets held by the Corporation,
may not exceed $50,000,000,000.
(2) ``Outstanding obligation'' defined
For purposes of this subsection (other than paragraph (3)), the
term ``outstanding obligation'' includes--
(A) any obligation or other liability assumed by the
Corporation from the Federal Savings and Loan Insurance
Corporation under this section or pursuant to any provision of
the Financial Institutions Reform, Recovery, and Enforcement Act
of 1989;
(B) any guarantee issued by the Corporation;
(C) the total of the outstanding amounts borrowed from the
Secretary of the Treasury pursuant to subsection (i) of this
section; and
(D) any other obligation for which the Corporation has a
direct or contingent liability to pay any amount.
(3) Full faith and credit
The full faith and credit of the United States is pledged to the
payment of any obligation issued by the Corporation, with respect to
both principal and interest, if--
(A) the principal amount of such obligation is stated in the
obligation; and
(B) the term to maturity or the date of maturity of such
obligation is stated in the obligation.
(4) Estimates of costs of contingent liabilities required
(A) In general
The Corporation shall--
(i) estimate the cost to such Corporation of any
contingent liability of the Corporation; and
(ii) at least once each calendar quarter, make such
adjustment as is appropriate in the estimate of such cost.
(B) Inclusion in financial statements and outstanding
obligations
The estimated amount of the cost to the Corporation of any
contingent liability of the Corporation (taking into account the
most recent adjustment to such estimate pursuant to paragraph
(A)(ii)) shall be--
(i) treated as an outstanding obligation of the
Corporation for purposes of this subsection; and
(ii) included in any financial statement of the
Corporation.
(k) Reporting and disclosure obligations
(1) Audits
(A) Annual audit
Notwithstanding section 9105 of title 31, the Comptroller
General shall audit annually the financial statements of the
Corporation in accordance with generally accepted Government
auditing standards. The audited statements shall be transmitted
to the Congress by the Thrift Depositor Protection Oversight
Board not later than 180 days after the end of the Corporation's
fiscal year to which those statements apply.
(B) Access to books and records
All books, records, accounts, reports, files, and property
belonging to or used by the Corporation, or the Thrift Depositor
Protection Oversight Board shall be made available to the
Comptroller General.
(2) Public disclosure of transactions
(A) Disclosure required
Except as otherwise provided in this subsection, the
Corporation shall make available to the public--
(i) any agreement entered into by the Corporation
relating to a transaction for which the Corporation provides
assistance pursuant to section 1823(c) of this title, not
later than 30 days after the first meeting of the Thrift
Depositor Protection Oversight Board after such agreement is
entered into; and
(ii) all agreements relating to cases reviewed by the
Corporation pursuant to subsection (b)(11)(B) of this
section.
(B) Exception for disclosures against the public interest
(i) In general
The Thrift Depositor Protection Oversight Board may
withhold from public disclosure any document or part of a
document if the Thrift Depositor Protection Oversight Board
determines, by a unanimous affirmative vote of the members
of the Board, that disclosure would be contrary to the
public interest.
(ii) Report of determination
A written report shall be made of any determination by
the Thrift Depositor Protection Oversight Board to withhold
any part of a document from public disclosure pursuant to
clause (i). Such report shall contain a full explanation of
the specific reasons for such determination.
(iii) Publication and submission of report
The report prepared pursuant to clause (ii) shall be--
(I) published in the Federal Register; and
(II) transmitted to the Committee on Banking,
Finance and Urban Affairs of the House of
Representatives and the Committee on Banking, Housing,
and Urban Affairs of the Senate.
(C) ``Agreement'' defined
For purposes of this subsection, the term ``agreement''
includes--
(i) all documents which effectuate the terms and
conditions of the assisted transaction;
(ii) a comparison, which the Corporation shall prepare
of--
(I) the estimated cost of the transaction, with
(II) the estimated cost of liquidating the insured
institution; and
(iii) a description of any economic or statistical
assumptions on which such estimates are based.
(3) Disclosure to Congress of transactions
(A) Prospective transactions
The Corporation shall make available to the Committee on
Banking, Finance and Urban Affairs of the House of
Representatives and the Committee on Banking, Housing, and Urban
Affairs of the Senate any agreement entered into by the
Corporation relating to a transaction for which the Corporation
provides assistance pursuant to section 1823(c) of this title
not later than 25 days after the first meeting of the Thrift
Depositor Protection Oversight Board after such agreement is
entered into. The foregoing requirement is in addition to the
Corporation's obligation to make such agreements publicly
available pursuant to paragraph (2).
(B) Prior transactions
The Corporation shall submit a report to the Thrift
Depositor Protection Oversight Board and the Congress containing
the results and conclusions of the review of the 1988
transactions conducted pursuant to subsection (b)(10)(B) of this
section and such recommendations for legislative action as the
Corporation may determine to be appropriate.
(4) Annual reports
(A) In general
The Thrift Depositor Protection Oversight Board and the
Corporation shall annually submit a full report of their
respective operations, activities, budgets, receipts, and
expenditures for the preceding 12-month period.
(B) Contents
The report required under subparagraph (A) shall include--
(i) audited statements and such information as is
necessary to make known the financial condition and
operations of the Corporation in accordance with generally
accepted accounting principles;
(ii) the Corporation's financial operating plans and
forecasts (including budgets, estimates of actual and future
spending, and estimates of actual and future cash
obligations) taking into account the Corporation's financial
commitments, guarantees, and other contingent liabilities;
(iii) the number of minority and women investors
participating in the bidding process for assisted
acquisitions and the disposition of assets and the number of
successful bids by such investors;
(iv) a list of the properties sold to State housing
finance authorities (as such term is defined in section 1301
of the Financial Institutions Reform, Recovery, and
Enforcement Act of 1989 [12 U.S.C. 1441a-1]), the individual
purchase prices of such properties, and an estimate of the
premium paid by such authorities for such properties; and
(v) descriptions of the operations and activities of the
national and regional advisory boards established under
subsection (d) of this section and financial statements
detailing the expenses of such boards.
(C) Submission to Congress and the President
The Corporation shall submit each annual report required
under this subsection to the Congress and the President as soon
as practicable after the end of the calendar year for which such
report is made but not later than June 30 of the year following
such calendar year.
(5) Additional reports
(A) Reports required
In addition to the annual report required under paragraph
(4), the Thrift Depositor Protection Oversight Board and the
Corporation shall submit to Congress not later than April 30 and
October 31 of each calendar year, a semiannual report on the
activities and efforts of the Corporation, the Federal Deposit
Insurance Corporation, and the Thrift Depositor Protection
Oversight Board for the 6-month period ending on the last day of
the month prior to the month in which such report is required to
be submitted.
(B) Contents of report
Each semiannual report required under subparagraph (A) shall
include the following information with respect to the
Corporation's assets and liabilities and to the assets and
liabilities of institutions described in subsection (b)(3)(A) of
this section:
(i) A statement of the total book value of all assets
held or managed by the Corporation at the beginning and end
of the reporting period.
(ii) A statement of the total book value of such assets
which are under contract to be managed by private persons
and entities at the beginning and end of the reporting
period.
(iii) The number of employees of the Corporation, the
Federal Deposit Insurance Corporation, and the Thrift
Depositor Protection Oversight Board at the beginning and
end of the reporting period.
(iv) The total amounts expended on employee wages,
salaries, and overhead, during such period which are
attributable to--
(I) contracting with, supervising, or reviewing the
performance of private contractors, or
(II) managing or disposing of such assets.
(v) A statement of the total amount expended on private
contractors for the management of such assets.
(vi) A statement of the efforts of the Corporation to
maximize the efficient utilization of the resources of the
private sector during the reporting period and in future
reporting periods and a description of the policies and
procedures adopted to ensure adequate competition and fair
and consistent treatment of qualified third parties seeking
to provide services to the Corporation or the Federal
Deposit Insurance Corporation.
(vii) The total book value and total proceeds from such
assets disposed of during the reporting period.
(viii) Summary data on discounts from book value at
which such assets were sold or otherwise disposed of during
the reporting period.
(ix) A list of all of the areas that carried a
distressed area designation during the reporting period
(including a justification for removal of areas from or
addition of areas to the list of distressed areas).
(x) An evaluation of market conditions in distressed
areas and a description of any changes in conditions during
the reporting period.
(xi) Any change adopted by the Thrift Depositor
Protection Oversight Board in a minimum disposition price
and the reasons for such change.
(xii) The valuation method or methods adopted by the
Thrift Depositor Protection Oversight Board or the
Corporation to value assets and the reasons for selecting
such methods.
(xiii) A complete description of all actions taken by
the Corporation pursuant to subsections (a), (b), and (c) of
section 1216 of the Financial Institutions Reform, Recovery,
and Enforcement Act of 1989 [12 U.S.C. 1833e(a), (b), (c)]
with respect to the employment of and contracting with
minorities, women, and businesses owned or controlled by
minorities or women and any other activity of the
Corporation pursuant to the outreach program of the
Corporation for minorities and women. Such description shall
specify the steps taken by the Corporation, in its corporate
capacity and its capacity as conservator or receiver, to
implement the minority and women outreach programs required
by section 1216(c) of the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989 [12 U.S.C. 1833e(c)]
and shall set forth information and data showing--
(I) the extent to which and means by which contract
solicitations have been directed to minorities, women,
and businesses owned or controlled by minorities or
women by the Corporation and by the Federal Deposit
Insurance Corporation on behalf of the Corporation;
(II) the extent to which prime contracts and
subcontracts have been awarded to minorities, women, and
businesses owned or controlled by minorities or women,
including data with respect to the number of such
contracts, the dollar amounts thereof, and the
percentage of Corporation contracting activity
represented thereby (including contracting activity by
the Federal Deposit Insurance Corporation on behalf of
the Corporation);
(III) contracting and outreach activity with respect
to joint ventures and other business arrangements in
which minorities, women, or businesses owned or
controlled by minorities or women have a participation
or interest; and
(IV) the extent to which the Corporation's minority
and women contracting outreach programs have been
successful in maximizing opportunities through the
outreach policies established by the Corporation for
participation of minorities, women, and businesses owned
or controlled by minorities or women in the
Corporation's contracting activities.
(C) Supplemental unaudited financial statements
In addition to the annual report required under paragraph
(4), the Thrift Depositor Protection Oversight Board and the
Corporation shall submit to the Congress, not later than
September 30 of each calendar year, an unaudited financial
statement for the 6-month period ending on June 30 of such year.
(6) Appearances before Congressional committees
(A) \12\ Semiannual appearance required
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\12\ So in original. No subpar. (B) has been enacted.
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Not later than 30 days after submission of the semiannual
reports required by paragraph (5), the Thrift Depositor
Protection Oversight Board shall appear before the Committee on
Banking, Finance and Urban Affairs of the House of
Representatives and the Committee on Banking, Housing, and Urban
Affairs of the Senate to--
(i) report on the progress made during such period in
resolving cases involving institutions described in
subsection (b)(3)(A) of this section;
(ii) provide an estimate of the short-term and long-term
cost to the United States Government of obligations issued
or incurred during such period;
(iii) report on the progress made during such period in
selling assets of institutions described in subsection
(b)(3)(A) of this section and the impact such sales are
having on the local markets in which such assets are
located;
(iv) describe the costs incurred by the Corporation in
issuing obligations, managing and selling assets acquired by
the Corporation;
(v) provide an estimate of the income of the Corporation
from assets acquired by the Corporation;
(vi) provide an assessment of any potential source of
additional funds for the Corporation; and
(vii) provide an estimate of the remaining exposure of
the United States Government in connection with institutions
described in subsection (b)(3)(A) of this section which, in
the Thrift Depositor Protection Oversight Board's
estimation, will require assistance or liquidation after the
end of such period.
(7) Quarterly reports
Not later than May 31, August 31, November 30, and the last day
of February of each year, the Corporation shall submit a report to
the Committee on Banking, Finance and Urban Affairs of the House of
Representatives and the Committee on Banking, Housing, and Urban
Affairs of the Senate containing the following information for the
preceding calendar quarter:
(A) Asset sales
The report shall contain the following information with
respect to assets of institutions described in subsection
(b)(3)(A) of this section which were disposed of by the
Corporation during the quarter covered by the report:
(i) The total amount of the actual sales of assets
during the quarter.
(ii) The value of the assets as determined on the basis
of the amount at which each such asset was accounted for on
the books of the institution.
(iii) The fair market value of the assets as estimated
by the Corporation for purposes of securing amounts borrowed
from the Federal Financing Bank by the Corporation.
(iv) The net recovery on asset sales during the quarter.
(v) A subtotal of the value of the assets disposed of
during the quarter in each of the following categories:
(I) Cash and securities.
(II) Mortgage loans for 1- to 4-family dwellings.
(III) Construction and land loans.
(IV) Other mortgage loans.
(V) Consumer loans.
(VI) Commercial loans.
(VII) Real estate owned assets.
(VIII) Other assets.
(B) Auction sales
The report shall contain information regarding auction sales
of RTC assets, including the following information:
(i) The date and location of each auction sale during
the quarter.
(ii) The total value of the sales of assets sold during
an auction during the quarter.
(iii) The total value of assets sold at each auction, as
determined on the basis of the amount at which each such
asset was accounted for on the books of the institution.
(iv) The total fair market value of assets sold at each
auction, as estimated by the Corporation.
(v) The total actual selling price of assets sold during
each auction held during the quarter.
(vi) The net recovery or loss on assets sold during an
auction during the quarter, by category listed in subclauses
(I) through (VII) of clause (vii).
(vii) A subtotal of the value of the assets sold during
an auction during the quarter in each of the following
categories:
(I) Cash and securities.
(II) Mortgage loans for 1- to 4-family dwellings.
(III) Construction and land loans.
(IV) Other mortgage loans.
(V) Consumer loans.
(VI) Commercial loans.
(VII) Real estate owned assets.
(VIII) Other assets.
(C) Federal Financing Bank loan status
The report shall contain the following information with
respect to loans from the Federal Financing Bank to the
Corporation:
(i) The total amount of loans outstanding at the
beginning of the quarter.
(ii) The total amount of loans originated during the
quarter.
(iii) The total amount of loans repaid during the
quarter.
(iv) The total amount of loans outstanding at the end of
the quarter.
(D) Seller financing
The report shall contain information regarding the
Corporation's use of seller financing to encourage the sales of
assets during the quarter, including the following:
(i) A total of the amount of funds used for seller
financing purposes during the quarter.
(ii) The number of applications received by the
Corporation which requested seller financing.
(iii) A breakdown of the type of assets sold, according
to the categories listed in subclauses (I) through (VIII) of
subparagraph (B)(vii).
(iv) Projections of the total amount of seller financing
which will be needed during the succeeding 2 quarters.
(8) Operating plans
(A) In general
Before the beginning of each calendar quarter, the Thrift
Depositor Protection Oversight Board shall submit to the
Committee on Banking, Housing, and Urban Affairs of the Senate
and the Committee on Banking, Finance and Urban Affairs of the
House of Representatives a detailed financial operating plan
covering the remaining quarters of the Corporation's fiscal year
in which that quarter occurs.
(B) Contents
At a minimum, a detailed financial operating plan shall
include--
(i) estimates of the aggregate assets of institutions
that are projected to be resolved in each quarter,
(ii) the estimated aggregate cost of resolutions in each
quarter,
(iii) the estimated aggregate asset sales and principal
collections in each quarter, and
(iv) the Corporation's summary pro forma financial
statement at the end of each quarter.
(9) Reports on severely troubled institutions
The Director of the Office of Thrift Supervision shall deliver
on a quarterly basis to the Thrift Depositor Protection Oversight
Board a list of savings associations for which the Director has
determined grounds exist, or are likely to exist in the current
fiscal year of the Corporation and in the next following fiscal year
of the Corporation, for the appointment of a conservator or receiver
under the Home Owners' Loan Act [12 U.S.C. 1461 et seq.]. The Thrift
Depositor Protection Oversight Board shall report the aggregate
number and assets of such savings associations to Congress within 60
days after June 30 and December 31 of each calendar year.
(10) Budget reports
(A) In general
Before the end of each calendar quarter, the Thrift
Depositor Protection Oversight Board and the Corporation shall
submit a report to the Committee on Banking, Finance and Urban
Affairs of the House of Representatives and the Committee on
Banking, Housing, and Urban Affairs of the Senate containing the
complete annual budget, as approved by the Thrift Depositor
Protection Oversight Board.
(B) Activities relating to phasing out RTC operations
Beginning with the report due in the 1st quarter of 1994,
the report shall include information on the Corporation's
activities to phase down its operations and reduce the number of
employees and the amount of office space and other overhead as
the Corporation completes its duties under this section and
approaches termination.
(11) Employee reports
The Corporation shall submit semiannual reports to the Committee
on Banking, Finance and Urban Affairs of the House of
Representatives and the Committee on Banking, Housing, and Urban
Affairs of the Senate containing the following information:
(A) The total number of employees of the Thrift Depositor
Protection Oversight Board and the total number of individuals
performing services directly on behalf of the Corporation.
(B) The total number of individuals performing services for
the Corporation as employees of the Federal Deposit Insurance
Corporation or any other agency, including the General
Accounting Office and the number from each such agency.
(C) The total number of individuals employed in each job
classification and employment status, including employment on a
temporary basis or for an agreed upon period of time.
(l) Power to remove; jurisdiction
(1) In general
Notwithstanding any other provision of law, any civil action,
suit, or proceeding to which the Corporation is a party shall be
deemed to arise under the laws of the United States, and the United
States district courts shall have original jurisdiction over such
action, suit, or proceeding.
(2) Corporation as party
The Corporation shall be substituted as a party in any civil
action, suit, or proceeding to which its predecessor in interest was
a party with respect to institutions which are subject to the
management agreement dated February 7, 1989, among the Federal
Savings and Loan Insurance Corporation, the Federal Home Loan Bank
Board and the Federal Deposit Insurance Corporation.
