§ 1817. — Assessments.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1817]
TITLE 12--BANKS AND BANKING
CHAPTER 16--FEDERAL DEPOSIT INSURANCE CORPORATION
Sec. 1817. Assessments
(a) Reports of condition; access to reports
(1) Each insured State nonmember bank (except a District bank) and
each foreign bank having an insured branch which is not a Federal branch
shall make to the Corporation reports of condition which shall be in
such form and shall contain such information as the Board of Directors
may require. Such reports shall be made to the Corporation on the dates
selected as provided in paragraph (3) of this subsection and the deposit
liabilities shall be reported therein in accordance with and pursuant to
paragraphs (4) and (5) of this subsection. The Board of Directors may
call for additional reports of condition on dates to be fixed by it and
may call for such other reports as the Board may from time to time
require. Any such bank which (A) maintains procedures reasonably adapted
to avoid any inadvertent error and, unintentionally and as a result of
such an error, fails to make or publish any report required under this
paragraph, within the period of time specified by the Corporation, or
submits or publishes any false or misleading report or information, or
(B) inadvertently transmits or publishes any report which is minimally
late, shall be subject to a penalty of not more than $2,000 for each day
during which such failure continues or such false or misleading
information is not corrected. Such bank shall have the burden of proving
that an error was inadvertent and that a report was inadvertently
transmitted or published late. Any such bank which fails to make or
publish any report required under this paragraph, within the period of
time specified by the Corporation, or submits or publishes any false or
misleading report or information, in a manner not described in the 2nd
preceding sentence shall be subject to a penalty of not more than
$20,000 for each day during which such failure continues or such false
or misleading information is not corrected. Notwithstanding the
preceding sentence, if any such bank knowingly or with reckless
disregard for the accuracy of any information or report described in
such sentence submits or publishes any false or misleading report or
information, the Corporation may assess a penalty of not more than
$1,000,000 or 1 percent of total assets of such bank, whichever is less,
per day for each day during which such failure continues or such false
or misleading information is not corrected. Any penalty imposed under
any of the 4 preceding sentences shall be assessed and collected by the
Corporation in the manner provided in subparagraphs (E), (F), (G), and
(I) of section 1818(i)(2) of this title (for penalties imposed under
such section) and any such assessment (including the determination of
the amount of the penalty) shall be subject to the provisions of such
section. Any such bank against which any penalty is assessed under this
subsection shall be afforded an agency hearing if such bank submits a
request for such hearing within 20 days after the issuance of the notice
of assessment. Section 1818(h) of this title shall apply to any
proceeding under this paragraph.
(2)(A) The Corporation and, with respect to any State depository
institution, any appropriate State bank supervisor for such institution,
shall have access to reports of examination made by, and reports of
condition made to, the Comptroller of the Currency, the Director of the
Office of Thrift Supervision, the Federal Housing Finance Board, any
Federal home loan bank, or any Federal Reserve bank and to all revisions
of reports of condition made to any of them, and they shall promptly
advise the Corporation of any revisions or changes in respect to deposit
liabilities made or required to be made in any report of condition. The
Corporation may accept any report made by or to any commission, board,
or authority having supervision of a depository institution, and may
furnish to the Comptroller of the Currency, the \1\ Director of the
Office of Thrift Supervision, the \1\ Federal Housing Finance Board, any
\1\ Federal home loan bank, to any Federal Reserve bank, and to any such
commission, board, or authority, reports of examinations made on behalf
of, and reports of condition made to, the Corporation.
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\1\ So in original. Probably should be preceded by ``to''.
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(B) Additional reports.--The Board of Directors may from time to
time require any insured depository institution to file such additional
reports as the Corporation, after agreement with the Comptroller of the
Currency, the Board of Governors of the Federal Reserve System, and the
Director of the Office of Thrift Supervision, as appropriate, may deem
advisable for insurance purposes.
(3) Each insured depository institution shall make to the
appropriate Federal banking agency 4 reports of condition annually upon
dates which shall be selected by the Chairman of the Board of Directors,
the Comptroller of the Currency, and the Chairman of the Board of
Governors of the Federal Reserve System, and the Director of the Office
of Thrift Supervision. The dates selected shall be the same for all
insured depository institutions, except that when any of said reporting
dates is a nonbusiness day for any depository institution, the preceding
business day shall be its reporting date. Two dates shall be selected
within the semiannual period of January to June inclusive, and the
reports on such dates shall be the basis for the certified statement to
be filed in July pursuant to subsection (c) of this section, and two
dates shall be selected within the semiannual period of July to December
inclusive, and the reports on such dates shall be the basis for the
certified statement to be filed in January pursuant to subsection (c) of
this section. The deposit liabilities shall be reported in said reports
of conditions in accordance with and pursuant to paragraphs (4) and (5)
of this subsection, and such other information shall be reported therein
as may be required by the respective agencies. Each said report of
condition shall contain a declaration by the president, a vice
president, the cashier or the treasurer, or by any other officer
designated by the board of directors or trustees of the reporting
depository institution to make such declaration, that the report is true
and correct to the best of his knowledge and belief. The correctness of
said report of condition shall be attested by the signatures of at least
two directors or trustees of the reporting depository institution other
than the officer making such declaration, with a declaration that the
report has been examined by them and to the best of their knowledge and
belief is true and correct. At the time of making said reports of
condition each insured depository institution shall furnish to the
Corporation a copy thereof containing such signed declaration and
attestations. Nothing herein shall preclude any of the foregoing
agencies from requiring the banks or savings associations under its
jurisdiction to make additional reports of condition at any time.
(4) In the reports of condition required to be made by paragraph (3)
of this subsection, each insured depository institution shall report the
total amount of the liability of the depository institution for deposits
in the main office and in any branch located in any State of the United
States, the District of Columbia, any Territory of the United States,
Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific
Islands, or the Virgin Islands, according to the definition of the term
``deposit'' in and pursuant to subsection (l) of section 1813 of this
title without any deduction for indebtedness of depositors or creditors
or any deduction for cash items in the process of collection drawn on
others than the reporting depository institution: Provided, That the
depository institution in reporting such deposits may (i) subtract from
the deposit balance due to any depository institution the deposit
balance due from the same depository institution (other than trust funds
deposited by either depository institution) and any cash items in the
process of collection due from or due to such depository institutions
shall be included in determining such net balance, except that balances
of time deposits of any depository institution and any balances standing
to the credit of private depository institutions, of depository
institutions in foreign countries, of foreign branches of other American
depository institutions, and of American branches of foreign banks shall
be reported gross without any such subtraction, and (ii) exclude any
deposits received in any office of the depository institution for
deposit in any other office of the depository institution: And provided
further, That outstanding drafts (including advices and authorizations
to charge depository institution's balance in another depository
institution) drawn in the regular course of business by the reporting
depository institution on depository institutions need not be reported
as deposit liabilities. The amount of trust funds held in the depository
institution's own trust department, which the reporting depository
institution keeps segregated and apart from its general assets and does
not use in the conduct of its business, shall not be included in the
total deposits in such reports, but shall be separately stated in such
reports. Deposits which are accumulated for the payment of personal
loans and are assigned or pledged to assure payment of loans at maturity
shall not be included in the total deposits in such reports, but shall
be deducted from the loans for which such deposits are assigned or
pledged to assure repayment.
(5) The deposits to be reported on such reports of condition shall
be segregated between (i) time and savings deposits and (ii) demand
deposits. For this purpose, the time and savings deposits shall consist
of time certificates of deposit, time deposits-open account, and savings
deposits; and demand deposits shall consist of all deposits other than
time and savings deposits.
(6) Lifeline account deposits.--In the reports of condition required
to be reported under this subsection, the deposits in lifeline accounts
(as defined in section 1834(a)(3)(C) of this title) shall be reported
separately.
(7) The Board of Directors, after consultation with the Comptroller
of the Currency, the Director of the Office of Thrift Supervision, and
the Board of Governors of the Federal Reserve System, may by regulation
define the terms ``cash items'' and ``process of collection'', and shall
classify deposits as ``time'', ``savings'', and ``demand'' deposits, for
the purposes of this section.
(8) In respect of any report required or authorized to be supplied
or published pursuant to this subsection or any other provision of law,
the Board of Directors or the Comptroller of the Currency, as the case
may be, may differentiate between domestic banks and foreign banks to
such extent as, in their judgment, may be reasonably required to avoid
hardship and can be done without substantial compromise of insurance
risk or supervisory and regulatory effectiveness.
(9) Data collections.--In addition to or in connection with any
other report required under this subsection, the Corporation shall take
such action as may be necessary to ensure that--
(A) each insured depository institution maintains; and
(B) the Corporation receives on a regular basis from such
institution,
information on the total amount of all insured deposits, preferred
deposits, and uninsured deposits at the institution. In prescribing
reporting and other requirements for the collection of actual and
accurate information pursuant to this paragraph, the Corporation shall
minimize the regulatory burden imposed upon insured depository
institutions that are well capitalized (as defined in section 1831o of
this title) while taking into account the benefit of the information to
the Corporation, including the use of the information to enable the
Corporation to more accurately determine the total amount of insured
deposits in each insured depository institution for purposes of
compliance with this chapter.
(10) A Federal banking agency may not, by regulation or otherwise,
designate, or require an insured institution or an affiliate to
designate, a corporation as highly leveraged or a transaction with a
corporation as a highly leveraged transaction solely because such
corporation is or has been a debtor or bankrupt under title 11, if,
after confirmation of a plan of reorganization, such corporation would
not otherwise be highly leveraged.
(b) Assessments
(1) Risk-based assessment system
(A) Risk-based assessment system required
The Board of Directors shall, by regulation, establish a
risk-based assessment system for insured depository
institutions.
(B) Private reinsurance authorized
In carrying out this paragraph, the Corporation may--
(i) obtain private reinsurance covering not more than 10
percent of any loss the Corporation incurs with respect to
an insured depository institution; and
(ii) base that institution's semiannual assessment (in
whole or in part) on the cost of the reinsurance.
(C) ``Risk-based assessment system'' defined
For purposes of this paragraph, the term ``risk-based
assessment system'' means a system for calculating a depository
institution's semiannual assessment based on--
(i) the probability that the deposit insurance fund will
incur a loss with respect to the institution, taking into
consideration the risks attributable to--
(I) different categories and concentrations of
assets;
(II) different categories and concentrations of
liabilities, both insured and uninsured, contingent and
noncontingent; and
(III) any other factors the Corporation determines
are relevant to assessing such probability;
(ii) the likely amount of any such loss; and
(iii) the revenue needs of the deposit insurance fund.