(3) Removal and remand
(A) In general
The Corporation, in any capacity and without bond or
security, may remove any action, suit, or proceeding from a
State court to the United States district court with
jurisdiction over the place where the action, suit, or
proceeding is pending, to the United States district court \13\
for the District of Columbia, or to the United States district
court with jurisdiction over the principal place of business of
any institution for which the Corporation has been appointed
conservator or receiver if the action, suit, or proceeding is
brought against the institution or the Corporation as
conservator or receiver of such institution. The removal of any
such suit or proceeding shall be instituted--
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\13\ So in original. Probably should be ``District Court''.
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(i) not later than 90 days after the date the
Corporation is substituted as a party, or
(ii) not later than 30 days after service on the
Corporation, if the Corporation is named as a party in any
capacity and if such suit is filed after August 9, 1989.
(B) Substitution
The Corporation shall be deemed substituted in any action,
suit, or proceeding for a party upon the filing of a copy of the
order appointing the Corporation as conservator or receiver for
that party or the filing of such other pleading informing the
court that the Corporation has been appointed conservator or
receiver for such party.
(C) Appeal
The Corporation may appeal any order of remand entered by a
United States district court.
(m) Termination
(1) In general
The Corporation shall terminate not later than December 31,
1995. If at the time of its termination, the Corporation is acting
as a conservator or receiver, the Federal Deposit Insurance
Corporation shall succeed the Corporation as conservator or
receiver.
(2) Case resolutions transferred
Simultaneous with the termination of the Corporation as provided
in paragraph (1), all assets and liabilities of the Corporation
shall be transferred to the FSLIC Resolution Fund. Thereafter, if
there are no liabilities of the Corporation outstanding, the FSLIC
Resolution Fund shall transfer any net proceeds from the sale of
assets to the Resolution Funding Corporation.
(3) Transfer of personnel and systems
In connection with the assumption by the Federal Deposit
Insurance Corporation of conservatorship and receivership functions
with respect to institutions described in subsection (b)(3)(A) of
this section and the termination of the Corporation pursuant to
paragraph (1)--
(A) any management, resolution, or asset-disposition system
of the Corporation which the Secretary of the Treasury
determines, after considering the recommendations of the
interagency transition task force under section 6(c) of the
Resolution Trust Corporation Completion Act, has been of benefit
to the operations of the Corporation (including any personal
property of the Corporation which is used in operating any such
system) shall, notwithstanding paragraph (2), be transferred to
and used by the Federal Deposit Insurance Corporation in a
manner which preserves the integrity of the system for so long
as such system is efficient and cost-effective; and
(B) any personnel of the Corporation involved with any such
system who are otherwise eligible to be transferred to the
Federal Deposit Insurance Corporation shall be transferred to
the Federal Deposit Insurance Corporation for continued
employment, subject to section 404(9) of the Financial
Institutions Reform, Recovery, and Enforcement Act of 1989 and
other applicable provisions of this section, with respect to
such system.
(n) Conflict of interest
(1) In general
(A) The Thrift Depositor Protection Oversight Board and the
Corporation shall each be an ``agency'' for purposes of title 18.
Any individual who, pursuant to a contract or any other arrangement,
performs functions or activities of the Thrift Depositor Protection
Oversight Board or the Corporation, under the direct supervision of
an officer or employee of the Thrift Depositor Protection Oversight
Board or the Corporation, shall be deemed to be an employee of the
Thrift Depositor Protection Oversight Board or the Corporation for
the purposes of title 18 and this chapter.
(B) Any individual who, pursuant to a contract or any other
agreement, acts for or on behalf of the Corporation shall be deemed
to be a public official for the purposes of section 201 of title 18.
(2) Establishment of rules
The Thrift Depositor Protection Oversight Board and the
Corporation shall, not later than 180 days after August 9, 1989,
promulgate rules and regulations governing conflict of interest,
ethical responsibilities, and post-employment restrictions
applicable to members, officers, and employees of the Thrift
Depositor Protection Oversight Board and the Corporation that shall
be no less stringent than those applicable to the Federal Deposit
Insurance Corporation.
(3) Use of confidential information
The Thrift Depositor Protection Oversight Board and the
Corporation shall, not later than 180 days after August 9, 1989,
promulgate rules and regulations applicable to independent
contractors governing conflicts of interest, ethical
responsibilities, and the use of confidential information consistent
with the goals and purposes of titles 18 and 41.
(4) Post employment
The chief executive officer of the Corporation shall be
prohibited for a period of 1 year after leaving the Corporation from
holding any office, position, or employment with, or receiving
remuneration from, a company (other than the Corporation) which,
during the time the chief executive was employed by the Corporation,
participated in any case resolution or contract with the Corporation
for which such person was either responsible or in which such person
was personally and substantially involved except that the chief
executive officer may hold any office, position, or employment so
long as the chief executive officer does not, during the 1-year
period, provide advice with respect to, participate in decisions
relating to, or otherwise provide assistance to such entity on the
enumerated matters or receive remuneration with respect thereto from
such company.
(5) Other agency employees
Officers and employees of the Thrift Depositor Protection
Oversight Board and the Corporation who are also subject to the
ethical rules of another agency or Government Corporation \14\ shall
file with the Corporation a copy of any financial disclosure
statement required by such other agency or corporation.
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\14\ So in original. Probably should not be capitalized.
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(6) Disapproval of contractors
(A) In general
The Thrift Depositor Protection Oversight Board shall
prescribe regulations establishing procedures for ensuring that
any individual who is performing, directly or indirectly, any
function or service on behalf of the Corporation meets minimum
standards of competence, experience, integrity, and fitness.
(B) Prohibition from service on behalf of Corporation
The procedures established under subparagraph (A) shall
provide that the Corporation shall prohibit any person who does
not meet the minimum standards of competence, experience,
integrity, and fitness from--
(i) entering into any contract with the Corporation; or
(ii) being employed by the Corporation or any person
performing any service for or on behalf of the Corporation.
(C) Information required to be submitted
The procedures established under subparagraph (A) shall
require that any offer submitted to the Corporation by any
person under this section and any employment application
submitted to the Corporation by any person shall include--
(i) a list and description of any instance during the
preceding 5 years in which the person or company under such
person's control defaulted on a material obligation to an
insured depository institution; and
(ii) such other information as the Board may prescribe
by regulation.
(D) Subsequent submissions
No offer submitted to the Corporation may be accepted unless
the offeror agrees that no person will be employed, directly or
indirectly, by the offeror under any contract with the
Corporation unless all applicable information described in
subparagraph (C) with respect to any such person is submitted to
the Corporation and the Corporation does not disapprove of the
direct or indirect employment of such person. Any decision made
by the Corporation pursuant to this paragraph shall be in its
sole discretion and shall not be subject to review.
(E) Prohibition required in certain cases
The standards established under subparagraph (A) shall
require the Corporation to prohibit any person who has--
(i) been convicted of any felony,
(ii) been removed from, or prohibited from participating
in the affairs of, any insured depository institution
pursuant to any final enforcement action by any appropriate
Federal banking agency,
(iii) demonstrated a pattern or practice of defalcation
regarding obligations to insure depository institutions, or
(iv) caused a substantial loss to Federal deposit
insurance funds,
from service on behalf of the Corporation.
(7) Abrogation of contracts
The Thrift Depositor Protection Oversight Board or the
Corporation may rescind any contract with a person who--
(A) fails to disclose a material fact to the Thrift
Depositor Protection Oversight Board or the Corporation,
(B) would be prohibited under paragraph (6) from providing
services to, receiving fees from, or contracting with the
Corporation or the Thrift Depositor Protection Oversight Board,
or
(C) has been subject to a final enforcement action by any
Federal bank regulatory agency.
(8) Priority of Thrift Depositor Protection Oversight Board
rules
To the extent that the rules established under this subsection
conflict with rules of other agencies or Government corporations,
officers, directors, employees, and independent contractors of the
Corporation or the Thrift Depositor Protection Oversight Board, who
are also subject to the conflict of interest or ethical rules of
another agency or Government corporation, shall be governed by the
rules and regulations established by the Thrift Depositor Protection
Oversight Board under this subsection when acting for or on behalf
of the Corporation.
(9) Definitions
For the purposes of this subsection--
(A) The term ``company'' has the same meaning as in section
1841(b) of this title.
(B) The term ``control'' has the same meaning given such
term under regulations promulgated by the Federal Home Loan Bank
Board with respect to savings and loan holding companies as in
effect on the day before August 9, 1989.
(C) The term ``Corporation'' includes the Resolution Trust
Corporation, the national advisory board, and the regional
advisory boards.
(o) Status of employees
(1) Liability
A member, officer, or employee of the Corporation or of the
Thrift Depositor Protection Oversight Board has no liability under
the Securities Act of 1933 [15 U.S.C. 77a et seq.] with respect to
any claim arising out of or resulting from any act or omission by
such person within the scope of such person's employment in
connection with any transaction involving the disposition of assets
(or any interests in any assets or any obligations backed by any
assets) by the Corporation. This subsection shall not be construed
to limit personal liability for criminal acts or omissions, willful
or malicious misconduct, acts or omissions for private gain, or any
other acts or omissions outside the scope of such person's
employment.
(2) Definition
For purposes of this subsection, the term ``employee of the
Corporation or of the Thrift Depositor Protection Oversight Board''
includes any officer or employee of the Federal Deposit Insurance
Corporation who performs services for the Corporation.
(3) Effect on other law
This subsection does not affect--
(A) any other immunities and protections that may be
available under applicable law with respect to such
transactions, or
(B) any other right or remedy against the Corporation,
against the United States under applicable law, or against any
person other than a person described in paragraph (1)
participating in such transactions.
This subsection shall not be construed to limit or alter in any way
the immunities that are available under applicable law for Federal
officials and employees not described in this subsection.
(p) Management enhancement goals
(1) Action to achieve specific goals
The Corporation, upon March 23, 1991, shall take action to
assure achievement of the management goals specified in this
paragraph, as follows:
(A) Managing conservatorships
The Corporation shall standardize procedures with respect to
its (i) auditing of conservatorships, (ii) ensuring and
monitoring of compliance with Corporation policies and
procedures by conservatorship managing agents, and (iii)
ensuring and monitoring of conservatorship managing agent
performance. These procedures shall be developed and implemented
not later than September 30, 1991.
(B) Pace of resolutions
The Corporation shall take all reasonable and necessary
steps to reduce the length of time institutions remain in
conservatorship, with the goal that no institution shall be in
conservatorship for more than 9 months.
(C) Information resources management program
The Corporation shall develop and incorporate within its
strategic plan for information resources management, (i) a
translation of program goals into the communication and computer
hardware and software, and staff needed to accomplish such
goals, (ii) a systems architecture to ensure that all systems
will work together, and (iii) an identification of Corporation
information and systems needs at all operational levels.
(D) Securities portfolio management system
The Corporation shall develop within its information
architecture framework, a centralized system for the management
of its portfolio of securities. This system shall be developed
and implemented not later than September 30, 1991.
(E) Tracking REO assets
The Corporation shall develop, within its information
architecture, an effective system to track and inventory real-
estate-owned assets. This system shall be developed and
implemented not later than September 30, 1991.
(F) Asset valuation
The Corporation shall develop a process for the quarterly
valuation or updating of valuations of the assets it holds in
its capacity as receiver (or as a result of such capacity). Such
process shall incorporate, to the extent practical, Corporation
disposition experience. In addition, the necessary information
systems shall be developed to track and manage these valuations.
(G) Standardization of due diligence and market format
The Corporation shall develop a program for performing due
diligence on one- to four-family mortgages and for marketing
such loans on a pooled basis.
(H) Contracting
The Corporation, in order to identify the need for any
changes in its contracting process which would enhance the
independence, integrity, consistency and effectiveness of that
process, shall consult on a regular basis with other agencies
and organizations that have large scale contracting and
procurement systems, and shall review on a regular basis its
organizational structure and relationships. The Corporation
shall develop and have in widespread use the following:
(i) A manual setting forth comprehensive policies and
procedures.
(ii) A revised and expanded directive that clearly and
definitively describes the roles and responsibilities of all
those involved in the contracting process.
(iii) A revised and expanded directive that sets forth
in detail the standard procedures to be followed in
evaluating contractor proposals.
(iv) A set of standardized solicitation and contract
documents for use by all Corporation officers.
(v) A series of standardized contracting training
modules for use by Corporation personnel and private
contractors.
(2) Report
The Corporation shall, not later than September 30, 1991, file
with the Committee on Banking, Housing, and Urban Affairs of the
Senate, and the Committee on Banking, Finance and Urban Affairs of
the House of Representatives, a report on the progress being made
toward full compliance by the agency with this subsection, as well
as a timetable for completing those items not yet completed.
(q) RTC, Thrift Depositor Protection Oversight Board, and RTC contractor
employee protection remedy
(1) Prohibition against discrimination
The Corporation, the Thrift Depositor Protection Oversight
Board, and any person who is performing, directly or indirectly, any
function or service on behalf of the Corporation or the Thrift
Depositor Protection Oversight Board may not discharge or otherwise
discriminate against any employee (including any employee of the
Federal Deposit Insurance Corporation on assignment to the
Corporation under this section or any personnel referred to in
subparagraphs (C) and (F) of subsection (a)(5) of this section) with
respect to compensation, terms, conditions, or privileges of
employment because the employee (or any person acting pursuant to
the request of the employee) provided information to the
Corporation, the Thrift Depositor Protection Oversight Board, the
Attorney General, or any appropriate Federal banking agency (as
defined in section 1813q of this title) regarding--
(A) a possible violation of any law or regulation; or
(B) gross mismanagement, a gross waste of funds, an abuse of
authority, or a substantial and specific danger to public health
or safety;
by the Corporation, the Thrift Depositor Protection Oversight Board,
or such person or any director, officer, or employee of the
Corporation, the Thrift Depositor Protection Oversight Board, or the
person.
(2) Enforcement
Any employee or former employee who believes that such employee
has been discharged or discriminated against in violation of
paragraph (1) may file a civil action in the appropriate United
States district court before the end of the 2-year period beginning
on the date of such discharge or discrimination.
(3) Remedies
If the district court determines that a violation has occurred,
the court may order the Corporation or the person which committed
the violation to--
(A) reinstate the employee to the employee's former
position;
(B) pay compensatory damages; or
(C) take other appropriate actions to remedy any past
discrimination.
(4) Limitation
The protections of this section shall not apply to any employee
who--
(A) deliberately causes or participates in the alleged
violation of law or regulation; or
(B) knowingly or recklessly provides substantially false
information to the Corporation, the Attorney General, or any
appropriate Federal banking agency.
(5) Burdens of proof
The legal burdens of proof that prevail under subchapter III of
chapter 12 of title 5 shall govern adjudication of protected
activities under this subsection.
(r) Review and evaluation procedure for contracts
(1) In general
In the review and evaluation of proposals, the Corporation shall
provide additional incentives to minority- or women-owned businesses
by awarding any such business an additional 10 percent of the total
technical points and an additional 5 percent of the total cost
preference points achievable in the technical and cost rating
process applicable with respect to such proposals.
(2) Certain joint ventures included
Paragraph (1) shall apply to any proposal submitted by a joint
venture in which a minority- or woman-owned business has
participation of not less than 25 percent.
(3) Authority to adjust technical and cost preference points
The Corporation may adjust the technical and cost preference
points applicable in evaluating proposals to the extent necessary to
ensure the maximum participation level possible for minority- or
women-owned businesses.
(4) Definitions
For purposes of this subsection, the following definitions shall
apply:
(A) Minority-owned business
The term ``minority-owned business'' means a business--
(i) more than 50 percent of the ownership or control of
which is held by 1 or more minority individuals; and
(ii) more than 50 percent of the net profit or loss of
which accrues to 1 or more minority individuals.
(B) Women-owned business
The term ``women's business'' means a business--
(i) more than 50 percent of the ownership or control of
which is held by 1 or more women;
(ii) more than 50 percent of the net profit or loss of
which accrues to 1 or more women; and
(iii) a significant percentage of senior management
positions of which are held by women.
(s) Acquisition of branch facilities in minority neighborhoods
(1) In general
In the case of any savings association for which the Corporation
has been appointed conservator or receiver, the Corporation may make
available any branch of such association which is located in any
predominantly minority neighborhood to any minority depository
institution or women's depository institution on the following
terms:
(A) The branch may be made available on a rent-free lease
basis for not less than 5 years.
(B) Of all expenses incurred in maintaining the operation of
the facilities in which such branch is located, the institution
shall be liable only for the payment of applicable real property
taxes, real property insurance, and utilities.
(C) The lease may provide an option to purchase the branch
during the term of the lease.
(2) Definitions
For purposes of this subsection, the following definitions shall
apply:
(A) Minority depository institution
The term ``minority \15\ institution'' means a depository
institution (as defined in section 1813(c) of this title)--
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\15\ So in original. Probably should be followed by ``depository''.
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(i) more than 50 percent of the ownership or control of
which is held by 1 or more minority individuals; and
(ii) more than 50 percent of the net profit or loss of
which accrues to 1 or more minority individuals.
(B) Women's depository institution
The term ``women's depository institution'' means a
depository institution (as defined in section 1813(c) of this
title)--
(i) more than 50 percent of the ownership or control of
which is held by 1 or more women;
(ii) more than 50 percent of the net profit or loss of
which accrues to 1 or more women; and
(iii) a significant percentage of senior management
positions of which are held by women.
(C) Minority
The term ``minority'' has the meaning given to such term by
section 1204(c)(3) of the Financial Institutions Reform,
Recovery \16\ and Enforcement Act of 1989.
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\16\ So in original. Probably should be followed by a comma.
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(t) Assistance under circumstances for acquisition of majority-owned
institutions
(1) In general
In addition to the assistance provided pursuant to the the \17\
minority capital assistance program established under subsection
(u)(1) of this section, the Corporation may provide assistance for
minority-owned depository institutions and minority investors for
the acquisition of any savings association for which the Corporation
has been appointed conservator or receiver and which, before such
appointment, was not a minority-owned association, if the
Corporation has not received acceptable bids for the acquisition of
such association without offering such assistance.
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\17\ So in original.