(D) Separate assessment systems
The Board of Directors may establish separate risk-based
assessment systems for large and small members of each deposit
insurance fund.
(2) Setting assessments
(A) Achieving and maintaining designated reserve ratio
(i) In general
The Board of Directors shall set semiannual assessments
for insured depository institutions when necessary, and only
to the extent necessary--
(I) to maintain the reserve ratio of each deposit
insurance fund at the designated reserve ratio; or
(II) if the reserve ratio is less than the
designated reserve ratio, to increase the reserve ratio
to the designated reserve ratio as provided in paragraph
(3).
(ii) Factors to be considered
In carrying out clause (i), the Board of Directors shall
consider the deposit insurance fund's--
(I) expected operating expenses,
(II) case resolution expenditures and income,
(III) the effect of assessments on members' earnings
and capital, and
(IV) any other factors that the Board of Directors
may deem appropriate.
(iii) Limitation on assessment
Except as provided in clause (v), the Board of Directors
shall not set semiannual assessments with respect to a
deposit insurance fund in excess of the amount needed--
(I) to maintain the reserve ratio of the fund at the
designated reserve ratio; or
(II) if the reserve ratio is less than the
designated reserve ratio, to increase the reserve ratio
to the designated reserve ratio.
(iv) Designated reserve ratio defined
The designated reserve ratio of each deposit insurance
fund for each year shall be--
(I) 1.25 percent of estimated insured deposits; or
(II) a higher percentage of estimated insured
deposits that the Board of Directors determines to be
justified for that year by circumstances raising a
significant risk of substantial future losses to the
fund.
(v) Exception to limitation on assessments
The Board of Directors may set semiannual assessments in
excess of the amount permitted under clauses (i) and (iii)
with respect to insured depository institutions that exhibit
financial, operational, or compliance weaknesses ranging
from moderately severe to unsatisfactory, or are not well
capitalized, as that term is defined in section 1831o of
this title.
(B) Independent treatment of funds
The Board of Directors shall--
(i) set semiannual assessments for members of each
deposit insurance fund independently from semiannual
assessments for members of any other deposit insurance fund;
and
(ii) set the designated reserve ratio of each deposit
insurance fund independently from the designated reserve
ratio of any other deposit insurance fund.
(C) Notice of assessments
The Corporation shall notify each insured depository
institution of that institution's semiannual assessment.
(D) Repealed. Pub. L. 104-208, div. A, title II, Sec. 2703(b),
Sept. 30, 1996, 110 Stat. 3009-485
(E) Minimum assessments
The Corporation shall design the risk-based assessment
system for any deposit insurance fund so that, if the
Corporation has borrowings outstanding under section 1824 of
this title on behalf of that fund or the reserve ratio of that
fund remains below the designated reserve ratio, the total
amount raised by semiannual assessments on members of that fund
shall be not less than the total amount that would have been
raised if--
(i) this subsection as in effect on July 15, 1991
remained in effect;
(ii) the assessment rate in effect on July 15, 1991
remained in effect; and
(iii) notwithstanding any other provision of this
subsection, during the period beginning on September 30,
1996, and ending on December 31, 1998, the assessment rate
for a Savings Association Insurance Fund member may not be
less than the assessment rate for a Bank Insurance Fund
member that poses a comparable risk to the deposit insurance
fund.
(F) Transition rule for Savings Association Insurance Fund
With respect to the Savings Association Insurance Fund,
during the period beginning on the effective date of the
amendments made by section 302(a) of the Federal Deposit
Insurance Corporation Improvement Act of 1991 and ending on
December 31, 1997--
(i) subparagraph (A)(i)(II) shall apply as if such
subparagraph did not include ``as provided in paragraph
(3)''; and
(ii) subparagraph (E) shall be applied by substituting
``if this subsection as in effect on July 15, 1991 remained
in effect.'' for ``if--'' and all that follows through
clause (ii).
(G) Special rule until the insurance funds achieve the
designated reserve ratio
Until a deposit insurance fund achieves the designated
reserve ratio, the Corporation may limit the maximum assessment
on insured depository institutions under the risk-based
assessment system authorized under paragraph (1) to not less
than 10 basis points above the average assessment on insured
depository institutions under that system.
(H) Bank Enterprise Act requirement
The Corporation shall design the risk-based assessment
system so that, insofar as the system bases assessments,
directly or indirectly, on deposits, the portion of the deposits
of any insured depository institution which are attributable to
lifeline accounts established in accordance with the Bank
Enterprise Act of 1991 shall be subject to assessment at a rate
determined in accordance with such Act.
(3) Special rule for recapitalizing undercapitalized funds
(A) In general
Except as provided in paragraph (2)(F), if the reserve ratio
of any deposit insurance fund is less than the designated
reserve ratio under paragraph (2)(A)(iv), the Board of Directors
shall set semiannual assessment rates for members of that fund--
(i) that are sufficient to increase the reserve ratio
for that fund to the designated reserve ratio not later than
1 year after such rates are set; or
(ii) in accordance with a schedule promulgated by the
Corporation under subparagraph (B).
(B) Recapitalization schedules
For purposes of subparagraph (A)(ii), the Corporation shall
by regulation promulgate a schedule that specifies, at
semiannual intervals, target reserve ratios for that fund,
culminating in a reserve ratio that is equal to the designated
reserve ratio not later than 15 years after the date on which
the schedule is implemented.
(C) Amending schedule
The Corporation may, by regulation, amend a schedule
promulgated under subparagraph (B) and such amendment may extend
the date specified in subparagraph (B) to such later date as the
Corporation determines will, over time, maximize the amount of
semiannual assessments received by the Savings Association
Insurance Fund, net of insurance losses incurred by the Fund.
(D) Application to SAIF members
This paragraph shall become applicable to Savings
Association Insurance Fund members on January 1, 1998.
(4) ``Semiannual period'' defined
For purposes of this section, the term ``semiannual period''
means a period beginning on January 1 of any calendar year and
ending on June 30 of the same year, or a period beginning on July 1
of any calendar year and ending on December 31 of the same year.
(5) Records to be maintained
Each insured depository institution shall maintain all records
that the Corporation may require for verifying the correctness of
the institution's semiannual assessments. No insured depository
institution shall be required to retain those records for that
purpose for a period of more than 5 years from the date of the
filing of any certified statement, except that when there is a
dispute between the insured depository institution and the
Corporation over the amount of any assessment, the depository
institution shall retain the records until final determination of
the issue.
(6) Emergency special assessments
In addition to the other assessments imposed on insured
depository institutions under this subsection, the Corporation may
impose 1 or more special assessments on insured depository
institutions in an amount determined by the Corporation if the
amount of any such assessment--
(A) is necessary--
(i) to provide sufficient assessment income to repay
amounts borrowed from the Secretary of the Treasury under
section 1824(a) of this title in accordance with the
repayment schedule in effect under section 1824(c) of this
title during the period with respect to which such
assessment is imposed;
(ii) to provide sufficient assessment income to repay
obligations issued to and other amounts borrowed from Bank
Insurance Fund members under section 1824(d) of this title;
or
(iii) for any other purpose the Corporation may deem
necessary; and
(B) is allocated between Bank Insurance Fund members and
Savings Association Insurance Fund members in amounts which
reflect the degree to which the proceeds of the amounts borrowed
are to be used for the benefit of the respective insurance
funds.
(7) Community enterprise credits
The Corporation shall allow a credit against any semiannual
assessment to any insured depository institution which satisfies the
requirements of the Community Enterprise Assessment Credit Board
under section 233(a)(1) of the Bank Enterprise Act of 1991 [12
U.S.C. 1834a(a)(1)] in the amount determined by such Board by
regulation.
(c) Certified statements; payments
(1) Certified statements required
(A) In general
Each insured depository institution shall file with the
Corporation a certified statement containing such information as
the Corporation may require for determining the institution's
semiannual assessment.
(B) Form of certification
The certified statement required under subparagraph (A)
shall--
(i) be in such form and set forth such supporting
information as the Board of Directors shall prescribe; and
(ii) be certified by the president of the depository
institution or any other officer designated by its board of
directors or trustees that to the best of his or her
knowledge and belief, the statement is true, correct and
complete, and in accordance with this chapter and
regulations issued hereunder.
(2) Payments required
(A) In general
Each insured depository institution shall pay to the
Corporation the semiannual assessment imposed under subsection
(b) of this section.
(B) Form of payment
The payments required under subparagraph (A) shall be made
in such manner and at such time or times as the Board of
Directors shall prescribe by regulation.
(3) Newly insured institutions
To facilitate the administration of this section, the Board of
Directors may waive the requirements of paragraphs (1) and (2) for
the semiannual period in which a depository institution becomes
insured.
(4) Penalty for failure to make accurate certified statement
(A) First tier
Any insured depository institution which--
(i) maintains procedures reasonably adapted to avoid any
inadvertent error and, unintentionally and as a result of
such an error, fails to submit the certified statement under
paragraph (1) within the period of time required under
paragraph (1) or submits a false or misleading certified
statement; or
(ii) submits the statement at a time which is minimally
after the time required in such paragraph,
shall be subject to a penalty of not more than $2,000 for each
day during which such failure continues or such false and
misleading information is not corrected. The institution shall
have the burden of proving that an error was inadvertent or that
a statement was inadvertently submitted late.
(B) Second tier
Any insured depository institution which fails to submit the
certified statement under paragraph (1) within the period of
time required under paragraph (1) or submits a false or
misleading certified statement in a manner not described in
subparagraph (A) shall be subject to a penalty of not more than
$20,000 for each day during which such failure continues or such
false and misleading information is not corrected.
(C) Third tier
Notwithstanding subparagraphs (A) and (B), if any insured
depository institution knowingly or with reckless disregard for
the accuracy of any certified statement described in paragraph
(1) submits a false or misleading certified statement under
paragraph (1), the Corporation may assess a penalty of not more
than $1,000,000 or not more than 1 percent of the total assets
of the institution, whichever is less, per day for each day
during which the failure continues or the false or misleading
information in such statement is not corrected.
(D) Assessment procedure
Any penalty imposed under this paragraph shall be assessed
and collected by the Corporation in the manner provided in
subparagraphs (E), (F), (G), and (I) of section 1818(i)(2) of
this title (for penalties imposed under such section) and any
such assessment (including the determination of the amount of
the penalty) shall be subject to the provisions of such section.
(E) Hearing
Any insured depository institution against which any penalty
is assessed under this paragraph shall be afforded an agency
hearing if the institution submits a request for such hearing
within 20 days after the issuance of the notice of the
assessment. Section 1818(h) of this title shall apply to any
proceeding under this subparagraph.