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(2) Additional assets
In connection with the acquisition of any savings association
for which the Corporation provides assistance under paragraph (1),
the Corporation may transfer assets of other savings associations
for which the Corporation has been appointed conservator or
receiver.
(3) Definitions
For purposes of this subsection--
(A) Minority
The term ``minority'' has the meaning given to such term by
section 1204(c)(3) of the Financial Institutions Reform,
Recovery \16\ and Enforcement Act of 1989.
(B) Acquisition
The term ``acquisition'' means any transaction in which a
savings association is acquired (as defined in section
1823(f)(8)(B) of this title).
(u) Minority interim capital assistance program
(1) In general
The minority interim capital assistance program administered by
the Corporation pursuant to the policy statement entitled the
``Interim Statement of Policy Regarding Resolutions of Minority-
Owned Depository Institutions'' adopted by the Corporation on
January 30, 1990 \16\ is hereby established by law.
(2) Assistance under circumstances for acquisition of
majority-owned institutions
In addition to the assistance provided pursuant to the program
established under paragraph (1), the Corporation shall provide
assistance under such program for minority-owned depository
institutions and minority investors for the acquisition of any
savings association for which the Corporation has been appointed
conservator or receiver and which, before such appointment, was not
a minority-owned association, if the Corporation has not received
acceptable bids for the acquisition of such association without
offering such assistance.
(3) Extension of interim financing period
The period for repayment of capital assistance provided under
the minority interim capital assistance program shall be not less
than 2 years.
(4) Interest rate
The rate of interest imposed by the Corporation in connection
with any interim financing provided under the minority interim
capital assistance program may not exceed the average cost of funds
to the Corporation as of the time such rate is established.
(5) Definitions
For purposes of this subsection, the following definitions shall
apply:
(A) Minority
The term ``minority'' has the meaning given to such term by
section 1204(c)(3) of the Financial Institutions Reform,
Recovery \18\ and Enforcement Act of 1989.
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\18\ So in original. Probably should be followed by a comma.
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(B) Acquisition
The term ``acquisition'' means any transaction in which a
savings association is acquired (as defined in section
1823(f)(8)(B) of this title).
(v) Continuation of obligation to provide services
No person obligated to provide services to an insured depository
institution at the time the Resolution Trust Corporation is appointed
conservator or receiver for the institution shall fail to provide those
services to any person to whom the right to receive those services was
transferred by the Resolution Trust Corporation after August 9, 1989,
unless the refusal is based on the transferee's failure to comply with
any material term or condition of the original obligation. This
subsection does not limit any authority of the Resolution Trust
Corporation as conservator or receiver under section 1821(e) of this
title.
(w) RTC management reforms
(1) Comprehensive business plan
The Corporation shall establish and maintain a comprehensive
business plan covering the operations of the Corporation, including
the disposition of assets, for the remainder of the Corporation's
existence.
(2) Marketing real property on an individual basis
The Corporation shall--
(A) market any undivided or controlling interest in real
property, whether held directly or indirectly by an institution
described in subsection (b)(3)(A) of this section, on an
individual basis, including sales by auction, for no fewer than
120 days before such assets may be made available for sale or
other disposition on a portfolio basis or otherwise included in
a multiasset sales initiative, except that this subparagraph
does not apply to assets that are--
(i) sold simultaneously with a resolution in which a
buyer purchases a significant proportion of the assets and
assumes a significant proportion of the liabilities, or acts
as agent of the Corporation for purposes of paying insured
deposits, of an institution described in subsection
(b)(3)(A) of this section; or
(ii) transferred to a new institution organized pursuant
to section 1821(d)(2)(F) of this title; and
(B) prescribe regulations--
(i) to require that the sale or other disposition of any
asset consisting of real property on a portfolio basis or in
connection with any multiasset sales initiative after the
end of the 120-day period described in subparagraph (A) be
justified in writing; and
(ii) to carry out the requirements of subparagraph (A).
(3) Disposition of real estate related assets
(A) Procedures for disposition of real estate related assets
The Corporation shall not sell real property or any
nonperforming real estate loan which the Corporation has
acquired as receiver or conservator, unless--
(i) the Corporation has assigned responsibility for the
management and disposition of such asset to a qualified
person or entity to--
(I) analyze each asset on an asset-by-asset basis
and consider alternative disposition strategies for such
asset;
(II) develop a written management and disposition
plan; and
(III) implement that plan for a reasonable period of
time; or
(ii) the Corporation has made a determination in writing
that a bulk transaction would maximize net recovery to the
Corporation, while providing opportunity for broad
participation by qualified bidders, including minority- and
women-owned businesses.
(B) Definitions
In defining any term for purposes of subparagraph (A), the
Corporation may, by regulation, define--
(i) the term ``asset'' so as to include properties or
loans which are legally separate and distinct properties or
loans, but which have sufficiently common characteristics
such that they may be logically treated as a single asset;
and
(ii) the term ``qualified person or entity'' so as to
include any employee of the Thrift Depositor Protection
Oversight Board or any employee assigned to the Corporation
under subsection (b)(8) of this section.
(C) Exceptions
This paragraph shall not apply to--
(i) assets that are--
(I) sold simultaneously with a resolution in which a
buyer purchases a significant proportion of the assets
and assumes a significant proportion of the liabilities
(or acts as agent of the Corporation for purposes of
paying insured deposits) of an institution described in
subsection (b)(3)(A) of this section; or
(II) transferred to a new institution organized
pursuant to section 1821(d)(2)(F) of this title;
(ii) nonperforming real estate loans with a book value
of not more than $1,000,000;
(iii) real property with a book value of not more than
$400,000; or
(iv) real property with a book value of more than
$400,000 or nonperforming real estate loans with a book
value of more than $1,000,000 for which the Corporation
determines, in writing, that a disposition not in conformity
with the requirements of subparagraph (A) will bring a
greater return to the Corporation.
(D) Coordination with paragraph (2)
No provision of this paragraph shall supersede the
requirements of paragraph (2).
(4) Division of minorities and women programs
(A) In general
The Corporation shall maintain a division of minorities and
women programs.
(B) Vice president
The head of the division shall be a vice president of the
Corporation and a member of the executive committee of the
Corporation.
(5) Chief financial officer
(A) In general
The chief executive officer of the Corporation shall appoint
a chief financial officer for the Corporation.
(B) Authority
The chief financial officer of the Corporation shall--
(i) have no operating responsibilities with respect to
the Corporation other than as chief financial officer;
(ii) report directly to the chief executive officer of
the Corporation; and
(iii) have such authority and duties of chief financial
officers of agencies under section 902 of title 31 as the
Thrift Depositor Protection Oversight Board determines to be
appropriate with respect to the Corporation.
(6) Basic ordering agreements
(A) Revision of procedures
The Corporation shall revise the procedure for reviewing and
qualifying applicants for eligibility for future contracts in a
specified service area (commonly referred to as ``basic ordering
agreements'' or ``task ordering agreements'') in such manner as
may be necessary to ensure that small businesses, minorities,
and women are not inadvertently excluded from eligibility for
such contracts.
(B) Review of lists
To ensure the maximum participation level possible of
minority- and women-owned businesses, the Corporation shall--
(i) review all lists of contractors determined to be
eligible for future contracts in a specified service area
and other contracting mechanisms; and
(ii) prescribe appropriate regulations and procedures.
(7) Improvement of contracting systems and contractor
oversight
The Corporation shall--
(A) maintain such procedures and uniform standards for--
(i) entering into contracts between the Corporation and
private contractors; and
(ii) overseeing the performance of contractors and
subcontractors under such contracts and compliance by
contractors and subcontractors with the terms of contracts
and applicable regulations, orders, policies, and guidelines
of the Corporation,
as may be appropriate in carrying out the Corporation's
operations in as efficient and economical a manner as may be
practicable;
(B) commit sufficient resources, including personnel, to
contract oversight and the enforcement of all laws, regulations,
orders, policies, and standards applicable to contracts with the
Corporation; and
(C) maintain uniform procurement guidelines for basic goods
and administrative services to prevent the acquisition of such
goods and services at widely different prices.
(8) Audit committee
(A) Establishment
The Thrift Depositor Protection Oversight Board shall
establish and maintain an audit committee.
(B) Duties
The audit committee shall have the following duties:
(i) Monitor the internal controls of the Corporation.
(ii) Monitor the audit findings and recommendations of
the inspector general of the Corporation and the Comptroller
General of the United States and the Corporation's response
to the findings and recommendations.
(iii) Maintain a close working relationship with the
inspector general of the Corporation and the Comptroller
General of the United States.
(iv) Regularly report the findings and any
recommendation of the audit committee to the Corporation and
the Thrift Depositor Protection Oversight Board.
(v) Monitor the financial operations of the Corporation
and report any incipient problem identified by the audit
committee to the Corporation and the Thrift Depositor
Protection Oversight Board.
(C) Federal Advisory Committee Act not applicable
The audit committee is not an advisory committee within the
meaning of section 3(2) of the Federal Advisory Committee Act.
(9) Corrective responses to audit problems
The Corporation shall--
(A) respond to problems identified by auditors of the
Corporation's financial and asset-disposition operations,
including problems identified in audit reports by the inspector
general of the Corporation, the Comptroller General of the
United States, and the audit committee; or
(B) certify to the Thrift Depositor Protection Oversight
Board that no action is necessary or appropriate.
(10) Assistant general counsel for professional liability
(A) Appointment
The Corporation shall appoint, within the division of legal
services of the Corporation, an assistant general counsel for
professional liability.
(B) Duties
The assistant general counsel for professional liability
shall--
(i) direct the investigation, evaluation, and
prosecution of all professional liability claims involving
the Corporation; and
(ii) supervise all legal, investigative, and other
personnel and contractors involved in the litigation of such
claims.
(C) Semiannual reports to the Congress
The assistant general counsel for professional liability
shall submit to the Congress a comprehensive litigation report,
not later than--
(i) April 30 of each year for the 6-month period ending
on March 31 of that year; and
(ii) October 31 of each year for the 6-month period
ending on September 30 of that year.
(D) Contents of reports
The semiannual reports required under subparagraph (C) shall
each address the activities of the counsel for professional
liability under subparagraph (B) and all civil actions--
(i) in which the Corporation is a party, which are filed
against--
(I) directors or officers of depository institutions
described in subsection (b)(3)(A) of this section; or
(II) attorneys, accountants, appraisers, or other
licensed professionals who performed professional
services for such depository institutions; and
(ii) which are initiated or pending during the period
covered by the report.
(11) Management information system
The Corporation shall maintain an effective management
information system capable of providing complete and current
information to the extent the provision of such information is
appropriate and cost-effective.
(12) Internal controls against fraud, waste, and abuse
The Corporation shall maintain effective internal controls
designed to prevent fraud, waste, and abuse, identify any such
activity should it occur, and promptly correct any such activity.
(13) Failure to appoint certain officers of the Corporation
The failure to fill any position established under this section
or any vacancy in any such position, shall be treated as a failure
to comply with the requirements of this subsection for purposes of
subsection (i)(4) of this section.
(14) Reports
(A) Disclosure of expenditures
The Corporation shall include in the annual report submitted
pursuant to subsection (k)(4) of this section an itemization of
the expenditures of the Corporation during the year for which
funds provided pursuant to subsection (i)(3) of this section
were used.
(B) Public disclosure of salaries
The Corporation shall include in the annual report submitted
pursuant to subsection (k)(4) of this section a disclosure of
the salaries and other compensation paid during the year covered
by the report to directors and senior executive officers at any
depository institution for which the Corporation has been
appointed conservator or receiver.
(15) Minority- and women-owned businesses contract parity
guidelines
The Corporation shall establish guidelines for achieving the
goal of a reasonably even distribution of contracts awarded to the
various subgroups of the class of minority- and women-owned
businesses and minority- and women-owned law firms whose total
number of certified contractors comprise not less than 5 percent of
all minority- and women-owned certified contractors. The guidelines
may reflect the regional and local geographic distributions of
minority subgroups. The distribution of contracts should not be
accomplished at the expense of any eligible minority- or women-owned
business or law firm in any subgroup that falls below the 5 percent
threshold in any region or locality.
(16) Contract sanctions for failure to comply with
subcontract and joint venture requirements
The Corporation shall prescribe regulations which provide
sanctions, including contract penalties and suspensions, for
violations by contractors of requirements relating to subcontractors
and joint ventures.
(17) Minority preference in acquisition of institutions in
predominantly minority neighborhoods
(A) In general
In considering offers to acquire any insured depository
institution, or any branch of an insured depository institution,
located in a predominantly minority neighborhood (as defined in
regulations prescribed under subsection (s) of this section),
the Corporation shall give preference to an offer from any
minority individual, minority-owned business, or a minority
depository institution, over any other offer that results in the
same cost to the Corporation, as determined under section
1823(c)(4) of this title.
(B) Capital assistance
(i) Eligibility
In order to effectuate the purposes of this paragraph,
any minority individual, minority-owned business, or a
minority depository institution shall be eligible for
capital assistance under the minority interim capital
assistance program established under subsection (u)(1) of
this section and subject to the provisions of subsection
(u)(3) of this section, to the extent that such assistance
is consistent with the application of section 1823(c)(4) of
this title.
(ii) Terms and conditions
Subsection (u)(4) of this section shall not apply to
capital assistance provided under this subparagraph.
(C) Performing assets
In the case of an acquisition of any depository institution
or branch described in subparagraph (A) by any minority
individual, minority-owned business, or a minority depository
institution, the Corporation may provide, in connection with
such acquisition and in addition to performing assets of the
depository institution or branch, other performing assets under
the control of the Corporation in an amount (as determined on
the basis of the Corporation's estimate of the fair market value
of the assets) not greater than the amount of net liabilities
carried on the books of the institution or branch, including
deposits, which are assumed in connection with the acquisition.
(D) First priority for disposition of assets
In the case of an acquisition of any depository institution
or branch described in subparagraph (A) by any minority
individual, minority-owned business, or a minority depository
institution, the disposition of the performing assets of the
depository institution or branch to such individual, business,
or minority depository institution shall have a first priority
over the disposition by the Corporation of such assets for any
other purpose.
(E) Definitions
For purposes of this paragraph, the following definitions
shall apply:
(i) Acquire
The term ``acquire'' has the same meaning as in section
1823(f)(8)(B) of this title.
(ii) Minority
The term ``minority'' has the same meaning as in section
1204(c)(3) of the Financial Institutions Reform, Recovery,
and Enforcement Act of 1989.
(iii) Minority depository institution
The term ``minority depository institution'' has the
same meaning as in subsection (s)(2) of this section.
(iv) Minority-owned business
The term ``minority-owned business'' has the same
meaning as in subsection (r)(4) of this section.
(18) Subcontracts with minority- and women-owned businesses
(A) Goals and procedures
(i) Reasonable goals
The Corporation shall establish reasonable goals for
contractors for services with the Corporation to subcontract
with minority- and women-owned businesses and law firms.
(ii) Procedures
The Corporation may not enter into any contract for the
provision of services to the Corporation, including legal
services, under which the contractor would receive fees or
other compensation in an amount equal to or greater than
$500,000, unless the Corporation requires the contractor to
subcontract with minority- or women-owned businesses,
including law firms, and to pay fees or other compensation
to such businesses in an amount commensurate with the
percentage of services provided by the business.
(iii) Exceptions
The Corporation may exclude a contract from the
requirements of clause (ii) if the Chief Executive Officer
of the Corporation determines in writing that imposing such
a subcontracting requirement would--
(I) substantially increase the cost of contract
performance; or
(II) undermine the ability of the contractor to
perform its obligations under the contract.
(B) Limited waiver authority
(i) In general
The Corporation may grant a waiver from the application
of this paragraph to any contractor with respect to a
contract described in subparagraph (A)(ii), if the
contractor certifies to the Corporation that it has
determined that no eligible minority- or women-owned
business is available to enter into a subcontract (with
respect to such contract) and provides an explanation of the
basis for such determination.
(ii) Waiver procedures
Any determination to grant a waiver under clause (i)
shall be made in writing by the Chief Executive Officer of
the Corporation.
(C) Report
Each quarterly report submitted by the Corporation pursuant
to subsection (k)(7) of this section shall contain a description
of each exception granted under subparagraph (A)(iii) and each
waiver granted under subparagraph (B) during the quarter covered
by the report.
(D) Definitions
For purposes of this paragraph, the following definitions
shall apply:
(i) Minority
The term ``minority'' has the same meaning as in section
1204(c)(3) of the Financial Institutions Reform, Recovery,
and Enforcement Act of 1989.
(ii) Minority- and women-owned business
The terms ``minority-owned business'' and ``women-owned
business'' have the same meanings as in subsection (r)(4) of
this section.
(19) Contracting procedures
(A) Procedures
In awarding any contract subject to the competitive bidding
process, the Corporation shall apply competitive bidding
procedures that are no less stringent than those in effect on
December 17, 1993.
(B) Cost to taxpayer
Nothing in this chapter, or any other provision of law,
shall supersede the Corporation's primary duty of minimizing
costs to the taxpayer and maximizing the total return to the
Government.
(20) Management of legal services
To improve the management of legal services, the Corporation--
(A) shall utilize staff counsel when such utilization would
provide the same level of quality in legal services as the use
of outside counsel at the same or a lower estimated cost; and
(B) may only employ outside counsel--
(i) if the use of outside counsel would provide the most
practicable, efficient, and cost-effective resolution to the
action; and
(ii) under a negotiated fee, contingent fee, or
competitively bid fee agreement.
(21) Client responsiveness units
The Corporation shall ensure that every regional office of the
Corporation contains a client responsiveness unit responsible to the
Corporation's ombudsman.
(x) Limitation on excessive compensation and cash awards
(1) Establishment of performance appraisal system required
The Corporation shall be treated as an agency for purposes of
sections 4302 and 4304 of title 5.
(2) Procedures for payment of cash awards
(A) In general
Sections 4502, 4503, and 4505a of title 5 shall apply with
respect to the Corporation.
(B) Limitation on amount of cash awards
For purposes of determining the amount of any performance-
based cash award payable to any employee of the Corporation
under section 4505a of title 5, the amount of basic pay of the
employee which may be taken into account under such section
shall not exceed the amount which is equal to the annual rate of
basic pay payable for level I of the Executive Schedule.
(3) All other cash awards and bonuses prohibited
Except as provided in paragraph (2), no cash award or bonus may
be made to any employee of the Corporation.
(4) Limitations on cash awards and bonuses
No employee shall receive any cash award or bonus if such
employee has given notice of an intent to resign to take a position
in the private sector before the payment of such cash award or bonus
or accepts employment in the private sector not later than 60 days
after receipt of such award or bonus.
(5) Limitation on excessive compensation
Except as provided in paragraphs (6) and (7), no employee may
receive a total amount of allowances, benefits, basic pay, and other
compensation, including bonuses and other awards, in excess of the
total amount of allowances, benefits, basic pay, and other
compensation, including bonuses and other awards, which are provided
to the chief executive officer of the Corporation.
(6) No reduction in rate of pay
The annual rate of basic pay and benefits, including any
regional pay differential, payable to any employee who was an
employee as of December 17, 1993, for any year ending after December
17, 1993, shall not be reduced, by reason of paragraph (5), below
the annual rate of basic pay and benefits, including any regional
pay differential, paid to such employee, by reason of such
employment, as of December 17, 1993.
(7) Employees serving in acting or temporary capacity
In the case of any employee who, as of December 17, 1993, is
serving in an acting capacity or is otherwise temporarily employed
at a higher grade than such employee's regular grade or position of
employment--
(A) the annual rate of basic pay and benefits, including any
regional pay differential, payable to such employee in such
capacity or at such higher grade shall not be reduced by reason
of paragraph (5) so long as such employee continues to serve in
such capacity or at such higher grade; and
(B) after such employee ceases to serve in such capacity or
at such higher grade, paragraph (6) shall be applied with
respect to such employee by taking into account only the annual
rate of basic pay and benefits, including any regional pay
differential, payable to such employee in such employee's
regular grade or position of employment.
(8) Definitions
(A) Allowances
For purposes of paragraph (5), the term ``allowances'' does
not include any allowance for travel and subsistence expenses
incurred by an employee while away from home or designated post
of duty on official business.
(B) Employee
For purposes of this subsection and sections 4302, 4502,
4503, and 4505a of title 5 (as applicable with respect to this
subsection), the term ``employee'' includes any officer or
employee assigned to the Corporation under subsection (b)(8) of
this section and any officer or employee of the Thrift Depositor
Protection Oversight Board.
(y) Authority to execute contracts
(1) Authorized persons
A person may execute a contract on behalf of the Corporation for
the provision of goods or services only if--
(A) that person--
(i) is a warranted contracting officer appointed by the
Corporation, or is a managing agent of a savings association
under the conservatorship of the Corporation; and
(ii) provides appropriate certification or other
identification, as required by the Corporation in accordance
with paragraph (2);
(B) the notice described in paragraph (4) is included in the
written contract; and
(C) that person has appropriate authority to execute the
contract on behalf of the Corporation in accordance with the
notice published by the Corporation in accordance with paragraph
(5).
(2) Presentation of identification
Prior to executing any contract described in paragraph (1) with
any person, a warranted contracting officer or managing agent shall
present to that person--
(A) a valid certificate of appointment (or such other
identification as may be required by the Corporation) that is
signed by the appropriate officer of the Corporation; or
(B) a copy of such certificate, authenticated by the
Corporation.
(3) Treatment of unauthorized contracts
A contract described in paragraph (1) that fails to meet the
requirements of this section--
(A) shall be null and void; and
(B) shall not be enforced against the Corporation or its
agents by any court.
(4) Inclusion of notice in contract terms
Each written contract described in paragraph (1) shall contain a
clear and conspicuous statement (in boldface type) in immediate
proximity to the space reserved for the signatures of the
contracting parties as follows:
``Only warranted contracting officers appointed by the
Resolution Trust Corporation or managing agents of associations
under the conservatorship of the Resolution Trust Corporation have
the authority to execute contracts on behalf of the Resolution Trust
Corporation. Such persons have certain limits on their contracting
authority. The nature and extent of their contracting authority
levels are published in the Federal Register.
``A warranted contracting officer or a managing agent must
present identification in the form of a signed certificate of
appointment (or an authenticated copy of such certificate) or other
identification, as required by the Corporation, prior to executing
any contract on behalf of the Resolution Trust Corporation.
``Any contract that is not executed by a warranted contracting
officer or the managing agent of a savings association under the
conservatorship of the Resolution Trust Corporation, acting in
conformity with his or her contracting authority, shall be null and
void, and will not be enforceable by any court.''
(5) Notice of requirements
Not later than 30 days after December 17, 1993, the Corporation
shall publish notice in the Federal Register of--
(A) the requirements for appointment by the Corporation as a
warranted contracting officer; and
(B) the nature and extent of the contracting authority to be
exercised by any warranted contracting officer or managing
agent.
(6) Exception
This section does not apply to--
(A) any contract between the Corporation and any other
person governing the purchase or assumption by that person of--
(i) the ownership of a savings association under the
conservatorship of the Corporation; or
(ii) the assets or liabilities of a savings association
under the conservatorship or receivership of the
Corporation; or
(B) any contract executed by the Inspector General of the
Corporation (or any designee thereof) for the provision of goods
or services to the Office of the Inspector General of the
Corporation.
(7) Execution of contracts
For purposes of this subsection, the execution of a contract
includes all modifications to such contract.
(8) Effective date
The requirements of this subsection shall apply to all contracts
described in paragraph (1) executed on or after the date which is 45
days after December 17, 1993.
(z) Additional contracting requirements
(1) In general
No person shall execute, on behalf of the Corporation, any
contract, or modification to a contract, for goods or services
exceeding $100,000 in value unless the person executing the contract
or modification states in writing that--
(A) the contract or modification is for a fixed price, the
person has received a written cost estimate for the contract or
modification, or a cost estimate cannot be obtained as a
practical matter with an explanation of why such a cost estimate
cannot be obtained as a practical matter;
(B) the person has received the written statement described
in paragraph (2); and
(C) the person is satisfied that the contract or
modification to be executed has been approved by a person
legally authorized to do so pursuant to a written delegation of
authority.
(2) Written delegation of authority
A person who authorizes a contract, or a modification to a
contract, involving the Corporation for goods or services exceeding
$100,000 in value shall state, in writing, that he or she has been
delegated the authority, pursuant to a written delegation of
authority, to authorize that contract or modification.
(3) Effect of failure to comply
The failure of any person executing a contract, or a
modification of a contract, on behalf of the Corporation, or
authorizing such a contract or modification of a contract, to comply
with the requirements of this subsection shall not void, or serve as
grounds to void or rescind, any otherwise properly executed
contract.
(July 22, 1932, ch. 522, Sec. 21A, as added Pub. L. 101-73, title V,
Sec. 501(a), Aug. 9, 1989, 103 Stat. 363; amended Pub. L. 101-625, title
VIII, Sec. 804(d), title IX, Sec. 914(c), Nov. 28, 1990, 104 Stat. 4323,
4395; Pub. L. 101-647, title XXV, Secs. 2526(c), 2540, Nov. 29, 1990,
104 Stat. 4876, 4885; Pub. L. 102-18, title I, Secs. 101, 102(a),
103(a), 104, 105, title II, Secs. 201, 202, title III, Sec. 301, title
IV, Sec. 401, Mar. 23, 1991, 105 Stat. 58, 60-63, 65; Pub. L. 102-139,
title V, Sec. 523(a), Oct. 28, 1991, 105 Stat. 781; Pub. L. 102-233,
title I, Secs. 101, 103, 105, 106(a)-(e)(1), title II, Sec. 201, title
III, Secs. 302(b), (c), 303-312, 314, 316, title IV, Secs. 401, 402(a),
403-405, title V, Sec. 501, title VI, Secs. 601-611, 613-617, Dec. 12,
1991, 105 Stat. 1761-1765, 1767-1770, 1772-1774, 1776-1789; Pub. L. 102-
242, title I, Sec. 141(a)(3), title II, Sec. 251(c)(1), title IV,
Sec. 471, Dec. 19, 1991, 105 Stat. 2276, 2333, 2385; Pub. L. 102-378,
Sec. 5(e), Oct. 2, 1992, 106 Stat. 1358; Pub. L. 102-550, title V,
Secs. 503(c)(3), 509(i), title XVI, Secs. 1611(a), (d)(1)-(3), 1612,
1613(a)(1)-(6), (8), (b)-(h), 1614(a)(1)-(5), (7), (b), 1615(a)(2),
1616, Oct. 28, 1992, 106 Stat. 3780, 3783, 4090-4096; Pub. L. 103-204,
Secs. 2-3(b), 4(a), 5(a), (b)(2), 7, 12, 14(a)(1), (c)(2), (d)(1),
(e)(1), (f)(1), 15(a), 16(a), 17(a), 21(b), 24, 27(a), 29-31, 36, Dec.
17, 1993, 107 Stat. 2370-2380, 2382, 2383, 2390, 2391, 2395-2400, 2406,
2408, 2410-2413, 2415; Pub. L. 103-211, title IV, Sec. 406, Feb. 12,
1994, 108 Stat. 41; Pub. L. 103-325, title VI, Sec. 602(b), Sept. 23,
1994, 108 Stat. 2291; Pub. L. 103-328, title II, Sec. 201(b), Sept. 29,
1994, 108 Stat. 2368; Pub. L. 104-66, title II, Sec. 2231, Dec. 21,
1995, 109 Stat. 733; Pub. L. 104-208, div. A, title II,
Sec. 2704(d)(11)(B)-(D), Sept. 30, 1996, 110 Stat. 3009-489; Pub. L.
105-135, title VI, Sec. 604(b), Dec. 2, 1997, 111 Stat. 2633; Pub. L.
106-400, Sec. 2, Oct. 30, 2000, 114 Stat. 1675.)
References in Text
Level II of the Executive Schedule, referred to in subsec.
(a)(4)(C), is set out in section 5313 of Title 5, Government
Organization and Employees.
Section 9105 of title 31, referred to in subsec. (b)(2), was amended
generally by Pub. L. 101-576, title III, Sec. 305, Nov. 15, 1990, 104
Stat. 2853, and, as so amended, no longer contains provisions relating
to mixed-ownership Government corporations having capital of the
Government.
August 9, 1989, referred to in subsec. (b)(10)(C)(ii), was in the
original ``the date of enactment of the Financial Institutions Reform,
Recovery and Enforcement Act of 1989'', and was translated as meaning
the date of enactment of the Financial Institutions Reform, Recovery,
and Enforcement Act of 1989, Pub. L. 101-73, to reflect the probable
intent of Congress.
Section 519(a) of the Department of Veterans Affairs and Housing and
Urban Development, and Independent Agencies Appropriations Act, 1991,
referred to in subsec. (b)(10)(C)(ii), is section 519(a) of Pub. L. 101-
507, 104 Stat. 1386, which is not classified to the Code.
The Financial Institutions Reform, Recovery, and Enforcement Act of
1989, referred to in subsecs. (c)(6)(A)(ii), (j)(2)(A), (m)(3)(B),
(s)(2)(C), (t)(3)(A), (u)(5)(A), and (w)(17)(E)(ii), (18)(D)(i), is Pub.
L. 101-73, Aug. 9, 1989, 103 Stat. 183. Section 404(9) of the Act is set
out in a note under section 1437 of this title. Section 1204(c)(3) of
the Act is set out as a note under section 1811 of this title. For
complete classification of this Act to the Code, see Short Title of 1989
Amendment note set out under section 1811 of this title and Tables.
The United States Housing Act of 1937, referred to in subsec.
(c)(6)(B) is act Sept. 1, 1937, ch. 896, as revised generally by Pub. L.
93-383, title II, Aug. 22, 1974, 88 Stat. 653, which is classified
generally to chapter 8 (Sec. 1437 et seq.) of Title 42, The Public
Health and Welfare. For complete classification of this Act to the Code,
see Short Title note set out under section 1437 of Title 42 and Tables.
The McKinney-Vento Homeless Assistance Act, referred to in subsec.
(c)(6)(B), is Pub. L. 100-77, July 22, 1987, 101 Stat. 482, as amended.
Title IV of the Act is classified principally to subchapter IV
(Sec. 11361 et seq.) of chapter 119 of Title 42. For complete
classification of this Act to the Code, see Short Title note set out
under section 11301 of Title 42 and Tables.
Section 810 of the Housing and Community Development Act of 1974,
referred to in subsec. (c)(6)(B), (E)(i), is section 810 of Pub. L. 93-
383, which was classified to section 1706e of this title, and was
repealed by Pub. L. 101-625, title II, Sec. 289(b), Nov. 28, 1990, 104
Stat. 4128.
The National Housing Act, referred to in subsec. (c)(6)(B), is act
June 27, 1934, ch. 847, 48 Stat. 1246, as amended, which is classified
principally to chapter 13 (Sec. 1701 et seq.) of this title. For
complete classification of this Act to the Code, see section 1701 of
this title and Tables.
The Housing Act of 1949, referred to in subsec. (c)(6)(C), is act
July 15, 1949, ch. 338, 63 Stat. 413, as amended. Title V of the Housing
Act of 1949 is classified generally to subchapter III (Sec. 1471 et
seq.) of chapter 8A of Title 42, The Public Health and Welfare. For
complete classification of this Act to the Code, see Short Title note
set out under section 1441 of Title 42 and Tables.
The Cranston-Gonzalez National Affordable Housing Act, referred to
in subsec. (c)(6)(E)(i), is Pub. L. 101-625, Nov. 28, 1990, 104 Stat.
4079. Title II of the Act, known as the HOME Investment Partnerships
Act, is classified principally to subchapter II (Sec. 12721 et seq.) of
chapter 130 of Title 42. For complete classification of this Act to the
Code, see Short Title note set out under section 12701 of Title 42 and
Tables.
The Housing and Community Development Act of 1968, referred to in
subsec. (c)(9)(B)(iii), probably means the Housing and Urban Development
Act of 1968, Pub. L. 90-448, Aug. 1, 1968, 82 Stat. 476, as amended.
Title IX of the Act is classified principally to chapter 49 (Sec. 3931
et seq.) of Title 42. For complete classification of this Act to the
Code, see Short Title of 1968 Amendments note set out under section 1701
of this title and Tables.
Section 14(b) of the Resolution Trust Corporation Completion Act,
referred to in subsec. (c)(17)(A), is section 14(b) of Pub. L. 103-204,
which is set out as a note under section 1831q of this title.
The Federal Advisory Committee Act, referred to in subsecs. (d)(5)
and (w)(8)(C), is Pub. L. 92-463, Oct. 6, 1972, 86 Stat. 770, as
amended, which is set out in the Appendix to Title 5, Government
Organization and Employees.
The Home Owners' Loan Act, referred to in subsec. (k)(9), is act
June 13, 1933, ch. 64, 48 Stat. 128, as amended, which is classified
generally to chapter 12 (Sec. 1461 et seq.) of this title. For complete
classification of this Act to the Code, see section 1461 of this title
and Tables.
Section 6(c) of the Resolution Trust Corporation Completion Act,
referred to in subsec. (m)(3)(A), is section 6(c) of Pub. L. 103-204,
which is set out below.
The Securities Act of 1933, referred to in subsec. (o)(1), is act
May 27, 1933, ch. 38, title I, 48 Stat. 74, as amended, which is
classified generally to subchapter I (Sec. 77a et seq.) of chapter 2A of
Title 15, Commerce and Trade. For complete classification of this Act to
the Code, see section 77a of Title 15 and Tables.
Level I of the Executive Schedule, referred to in subsec. (x)(2)(B),
is set out in section 5312 of Title 5, Government Organization and
Employees.
Amendments
2000--Subsecs. (b)(16), (17)(A)(ii), (c)(6)(B). Pub. L. 106-400
substituted ``McKinney-Vento Homeless Assistance Act'' for ``Stewart B.
McKinney Homeless Assistance Act''.
1997--Subsec. (b)(13). Pub. L. 105-135 substituted ``small business
concerns, small business concerns owned and controlled by socially and
economically disadvantaged individuals, and qualified HUBZone small
business concerns (as defined in section 632(p) of title 15)'' for
``small business concerns and small business concerns owned and
controlled by socially and economically disadvantaged individuals''.
1996--Subsec. (b)(4)(B). Pub. L. 104-208, Sec. 2704(d)(11)(B), which
directed the amendment of subpar. (B) by substituting ``Deposit
Insurance Fund'' for ``affected deposit insurance fund'', was not
executed. See Effective Date of 1996 Amendment note below.
Subsec. (b)(6)(B). Pub. L. 104-208, Sec. 2704(d)(11)(C), which
directed the amendment of subpar. (B) by substituting ``Charter
conversions'' for ``SAIF-insured banks'' in heading and ``savings
association'' for ``Savings Association Insurance Fund member'' in text,
was not executed. See Effective Date of 1996 Amendment note below.
Subsec. (b)(10)(A)(iv)(II). Pub. L. 104-208, Sec. 2704(d)(11)(D),
which directed the amendment of subcl. (II) by substituting ``Deposit
Insurance Fund'' for ``Savings Association Insurance Fund'', was not
executed. See Effective Date of 1996 Amendment note below.
1995--Subsec. (k)(9). Pub. L. 104-66 substituted ``June 30 and
December 31 of each calendar year'' for ``the end of each calendar
quarter''.
1994--Subsec. (a)(11). Pub. L. 103-325, Sec. 602(b)(1), substituted
``a United States district court'' for ``a United States District
Court''.
Subsec. (b)(11)(B)(iii). Pub. L. 103-325, Sec. 602(b)(2), struck out
comma after ``chapter 5''.
Subsec. (b)(11)(E)(iv)(II). Pub. L. 103-325, Sec. 602(b)(3),
substituted ``knowledgeable'' for ``knowledgable''.
Subsec. (b)(11)(G). Pub. L. 103-325, Sec. 602(b)(4), inserted
heading.