(d) Corporation exempt from apportionment
Notwithstanding any other provision of law, amounts received
pursuant to any assessment under this section and any other amounts
received by the Corporation shall not be subject to apportionment for
the purposes of chapter 15 of title 31 or under any other authority.
(e) Refunds
(1) Overpayments
In the case of any payment of an assessment by an insured
depository institution in excess of the amount due to the
Corporation, the Corporation may--
(A) refund the amount of the excess payment to the insured
depository institution; or
(B) credit such excess amount toward the payment of
subsequent semiannual assessments until such credit is
exhausted.
(2) Balance in insurance fund in excess of designated
reserve
(A) In general
Subject to subparagraphs (B) and (C), if, as of the end of
any semiannual assessment period beginning after September 30,
1996, the amount of the actual reserves in--
(i) the Bank Insurance Fund (until the merger of such
fund into the Deposit Insurance Fund pursuant to section
2704 of the Deposit Insurance Funds Act of 1996); or
(ii) the Deposit Insurance Fund (after the establishment
of such fund),
exceeds the balance required to meet the designated reserve
ratio applicable with respect to such fund, such excess amount
shall be refunded to insured depository institutions by the
Corporation on such basis as the Board of Directors determines
to be appropriate, taking into account the factors considered
under the risk-based assessment system.
(B) Refund not to exceed previous semiannual assessment
The amount of any refund under this paragraph to any member
of a deposit insurance fund for any semiannual assessment period
may not exceed the total amount of assessments paid by such
member to the insurance fund with respect to such period.
(C) Refund limitation for certain institutions
No refund may be made under this paragraph with respect to
the amount of any assessment paid for any semiannual assessment
period by any insured depository institution described in clause
(v) of subsection (b)(2)(A) of this section.
(f) Action against depository institutions failing to file certified
statements
Any insured depository institution which fails to make any report of
condition under subsection (a) of this section or to file any certified
statement required to be filed by it in connection with determining the
amount of any assessment payable by the depository institution to the
Corporation may be compelled to make such report or file such statement
by mandatory injunction or other appropriate remedy in a suit brought
for such purpose by the Corporation against the depository institution
and any officer or officers thereof in any court of the United States of
competent jurisdiction in the District or Territory in which such
depository institution is located.
(g) Action by Corporation to recover assessments
The Corporation, in a suit brought at law or in equity in any court
of competent jurisdiction, shall be entitled to recover from any insured
depository institution the amount of any unpaid assessment lawfully
payable by such insured depository institution to the Corporation,
whether or not such depository institution shall have made any such
report of condition under subsection (a) of this section or filed any
such certified statement and whether or not suit shall have been brought
to compel the depository institution to make any such report or file any
such statement. No action or proceeding shall be brought for the
recovery of any assessment due to the Corporation, or for the recovery
of any amount paid to the Corporation in excess of the amount due to it,
unless such action or proceeding shall have been brought within five
years after the right accrued for which the claim is made, except where
the insured depository institution has made or filed with the
Corporation a false or fraudulent certified statement with the intent to
evade, in whole or in part, the payment of assessment, in which case the
claim shall not be deemed to have accrued until the discovery by the
Corporation that the certified statement is false or fraudulent:
Provided, however, That where a cause of action has already accrued, and
the period herein prescribed within which an action may be brought has
expired, or will expire within one year from September 21, 1950, an
action may be brought on such cause of action within one year from
September 21, 1950: And provided further, That no action or proceeding
shall be brought for the recovery of any assessment on deposits alleged
to have been omitted from the assessment base of any insured depository
institution for any year prior to 1945 except that any claim of the
Corporation for the payment of any assessment may be offset by it
against any claim of the depository institution for the overpayment of
any assessment.
(h) Forfeiture of rights for failure to comply with law
Should any national member bank or any insured national nonmember
bank fail to make any report of condition under subsection (a) of this
section or to file any certified statement required to be filed by such
bank under any provision of this section, or fail to pay any assessment
required to be paid by such bank under any provision of this chapter,
and should the bank not correct such failure within thirty days after
written notice has been given by the Corporation to an officer of the
bank, citing this subsection, and stating that the bank has failed to
make any report of condition under subsection (a) of this section or to
file or pay as required by law, all the rights, privileges, and
franchises of the bank granted to it under the National Bank Act, as
amended [12 U.S.C. 21 et seq.], the Federal Reserve Act, as amended [12
U.S.C. 221 et seq.], or this chapter, shall be thereby forfeited.
Whether or not the penalty provided in this subsection has been incurred
shall be determined and adjudged in the manner provided in the sixth
paragraph of section 2 of the Federal Reserve Act, as amended [12 U.S.C.
501a]. The remedies provided in this subsection and in subsections (f)
and (g) of this section shall not be construed as limiting any other
remedies against any insured depository institution, but shall be in
addition thereto.
(i) Insurance of trust funds
(1) In general
Trust funds held on deposit by an insured depository institution
in a fiduciary capacity as trustee pursuant to any irrevocable trust
established pursuant to any statute or written trust agreement shall
be insured in an amount not to exceed $100,000 for each trust
estate.
(2) Interbank deposits
Trust funds described in paragraph (1) which are deposited by
the fiduciary depository institution in another insured depository
institution shall be similarly insured to the fiduciary depository
institution according to the trust estates represented.
(3) Bank deposit financial assistance program
Notwithstanding paragraph (1), funds deposited by an insured
depository institution pursuant to the Bank Deposit Financial
Assistance Program of the Department of Energy shall be separately
insured in an amount not to exceed $100,000 for each insured
depository institution depositing such funds.
(4) Regulations
The Board of Directors may prescribe such regulations as may be
necessary to clarify the insurance coverage under this subsection
and to prescribe the manner of reporting and depositing such trust
funds.
(j) Change in control of insured depository institutions
(1) No person, acting directly or indirectly or through or in
concert with one or more other persons, shall acquire control of any
insured depository institution through a purchase, assignment, transfer,
pledge, or other disposition of voting stock of such insured depository
institution unless the appropriate Federal banking agency has been given
sixty days' prior written notice of such proposed acquisition and within
that time period the agency has not issued a notice disapproving the
proposed acquisition or, in the discretion of the agency, extending for
an additional 30 days the period during which such a disapproval may
issue. The period for disapproval under the preceding sentence may be
extended not to exceed 2 additional times for not more than 45 days each
time if--
(A) the agency determines that any acquiring party has not
furnished all the information required under paragraph (6);
(B) in the agency's judgment, any material information submitted
is substantially inaccurate;
(C) the agency has been unable to complete the investigation of
an acquiring party under paragraph (2)(B) because of any delay
caused by, or the inadequate cooperation of, such acquiring party;
or
(D) the agency determines that additional time is needed to
investigate and determine that no acquiring party has a record of
failing to comply with the requirements of subchapter II of chapter
53 of title 31.
An acquisition may be made prior to expiration of the disapproval period
if the agency issues written notice of its intent not to disapprove the
action.
(2)(A) Notice to State Agency.--Upon receiving any notice under this
subsection, the appropriate Federal banking agency shall forward a copy
thereof to the appropriate State depository institution supervisory
agency if the depository institution the voting shares of which are
sought to be acquired is a State depository institution, and shall allow
thirty days within which the views and recommendations of such State
depository institution supervisory agency may be submitted. The
appropriate Federal banking agency shall give due consideration to the
views and recommendations of such State agency in determining whether to
disapprove any proposed acquisition. Notwithstanding the provisions of
this paragraph, if the appropriate Federal banking agency determines
that it must act immediately upon any notice of a proposed acquisition
in order to prevent the probable default of the depository institution
involved in the proposed acquisition, such Federal banking agency may
dispense with the requirements of this paragraph or, if a copy of the
notice is forwarded to the State depository institution supervisory
agency, such Federal banking agency may request that the views and
recommendations of such State depository institution supervisory agency
be submitted immediately in any form or by any means acceptable to such
Federal banking agency.
(B) Investigation of Principals Required.--Upon receiving any notice
under this subsection, the appropriate Federal banking agency shall--
(i) conduct an investigation of the competence, experience,
integrity, and financial ability of each person named in a notice of
a proposed acquisition as a person by whom or for whom such
acquisition is to be made; and
(ii) make an independent determination of the accuracy and
completeness of any information described in paragraph (6) with
respect to such person.
(C) Report.--The appropriate Federal banking agency shall prepare a
written report of any investigation under subparagraph (B) which shall
contain, at a minimum, a summary of the results of such investigation.
The agency shall retain such written report as a record of the agency.
(D) Public Comment.--Upon receiving notice of a proposed
acquisition, the appropriate Federal banking agency shall, unless such
agency determines that an emergency exists, within a reasonable period
of time--
(i) publish the name of the insured depository institution
proposed to be acquired and the name of each person identified in
such notice as a person by whom or for whom such acquisition is to
be made; and
(ii) solicit public comment on such proposed acquisition,
particularly from persons in the geographic area where the bank \2\
proposed to be acquired is located, before final consideration of
such notice by the agency,
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\2\ So in original. Probably should be ``depository institution''.
unless the agency determines in writing that such disclosure or
solicitation would seriously threaten the safety or soundness of such
bank.\2\
(3) Within three days after its decision to disapprove any proposed
acquisition, the appropriate Federal banking agency shall notify the
acquiring party in writing of the disapproval. Such notice shall provide
a statement of the basis for the disapproval.
(4) Within ten days of receipt of such notice of disapproval, the
acquiring party may request an agency hearing on the proposed
acquisition. In such hearing all issues shall be determined on the
record pursuant to section 554 of title 5. The length of the hearing
shall be determined by the appropriate Federal banking agency. At the
conclusion thereof, the appropriate Federal banking agency shall by
order approve or disapprove the proposed acquisition on the basis of the
record made at such hearing.
(5) Any person whose proposed acquisition is disapproved after
agency hearings under this subsection may obtain review by the United
States court of appeals for the circuit in which the home office of the
bank \2\ to be acquired is located, or the United States Court of
Appeals for the District of Columbia Circuit, by filing a notice of
appeal in such court within ten days from the date of such order, and
simultaneously sending a copy of such notice by registered or certified
mail to the appropriate Federal banking agency. The appropriate Federal
banking agency shall promptly certify and file in such court the record
upon which the disapproval was based. The findings of the appropriate
Federal banking agency shall be set aside if found to be arbitrary or
capricious or if found to violate procedures established by this
subsection.