Subsec. (b)(14)(C)(i). Pub. L. 103-211 added cl. (i) and struck out
former cl. (i) which read as follows: ``the 5-year period beginning on
the date the claim accrues (as determined pursuant to section
1821(d)(14)(B) of this title); or''.
Subsec. (b)(14)(E). Pub. L. 103-328 added subpar. (E).
Subsec. (r)(4). Pub. L. 103-325, Sec. 602(b)(5), substituted
``subsection, the following definitions shall apply:'' for
``subsection--''.
Subsec. (s)(2). Pub. L. 103-325, Sec. 602(b)(6), substituted
``subsection, the following definitions shall apply:'' for
``subsection--''.
Subsec. (u)(5). Pub. L. 103-325, Sec. 602(b)(7), substituted
``subsection, the following definitions shall apply:'' for
``subsection--''.
1993--Subsec. (a)(6)(K). Pub. L. 103-204, Sec. 5(b)(2), added
subpar. (K).
Subsec. (b)(3)(A)(ii). Pub. L. 103-204, Sec. 27(a)(1), substituted
``such date as is determined by the Chairperson of the Thrift Depositor
Protection Oversight Board, but not earlier than January 1, 1995, and
not later than July 1, 1995'' for ``October 1, 1993''.
Subsec. (b)(4)(C). Pub. L. 103-204, Sec. 3(b), added subpar. (C).
Subsec. (b)(6). Pub. L. 103-204, Secs. 27(a)(2), 36, substituted
``such date as is determined by the Chairperson of the Thrift Depositor
Protection Oversight Board under paragraph (3)(A)(ii)'' for ``October 1,
1993'' in two places, designated existing provisions as subpar. (A),
inserted heading, and added subpar. (B).
Subsec. (b)(8)(E), (F). Pub. L. 103-204, Sec. 24, added subpars. (E)
and (F).
Subsec. (b)(8)(G). Pub. L. 103-204, Sec. 29, added subpar. (G).
Subsec. (b)(14) to (17). Pub. L. 103-204, Secs. 4(a), 15(a), 16(a),
17(a), added pars. (14) to (17).
Subsec. (c)(6)(A)(ii). Pub. L. 103-204, Sec. 14(d)(1), inserted at
end ``The Corporation shall periodically provide, to a wide range of
minority- and women-owned businesses engaged in providing affordable
housing and to nonprofit organizations, more than 50 percent of the
control of which is held by 1 or more minority individuals, that are
engaged in providing affordable housing, information that is sufficient
to inform such businesses and organizations of the availability and
terms of financing under this clause; such information may be provided
directly, by notices published in periodicals and other publications
that regularly provide information to such businesses or organizations,
and through persons and organizations that regularly provide information
or services to such businesses or organizations. For purposes of this
clause, the terms `women-owned business' and `minority-owned business'
have the meanings given such terms in subsection (r) of this section,
and the term `minority' has the meaning given such term in section
1204(c)(3) of the Financial Institutions Reform, Recovery, and
Enforcement Act of 1989.''
Subsec. (c)(9)(D)(ii). Pub. L. 103-204, Sec. 12(1), added cl. (ii)
and struck out former cl. (ii) which read as follows: ``that has an
appraised value that does not exceed $67,500 in the case of a 1-family
residence, $76,000 in the case of a 2-family residence, $92,000 in the
case of a 3-family residence, and $107,000 in the case of a 4-family
residence.''
Subsec. (c)(9)(G). Pub. L. 103-204, Sec. 12(2), realigned margin of
subcl. (I) and redesignated it as cl. (i) and substituted cl. (ii) for
subcl. (II) which read as follows: ``that has an appraised value that
does not exceed $67,500 in the case of a 1-family residence, $76,000 in
the case of a 2-family residence, $92,000 in the case of a 3-family
residence, and $107,000 in the case of a 4-family residence.''
Subsec. (c)(11)(D). Pub. L. 103-204, Sec. 14(f)(1), added subpar.
(D).
Subsec. (c)(16), (17). Pub. L. 103-204, Sec. 14(a)(1), (e)(1), added
pars. (16) and (17).
Subsec. (d)(2). Pub. L. 103-204, Sec. 14(c)(2), amended par. (2)
generally, substituting ``(2) [Reserved]'' for former par. (2) which
read as follows: ``National Housing Advisory Board.--
``(A) Establishment.--The Thrift Depositor Protection Oversight
Board shall establish a National Housing Advisory Board to advise
the Thrift Depositor Protection Oversight Board on policies and
programs related to the provision of affordable housing.
``(B) Membership.--The National Housing Advisory Board shall
consist of--
``(i) the Secretary of Housing and Urban Development; and
``(ii) the chairpersons of any regional advisory boards
established pursuant to paragraph (3).
``(C) Meetings.--The National Housing Advisory Board shall meet
4 times a year, or more frequently if requested by the Thrift
Depositor Protection Oversight Board.''
Subsec. (i)(3) to (6). Pub. L. 103-204, Sec. 2, struck out ``until
April 1, 1992'' after ``this section'' in par. (3) and added pars. (4)
to (6).
Subsec. (m)(1). Pub. L. 103-204, Sec. 7(b), substituted ``December
31, 1995'' for ``December 31, 1996''.
Subsec. (m)(3). Pub. L. 103-204, Sec. 7(a), added par. (3).
Subsec. (q)(1). Pub. L. 103-204, Sec. 21(b)(1), substituted
``regarding--
``(A) a possible violation of any law or regulation; or
``(B) gross mismanagement, a gross waste of funds, an abuse of
authority, or a substantial and specific danger to public health or
safety;
by the Corporation, the Thrift Depositor Protection Oversight Board, or
such person or any director, officer, or employee of the Corporation,
the Thrift Depositor Protection Oversight Board, or the person.'' for
``regarding any possible violation of any law or regulation by the
Corporation, the Thrift Depositor Protection Oversight Board, or such
person or any director, officer, or employee of the Corporation, the
Thrift Depositor Protection Oversight Board, or the person.''
Subsec. (q)(5). Pub. L. 103-204, Sec. 21(b)(2), added par. (5).
Subsec. (w). Pub. L. 103-204, Sec. 3(a), added subsec. (w).
Subsec. (x). Pub. L. 103-204, Sec. 5(a), added subsec. (x).
Subsec. (y). Pub. L. 103-204, Sec. 30, added subsec. (y).
Subsec. (z). Pub. L. 103-204, Sec. 31, added subsec. (z).
1992--Pub. L. 102-550, Sec. 1613(a)(6), inserted ``Thrift Depositor
Protection'' before ``Oversight Board'' in section catchline.
Subsec. (a)(2). Pub. L. 102-550, Sec. 1613(b)(2), struck out second
period after ``by this chapter.''
Pub. L. 102-550, Sec. 1613(b)(1), made technical amendment to
directory language of Pub. L. 102-233, Sec. 303(2). See 1991 Amendment
note below.
Subsec. (a)(6). Pub. L. 102-550, Sec. 1613(a)(4), substituted
``Thrift Depositor Protection Oversight'' for ``Oversight'' in heading.
Subsec. (a)(6)(C). Pub. L. 102-550, Sec. 1613(c)(1), substituted
``paragraph (8)'' for ``paragraph (8) of this subsection:
``Provided, That if the Thrift Depositor Protection Oversight Board
requires the modification of any overall strategies, policies and goals,
it shall, within 30 days of the date at which it directs the RTC make
such modification, provide the House and Senate Banking Committees with
an explanation that identifies which ground justifies the review and
giving reasons why the modification is necessary to satisfy these
grounds.''
Subsec. (a)(8). Pub. L. 102-550, Sec. 1613(f)(1), struck out ``In
general'' before ``The Corporation shall''.
Subsec. (a)(10). Pub. L. 102-550, Sec. 1613(d)(1), substituted
``Open'' for ``Quarterly'' in heading, ``6'' for ``4'' in text, and
inserted at end: ``The Thrift Depositor Protection Oversight Board shall
maintain a transcript of the board's open meetings.''
Subsec. (a)(15), (16). Pub. L. 102-550, Sec. 1613(c)(2), added par.
(15) and redesignated former par. (15) as (16).
Subsec. (b)(8)(A). Pub. L. 102-550, Sec. 1613(e), substituted
``Except for the chief executive officer of the Corporation,'' for
``Except for its chief executive officer,''.
Subsec. (b)(8)(B)(i). Pub. L. 102-550, Sec. 1612, made technical
amendment to first reference to December 12, 1991, to correct reference
to corresponding provisions of original act.
Pub. L. 102-378, which directed that subsec. (b)(9)(B)(i) of this
section, as amended by section 201 of Pub. L. 102-233, be amended by
striking out the last three sentences, was executed to subsec.
(b)(8)(B)(i) of this section, to reflect the probable intent of Congress
and the intervening redesignation of par. (9) as (8) by section 310 of
Pub. L. 102-233 (see 1991 Amendment note below). Prior to amendment,
last three sentences read as follows: ``Any employee or officer in the
executive service of the Federal Deposit Insurance Corporation who was
performing services on behalf of the Corporation at level E-4 or above
immediately prior to December 12, 1991, shall continue to be assigned to
perform substantially similar services on behalf of the Corporation
after December 12, 1991, unless the Corporation--
``(I) determines that the services of any such employees are
unnecessary, or
``(II) reassigns or substantially alters the responsibilities or
duties of any such employees.
If an action described in subclause (I) or (II) occurs, any such
employee with at least 20 years of service, as defined by chapter 83 or
chapter 84 of title 5, shall be entitled to an annuity under section
8336(d) or section 8414(b)(1) of title 5, notwithstanding the fact that
such employee has not attained the age of 50 years or has declined
another position with the Federal Deposit Insurance Corporation, and the
annuity of such employee shall not be reduced because of the age of such
employee. The Federal Deposit Insurance Corporation shall reimburse the
appropriate retirement insurance fund for any increased costs it incurs
as a result of the annuities authorized pursuant to this clause.''
Subsec. (b)(9)(G). Pub. L. 102-550, Sec. 1613(h)(1)(A), substituted
``(10)(A)(iv)'' for ``(11)(A)(iv)''.
Subsec. (b)(9)(I). Pub. L. 102-550, Sec. 1613(h)(1)(B), struck out
``through its Board of Directors'' after ``prescribe''.
Subsec. (b)(10)(A). Pub. L. 102-550, Sec. 1613(h)(2), substituted
``(9)'' for ``(10)'' in introductory provisions and ``(11)'' for
``(12)'' in cl. (i).
Subsec. (b)(11)(E)(i). Pub. L. 102-550, Sec. 1613(h)(3), substituted
``the chief executive officer's'' for ``its''.
Subsec. (c)(3)(E). Pub. L. 102-550, Sec. 1616(a), in cl. (i)(I),
substituted ``property in which the units are located; and'' for
``building property structure in which the units are located: Provided,
That'', in cl. (i)(II), struck out ``shall be made available for
occupancy'' after ``units purchased'', inserted ``(including very low-
income families taken into account for purposes of subclause (I))''
after ``very low-income families'', and substituted ``property'' for
``building or structure'', and in cl. (ii)(II), substituted ``property''
for ``building property structure'' after ``useful life of the'' in two
places, and inserted ``(including very low-income families taken into
account for purposes of subdivision (a) of this subclause)'' after
``very low-income families'' in subdiv. (b).
Subsec. (c)(7). Pub. L. 102-550, Sec. 1613(h)(4), substituted
``(b)(10)(A)'' for ``(b)(11)(A)''.
Subsec. (c)(8)(B). Pub. L. 102-550, Sec. 1616(b), repealed Pub. L.
102-233, Sec. 611. See 1991 Amendment note below.
Subsec. (c)(8)(B)(ii). Pub. L. 102-550, Sec. 1615(a)(2), substituted
``subchapter B'' for ``subchapter A''.
Subsec. (c)(9)(D)(ii). Pub. L. 102-550, Sec. 503(c)(3), substituted
``$67,500 in the case of a 1-family residence, $76,000 in the case of a
2-family residence, $92,000 in the case of a 3-family residence, and
$107,000 in the case of a 4-family residence'' for ``the applicable
dollar amount set forth in the first sentence of section 203(b)(2) of
the National Housing Act (without regard to any increase of such amount
for high cost areas)''.
Subsec. (c)(9)(E)(i)(II), (ii)(II). Pub. L. 102-550, Sec. 509(i),
substituted ``, for such part of the property as may be attributable to
dwelling use (excluding exterior land improvements), $29,500 per family
unit without a bedroom, $33,816 per family unit with 1 bedroom, $41,120
per family unit with 2 bedrooms, $53,195 per family unit with 3
bedrooms, and $58,392 per family unit with 4 or more bedrooms'' for
``the applicable dollar amount set forth in section 221(d)(3)(ii) of the
National Housing Act for elevator-type structures (without regard to any
increase of such amount for high-cost areas)''.
Subsec. (c)(9)(G)(ii). Pub. L. 102-550, Sec. 503(c)(3), substituted
``$67,500 in the case of a 1-family residence, $76,000 in the case of a
2-family residence, $92,000 in the case of a 3-family residence, and
$107,000 in the case of a 4-family residence'' for ``the applicable
dollar amount set forth in the first sentence of section 203(b)(2) of
the National Housing Act (without regard to any increase of such amount
for high-cost areas)''.
Subsec. (c)(10). Pub. L. 102-550, Sec. 1613(d)(2), struck out at end
``The Thrift Depositor Protection Oversight Board shall maintain a
transcript of its open meetings.'' See note for subsec. (a)(10) above
and 1991 Amendment note below.
Subsec. (d)(1)(B)(ii). Pub. L. 102-550, Sec. 1613(h)(5), substituted
``paragraph (3)'' for ``paragraph (2)''.
Subsec. (i)(3). Pub. L. 102-550, Sec. 1611(a), inserted comma after
``necessary'' and after ``billion''.
Subsec. (k). Pub. L. 102-550, Sec. 1613(a)(1), repealed Pub. L. 102-
233, Sec. 302(c). See 1991 Amendment note below.
Subsec. (k)(3)(B). Pub. L. 102-550, Sec. 1613(h)(6), substituted
``subsection (b)(10)(B)'' for ``subsection (b)(11)(B)''.
Subsec. (k)(6)(A)(vii). Pub. L. 102-550, Sec. 1613(a)(2), inserted
``Thrift Depositor Protection'' before ``Oversight Board's''.
Subsec. (k)(7). Pub. L. 102-550, Sec. 1611(d)(1), substituted
``preceding calendar quarter'' for ``quarter ending on the last day of
the month ending before the month in which such report is required to be
submitted''.
Subsec. (k)(10)(A). Pub. L. 102-550, Sec. 1611(d)(2), which directed
amendment of section ``21A(k)(10) of the Federal Home Loan Bank Board'',
by inserting ``Thrift Depositor Protection'' before ``Oversight Board''
wherever appearing, was probably intended as an amendment to subsec.
(k)(10) of this section, which is section 21A of the Federal Home Loan
Bank Act, but was not executed in view of similar amendment by Pub. L.
102-233, Sec. 302(b). See 1991 Amendment note below for subsec. (k).
Subsec. (k)(11)(A). Pub. L. 102-550, Sec. 1611(d)(3)(A), which
directed amendment by inserting ``Thrift Depositor Protection'' before
``Oversight Board'', as not executed in view of similar amendment by
Pub. L. 102-233, Sec. 302(b). See 1991 Amendment note below for subsec.
(k).
Subsec. (k)(11)(B). Pub. L. 102-550, Sec. 1611(d)(3)(B), substituted
``employees'' for ``an employee'' and ``General'' for ``Government''.
Subsec. (l)(3)(B). Pub. L. 102-550, Sec. 1613(g), substituted ``for
that party or the filing'' for ``for that party of the filing''.
Subsec. (n)(8). Pub. L. 102-550, Sec. 1613(a)(5), inserted ``Thrift
Depositor Protection'' before ``Oversight Board'' in heading.
Subsec. (o)(2). Pub. L. 102-550, Sec. 1613(f)(2), substituted
``includes any officer or employee of the Federal Deposit'' for
``includes--any officer or employee of the Federal Deposit''.
Subsec. (q). Pub. L. 102-550, Sec. 1614(a)(7)(B), redesignated
subsec. (q), relating to continuation of obligation to provide services,
as (v).
Pub. L. 102-550, Sec. 1614(a)(7)(A), amended directory language of
Pub. L. 102-242, Sec. 471. See 1991 Amendment note below.
Pub. L. 102-550, Sec. 1614(a)(5)(E), transferred and inserted
subsec. (q), relating to employee protection remedies, after subsec.
(p), effective Dec. 19, 1991.
Pub. L. 102-550, Sec. 1613(a)(8), inserted ``Thrift Depositor
Protection'' before ``Oversight Board'' in heading of subsec. (q)
relating to employee protection remedies.
Pub. L. 102-550, Secs. 1613(a)(3), 1614(b)(4), which directed
identical amendment of subsec. (q), relating to employee protection
remedies, by inserting ``Thrift Depositor Protection'' before
``Oversight Board'', was not executed in view of similar amendment by
Pub. L. 102-233, Sec. 302(b). See 1991 Amendment note below.
Subsec. (r). Pub. L. 102-550, Sec. 1614(a)(5)(A), redesignated
subsec. (t) as (r).
Pub. L. 102-550, Sec. 1614(a)(1), amended Pub. L. 102-233, Sec. 401,
transferring and inserting subsec. (r) [formerly (t)] after subsec. (p)
effective Dec. 12, 1991. See 1991 Amendment note below.
Subsec. (s). Pub. L. 102-550, Sec. 1614(a)(5)(B), redesignated
subsec. (u) as (s).
Subsec. (t). Pub. L. 102-550, Sec. 1614(a)(5)(C), redesignated
subsec. (v) as (t). Former subsec. (t) redesignated (r).
Pub. L. 102-550, Sec. 1614(a)(1), amended directory language of Pub.
L. 102-233, Sec. 401. See 1991 Amendment note below.
Subsec. (t)(1). Pub. L. 102-550, Sec. 1614(b)(1), substituted ``the
minority capital assistance program established under subsection (u)(1)
of this section'' for ``minority interim capital assistance program
established by the Oversight Board by regulation pursuant to the
strategic plan under subsection (a) of this section''.