(6) Except as otherwise provided by regulation of the appropriate
Federal banking agency, a notice filed pursuant to this subsection shall
contain the following information:
(A) The identity, personal history, business background and
experience of each person by whom or on whose behalf the acquisition
is to be made, including his material business activities and
affiliations during the past five years, and a description of any
material pending legal or administrative proceedings in which he is
a party and any criminal indictment or conviction of such person by
a State or Federal court.
(B) A statement of the assets and liabilities of each person by
whom or on whose behalf the acquisition is to be made, as of the end
of the fiscal year for each of the five fiscal years immediately
preceding the date of the notice, together with related statements
of income and source and application of funds for each of the fiscal
years then concluded, all prepared in accordance with generally
accepted accounting principles consistently applied, and an interim
statement of the assets and liabilities for each such person,
together with related statements of income and source and
application of funds, as of a date not more than ninety days prior
to the date of the filing of the notice.
(C) The terms and conditions of the proposed acquisition and the
manner in which the acquisition is to be made.
(D) The identity, source and amount of the funds or other
consideration used or to be used in making the acquisition, and if
any part of these funds or other consideration has been or is to be
borrowed or otherwise obtained for the purpose of making the
acquisition, a description of the transaction, the names of the
parties, and any arrangements, agreements, or understandings with
such persons.
(E) Any plans or proposals which any acquiring party making the
acquisition may have to liquidate the bank,\3\ to sell its assets or
merge it with any company or to make any other major change in its
business or corporate structure or management.
---------------------------------------------------------------------------
\3\ So in original. Probably should be ``depository institution''.
---------------------------------------------------------------------------
(F) The identification of any person employed, retained, or to
be compensated by the acquiring party, or by any person on his
behalf, to make solicitations or recommendations to stockholders for
the purpose of assisting in the acquisition, and a brief description
of the terms of such employment, retainer, or arrangement for
compensation.
(G) Copies of all invitations or tenders or advertisements
making a tender offer to stockholders for purchase of their stock to
be used in connection with the proposed acquisition.
(H) Any additional relevant information in such form as the
appropriate Federal banking agency may require by regulation or by
specific request in connection with any particular notice.
(7) The appropriate Federal banking agency may disapprove any
proposed acquisition if--
(A) the proposed acquisition of control would result in a
monopoly or would be in furtherance of any combination or conspiracy
to monopolize or to attempt to monopolize the business of banking in
any part of the United States;
(B) the effect of the proposed acquisition of control in any
section of the country may be substantially to lessen competition or
to tend to create a monopoly or the proposed acquisition of control
would in any other manner be in restraint of trade, and the
anticompetitive effects of the proposed acquisition of control are
not clearly outweighed in the public interest by the probable effect
of the transaction in meeting the convenience and needs of the
community to be served;
(C) the financial condition of any acquiring person is such as
might jeopardize the financial stability of the bank \3\ or
prejudice the interests of the depositors of the bank; \3\
(D) the competence, experience, or integrity of any acquiring
person or of any of the proposed management personnel indicates that
it would not be in the interest of the depositors of the bank, or in
the interest of the public to permit such person to control the
bank; \3\
(E) any acquiring person neglects, fails, or refuses to furnish
the appropriate Federal banking agency all the information required
by the appropriate Federal banking agency; or
(F) the appropriate Federal banking agency determines that the
proposed transaction would result in an adverse effect on the Bank
Insurance Fund or the Savings Association Insurance Fund.
(8) For the purposes of this subsection, the term--
(A) ``person'' means an individual or a corporation,
partnership, trust, association, joint venture, pool, syndicate,
sole proprietorship, unincorporated organization, or any other form
of entity not specifically listed herein; and
(B) ``control'' means the power, directly or indirectly, to
direct the management or policies of an insured depository
institution or to vote 25 per centum or more of any class of voting
securities of an insured depository institution.
(9) Reporting of stock loans.--
(A) Report required.--Any foreign bank, or any affiliate
thereof, that has credit outstanding to any person or group of
persons which is secured, directly or indirectly, by shares of an
insured depository institution shall file a consolidated report with
the appropriate Federal banking agency for such insured depository
institution if the extensions of credit by the foreign bank or any
affiliate thereof, in the aggregate, are secured, directly or
indirectly, by 25 percent or more of any class of shares of the same
insured depository institution.
(B) Definitions.--For purposes of this paragraph, the following
definitions shall apply:
(i) Foreign bank.--The terms ``foreign bank'' and
``affiliate'' have the same meanings as in section 3101 of this
title.
(ii) Credit outstanding.--The term ``credit outstanding''
includes--
(I) any loan or extension of credit,
(II) the issuance of a guarantee, acceptance, or letter
of credit, including an endorsement or standby letter of
credit, and
(III) any other type of transaction that extends credit
or financing to the person or group of persons.
(iii) Group of persons.--The term ``group of persons''
includes any number of persons that the foreign bank or any
affiliate thereof reasonably believes--
(I) are acting together, in concert, or with one another
to acquire or control shares of the same insured depository
institution, including an acquisition of shares of the same
insured depository institution at approximately the same
time under substantially the same terms; or
(II) have made, or propose to make, a joint filing under
section 78m of title 15 regarding ownership of the shares of
the same insured depository institution.
(C) Inclusion of shares held by the financial institution.--Any
shares of the insured depository institution held by the foreign
bank or any affiliate thereof as principal shall be included in the
calculation of the number of shares in which the foreign bank or any
affiliate thereof has a security interest for purposes of
subparagraph (A).
(D) Report requirements.--
(i) Timing of report.--The report required under this
paragraph shall be a consolidated report on behalf of the
foreign bank and all affiliates thereof, and shall be filed in
writing within 30 days of the date on which the foreign bank or
affiliate thereof first believes that the security for any
outstanding credit consists of 25 percent or more of any class
of shares of an insured depository institution.
(ii) Content of report.--The report under this paragraph
shall indicate the number and percentage of shares securing each
applicable extension of credit, the identity of the borrower,
and the number of shares held as principal by the foreign bank
and any affiliate thereof.
(iii) Copy to other agencies.--A copy of any report under
this paragraph shall be filed with the appropriate Federal
banking agency for the foreign bank or any affiliate thereof (if
other than the agency receiving the report under this
paragraph).
(iv) Other information.--Each appropriate Federal banking
agency may require any additional information necessary to carry
out the agency's supervisory responsibilities.
(E) Exceptions.--
(i) Exception where information provided by borrower.--
Notwithstanding subparagraph (A), a foreign bank or any
affiliate thereof shall not be required to report a transaction
under this paragraph if the person or group of persons referred
to in such subparagraph has disclosed the amount borrowed from
such foreign bank or any affiliate thereof and the security
interest of the foreign bank or any affiliate thereof to the
appropriate Federal banking agency for the insured depository
institution in connection with a notice filed under this
subsection, an application filed under the Bank Holding Company
Act of 1956 [12 U.S.C. 1841 et seq.], section 1467a of this
title, or any other application filed with the appropriate
Federal banking agency for the insured depository institution as
a substitute for a notice under this subsection, such as an
application for deposit insurance, membership in the Federal
Reserve System, or a national bank charter.
(ii) Exception for shares owned for more than 1 year.--
Notwithstanding subparagraph (A), a foreign bank and any
affiliate thereof shall not be required to report a transaction
involving--
(I) a person or group of persons that has been the owner
or owners of record of the stock for a period of 1 year or
more; or
(II) stock issued by a newly chartered bank before the
bank's opening.
(10) The reports required by paragraph (9) of this subsection shall
contain such of the information referred to in paragraph (6) of this
subsection, and such other relevant information, as the appropriate
Federal banking agency may require by regulation or by specific request
in connection with any particular report.
(11) The Federal banking agency receiving a notice or report filed
pursuant to paragraph (1) or (9) shall immediately furnish to the other
Federal banking agencies a copy of such notice or report.
(12) Whenever such a change in control occurs, each insured
depository institution shall report promptly to the appropriate Federal
banking agency any changes or replacement of its chief executive officer
or of any director occurring in the next twelve-month period, including
in its report a statement of the past and current business and
professional affiliations of the new chief executive officer or
directors.
(13) The appropriate Federal banking agencies are authorized to
issue rules and regulations to carry out this subsection.
(14) Within two years after the effective date of the Change in Bank
Control Act of 1978, and each year thereafter in each appropriate
Federal banking agency's annual report to the Congress, the appropriate
Federal banking agency shall report to the Congress the results of the
administration of this subsection, and make any recommendations as to
changes in the law which in the opinion of the appropriate Federal
banking agency would be desirable.
(15) Investigative and Enforcement Authority.--
(A) Investigations.--The appropriate Federal banking agency may
exercise any authority vested in such agency under section 1818(n)
of this title in the course of conducting any investigation under
paragraph (2)(B) or any other investigation which the agency, in its
discretion, determines is necessary to determine whether any person
has filed inaccurate, incomplete, or misleading information under
this subsection or otherwise is violating, has violated, or is about
to violate any provision of this subsection or any regulation
prescribed under this subsection.
(B) Enforcement.--Whenever it appears to the appropriate Federal
banking agency that any person is violating, has violated, or is
about to violate any provision of this subsection or any regulation
prescribed under this subsection, the agency may, in its discretion,
apply to the appropriate district court of the United States or the
United States court of any territory for--
(i) a temporary or permanent injunction or restraining order
enjoining such person from violating this subsection or any
regulation prescribed under this subsection; or
(ii) such other equitable relief as may be necessary to
prevent any such violation (including divestiture).
(C) Jurisdiction.--
(i) The district courts of the United States and the United
States courts in any territory shall have the same jurisdiction
and power in connection with any exercise of any authority by
the appropriate Federal banking agency under subparagraph (A) as
such courts have under section 1818(n) of this title.
(ii) The district courts of the United States and the United
States courts of any territory shall have jurisdiction and power
to issue any injunction or restraining order or grant any
equitable relief described in subparagraph (B). When
appropriate, any injunction, order, or other equitable relief
granted under this paragraph shall be granted without requiring
the posting of any bond.
The resignation, termination of employment or participation, divestiture
of control, or separation of or by an institution-affiliated party
(including a separation caused by the closing of a depository
institution) shall not affect the jurisdiction and authority of the
appropriate Federal banking agency to issue any notice and proceed under
this subsection against any such party, if such notice is served before
the end of the 6-year period beginning on the date such party ceased to
be such a party with respect to such depository institution (whether
such date occurs before, on, or after August 9, 1989).
(16) Civil money penalty.--
(A) First tier.--Any person who violates any provision of this
subsection, or any regulation or order issued by the appropriate
Federal banking agency under this subsection, shall forfeit and pay
a civil penalty of not more than $5,000 for each day during which
such violation continues.