Subsec. (t)(3)(B). Pub. L. 102-550, Sec. 1614(b)(3), substituted
``section 1823(f)(8)(B)'' for ``section 1823(c)(8)''.
Subsec. (u). Pub. L. 102-550, Sec. 1614(a)(5)(D), redesignated
subsec. (w) as (u). Former subsec. (u) redesignated (s).
Pub. L. 102-550, Sec. 1614(a)(2), made technical correction to
directory language of Pub. L. 102-233, Sec. 402(a). See 1991 Amendment
note below.
Subsec. (u)(1). Pub. L. 102-550, Sec. 1614(b)(2), substituted
``administered by the Corporation pursuant to the policy statement
entitled the `Interim Statement of Policy Regarding Resolutions of
Minority-Owned Depository Institutions' adopted by the Corporation on
January 30, 1990'' for ``established by the Oversight Board by
regulation pursuant to the strategic plan under subsection (a) of this
section''.
Subsec. (u)(5)(B). Pub. L. 102-550, Sec. 1614(b)(3), substituted
``section 1823(f)(8)(B)'' for ``section 1823(c)(8)''.
Subsec. (v). Pub. L. 102-550, Sec. 1614(a)(7)(B), redesignated
subsec. (q), relating to continuation of obligation to provide services,
as (v). Former subsec. (v) redesignated (t).
Pub. L. 102-550, Sec. 1614(a)(3), made technical correction to
directory language of Pub. L. 102-233, Sec. 403. See 1991 Amendment note
below.
Subsec. (w). Pub. L. 102-550, Sec. 1614(a)(5)(D), redesignated
subsec. (w) as (u).
Pub. L. 102-550, Sec. 1614(a)(4), made technical correction to
directory language of Pub. L. 102-233, Sec. 404. See 1991 Amendment note
below.
1991--Subsec. (a). Pub. L. 102-233, Sec. 302(b), substituted
``Thrift Depositor Protection Oversight Board'' for ``Oversight Board''
wherever appearing.
Subsec. (a)(2). Pub. L. 102-233, Sec. 303(2), as amended by Pub. L.
102-550, Sec. 1613(b)(1), inserted before period at end of first
sentence ``and shall be accountable for the duties assigned to the
Thrift Depositor Protection Oversight Board by this chapter.''
Pub. L. 102-233, Sec. 303(1), substituted ``monitor the operations
of'' for ``be accountable for'' in first sentence.
Subsec. (a)(3)(A). Pub. L. 102-233, Sec. 304(1), in introductory
provisions, substituted ``7'' for ``5'', added cls. (iii) through (v),
redesignated former cl. (iv) as (vi), and struck out former cl. (iii)
which directed that Secretary of Housing and Urban Development be member
of Board.
Subsec. (a)(3)(E). Pub. L. 102-233, Sec. 304(2), substituted ``4''
for ``3''.
Subsec. (a)(5)(I) to (K). Pub. L. 102-18, Sec. 104(b), added subpar.
(I) and redesignated former subpars. (I) and (J) as (J) and (K),
respectively.
Subsec. (a)(6)(A). Pub. L. 102-233, Sec. 305(1), amended subpar. (A)
generally. Prior to amendment, subpar. (A) read as follows: ``To develop
and establish overall strategies, policies, and goals for the
Corporation's activities in consultation with the Corporation, including
such items as--
``(i) general policies and procedures for case resolutions, the
management and disposition of assets, the use of private
contractors, and the use of notes, guarantees or other obligations
by the Corporation;
``(ii) overall financial goals, plans, and budgets; and
``(iii) restructuring agreements described in subsection
(b)(11)(B) of this section.''
Subsec. (a)(6)(B). Pub. L. 102-233, Sec. 305(2), inserted
``financial plans, budgets, and'' after ``implementation''.
Subsec. (a)(6)(C). Pub. L. 102-233, Sec. 305(3), amended subpar. (C)
generally and inserted closing provision relating to explanation to
Congress of review and modification. Prior to amendment, subpar. (C)
read as follows: ``To review all rules, regulations, principles,
procedures, and guidelines that may be adopted or announced by the
Corporation. After consultation with the Corporation, the Oversight
Board may require the modification of any such rules, regulations,
principles, procedures, or guidelines except that the rules,
regulations, principles, procedures, and guidelines relating to the
Corporation's powers and activities as a conservator or receiver shall
be consistent with the Federal Deposit Insurance Act. The provisions of
this subparagraph shall not apply to internal administrative policies
and procedures, and determinations or actions described in paragraph (8)
of this subsection.''
Subsec. (a)(7). Pub. L. 102-233, Sec. 314(1)(A), substituted
``(b)(11)'' for ``(b)(12)''.
Subsec. (a)(8). Pub. L. 102-233, Sec. 314(1)(B), struck out
designation ``(A)'' and subpar. (B) which set forth limitation on
authority of Oversight Board over activities, powers, or functions of
Federal Deposit Insurance Corporation.
Subsec. (a)(8)(A). Pub. L. 102-233, Sec. 306, substituted
``involving (i)'' for ``(i) involving'' and ``review overall strategies,
policies, and goals established by the Corporation'' for ``provide
general policies and procedures''.
Subsec. (a)(10). Pub. L. 102-233, Sec. 314(1)(C), substituted
``review overall strategies, policies, and goals established by'' for
``establish and review the general policy of'' and ``matters as pertain
to'' for ``standards, policies, and procedures necessary to carry out''.
Subsec. (a)(14)(A). Pub. L. 102-233, Sec. 308, amended subpar. (A)
generally. Prior to amendment, subpar. (A) read as follows: ``The
Oversight Board shall, subject to paragraph (6), develop a strategic
plan for conducting the Corporation's functions and activities. The
Oversight Board shall submit the strategic plan to the Congress not
later than December 31, 1989.''
Subsec. (b). Pub. L. 102-233, Sec. 302(b), substituted ``Thrift
Depositor Protection Oversight Board'' for ``Oversight Board'' wherever
appearing.
Subsec. (b)(1)(C). Pub. L. 102-233, Sec. 309(a), amended subpar. (C)
generally. Prior to amendment, subpar. (C) read as follows:
``Immediately upon August 9, 1989, the Federal Deposit Insurance
Corporation shall be authorized to and shall perform all
responsibilities of the Corporation, and shall continue to do so unless
removed pursuant to subsection (m) of this section.''
Subsec. (b)(3). Pub. L. 102-233, Sec. 314(2)(A), struck out ``and
through the Federal Deposit Insurance Corporation (or any replacement
authorized pursuant to subsection (m) of this section)'' before ``,
including:''.
Subsec. (b)(3)(A)(ii). Pub. L. 102-233, Sec. 103(a), amended cl.
(ii) generally. Prior to amendment, cl. (ii) read as follows: ``for
which a conservator or receiver--
``(I) had been appointed at any time during the period beginning
on January 1, 1989, and ending on August 9, 1989 (including any
institution described in paragraph (6)); or
``(II) is appointed within the 3-year period beginning on August
9, 1989.''
Subsec. (b)(3)(B). Pub. L. 102-233, Sec. 309(b), amended subpar. (B)
generally. Prior to amendment, subpar. (B) read as follows: ``To manage
the Federal Asset Disposition Association, subject to the provisions of
subsection (f) of this section.''
Subsec. (b)(4). Pub. L. 102-242, Sec. 141(a)(3), designated existing
provisions as subpar. (A), inserted heading, and added subpar. (B).
Subsec. (b)(6). Pub. L. 102-233, Sec. 103(b), amended par. (6)
generally. Prior to amendment, par. (6) read as follows: ``As of August
9, 1989, the Corporation shall succeed the Federal Savings and Loan
Insurance Corporation as conservator or receiver with respect to any
institution for which the Federal Savings and Loan Insurance Corporation
was appointed conservator or receiver during the period beginning on
January 1, 1989 and ending on August 9, 1989.''
Subsec. (b)(8). Pub. L. 102-233, Sec. 310, redesignated par. (9) as
(8) and struck out former par. (8) which related to Board of Directors
of Corporation.
Subsec. (b)(8)(A). Pub. L. 102-233, Sec. 311(1), substituted
provision directing that Corporation have no employees except for its
chief executive officer for provision directing that Corporation have no
employees unless Oversight Board exercises subsec. (m) authority.
Subsec. (b)(8)(B)(i). Pub. L. 102-233, Sec. 201(1), amended cl. (i)
generally. Prior to amendment, cl. (i) read as follows: ``The Federal
Deposit Insurance Corporation, when acting as the exclusive manager of
the Corporation, shall (subject to subsection (a)(6) of this section)
receive reimbursement from the Corporation for all services performed
for the Corporation. Such reimbursement may not exceed the actual and
reasonable cost incurred by the Federal Deposit Insurance Corporation in
performing such services.''
Subsec. (b)(8)(C). Pub. L. 102-233, Sec. 201(2), added subpar. (C).
Subsec. (b)(8)(D). Pub. L. 102-233, Sec. 311(2), added subpar. (D).
Subsec. (b)(9). Pub. L. 102-233, Sec. 310, redesignated par. (10) as
(9). Former par. (9) redesignated (8).
Subsec. (b)(9)(B), (C). Pub. L. 102-233, Sec. 314(2)(B)(i),
redesignated subpars. (C) and (D) as (B) and (C), respectively, and
struck out former subpar. (B) which related to Corporation's power to
provide for certain officers and employees, define their duties, and
require surety bonds against losses occasioned by their acts.
Subsec. (b)(9)(D). Pub. L. 102-233, Sec. 314(2)(B)(i), redesignated
subpar. (E) as (D). Former subpar. (D) redesignated (C).
Pub. L. 102-233, Sec. 309(c), inserted ``using any legally available
private sector methods including without limitation, securitization of
debt or equity, limited partnerships, mortgage investment conduits, and
real estate investment trusts,'' after ``real and personal property,''.
Subsec. (b)(9)(E) to (I). Pub. L. 102-233, Sec. 314(2)(B)(i),
redesignated subpars. (F) to (J) as (E) to (I), respectively. Former
subpar. (E) redesignated (D).
Subsec. (b)(9)(J). Pub. L. 102-233, Sec. 314(2)(B)(i), redesignated
subpar. (K) as (J). Former subpar. (J) redesignated (I).
Pub. L. 102-233, Sec. 501(a)(1), amended generally subpar (J) [par.
(10)(K) prior to redesignation, see above]. Prior to amendment, subpar.
read as follows: ``To make loans.''
Subsec. (b)(9)(K), (L). Pub. L. 102-233, Sec. 314(2)(B)(i),
redesignated subpars. (L) and (M) as (K) and (L), respectively. Former
subpars. (K) and (L) redesignated (J) and (K), respectively.
Subsec. (b)(9)(M). Pub. L. 102-233, Sec. 314(2)(B), redesignated
subpar. (N) as (M) and struck out ``on behalf of the Federal Deposit
Insurance Corporation, acting as exclusive manager'' before period at
end of penultimate sentence. Former subpar. (M) redesignated (L).
Subsec. (b)(9)(N). Pub. L. 102-233, Sec. 314(2)(B)(i), redesignated
subpar. (N) as (M).
Subsec. (b)(10). Pub. L. 102-233, Sec. 310, redesignated par. (11)
as (10). Former par. (10) redesignated (9).
Subsec. (b)(10)(N). Pub. L. 102-18, Sec. 104(a), inserted at end
``The Corporation may indemnify the directors, officers and employees of
the Corporation on such terms as the Corporation deems proper against
any liability under any civil suit pursuant to any statute or pursuant
to common law with respect to any claim arising out of or resulting from
any act or omission by such person within the scope of such person's
employment in connection with any transaction entered into involving the
disposition of assets (or any interests in any assets or any obligations
backed by any assets) by the Corporation. For purposes of this
subparagraph, the terms `officers' and `employees' include officers and
employees of the Federal Deposit Insurance Corporation or of other
agencies who perform services for the Corporation on behalf of the
Federal Deposit Insurance Corporation, acting as exclusive manager. The
indemnification authorized by this subparagraph shall be in addition to
and not in lieu of any immunities or other protections that may be
available to such person under applicable law, and this provision does
not affect any such immunities or other protections.''
Subsec. (b)(11). Pub. L. 102-233, Sec. 310, redesignated par. (12)
as (11). Former par. (11) redesignated (10).
Subsec. (b)(11)(A). Pub. L. 102-233, Sec. 314(2)(C)(i), amended
subpar. (A) generally. Prior to amendment, subpar. (A) read as follows:
``Subject to the review of the Oversight Board, the Corporation shall
adopt the rules, regulations, standards, policies, procedures,
guidelines, and statements necessary to implement the strategic plan
established by the Oversight Board under subsection (a)(14) of this
section. The Corporation may issue such rules, regulations, standards,
policies, procedures, guidelines, and statements as the Corporation
considers necessary or appropriate to carry out this section.''
Subsec. (b)(11)(B). Pub. L. 102-233, Sec. 314(2)(C)(ii), amended
subpar. (B) generally. Prior to amendment, subpar. (B) read as follows:
``Such rules, regulations, standards, policies, procedures, guidelines,
and statements--
``(i) shall be provided by the Corporation to the Oversight
Board promptly or prior to publication or announcement to the extent
practicable;
``(ii) shall be subject to the review of the Oversight Board as
provided in subsection (a)(6)(C) of this section; and
``(iii) shall be promulgated pursuant to subchapter II of
chapter 5 of title 5.''
Pub. L. 102-18, Sec. 105, designated subpar. (B) concluding
provisions as subpar. (C)(i).
Subsec. (b)(11)(C). Pub. L. 102-18, Sec. 105, designated subpar. (B)
concluding provisions as subpar. (C)(i), added headings for subpar. (C)
and cl. (i), and added cl. (ii).
Subsec. (b)(11)(D), (E). Pub. L. 102-233, Sec. 314(2)(C)(iii),
substituted ``chief executive officer'' for ``Board of Directors''
wherever appearing.
Subsec. (b)(12). Pub. L. 102-233, Sec. 310, redesignated par. (13)
as (12). Former par. (12) redesignated (11).
Subsec. (b)(13). Pub. L. 102-233, Sec. 310, redesignated par. (14)
as (13). Former par. (13) redesignated (12).
Subsec. (b)(14). Pub. L. 102-233, Sec. 405, amended par. (14)
generally, substituting present provisions for provisions which related
to fiscal year 1989 funding.
Pub. L. 102-233, Sec. 310, redesignated par. (14) as (13).
Subsec. (c)(2)(B). Pub. L. 102-233, Sec. 604(a)(2), substituted ``by
any such family who, except as provided in subparagraph (D), agrees to
occupy the property as a principal residence for at least 12 months and
who certifies in writing that the family intends to occupy the property
for at least 12 months'' for ``by such families'' at end of first
sentence.
Pub. L. 102-233, Sec. 603, inserted reference to qualifying
households with members who are veterans and inserted references to
lower-income families with members who are veterans in two places.
Pub. L. 102-233, Sec. 602, substituted ``Except as provided in the
last sentence of this subparagraph for'' for ``For'' in first sentence
and inserted sentence at end.
Pub. L. 102-139 substituted ``3-month and one week'' for ``3-month''
wherever appearing.
Subsec. (c)(2)(C), (D). Pub. L. 102-233, Sec. 604(b), added subpars.
(C) and (D).
Subsec. (c)(2)(E). Pub. L. 102-233, Sec. 605, added subpar. (E).
Subsec. (c)(3)(B). Pub. L. 102-233, Sec. 606(1), struck out before
period at end of first sentence ``, or until the Corporation determines
that a property is ready for sale, whichever occurs first''.
Subsec. (c)(3)(C). Pub. L. 102-233, Sec. 606(2), substituted ``the
expiration of the period referred to in subparagraph (B) for a
property,'' for ``determining that a property is ready for sale''.
Subsec. (c)(3)(D). Pub. L. 102-233, Sec. 606(3), inserted two
sentences at end relating to rejection or failure of offer which had
been initially accepted by Corporation and construction of provision
requiring acceptance of another offer under such circumstances.
Subsec. (c)(3)(E). Pub. L. 102-233, Sec. 607, amended subpar. (E)
generally. Prior to amendment, subpar. (E) read as follows: ``Not less
than 35 percent of all dwelling units purchased by a qualifying
multifamily purchaser under subparagraph (D) shall be made available for
occupancy by and maintained as affordable for lower-income families
during the remaining useful life of the property in which the units are
located, provided that not less than 20 percent of all units shall be
made available for occupancy by and maintained as affordable for very
low-income families during the remaining useful life of such property.
If a single entity purchases more than 1 eligible property as part of
the same negotiation, the requirements of this subparagraph shall apply
in the aggregate to the properties so purchased. The requirements of
this subparagraph shall be contained in the deed or other recorded
instrument.''
Subsec. (c)(3)(G), (H). Pub. L. 102-233, Sec. 608, added subpar. (G)
and redesignated former subpar. (G) as (H).
Subsec. (c)(6)(A)(i). Pub. L. 102-233, Sec. 609, amended cl. (i)
generally. Prior to amendment, cl. (i) read as follows: ``The
Corporation shall establish a market value for each eligible residential
property. The Corporation shall sell eligible residential property at
the net realizable market value. The Corporation may agree to sell an
eligible single family property at a price below the net realizable
market value to the extent necessary to facilitate an expedited sale of
the property and enable a lower-income family to purchase the property.
The Corporation may agree to sell eligible residential property at a
price below the net realizable market value to the extent necessary to
facilitate an expedited sale of such property and enable a public agency
or nonprofit organization to comply with the lower-income occupancy
requirements applicable to such property under paragraphs (2) and (3).''
Pub. L. 102-18, Secs. 202, 203, temporarily amended cl. (i) to read
as follows: ``The Corporation may sell eligible single family property
to qualifying households, nonprofit organizations, and public agencies
without regard to any minimum purchase price.'' See Effective and
Termination Dates of 1991 Amendments note below.