(B) Second tier.--Notwithstanding subparagraph (A), any person
who--
(i)(I) commits any violation described in any clause of
subparagraph (A);
(II) recklessly engages in an unsafe or unsound practice in
conducting the affairs of a depository institution; or
(III) breaches any fiduciary duty;
(ii) which violation, practice, or breach--
(I) is part of a pattern of misconduct;
(II) causes or is likely to cause more than a minimal
loss to such institution; or
(III) results in pecuniary gain or other benefit to such
person,
shall forfeit and pay a civil penalty of not more than $25,000 for
each day during which such violation, practice, or breach continues.
(C) Third tier.--Notwithstanding subparagraphs (A) and (B), any
person who--
(i) knowingly--
(I) commits any violation described in any clause of
subparagraph (A);
(II) engages in any unsafe or unsound practice in
conducting the affairs of a depository institution; or
(III) breaches any fiduciary duty; and
(ii) knowingly or recklessly causes a substantial loss to
such institution or a substantial pecuniary gain or other
benefit to such person by reason of such violation, practice, or
breach,
shall forfeit and pay a civil penalty in an amount not to exceed the
applicable maximum amount determined under subparagraph (D) for each
day during which such violation, practice, or breach continues.
(D) Maximum amounts of penalties for any violation described in
subparagraph (c).--The maximum daily amount of any civil penalty
which may be assessed pursuant to subparagraph (C) for any
violation, practice, or breach described in such subparagraph is--
(i) in the case of any person other than a depository
institution, an amount to not exceed $1,000,000; and
(ii) in the case of a depository institution, an amount not
to exceed the lesser of--
(I) $1,000,000; or
(II) 1 percent of the total assets of such institution.
(E) Assessment; etc.--Any penalty imposed under subparagraph
(A), (B), or (C) shall be assessed and collected by the appropriate
Federal banking agency in the manner provided in subparagraphs (E),
(F), (G), and (I) of section 1818(i)(2) of this title for penalties
imposed (under such section) and any such assessment shall be
subject to the provisions of such section.
(F) Hearing.--The depository institution or other person against
whom any penalty is assessed under this paragraph shall be afforded
an agency hearing if such institution or other person submits a
request for such hearing within 20 days after the issuance of the
notice of assessment. Section 1818(h) of this title shall apply to
any proceeding under this paragraph.
(G) Disbursement.--All penalties collected under authority of
this paragraph shall be deposited into the Treasury.
(17) Exceptions.--This subsection shall not apply with respect to a
transaction which is subject to--
(A) section 1842 of this title;
(B) section 1828(c) of this title; or
(C) section 1467a of this title.
(18) Applicability of change in control provisions to other
institutions.--For purposes of this subsection, the term ``insured
depository institution'' includes--
(A) any depository institution holding company; and
(B) any other company which controls an insured depository
institution and is not a depository institution holding company.
(k) Federal banking agency rules and regulations for reports and public
disclosure by banks of extension of credit to executive officers
or principal shareholders or the related interests of such
persons
The appropriate Federal banking agencies are authorized to issue
rules and regulations, including definitions of terms, to require the
reporting and public disclosure of information by a bank or any
executive officer or principal shareholder thereof concerning extensions
of credit by the bank to any of its executive officers or principal
shareholders, or the related interests of such persons.
(l) Designation of fund membership for newly insured depository
institutions; definitions
For purposes of this section:
(1) Bank Insurance Fund
Any institution which--
(A) becomes an insured depository institution; and
(B) does not become a Savings Association Insurance Fund
member pursuant to paragraph (2),
shall be a Bank Insurance Fund member.
(2) Savings Association Insurance Fund
Any savings association, other than any Federal savings bank
chartered pursuant to section 1464(o) of this title, which becomes
an insured depository institution shall be a Savings Association
Insurance Fund member.
(3) Transition provision
(A) Bank Insurance Fund
Any depository institution the deposits of which were
insured by the Federal Deposit Insurance Corporation on the day
before August 9, 1989, including--
(i) any Federal savings bank chartered pursuant to
section 1464(o) of this title; and
(ii) any cooperative bank,
shall be a Bank Insurance Fund member as of August 9, 1989.
(B) Savings Association Insurance Fund
Any savings association which is an insured depository
institution by operation of section 1814(a)(2) of this title
shall be a Savings Association Insurance Fund member as of
August 9, 1989.
(4) Bank Insurance Fund member
The term ``Bank Insurance Fund member'' means any depository
institution the deposits of which are insured by the Bank Insurance
Fund.
(5) Savings Association Insurance Fund member
The term ``Savings Association Insurance Fund member'' means any
depository institution the deposits of which are insured by the
Savings Association Insurance Fund.
(6) Bank Insurance Fund reserve ratio
The term ``Bank Insurance Fund reserve ratio'' means the ratio
of the net worth of the Bank Insurance Fund to the value of the
aggregate estimated insured deposits held in all Bank Insurance Fund
members.
(7) Savings Association Insurance Fund reserve ratio
The term ``Savings Association Insurance Fund reserve ratio''
means the ratio of the net worth of the Savings Association
Insurance Fund to the value of the aggregate estimated insured
deposits held in all Savings Association Insurance Fund members.
(m) Secondary reserve offsets against premiums
(1) Offsets in calendar years beginning before 1993
Subject to the maximum amount limitation contained in paragraph
(2) and notwithstanding any other provision of law, any insured
savings association may offset such association's pro rata share of
the statutorily prescribed amount against any premium assessed
against such association under subsection (b) of this section for
any calendar year beginning before 1993.
(2) Annual maximum amount limitation
The amount of any offset allowed for any savings association
under paragraph (1) for any calendar year beginning before 1993
shall not exceed an amount which is equal to 20 percent of such
association's pro rata share of the statutorily prescribed amount
(as computed for such calendar year).
(3) Offsets in calendar years beginning after 1992
Notwithstanding any other provision of law, a savings
association may offset such association's pro rata share of the
statutorily prescribed amount against any premium assessed against
such association under subsection (b) of this section for any
calendar year beginning after 1992.
(4) Transferability
No right, title, or interest of any insured depository
institution in or with respect to its pro rata share of the
secondary reserve shall be assignable or transferable whether by
operation of law or otherwise, except to the extent that the
Corporation may provide for transfer of such pro rata share in cases
of merger or consolidation, transfer of bulk assets or assumption of
liabilities, and similar transactions, as defined by the Corporation
for purposes of this paragraph.
(5) Pro rata distribution on termination of insured status
If--
(A) the status of any savings association as an insured
depository institution is terminated pursuant to any provision
of section 1818 of this title or the insurance of accounts of
any such institution is otherwise terminated;
(B) a receiver or other legal custodian is appointed for the
purpose of liquidation or winding up the affairs of any savings
association; or
(C) the Corporation makes a determination that for the
purposes of this subsection any savings association has
otherwise gone into liquidation,
the Corporation shall pay in cash to such institution its pro rata
share of the secondary reserve, in accordance with such terms and
conditions as the Corporation may prescribe, or, at the option of
the Corporation, the Corporation may apply the whole or any part of
the amount which would otherwise be paid in cash toward the payment
of any indebtedness or obligation, whether matured or not, of such
institution to the Corporation, existing or arising before such
payment in cash. Such payment or such application need not be made
to the extent that the provisions of the exception in paragraph (4)
are applicable.
(6) ``Statutorily prescribed amount'' defined
For purposes of this subsection, the term ``statutorily
prescribed amount'' means, with respect to any calendar year which
ends after August 9, 1989--
(A) $823,705,000, minus
(B) the sum of--
(i) the aggregate amount of offsets made before August
9, 1989, by all insured institutions under section 404(e)(2)
\4\ of the National Housing Act [12 U.S.C. 1727(e)(2)] (as
in effect before August 9, 1989); and
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\4\ See References in Text note below.
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(ii) the aggregate amount of offsets made by all savings
associations under this subsection before the beginning of
such calendar year.
(7) Savings association's pro rata amount
For purposes of this subsection, any savings association's pro
rata share of the statutorily prescribed amount is the percentage
which is equal to such association's share of the secondary reserve
as determined under section 404(e) \4\ of the National Housing Act
on the day before the date on which the Federal Savings and Loan
Insurance Corporation ceased to recognize the secondary reserve (as
such Act [12 U.S.C. 1701 et seq.] was in effect on the day before
such date).
(8) Year of enactment rule
With respect to the calendar year in which the Financial
Institutions Reform, Recovery, and Enforcement Act of 1989 is
enacted, the Corporation shall make such adjustments as may be
necessary--
(A) in the computation of the statutorily prescribed amount
which shall be applicable for the remainder of such calendar
year after taking into account the aggregate amount of offsets
by all insured institutions under section 404(e)(2) \4\ of the
National Housing Act [12 U.S.C. 1727(e)(2)] (as in effect before
August 9, 1989) after the beginning of such calendar year and
before August 9, 1989; and
(B) in the computation of the maximum amount of any savings
association's offset for such calendar year under paragraph (1)
after taking into account--
(i) the amount of any offset by such savings association
under section 404(e)(2) \4\ of the National Housing Act (as
in effect before August 9, 1989) after the beginning of such
calendar year and before August 9, 1989; and
(ii) the change of such association's premium year from
the 1-year period applicable under section 404(b) \4\ of the
National Housing Act (as in effect before August 9, 1989) to
a calendar year basis.
(n) Collections on behalf of Director of Office of Thrift Supervision
When requested by the Director of the Office of Thrift Supervision,
the Corporation shall collect on behalf of the Director assessments on
savings associations levied by the Director under section 1467 of this
title. The Corporation shall be reimbursed for its actual costs for the
collection of such assessments. Any such assessments by the Director
shall be in addition to any amounts assessed by the Corporation, the
Financing Corporation, and the Resolution Funding Corporation.
(Sept. 21, 1950, ch. 967, Sec. 2[7], 64 Stat. 876; Pub. L. 86-671,
Secs. 2, 3, July 14, 1960, 74 Stat. 547-551; Pub. L. 88-593, Sept. 12,
1964, 78 Stat. 940; Pub. L. 89-695, title II, Sec. 201, title III,
Sec. 301(b), Oct. 16, 1966, 80 Stat. 1046, 1055; Pub. L. 91-151,
Sec. 7(a)(2), Dec. 23, 1969, 83 Stat. 375; Pub. L. 91-609, title IX,
Sec. 910(g), (h), Dec. 31, 1970, 84 Stat. 1812; Pub. L. 93-495, title I,
Secs. 101(a)(2), 102(a)(2), Oct. 28, 1974, 88 Stat. 1500, 1502; Pub. L.