Subsec. (c)(6)(A)(ii). Pub. L. 102-233, Sec. 610, inserted sentence
at end which authorized Corporation to hold participating share in
providing financing for combinations of multifamily housing properties.
Subsec. (c)(8)(B). Pub. L. 102-233, Sec. 611, which made an
amendment identical to Pub. L. 102-233, Sec. 501(a)(2) [see below], was
repealed by Pub. L. 102-550, Sec. 1616(b).
Pub. L. 102-233, Sec. 501(a)(2), designated existing provisions as
cl. (i), inserted heading, and added cl. (ii).
Subsec. (c)(9)(A). Pub. L. 102-233, Sec. 617(1), added subpar. (A)
and struck out former subpar. (A) which defined ``adjusted income''.
Subsec. (c)(9)(C). Pub. L. 102-233, Sec. 601(1), added subpar. (C)
and struck out former subpar. (C) which defined ``Corporation'' as
Resolution Trust Corporation, with certain qualifications.
Pub. L. 102-18, Secs. 201(a), 203, temporarily amended subpar. (C)
by striking period at end and inserting ``, except that for purposes of
subsection (c)(2) of this section only, the term means the Resolution
Trust Corporation acting in any capacity.'' See Effective and
Termination Dates of 1991 Amendments note below.
Subsec. (c)(9)(D). Pub. L. 102-233, Sec. 617(2), (3), added subpar.
(D) and redesignated former subpar. (D), as added by Pub. L. 102-233,
Sec. 601(1), as (E).
Pub. L. 102-233, Sec. 601(1), added subpar. (D) and struck out
former subpar. (D) which defined ``eligible multifamily housing
property'' as property consisting of more than 4 units to which
Corporation acquires title and that has appraised value not exceeding
amount set forth in section 221(d)(3)(ii) of National Housing Act.
Subsec. (c)(9)(E). Pub. L. 102-233, Sec. 617(2), redesignated
subpar. (D), as added by Pub. L. 102-233, Sec. 601(1), as (E). Former
subpar. (E) redesignated (F).
Subsec. (c)(9)(F). Pub. L. 102-233, Sec. 617(2), redesignated
subpar. (E) as (F). Former subpar. (F), as added by Pub. L. 102-233,
Sec. 601(2), redesignated (G).
Pub. L. 102-233, Sec. 601(2), added subpar. (F) and struck out
former subpar. (F) which defined ``eligible single family property'' as
1- to 4-family residence to which Corporation acquires title and that
has appraised value not exceeding amount set forth in first sentence of
section 203(b)(2) of National Housing Act.
Subsec. (c)(9)(G). Pub. L. 102-233, Sec. 617(2), redesignated
subpar. (F), as added by Pub. L. 102-233, Sec. 601(2), as (G). Former
subpar. (G) redesignated (H).
Subsec. (c)(9)(H) to (K). Pub. L. 102-233, Sec. 617(2), redesignated
subpars. (G) to (J) as (H) to (K), respectively. Former subpar. (K)
redesignated (L).
Subsec. (c)(9)(L). Pub. L. 102-233, Sec. 617(2), redesignated
subpar. (K) as (L). Former subpar. (L) redesignated (M).
Pub. L. 102-233, Sec. 604(a)(1), added cls. (ii) and (iii),
redesignated former cl. (ii) as (iv), and substituted ``whose income''
for ``whose adjusted income''.
Subsec. (c)(9)(M) to (Q). Pub. L. 102-233, Sec. 617(2), redesignated
subpars. (L) to (P) as (M) to (Q), respectively.
Subsec. (c)(10). Pub. L. 102-233, Sec. 307(2), inserted at end ``The
Thrift Depositor Protection Oversight Board shall maintain a transcript
of its open meetings.''
Pub. L. 102-233, Sec. 307(1), which directed substitution of ``6''
for ``4'', could not be executed because ``4'' does not appear.
Pub. L. 102-18, Secs. 201(b), 203, as affected by Pub. L. 102-233,
Sec. 612, amended par. (10) generally. Prior to amendment, par. (10)
read as follows: ``The provisions of this subsection shall not apply
whenever the Corporation as receiver contracts to sell all or
substantially all of the assets of a closed savings association to an
insured depository institution (as defined in section 3 of the Federal
Deposit Insurance Act).'' See Effective and Termination Dates of 1991
Amendments note below.
Subsec. (c)(11)(B). Pub. L. 102-233, Sec. 615(b), substituted
``applicable under paragraphs (2), (3), (12)(C), (13)(B), and (14)(C)''
for ``specified under paragraphs (2) and (3)''.
Subsec. (c)(12) to (15). Pub. L. 102-233, Secs. 613-615(a), 616,
added pars. (12) to (15).
Subsec. (d). Pub. L. 102-233, Sec. 302(b), substituted ``Thrift
Depositor Protection Oversight Board'' for ``Oversight Board'' wherever
appearing.
Subsec. (d)(2) to (5). Pub. L. 102-233, Sec. 312, added par. (2) and
redesignated former pars. (2) to (4) as (3) to (5), respectively.
Subsecs. (g), (h). Pub. L. 102-233, Sec. 302(b), substituted
``Thrift Depositor Protection Oversight Board'' for ``Oversight Board''
wherever appearing.
Subsec. (i). Pub. L. 102-233, Sec. 302(b), substituted ``Thrift
Depositor Protection Oversight Board'' for ``Oversight Board'' in par.
(1)(A).
Pub. L. 102-233, Sec. 101, added par. (3).
Pub. L. 102-18, Sec. 101, substituted ``Funding'' for ``Borrowing''
in heading, designated existing provisions as par. (1) and inserted
heading, redesignated former pars. (1) and (2) as subpars. (A) and (B),
respectively, of par. (1), and added par. (2).
Subsec. (k). Pub. L. 102-233, Sec. 302(c), which excepted par. (7)
from general amendment substituting ``Thrift Depositor Protection
Oversight Board'' for ``Oversight Board'' wherever appearing, was
repealed by Pub. L. 102-550, Sec. 1613(a)(1).
Pub. L. 102-233, Sec. 302(b), substituted ``Thrift Depositor
Protection Oversight Board'' for ``Oversight Board'' wherever appearing.
Subsec. (k)(1)(A). Pub. L. 102-18, Sec. 102(a)(1), substituted
``Notwithstanding section 9105 of title 31, the'' for ``The'' and ``.
The audited statements shall be transmitted to the Congress by the
Oversight Board not later than 180 days after the end of the
Corporation's fiscal year to which those statements apply.'' for
``unless the Comptroller General notifies the Oversight Board not later
than 180 days before the close of a fiscal year that the Comptroller
General will not perform such audit for that fiscal year. In the event
of such notification, the Oversight Board shall contract with an
independent certified public accountant to perform the annual audit of
the Corporation's financial statement in accordance with generally
accepted Government auditing standards.''
Subsec. (k)(1)(B). Pub. L. 102-18, Sec. 102(a)(2), struck out ``, or
by an independent certified public accountant retained to audit the
Corporations financial statement,'' after ``Board''.
Subsec. (k)(4)(B)(v). Pub. L. 102-233, Sec. 106(b), added cl. (v).
Subsec. (k)(5)(B)(xiii). Pub. L. 102-18, Sec. 401, added cl. (xiii).
Subsec. (k)(5)(C). Pub. L. 102-233, Sec. 106(e)(1), added subpar.
(C).
Subsec. (k)(7). Pub. L. 102-233, Sec. 106(a), amended par. (7)
generally, substituting provisions requiring Corporation to submit
quarterly reports to congressional committees for provisions requiring
that Oversight Board and Corporation appear before congressional
committees before Jan. 31, 1990.
Subsec. (k)(8), (9). Pub. L. 102-18, Sec. 102(a)(3), added pars. (8)
and (9).
Subsec. (k)(10), (11). Pub. L. 102-233, Sec. 106(c), (d), added
pars. (10) and (11).
Subsec. (l)(3). Pub. L. 102-233, Sec. 316, amended par. (3)
generally. Prior to amendment, par. (3) read as follows: ``The
Corporation may, without bond or security, remove any such action, suit,
or proceeding from a State court to the United States District Court for
the District of Columbia, or if the action, suit, or proceeding arises
out of the actions of the Corporation with respect to an institution for
which a conservator or a receiver has been appointed, the United States
district court for the district where the institution's principal
business is located. The removal of any action, suit, or proceeding
shall be instituted--
``(A) not later than 90 days after the date the Corporation is
substituted as a party, or
``(B) not later than 30 days after the date suit is filed
against the Corporation, if such suit is filed after August 9, 1989.
The Corporation may appeal any order of remand entered by a United
States district court.''
Subsec. (m). Pub. L. 102-233, Sec. 314(3), redesignated subsec. (o)
as (m) and struck out former subsec. (m) which authorized removal of
Federal Deposit Insurance Corporation as manager of Corporation in
extraordinary circumstances.
Subsec. (n). Pub. L. 102-233, Secs. 302(b), 314(3), redesignated
subsec. (p) as (n), substituted ``Thrift Depositor Protection Oversight
Board'' for ``Oversight Board'' wherever appearing, and struck out
former subsec. (n) which related to operation of Corporation after
exercise of powers under subsec. (m).
Subsec. (n)(5). Pub. L. 102-233, Sec. 314(4), substituted
``Officers'' for ``Directors, officers,''.
Subsec. (o). Pub. L. 102-233, Sec. 314(5)(B), amended par. (2) by
striking ``.--'', which appeared before ``For purposes of this
subsection'' in the original, striking out subpar. (A) which read ``any
employee of the Office of the Comptroller of the Currency or of the
Office of Thrift Supervision who serves as a deputy or assistant to a
member of the Board of Directors of the Corporation; and'', striking out
subpar. (B) designation before ``any officer or employee of the Federal
Deposit'', and striking out ``on behalf of the Federal Deposit Insurance
Corporation, acting as exclusive manager'' after ``performs services for
the Corporation''.
Pub. L. 102-233, Sec. 314(5)(A), struck out ``director,'' before
``member, officer'' in par. (1).
Pub. L. 102-233, Sec. 314(3), redesignated subsec. (q) as (o).
Former subsec. (o) redesignated (m).
Pub. L. 102-233, Sec. 302(b), substituted ``Thrift Depositor
Protection Oversight Board'' for ``Oversight Board'' wherever appearing.
Pub. L. 102-233, Sec. 105, inserted ``, if there are no liabilities
of the Corporation outstanding,'' after ``Thereafter'' in par. (2).
Subsec. (p). Pub. L. 102-233, Sec. 314(3), redesignated subsec. (r)
as (p). Former subsec. (p) redesignated (n).
Subsec. (q). Pub. L. 102-242, Sec. 471, as amended by Pub. L. 102-
550, Sec. 1614(a)(7)(A), added subsec. (q) relating to continuation of
obligation to provide services.
Pub. L. 102-242, Sec. 251(c)(1), added subsec. (q) relating to
employee protection remedies.
Pub. L. 102-233, Sec. 302(b), substituted ``Thrift Depositor
Protection Oversight Board'' for ``Oversight Board'' wherever appearing
in subsec. (q), as added by Pub. L. 102-242, Sec. 251(c)(1). See
Effective and Termination Dates of 1991 Amendments note below.
Pub. L. 102-233, Sec. 314(3), redesignated subsec. (q) relating to
status of employees as (o).
Pub. L. 102-18, Sec. 103(a), added subsec. (q) relating to status of
employees.
Subsec. (r). Pub. L. 102-233, Sec. 314(3), redesignated subsec. (r)
as (p).
Pub. L. 102-18, Sec. 301, added subsec. (r).
Subsec. (t). Pub. L. 102-233, Sec. 401, as amended by Pub. L. 102-
550, Sec. 1614(a)(1), added subsec. (t).
Subsec. (u). Pub. L. 102-233, Sec. 402(a), as amended by Pub. L.
102-550, Sec. 1614(a)(2), added subsec. (u).
Subsec. (v). Pub. L. 102-233, Sec. 403, as amended by Pub. L. 102-
550, Sec. 1614(a)(3), added subsec. (v).
Pub. L. 102-233, Sec. 302(b), substituted ``Thrift Depositor
Protection Oversight Board'' for ``Oversight Board''.
Subsec. (w). Pub. L. 102-233, Sec. 404, as amended by Pub. L. 102-
550, Sec. 1614(a)(4), added subsec. (w).
Pub. L. 102-233, Sec. 302(b), substituted ``Thrift Depositor
Protection Oversight Board'' for ``Oversight Board''.
1990--Subsec. (b)(12)(G). Pub. L. 101-647, Sec. 2540, added subpar.
(G).
Subsec. (c)(3). Pub. L. 101-625, Sec. 804(d)(2), inserted
introductory provisions.
Subsec. (c)(6)(D). Pub. L. 101-625, Sec. 804(d)(1), added subpar.
(D).
Subsec. (c)(6)(E). Pub. L. 101-625, Sec. 914(c), added subpar. (E).
Subsec. (f). Pub. L. 101-647, Sec. 2526(c), amended subsec. (f)
generally. Prior to amendment, subsec. (f) read as follows: ``Before the
end of the 180-day period beginning on August 9, 1989, the Corporation
shall liquidate the Federal Asset Disposition Association.''
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.
Section 302(a) of Pub. L. 102-233 provided that: ``The Oversight
Board, as established by section 21A(a)(1) of the Federal Home Loan Bank
Act (12 U.S.C. 1441a(a)(1)), is redesignated the Thrift Depositor
Protection Oversight Board.''
[Section 302(a) of Pub. L. 102-233, set out above, effective Feb. 1,
1992, see section 318 of Pub. L. 102-233, set out as an Effective Date
of 1991 Amendment note under section 1441 of this title.]
Effective Date of 1997 Amendment
Amendment by Pub. L. 105-135 effective Oct. 1, 1997, see section 3
of Pub. L. 105-135 set out as a note under section 631 of Title 15,
Commerce and Trade.
Effective Date of 1996 Amendment
Amendment by 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, set out as a note under section 1821
of this title.
Effective Date of 1993 Amendment
Section 14(c)(2) of Pub. L. 103-204 provided that the amendment made
by that section is effective upon expiration of 90-day period beginning
on December 17, 1993.
Effective Date of 1992 Amendments
Section 1614(a)(5)(E) of Pub. L. 102-550 provided that the amendment
made by that section is effective as of Dec. 19, 1991.
Section 1614(a)(7) of Pub. L. 102-550 provided that the amendments
made by that section are effective as of Dec. 19, 1991.
Amendments by sections 1611 to 1616 of Pub. L. 102-550 effective,
except as otherwise specifically provided (see above), as if included in
the Resolution Trust Corporation Refinancing, Restructuring, and
Improvement Act of 1991, Pub. L. 102-233, as of Dec. 12, 1991, see
section 1618 of Pub. L. 102-550, set out as a note under section 1441 of
this title.
Amendment by Pub. L. 102-378 applicable with respect to any action
described in former subsec. (b)(8)(B)(i)(I) or (II) of this section
occurring on or after Oct. 2, 1992, see section 9(b)(12) of Pub. L. 102-
378, set out as a note under section 6303 of Title 5, Government
Organization and Employees.
Effective and Termination Dates of 1991 Amendments
Section 251(c)(2) of Pub. L. 102-242 provided that: ``Subsection (q)
of section 21A of the Federal Home Loan Bank Act [12 U.S.C. 1441a(q),
relating to employee protection remedies] (as added under the amendment
made by paragraph (1)) shall be treated as having taken effect on August
9, 1989, and for purposes of any cause of action arising under such
subsection (as so effective) before the date of the enactment of this
Act [Dec. 19, 1991], the 2-year period referred to in section 21A(q)(2)
of such Act shall be deemed to begin on such date of enactment.''
Section 106(e)(2) of Pub. L. 102-233, as amended by Pub. L. 102-550,
title XVI, Sec. 1611(d)(4), Oct. 28, 1992, 106 Stat. 4091, provided
that: ``The amendment made by this subsection [amending this section]
shall apply with respect to supplemental unaudited financial statements
required to be submitted after the end of the 90-day period beginning on
the date of the enactment of this Act [Dec. 12, 1991].''
Amendment by sections 302(b), (c), 303 to 312, 314, and 316 of Pub.
L. 102-233 effective Feb. 1, 1992, see section 318 of Pub. L. 102-233,
set out as an Effective Date of 1991 Amendment note under section 1441
of this title.
Section 612 of Pub. L. 102-233 provided that: ``Notwithstanding
section 203 of the Resolution Trust Corporation Funding Act of 1991
[Pub. L. 102-18, set out below], the amendment made by section 201(b) of
such Act [amending this section] shall apply on and after the date of
the enactment of this Act [Dec. 12, 1991].''
Section 619 of title VI of Pub. L. 102-233 provided that: ``The
amendments made by this title [amending this section and enacting
provisions set out above and as a note under section 1831n of this
title] shall not apply to any eligible residential property or eligible
condominium property of the Resolution Trust Corporation, that is
subject to an agreement for sale entered into by the Corporation before
the date of the enactment of this Act [Dec. 12, 1991].''
Section 523(b) of Pub. L. 102-139 provided that: ``The amendment
made by subsection (a) [amending this section] shall apply with respect
to eligible single family properties acquired by the Resolution Trust
Corporation on or after the date of enactment of this Act [Oct. 28,
1991].''
Section 203 of Pub. L. 102-18 provided that: ``The amendments made
by sections 201 and 202 of this Act to section 21A of the Federal Home
Loan Bank Act [this section] shall be effective only during the period
beginning on the date of the enactment of this Act [Mar. 23, 1991] and
ending at the end of fiscal year 1991, and section 21A shall apply after
the end of such period as if such amendments had not been made.'' [See,
however, section 612 of Pub. L. 102-233, above.]