95-369, Sec. 6(c)(8)-(13), Sept. 17, 1978, 92 Stat. 617, 618; Pub. L.
95-630, title III, Secs. 302, 310, title VI, Sec. 602, title IX,
Sec. 901, Nov. 10, 1978, 92 Stat. 3676, 3678, 3683, 3693; Pub. L. 96-
221, title III, Sec. 308(a)(1)(B), (d), Mar. 31, 1980, 94 Stat. 147,
148; Pub. L. 97-110, title I, Sec. 103(b), Dec. 26, 1981, 95 Stat. 1514;
Pub. L. 97-320, title I, Secs. 113(d)-(f), (q), 117, title IV, Sec. 429,
Oct. 15, 1982, 96 Stat. 1473, 1475, 1479, 1527; Pub. L. 99-570, title I,
Sec. 1360, Oct. 27, 1986, 100 Stat. 3207-29; Pub. L. 100-86, title V,
Sec. 505(a), Aug. 10, 1987, 101 Stat. 633; Pub. L. 101-73, title II,
Secs. 201, 208, title IX, Secs. 905(c), 907(d), 911(c), 931(a), Aug. 9,
1989, 103 Stat. 187, 206, 460, 468, 479, 493; Pub. L. 101-508, title II,
Secs. 2002-2004, Nov. 5, 1990, 104 Stat. 1388-14--1388-16; Pub. L. 102-
242, title I, Secs. 103(b), 104, 113(c)(1), 141(c), title II, Secs. 205,
232(b), 233(c), title III, Secs. 302(a), (b), (e)(3), (4), formerly
(e)(2), (3), 311(a)(2), (b)(3), 313(a), title IV, Sec. 474, Dec. 19,
1991, 105 Stat. 2238, 2247, 2277, 2292, 2310, 2314, 2345, 2348, 2349,
2363, 2365, 2368, 2386; Pub. L. 102-550, title IX, Sec. 931(a), (b),
title XVI, Secs. 1603(a)(1), (3), 1604(b)(1), (3), 1605(a)(2), (5)(A),
(6), (b)(1), (2), 1606(i)(1), Oct. 28, 1992, 106 Stat. 3888, 4078, 4083,
4085-4087, 4089; Pub. L. 102-558, title III, Secs. 303(a), (b)(1), (3),
(6)(A), (7), (8), 305, Oct. 28, 1992, 106 Stat. 4224-4226; Pub. L. 103-
204, Secs. 8(h), 38(a), Dec. 17, 1993, 107 Stat. 2388, 2416; Pub. L.
103-325, title III, Secs. 305(b), 308(b), 348, title VI, Sec. 602(a)(4)-
(10), Sept. 23, 1994, 108 Stat. 2217, 2218, 2241, 2288; Pub. L. 104-208,
div. A, title II, Secs. 2226, 2703(b), 2704(d)(6)(B), (14)(G), 2706-
2708, Sept. 30, 1996, 110 Stat. 3009-417, 3009-485, 3009-488, 3009-491,
3009-496, 3009-497; Pub. L. 106-569, title XII, Sec. 1231(a), Dec. 27,
2000, 114 Stat. 3036.)
References in Text
For effective date of amendments made by section 302(a) of the
Federal Deposit Insurance Corporation Improvement Act of 1991, referred
to in subsec. (b)(2)(F), see section 302(g) of Pub. L. 102-242, set out
as an Effective Date of 1991 Amendment note below.
The Bank Enterprise Act of 1991, referred to in subsec. (b)(2)(H),
is subtitle C (Secs. 231-234) of title II of Pub. L. 102-242, Dec. 19,
1991, 105 Stat. 2308-2315, which enacted sections 1834 to 1834b of this
title, amended this section, and enacted provisions set out as a note
under section 1811 of this title. For complete classification of this
Act to the Code, see Short Title of 1991 Amendment note set out under
section 1811 of this title and Tables.
Section 2704 of the Deposit Insurance Funds Act of 1996, referred to
in subsec. (e)(2)(A)(i), is section 2704 of Pub. L. 104-208. For
complete classification of this section to the Code, see section 2704(c)
of Pub. L. 104-208, set out as an Effective Date of 1996 Amendment note
under section 1821 of this title and Tables.
The National Bank Act, referred to in subsec. (h), is act June 3,
1864, ch. 106, 13 Stat. 99, as amended, which is classified principally
to chapter 2 (Sec. 21 et seq.) of this title. For complete
classification of this Act to the Code, see References in Text note set
out under section 38 of this title.
The Federal Reserve Act, referred to in subsec. (h), is act Dec. 23,
1913, ch. 6, 38 Stat. 251, as amended, which is classified principally
to chapter 3 (Sec. 221 et seq.) of this title. For complete
classification of this Act to the Code, see References in Text note set
out under section 226 of this title and Tables.
The Bank Holding Company Act of 1956, referred to in subsec.
(j)(9)(E)(i), is act May 9, 1956, ch. 240, 70 Stat. 133, as amended,
which is classified principally to chapter 17 (Sec. 1841 et seq.) of
this title. For complete classification of this Act to the Code, see
Short Title note set out under section 1841 of this title and Tables.
For effective date of the Change in Bank Control Act of 1978 [title
VI of Pub. L. 95-630], referred to in subsec. (j)(14), see section 2101
of Pub. L. 95-630, set out as an Effective Date note under section 375b
of this title.
The National Housing Act, referred to in subsec. (m)(6) to (8), 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.
Section 404 of the National Housing Act, is section 1727 of this title,
as such section was in effect prior to repeal by Pub. L. 101-73, title
IV, Sec. 407, Aug. 9, 1989, 103 Stat. 363. For complete classification
of this Act to the Code, see section 1701 of this title and Tables.
The calendar year in which the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989 is enacted, referred to in subsec.
(m)(8), means the calendar year in which Pub. L. 101-73 was enacted.
Such Act was approved Aug. 9, 1989.
Prior Provisions
Section is derived from subsec. (h) of former section 264 of this
title. See Codification note under section 1811 of this title.
Amendments
2000--Subsec. (b)(2)(E)(iii). Pub. L. 106-569 amended directory
language of Pub. L. 104-208, Sec. 2707. See 1996 Amendment note below.
1996--Subsec. (b)(1)(D). Pub. L. 104-208, Sec. 2704(d)(14)(G)(i),
which directed substitution of ``the Deposit Insurance Fund'' for ``each
deposit insurance fund'', was not executed. See Effective Date of 1996
Amendment note below.
Subsec. (b)(2)(A)(i). Pub. L. 104-208, Sec. 2708(a), inserted ``when
necessary, and only to the extent necessary'' after ``insured depository
institutions'' in introductory provisions.
Subsec. (b)(2)(A)(i)(I). Pub. L. 104-208, Sec. 2704(d)(14)(G)(ii),
which directed substitution of ``the Deposit Insurance Fund'' for ``each
deposit insurance fund'', was not executed. See Effective Date of 1996
Amendment note below.
Subsec. (b)(2)(A)(iii). Pub. L. 104-208, Sec. 2708(b), amended
heading and text of cl. (iii) generally. Prior to amendment, text read
as follows: ``The semiannual assessment for each member of a deposit
insurance fund shall be not less than $1,000.''
Pub. L. 104-208, Sec. 2704(d)(14)(G)(iii), which directed
substitution of ``the Deposit Insurance Fund'' for ``a deposit insurance
fund'', was not executed. See Effective Date of 1996 Amendment note
below.
Subsec. (b)(2)(A)(iv). Pub. L. 104-208, Sec. 2704(d)(14)(G)(ii),
(iv), which directed substitution of ``the Deposit Insurance Fund'' for
``each deposit insurance fund'' and striking out cl. (iv), was not
executed. See Effective Date of 1996 Amendment note below.
Subsec. (b)(2)(A)(v). Pub. L. 104-208, Sec. 2708(c), added cl. (v).
Subsec. (b)(2)(B). Pub. L. 104-208, Sec. 2704(d)(6)(B)(iii), which
directed the striking of subpar. (B) and the redesignation of subpar.
(C) as (B), was not executed. See Effective Date of 1996 Amendment note
below.
Subsec. (b)(2)(C). Pub. L. 104-208, Sec. 2704(d)(6)(B)(iii),
(14)(G)(v), which directed the redesignation of subpar. (E) as (C) and
substitution of ``the Deposit Insurance Fund'' for ``any deposit
insurance fund'' and ``the Deposit Insurance Fund'' for ``that fund''
wherever appearing, was not executed. See Effective Date of 1996
Amendment note below.
Subsec. (b)(2)(D). Pub. L. 104-208, Sec. 2704(d)(6)(B)(iii),
(14)(G)(vi), which directed the redesignation of subpar. (G) as (D) and
substitution of ``fund achieves'' for ``funds achieve'' in heading and
``the Deposit Insurance Fund'' for ``a deposit insurance fund'' in text,
was not executed. See Effective Date of 1996 Amendment note below.
Pub. L. 104-208, Sec. 2703(b), struck out heading and text of
subpar. (D). Text read as follows: ``Notwithstanding any other provision
of this paragraph, amounts assessed by the Financing Corporation under
section 1441 of this title against Savings Association Insurance Fund
members shall be subtracted from the amounts authorized to be assessed
by the Corporation under this paragraph.''
Subsec. (b)(2)(E). Pub. L. 104-208, Sec. 2704(d)(6)(B)(iii), which
directed the redesignation of subpar. (H) as (E), was not executed. See
Effective Date of 1996 Amendment note below.
Subsec. (b)(2)(E)(iii). Pub. L. 104-208, Sec. 2707, as amended by
Pub. L. 106-569, added cl. (iii).
Subsec. (b)(2)(F) to (H). Pub. L. 104-208, Sec. 2704(d)(6)(B)(iii),
which directed the striking of subpar. (F) and the redesignation of
subpars. (G) and (H) as (D) and (E), respectively, was not executed. See
Effective Date of 1996 Amendment note below.
Subsec. (b)(3). Pub. L. 104-208, Sec. 2704(d)(14)(G)(vii)(I), which
directed substitution of ``fund'' for ``funds'' in heading, was not
executed. See Effective Date of 1996 Amendment note below.
Subsec. (b)(3)(A). Pub. L. 104-208, Sec. 2704(d)(14)(G)(vii)(II)-
(V), which directed substitution of ``If'' for ``Except as provided in
paragraph (2)(F), if'', ``the Deposit Insurance Fund'' for ``any deposit
insurance fund'', and ``insured depository institutions'' for ``members
of that fund'' in introductory provisions and directed substitution of
``the Deposit Insurance Fund'' for ``that fund'' in cl. (i), was not
executed. See Effective Date of 1996 Amendment note below.
Subsec. (b)(3)(B). Pub. L. 104-208, Sec. 2704(d)(14)(G)(vii)(III),
which directed substitution of ``the Deposit Insurance Fund'' for ``that
fund'', was not executed. See Effective Date of 1996 Amendment note
below.
Subsec. (b)(3)(C), (D). Pub. L. 104-208,
Sec. 2704(d)(14)(G)(vii)(VI), which directed the striking of subpars.
(C) and (D) and the addition of a new subpar. (C), was not executed. See
Effective Date of 1996 Amendment note below.
Subsec. (b)(6). Pub. L. 104-208, Sec. 2704(d)(14)(G)(viii), which
directed the amendment of par. (6) by substituting ``any such assessment
is necessary'' for ``any such assessment'' in introductory provisions,
striking subpar. (A) designation, introductory provisions, and subpar.
(B), redesignating cls. (i) to (iii) of subpar. (A) as subpars. (A) to
(C), respectively, realigning margins, and substituting period for ``;
and'' at end of subpar. (C), was not executed. See Effective Date of
1996 Amendment note below.
Subsec. (e). Pub. L. 104-208, Sec. 2706, inserted heading and
amended text of subsec. (e) generally. Prior to amendment, text read as
follows: ``The Corporation (1) may refund to an insured depository
institution any payment of assessment in excess of the amount due to the
Corporation or (2) may credit such excess toward the payment of the
assessment next becoming due from such depository institution and upon
succeeding assessments until the credit is exhausted.''
Subsec. (j)(9)(A). Pub. L. 104-208, Sec. 2226(1), substituted
``foreign bank, or any affiliate thereof,'' for ``financial institution
and any affiliate of any financial institution'' and ``by the foreign
bank or any affiliate thereof'' for ``by the financial institution and
such institution's affiliates''.
Subsec. (j)(9)(B). Pub. L. 104-208, Sec. 2226(2)(A), substituted
``paragraph, the following definitions shall apply:'' for ``paragraph--
'' in introductory provisions.
Subsec. (j)(9)(B)(i). Pub. L. 104-208, Sec. 2226(2)(B), added cl.
(i) and struck out heading and text of former cl. (i). Text read as
follows: ``The term `financial institution' means any insured depository
institution and any foreign bank that is subject to the provisions of
the Bank Holding Company Act of 1956 by virtue of section 3106(a) of
this title.''
Subsec. (j)(9)(B)(iii). Pub. L. 104-208, Sec. 2226(2)(C),
substituted ``foreign bank or any affiliate thereof'' for ``financial
institution'' in introductory provisions.
Subsec. (j)(9)(C). Pub. L. 104-208, Sec. 2226(3), substituted
``foreign bank or any affiliate thereof'' for ``financial institution or
any of its affiliates'' before ``as principal'' and for ``financial
institution or its affiliates'' before ``has a security interest''.
Subsec. (j)(9)(D)(i). Pub. L. 104-208, Sec. 2226(4)(A), substituted
``the foreign bank and all affiliates thereof'' for ``the financial
institution and all affiliates of the institution'' and ``foreign bank
or affiliate thereof'' for ``financial institution or any such
affiliate''.
Subsec. (j)(9)(D)(ii), (iii). Pub. L. 104-208, Sec. 2226(4)(B), (C),
substituted ``foreign bank and any affiliate thereof'' for ``financial
institution and any affiliate of such institution'' before period at end
of cl. (ii) and ``foreign bank or any affiliate thereof'' for
``financial institution'' before parenthetical at end of cl. (iii).
Subsec. (j)(9)(E)(i). Pub. L. 104-208, Sec. 2226(5)(A), substituted
``subparagraph (A), a foreign bank or any affiliate thereof'' for
``subparagraph (A), a financial institution and the affiliates of such
institution'' and substituted ``foreign bank or any affiliate thereof''
for ``institution or affiliate'' in two places.
Subsec. (j)(9)(E)(ii). Pub. L. 104-208, Sec. 2226(5)(B), substituted
``foreign bank and any affiliate thereof'' for ``financial institution
and any affiliate of such institution''.
Subsecs. (l) to (n). Pub. L. 104-208, Sec. 2704(d)(6)(B)(i), (ii),
which directed the striking of subsec. (l) and the redesignation of
subsecs. (m) and (n) as (l) and (m), respectively, was not executed. See
Effective Date of 1996 Amendment note below.
1994--Subsec. (a)(1). Pub. L. 103-325, Sec. 308(b), struck out after
third sentence ``The Board of Directors may require reports of condition
to be published in such manner, not inconsistent with any applicable
law, as it may direct.''
Subsec. (a)(2)(A). Pub. L. 103-325, Sec. 305(b), inserted ``and,
with respect to any State depository institution, any appropriate State
bank supervisor for such institution,'' after ``The Corporation'' in
first sentence.
Subsec. (a)(3). Pub. L. 103-325, Sec. 602(a)(4), struck out
``Chairman of the'' before ``Director of the Office of Thrift
Supervision''.
Subsec. (a)(9). Pub. L. 103-325, Sec. 348, inserted at end ``In
prescribing reporting and other requirements for the collection of
actual and accurate information pursuant to this paragraph, the
Corporation shall minimize the regulatory burden imposed upon insured
depository institutions that are well capitalized (as defined in section
1831o of this title) while taking into account the benefit of the
information to the Corporation, including the use of the information to
enable the Corporation to more accurately determine the total amount of
insured deposits in each insured depository institution for purposes of
compliance with this chapter.''
Subsec. (b)(3)(C). Pub. L. 103-325, Sec. 602(a)(5), struck out first
period at end.
Subsec. (j)(2)(A). Pub. L. 103-325, Sec. 602(a)(6), in third
sentence substituted ``this paragraph'' for ``this section (j)(2)'' and
``this subsection (j)(2)'', respectively.
Subsec. (j)(7)(A). Pub. L. 103-325, Sec. 602(a)(7), substituted
``monopolize'' for ``monoplize'' after ``conspiracy to''.
Subsec. (l)(7). Pub. L. 103-325, Sec. 602(a)(8), substituted ``the
ratio of'' for ``the ratio of the value of''.
Subsec. (m)(5)(A). Pub. L. 103-325, Sec. 602(a)(9), substituted
``such institution'' for ``savings association institution''.
Subsec. (m)(7). Pub. L. 103-325, Sec. 602(a)(10), inserted ``the''
before ``Federal''.
1993--Subsec. (b)(3)(C). Pub. L. 103-204, Sec. 8(h), substituted
``and such amendment may extend the date specified in subparagraph (B)
to such later date as the Corporation determines will, over time,
maximize the amount of semiannual assessments received by the Savings
Association Insurance Fund, net of insurance losses incurred by the
Fund.'' for ``, but such amendments may not extend the date specified in
subparagraph (B)''.
Subsec. (i)(3), (4). Pub. L. 103-204, Sec. 38(a), added par. (3) and
redesignated former par. (3) as (4).
1992--Subsec. (a). Pub. L. 102-558, Sec. 303(b)(1), amended
directory language of Pub. L. 102-242, Sec. 232(b)(1). See 1991
Amendment note below. Pub. L. 102-550, Sec. 1604(b)(1), which contained
a similar amendment, was repealed, effective Oct. 28, 1992, by Pub. L.
102-558, Sec. 305, set out as a Repeal of Duplicative Provisions note
under section 1815 of this title.
Subsec. (a)(5). Pub. L. 102-558, Sec. 303(b)(6)(A), amended
directory language of Pub. L. 102-242, Sec. 302(e). See 1991 Amendment
note below. Pub. L. 102-550, Sec. 1605(a)(5)(A), which contained an
identical amendment, was repealed, effective Oct. 28, 1992, by Pub. L.
102-558, Sec. 305, set out as a Repeal of Duplicative Provisions note
under section 1815 of this title.
Subsec. (a)(9), (10). Pub. L. 102-550, Sec. 1606(i)(1), redesignated
par. (9), relating to designation of debtor or bankrupt corporation or
transaction with such a corporation as highly leveraged, as (10).
Subsec. (b)(1)(A)(iii). Pub. L. 102-550, Sec. 1603(a)(1),
substituted ``assessment rate.'' for ``assessment.''
Subsec. (b)(2). Pub. L. 102-558, Sec. 303(a), struck out comma after
``members'' in subpar. (D) and added subpar. (H). Pub. L. 102-550,
Sec. 1605(a)(2), which contained an identical amendment, was repealed,
effective Oct. 28, 1992, by Pub. L. 102-558, Sec. 305, set out as a
Repeal of Duplicative Provisions note under section 1815 of this title.
Subsec. (b)(2)(A)(iii)(I). Pub. L. 102-550, Sec. 931(b), amended
subcl. (I) generally. Prior to amendment, subcl. (I) read as follows:
``\1/2\ the assessment rate applicable with respect to such deposits
pursuant to paragraph (10) during that semiannual assessment period;
and''.
Subsec. (b)(6). Pub. L. 102-558, Sec. 303(b)(7), added par. (6).
Pub. L. 102-550, Sec. 1603(a)(3), which contained an identical
amendment, was repealed, effective Oct. 28, 1992, by Pub. L. 102-558,
Sec. 305, set out as a Repeal of Duplicative Provisions note under
section 1815 of this title.
Subsec. (b)(6)(D). Pub. L. 102-550, Sec. 1605(b)(1), added subpar.
(D) and struck out former subpar. (D) which read as follows: ``any
liability of the insured depository institution which is not treated as
an insured deposit pursuant to section 1821(a)(8) of this title.''
Subsec. (b)(7). Pub. L. 102-558, Sec. 303(b)(8), added par. (7).
Pub. L. 102-550, Sec. 1605(a)(6), which contained an identical
amendment, was repealed, effective Oct. 28, 1992, by Pub. L. 102-558,
Sec. 305, set out as a Repeal of Duplicative Provisions note under
section 1815 of this title.
Subsec. (b)(10). Pub. L. 102-550, Sec. 931(a), substituted ``at an
assessment rate to be determined by the Corporation by regulation. Such
assessment rate may not be less than \1/2\ the maximum assessment
rate.'' for ``at the assessment rate of \1/2\ the maximum rate.''
Subsec. (c)(4). Pub. L. 102-550, Sec. 1605(b)(2), added par. (4) and
substituted ``paragraph (1)'' for ``paragraph (1) or (2)'' wherever
appearing.