Savings Provision
Section 317 of title III of Pub. L. 102-233 provided that:
``(a) Savings Provisions.--
``(1) Existing rights, duties, and obligations not affected.--
This title [see Short Title of 1991 Amendment note set out under
section 1421 of this title] shall not affect the validity of any
right, duty, or obligation of the United States, the Corporation,
the Oversight Board, or any other person, that--
``(A) arises under or pursuant to the Federal Home Loan Bank
Act [12 U.S.C. 1421 et seq.], or any other provision of law
applicable with respect to the Oversight Board; and
``(B) existed on the day before the effective date of the
Resolution Trust Corporation Thrift Depositor Protection Reform
Act of 1991 [Feb. 1, 1992].
``(2) Continuation of suits.--No action or other proceeding
commenced by or against the Oversight Board, with respect to any
function of the Oversight Board, shall abate by reason of the
enactment of this Act [see Short Title of 1991 Amendment note set
out under section 1421 of this title], except that the Thrift
Depositor Protection Oversight Board shall continue as party to any
such action or proceeding, notwithstanding the change of name of the
Oversight Board.
``(b) Continuation of Orders, Resolutions, Determinations, and
Regulations.--All orders, resolutions, determinations, and regulations
that--
``(1) have been issued, made, prescribed, or allowed to become
effective by the Oversight Board (including orders, resolutions,
determinations, and regulations which relate to the conduct of
conservatorships and receiverships), or by a court of competent
jurisdiction, in the performance of functions under the Federal Home
Loan Bank Act [12 U.S.C. 1421 et seq.]; and
``(2) are in effect on the effective date of the Resolution
Trust Corporation Thrift Depositor Protection Reform Act of 1991
[Feb. 1, 1992],
shall continue in effect according to the terms of such orders,
resolutions, determinations, and regulations, and shall be enforceable
by or against the Thrift Depositor Protection Oversight Board, or the
Resolution Trust Corporation, by any court of competent jurisdiction, or
by operation of law, notwithstanding the change of name of the Oversight
Board.''
Construction of 1991 Amendment
Section 1614(a)(6) of Pub. L. 102-550 provided that: ``For purposes
of applying paragraph (13) of section 21A(b) of the Federal Home Loan
Bank Act [12 U.S.C. 1441a(b)(13)], the amendment made by section 405 of
the Resolution Trust Corporation Refinancing, Restructuring, and
Improvement Act of 1991 [Pub. L. 102-233, amending this section], shall
be considered to have been executed before the redesignation of such
paragraph by section 310 of such Act.''
Section 1615(a)(1) of Pub. L. 102-550 provided that: ``For purposes
of applying paragraph (9) of section 21A(b) of the Federal Home Loan
Bank Act [12 U.S.C. 1441a(b)(9)], the amendment made by section
501(a)(1) of the Resolution Trust Corporation Refinancing,
Restructuring, and Improvement Act of 1991 [Pub. L. 102-233, amending
this section] shall be considered to have been executed before the
redesignation of subparagraph (K) of such paragraph by section 314(2)(B)
of such Act and the redesignation of such paragraph by section 310 of
such Act.''
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
reports required under subsections (b)(11)(G) and (c)(15) are listed on
page 190, a report required under subsection (k)(4) is listed on pages
188 and 190, and a report required under subsection (k)(5) is listed on
page 147), see section 3003 of Pub. L. 104-66, as amended, set out as a
note under section 1113 of Title 31, Money and Finance.
Abolition of Thrift Depositor Protection Oversight Board
Pub. L. 105-216, Sec. 14(a)-(d), July 29, 1998, 112 Stat. 908-910,
provided that:
``(a) In General.--Effective at the end of the 3-month period
beginning on the date of enactment of this Act [July 29, 1998], the
Thrift Depositor Protection Oversight Board established under section
21A of the Federal Home Loan Bank Act [12 U.S.C. 1441a] (hereafter in
this section referred to as the `Oversight Board') is hereby abolished.
``(b) Disposition of Affairs.--
``(1) Power of chairperson.--Effective on the date of enactment
of this Act [July 29, 1998], the Chairperson of the Oversight Board
(or the designee of the Chairperson) may exercise on behalf of the
Oversight Board any power of the Oversight Board necessary to settle
and conclude the affairs of the Oversight Board.
``(2) Availability of funds.--Funds available to the Oversight
Board shall be available to the Chairperson of the Oversight Board
to pay expenses incurred in carrying out paragraph (1).
``(c) Savings Provision.--
``(1) Existing rights, duties, and obligations not affected.--No
provision of this section shall be construed as affecting the
validity of any right, duty, or obligation of the United States, the
Oversight Board, the Resolution Trust Corporation, or any other
person that--
``(A) arises under or pursuant to the Federal Home Loan Bank
Act [12 U.S.C. 1421 et seq.], or any other provision of law
applicable with respect to the Oversight Board; and
``(B) existed on the day before the abolishment of the
Oversight Board in accordance with subsection (a).
``(2) Continuation of suits.--No action or other proceeding
commenced by or against the Oversight Board with respect to any
function of the Oversight Board shall abate by reason of the
enactment of this section.
``(3) Liabilities.--
``(A) In general.--All liabilities arising out of the
operation of the Oversight Board during the period beginning on
August 9, 1989, and the date that is 3 months after the date of
enactment of this Act [July 29, 1998] shall remain the direct
liabilities of the United States.
``(B) No substitution.--The Secretary of the Treasury shall
not be substituted for the Oversight Board as a party to any
action or proceeding referred to in subparagraph (A).
``(4) Continuations of orders, resolutions, determinations, and
regulations pertaining to the resolution funding corporation.--
``(A) In general.--All orders, resolutions, determinations,
and regulations regarding the Resolution Funding Corporation
shall continue in effect according to the terms of such orders,
resolutions, determinations, and regulations until modified,
terminated, set aside, or superseded in accordance with
applicable law if such orders, resolutions, determinations, or
regulations--
``(i) have been issued, made, and prescribed, or allowed
to become effective by the Oversight Board, or by a court of
competent jurisdiction, in the performance of functions
transferred by this section; and
``(ii) are in effect at the end of the 3-month period
beginning on the date of enactment of this section [July 29,
1998].
``(B) Enforceability of orders, resolutions, determinations,
and regulations before transfer.--Before the effective date of
the transfer of the authority and duties of the Resolution
Funding Corporation to the Secretary of the Treasury under
subsection (d), all orders, resolutions, determinations, and
regulations pertaining to the Resolution Funding Corporation
shall be enforceable by and against the United States.
``(C) Enforceability of orders, resolutions, determinations,
and regulations after transfer.--On and after the effective date
of the transfer of the authority and duties of the Resolution
Funding Corporation to the Secretary of the Treasury under
subsection (d), all orders, resolutions, determinations, and
regulations pertaining to the Resolution Funding Corporation
shall be enforceable by and against the Secretary of the
Treasury.
``(d) Transfer of Thrift Depositor Protection Oversight Board
Authority and Duties of Resolution Funding Corporation to Secretary of
the Treasury.--Effective at the end of the 3-month period beginning on
the date of enactment of this Act [July 29, 1998], the authority and
duties of the Oversight Board under sections 21A(a)(6)(I) and 21B of the
Federal Home Loan Bank Act [12 U.S.C. 1441a(a)(6)(I), 1441b] are
transferred to the Secretary of the Treasury (or the designee of the
Secretary).''
Election of Application of Laws by Employees of Resolution Trust
Corporation and Thrift Depositor Protection Oversight Board
Pub. L. 103-424, Sec. 11, Oct. 29, 1994, 108 Stat. 4366, provided
that:
``(a) Election of Provisions of Title 5, United States Code.--If an
individual who believes he has been discharged or discriminated against
in violation of section 21a(q)(1) of the Federal Home Loan Bank Act (12
U.S.C. 1441a(q)(1)) seeks an administrative corrective action or
judicial remedy for such violation under the provisions of chapters 12
and 23 of title 5, United States Code, the provisions of section 21a(q)
of such Act shall not apply to such alleged violation.
``(b) Election of Provisions of Federal Home Loan Bank Act.--If an
individual files a civil action under section 21a(q)(2) of the Federal
Home Loan Bank Act (12 U.S.C. 1441a(q)(2)), the provisions of chapters
12 and 23 of title 5, United States Code, shall not apply to any alleged
violation of section 21a(q)(1) of such Act.''
GAO Study of Progress of Implementation of Reforms
Section 3(c) of Pub. L. 103-204 provided that:
``(1) Study required.--The Comptroller General of the United States
shall conduct a study of the manner in which the reforms required
pursuant to the amendment made by subsection (a) [amending this section]
are being implemented by the Resolution Trust Corporation and the
progress being made by the Corporation toward the achievement of full
compliance with such requirements.
``(2) Interim report to congress.--Not later than 6 months after the
date of enactment of this Act [Dec. 17, 1993], the Comptroller General
of the United States shall submit an interim report to the Congress
containing the preliminary findings of the Comptroller General in
connection with the study required under paragraph (1).
``(3) Final report to congress.--Not later than 1 year after the
date of enactment of this Act, the Comptroller General of the United
States shall submit a report to the Congress containing--
``(A) the findings of the Comptroller General in connection with
the study required under paragraph (1); and
``(B) such recommendations for legislative and administrative
action as the Comptroller General may determine to be appropriate.
``(4) Disclosure of performing asset transfers.--
``(A) Report required.--The Comptroller General of the United
States shall submit an annual report to the Congress on transfers of
performing assets by the Corporation, categorized by institution, to
any acquirer during the year covered by the report.
``(B) Contents.--Each report submitted under subparagraph (A)
shall contain--
``(i) the number and a description of asset transfers during
the year covered by the report;
``(ii) the number of assets provided in connection with each
transaction during such year; and
``(iii) a report of an audit by the Comptroller General of
the determination of the Corporation of the fair market value of
transferred assets at the time of transfer.''
RTC Notice to GSA
Section 3(e) of Pub. L. 103-204 provided that:
``(1) In general.--Within a reasonable period of time after
acquiring an undivided or controlling interest in any commercial office
property in its capacity as conservator or receiver, the Corporation
shall notify the Administrator of General Services of such acquisition.
``(2) Contents of notice.--The notice required under paragraph (1)
shall contain basic information about the property, including--
``(A) the location and condition of the property;
``(B) information relating to the estimated fair market value of
the property; and
``(C) the Corporation's schedule, or estimate of the schedule,
for marketing and disposing of the property.
``(3) Competitive bidding.--The Administrator of General Services,
in compliance with regulations of the Resolution Trust Corporation, may
bid on property described in the notice required under paragraph (1)
that is otherwise subject to competitive bidding.''
FDIC-RTC Transition Task Force
Section 6 of Pub. L. 103-204 provided that:
``(a) Establishment Required.--The Federal Deposit Insurance
Corporation and the Resolution Trust Corporation shall establish an
interagency transition task force. The task force shall facilitate the
transfer of the assets, personnel, and operations of the Resolution
Trust Corporation to the Federal Deposit Insurance Corporation or the
FSLIC Resolution Fund, as the case may be, in a coordinated manner.
``(b) Members.--
``(1) In general.--The transition task force shall consist of
such number of officers and employees of the Federal Deposit
Insurance Corporation and the Resolution Trust Corporation as the
Chairperson of the Board of Directors of the Federal Deposit
Insurance Corporation and the chief executive officer of the
Resolution Trust Corporation may jointly determine to be
appropriate.
``(2) Appointment.--The Chairperson of the Board of Directors of
the Federal Deposit Insurance Corporation and the chief executive
officer of the Resolution Trust Corporation shall appoint the
members of the transition task force.
``(3) No additional pay.--Members of the transition task force
shall receive no additional pay, allowances, or benefits by reason
of their service on the task force.
``(c) Duties.--The transition task force shall have the following
duties:
``(1) Examine the operations of the Federal Deposit Insurance
Corporation and the Resolution Trust Corporation to identify,
evaluate, and resolve differences in the operations of the
corporations to facilitate an orderly merger of such operations.
``(2) Recommend which of the management, resolution, or asset
disposition systems of the Resolution Trust Corporation should be
preserved for use by the Federal Deposit Insurance Corporation.
``(3) Recommend procedures to be followed by the Federal Deposit
Insurance Corporation and the Resolution Trust Corporation in
connection with the transition which will promote--
``(A) coordination between the corporations before the
termination of the Resolution Trust Corporation; and
``(B) an orderly transfer of assets, personnel, and
operations.
``(4) Evaluate the management enhancement goals applicable to
the Resolution Trust Corporation under section 21A(p) of the Federal
Home Loan Bank Act [12 U.S.C. 1441a(p)] and recommend which of such
goals should apply to the Federal Deposit Insurance Corporation.
``(5) Evaluate the management reforms applicable to the
Resolution Trust Corporation under section 21A(w) of the Federal
Home Loan Bank Act and recommend which of such reforms should apply
to the Federal Deposit Insurance Corporation.
``(d) Reports to Banking Committees.--
``(1) Reports required.--The transition task force shall submit
a report to the Committee on Banking, Finance and Urban Affairs [now
Committee on Banking and Financial Services] of the House of
Representatives and the Committee on Banking, Housing, and Urban
Affairs of the Senate not later than January 1, 1995, and a second
report not later than July 1, 1995, on the progress made by the
transition task force in meeting the requirements of this section.
``(2) Contents of report.--The reports required to be submitted
under paragraph (1) shall contain the findings and recommendations
made by the transition task force in carrying out the duties of the
task force under subsection (c) and such recommendations for
legislative and administrative action as the task force may
determine to be appropriate.
``(e) Followup Report by FDIC.--Not later than January 1, 1996, the
Federal Deposit Insurance Corporation shall submit a report to the
Committee on Banking, Finance and Urban Affairs [now Committee on
Banking and Financial Services] of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate
containing--
``(1) a description of the recommendations of the transition
task force which have been adopted by the Corporation;
``(2) a description of the recommendations of the transition
task force which have not been adopted by the Corporation;
``(3) a detailed explanation of the reasons why the Corporation
did not adopt each recommendation described in paragraph (2); and
``(4) a description of the actions taken by the Corporation to
comply with section 21A(m)(3) of the Federal Home Loan Bank Act [12
U.S.C. 1441a(m)(3)].''
Termination of National Housing Advisory Board
Section 14(c)(1) of Pub. L. 103-204 provided that: ``The National
Housing Advisory Board under section 21A(d)(2) of the Federal Home Loan
Bank Act [12 U.S.C. 1441a(d)(2)] shall terminate upon the expiration of
the 90-day period beginning on the date of the enactment of this Act
[Dec. 17, 1993].''
Reporting Requirements
Section 35 of Pub. L. 103-204 provided that: ``The Resolution Trust
Corporation shall provide semi-annual reports to the Committee on
Banking, Housing, and Urban Affairs of the Senate and the Committee on
Banking, Finance and Urban Affairs [now Committee on Banking and
Financial Services] of the House of Representatives. Such reports
shall--
``(1) detail procedures for expediting the registration and
contracting for selecting auctioneers for asset sales with
anticipated gross proceeds of not more than $1,500,000;
``(2) list by name and geographic area the number of auction
contractors which have been registered and qualified to perform
services for the Resolution Trust Corporation; and
``(3) list by name, address of home office, location of assets
disposed, and gross proceeds realized, the number of auction
contractors which have been awarded contracts.''
First Required Plan
Section 102(b) of Pub. L. 102-18 provided that: ``The first plan
described in section 21A(k)(8) of the Federal Home Loan Bank Act [12
U.S.C. 1441a(k)(8)], as amended by subsection (a), is due not later than
30 days after the date of enactment of this Act [Mar. 23, 1991].''
Timeliness of Reports
Section 102(c) of Pub. L. 102-18, as amended by Pub. L. 102-233,
title III, Secs. 302(a), 315(d), Dec. 12, 1991, 105 Stat. 1767, 1772,
provided that:
``(1) In general.--At any time when an agency is delinquent in
providing information to Congress or any of its committees as required
by paragraph (1), (4), (5), (6), (8), or (9) of section 21A(k) of the
Federal Home Loan Bank Act [12 U.S.C. 1441a(k)] or by subsection (b) of
this section [set out above], the President of the Thrift Depositor
Protection Oversight Board, and the head of any agency responsible for
such delinquency shall, within 15 days of such delinquency, in testimony
before the Committee on Banking, Housing, and Urban Affairs of the
Senate and the Committee on Banking, Finance and Urban Affairs [now
Committee on Banking and Financial Services] of the House of
Representatives--
``(A) explain the causes of such delinquency; and
``(B) describe what steps are being taken to correct it and
prevent its recurrence.
Testimony shall not be required pursuant to the preceding sentence
before either Committee if the Chairman and Ranking Member of such
Committee agree that such testimony is not necessary. For purposes of
this paragraph, the term `head of an agency' means the chief executive
officer of the Resolution Trust Corporation with respect to reports to
be filed by such Corporation, the Director of the Office of Thrift
Supervision with respect to reports to be filed by such Office, and the
Comptroller General with respect to audits to be conducted by the
General Accounting Office.
``(2) Transition rule.--Any information described in paragraph (1)
of this subsection that is delinquent on the date of enactment of this
Act [Mar. 23, 1991] shall be provided to the appropriate committees of
Congress not later than 30 days following enactment of this Act. Failure
to provide such information as required by this paragraph shall be
considered as a delinquency under the provisions of paragraph (1).''
GAO Examination of Certain FSLIC Resolutions
Section 501(f) of Pub. L. 101-73 provided that: ``Notwithstanding
any other provision of this Act [see Tables for classification], the
Comptroller General of the United States shall examine and monitor all
insolvent institution cases resolved by the Federal Savings and Loan
Insurance Corporation from January 1, 1988, through the date of the
enactment of this Act [Aug. 9, 1989], and not later than April 30, 1990,
shall report to Congress with an estimate of the costs of the agreements
entered into by the Corporation pursuant to such resolutions. Not less
than annually thereafter, the last report being due on April 30, 1992,
the Comptroller General shall provide Congress with revisions to such
estimates, to take into account any new information that he obtains with
regard to such agreements.''
Section Referred to in Other Sections
This section is referred to in sections 1422, 1441b, 1464, 1821,
1821a, 1831o, 1831q of this title; title 5 section 5373; title 10
section 2677; title 15 section 2227; title 26 sections 501, 597; title
31 section 5328; title 42 sections 1439, 1487, 8013.