Subsec. (d). Pub. L. 102-558, Sec. 303(b)(6)(A), amended directory
language of Pub. L. 102-242, Sec. 302(e). See 1991 Amendment note below.
Pub. L. 102-550, Sec. 1605(a)(5)(A), which contained an identical
amendment, was repealed, effective Oct. 28, 1992, by Pub. L. 102-558,
Sec. 305, set out as a Repeal of Duplicative Provisions note under
section 1815 of this title.
Subsec. (d)(5). Pub. L. 102-558, Sec. 303(b)(3), made technical
amendment to reference to section 1834b of this title, to correct
underlying provisions of original act. Pub. L. 102-550, Sec. 1604(b)(3),
which contained an identical amendment, was repealed, effective Oct. 28,
1992, by Pub. L. 102-558, Sec. 305, set out as a Repeal of Duplicative
Provisions note under section 1815 of this title.
1991--Subsec. (a). Pub. L. 102-242, Sec. 474, added par. (9)
relating to designation of debtor or bankrupt corporation or transaction
with such a corporation as highly leveraged.
Pub. L. 102-242, Sec. 232(b)(1), as amended by Pub. L. 102-558,
Sec. 303(b)(1), added par. (6) and redesignated former pars. (6) to (8)
as (7) to (9), respectively.
Pub. L. 102-242, Sec. 141(c), amended par. (8) generally,
substituting provisions relating to data collections for provisions
which required that the reports of conditions made by depository
institutions be provided to auditors which had made independent audits
of insured depository institutions within the past two years and that
such reports also include specified additional information. Par. (8)
subsequently redesignated (9), see above.
Subsec. (a)(5). Pub. L. 102-242, Sec. 302(e)(3), as renumbered by
Pub. L. 102-558, Sec. 303(b)(6)(A), struck out ``and for the computation
of assessments provided in subsection (b) of this section'' after ``For
this purpose''.
Subsec. (b). Pub. L. 102-242, Sec. 302(a), amended subsec. (b)
generally, revising and restating as pars. (1) to (5) provisions of
former pars. (1) to (11).
Subsec. (b)(1)(A)(iii). Pub. L. 102-242, Sec. 104(b), added cl.
(iii) and struck out former cl. (iii) which read as follows: ``Deadline
for announcing rate changes.--The Corporation shall announce any change
in assessment rates.--
``(I) for the semiannual period beginning on January 1 and
ending on June 30, not later than the preceding November 1; and
``(II) for the semiannual period beginning on July 1 and ending
on December 31, not later than the preceding May 1.''
Subsec. (b)(1)(C). Pub. L. 102-242, Sec. 104(a), amended subpar. (C)
generally. Prior to amendment, subpar. (C) read as follows: ``Assessment
rate for bank insurance fund members.--
``(i) In general.--The assessment rate for Bank Insurance Fund
members shall be the greater of 0.15 percent or such rate as the Board
of Directors, in its sole discretion, determines to be appropriate--
``(I) to maintain the reserve ratio at the designated reserve
ratio; or
``(II) if the reserve ratio is less than the designated reserve
ratio, to increase the reserve ratio to the designated reserve ratio
within a reasonable period of time.
``(ii) Factors to be considered.--In making any determination under
clause (i), the Board of Directors shall consider the Bank Insurance
Fund's expected operating expenses, case resolution expenditures, and
income, the effect of the assessment rate on members' earnings and
capital, and such other factors as the Board of Directors may deem
appropriate.
``(iii) Minimum assessment.--Notwithstanding clause (i), the
assessment shall not be less than $1,000 for each member in each year.''
Subsec. (b)(2)(A)(i)(II). Pub. L. 102-242, Sec. 232(b)(3)(A), added
subcl. (II) and struck out former subcl. (II) which read as follows:
``such Bank Insurance Fund member's average assessment base for the
immediately preceding semiannual period; and''.
Subsec. (b)(2)(A)(ii)(II). Pub. L. 102-242, Sec. 232(b)(3)(B), added
subcl. (II) and struck out former subcl. (II) which read as follows:
``such Savings Association Insurance Fund member's average assessment
base for the immediately preceding semiannual period.''
Subsec. (b)(2)(A)(iii). Pub. L. 102-242, Sec. 232(b)(3)(C), added
cl. (iii).
Subsec. (b)(6)(D). Pub. L. 102-242, Sec. 311(a)(2), added subpar.
(D).
Subsec. (b)(7) to (9). Pub. L. 102-242, Sec. 103(b), added par. (7)
and redesignated former pars. (7) and (8) as (8) and (9), respectively.
Former par. (9) redesignated (10).
Subsec. (b)(10). Pub. L. 102-242, Sec. 232(b)(2), added par. (10)
and redesignated former par. (10) as (11).
Pub. L. 102-242, Sec. 113(c)(1), inserted ``or section 1820(e) of
this title'' after ``under this section''.
Pub. L. 102-242, Sec. 103(b)(1), redesignated par. (9) as (10).
Subsec. (b)(11). Pub. L. 102-242, Sec. 232(b)(2), redesignated par.
(10) as (11).
Subsec. (c). Pub. L. 102-242, Sec. 302(b), amended subsec. (c)
generally, revising and restating as pars. (1) to (3) provisions of
former pars. (1) to (5).
Subsec. (c)(5). Pub. L. 102-242, Sec. 313(a), added par. (5).
Subsec. (d). Pub. L. 102-242, Sec. 302(e)(4), as renumbered by Pub.
L. 102-558, Sec. 303(b)(6)(A), amended subsec. (d) generally,
substituting provisions exempting Corporation from apportionment for
purposes of chapter 15 of title 31 for provisions relating to assessment
credits.
Subsec. (d)(1)(A). Pub. L. 102-242, Sec. 233(c)(2)(A), inserted
``(other than credits allowed pursuant to paragraph (4))'' after
``amount to be credited''.
Subsec. (d)(1)(B). Pub. L. 102-242, Sec. 233(c)(2)(B), inserted
``(taking into account any assessment credit allowed pursuant to
paragraph (4))'' after ``should be reduced''.
Subsec. (d)(4) to (7). Pub. L. 102-242, Sec. 233(c)(1), added pars.
(4) and (5) and redesignated former pars. (4) and (5) as (6) and (7),
respectively.
Subsec. (i). Pub. L. 102-242, Sec. 311(b)(3), amended subsec. (i)
generally. Prior to amendment, subsec. (i) read as follows: ``Except
with respect to trust funds which are owned by a depositor referred to
in paragraph (2) of section 1821(a) of this title, trust funds held by
an insured depository institution in a fiduciary capacity whether held
in its trust department or held or deposited in any other department of
the fiduciary depository institution shall be insured in an amount not
to exceed $100,000 for each trust estate, and when deposited by the
fiduciary depository institution in another insured depository
institution such trust fund shall be similarly insured to the fiduciary
depository institution according to the trust estates represented.
Notwithstanding any other provision of this chapter, such insurance
shall be separate from and additional to that covering other deposits of
the owners of such trust funds or the beneficiaries of such trust
estates. The Board of Directors shall have power by regulation to
prescribe the manner of reporting and of depositing such trust funds.''
Subsec. (j)(9). Pub. L. 102-242, Sec. 205, amended par. (9)
generally. Prior to amendment, par. (9) read as follows: ``Whenever any
insured depository institution makes a loan or loans, secured, or to be
secured, by 25 per centum or more of the outstanding voting stock of an
insured depository institution, the president or other chief executive
officer of the lending bank shall promptly report such fact to the
appropriate Federal banking agency of the bank whose stock secures the
loan or loans upon obtaining knowledge of such loan or loans, except
that no report need be made in those cases where the borrower has been
the owner of record of the stock for a period of one year or more or
where the stock is that of the newly organized bank prior to its
opening.''
1990--Subsec. (b)(1)(A). Pub. L. 101-508, Sec. 2003(a), amended
subpar. (A) generally. Prior to amendment, subpar. (A) read as follows:
``(A) Annual assessment rates prescribed.--
``(i) The Corporation shall set assessment rates for insured
depository institutions annually.
``(ii) The Corporation shall fix the annual assessment rate of
Bank Insurance Fund members independently from the annual assessment
rate for Savings Association Insurance Fund members.
``(iii) The Corporation shall, by September 30 of each year,
announce the assessment rates for the succeeding calendar year.''
Subsec. (b)(1)(B)(i)(II), (ii)(II). Pub. L. 101-508, Sec. 2004(1),
struck out ``, not exceeding 1.50 percent,'' after ``insured deposits''.
Subsec. (b)(1)(B)(iii). Pub. L. 101-508, Sec. 2004(2), inserted
``and'' after ``Fund;'' in subcl. (I), redesignated subcl. (IV) as (II)
and struck out former subcls. (II) and (III) which read as follows:
``(II) allocate each calendar quarter to an Earnings Participation
Account in the Bank Insurance Fund the investment income earned by the
Bank Insurance Fund on such Supplemental Reserves in the preceding
calendar quarter;
``(III) distribute such Earnings Participation Account at the
conclusion of each calendar year to Bank Insurance Fund members; and''.
Subsec. (b)(1)(B)(iv). Pub. L. 101-508, Sec. 2004(3), inserted
``and'' after ``Fund;'' in subcl. (I), redesignated subcl. (IV) as (II),
and struck out former subcls. (II) and (III) which read as follows:
``(II) allocate each calendar quarter to an Earnings Participation
Account in the Savings Association Insurance Fund the investment income
earned by the Savings Association Insurance Fund on such Supplemental
Reserves in the preceding calendar quarter;
``(III) distribute such Earnings Participation Account at the
conclusion of each calendar year to Savings Association Insurance Fund
members; and''.
Subsec. (b)(1)(C). Pub. L. 101-508, Sec. 2002(a), amended subpar.
(C) generally. Prior to amendment, subpar. (C) read as follows:
``Assessment rate for bank insurance fund members.--The annual
assessment rate for Bank Insurance Fund members shall be--
``(i) until December 31, 1989, \1/12\ of 1 percent;
``(ii) from January 1, 1990, through December 31, 1990, 0.12
percent;
``(iii) on and after January 1, 1991, 0.15 percent;
``(iv) on January 1 of a calendar year in which the reserve
ratio of the Bank Insurance Fund is expected to be less than the
designated reserve ratio by determination of the Board of Directors,
such rate determined by the Board of Directors to be appropriate to
restore the reserve ratio to the designated reserve ratio within a
reasonable period of time, after taking into consideration the
expected operating expenses, case resolution expenditures, and
investment income of the Bank Insurance Fund, and the impact on
insured bank earnings and capitalization, except that--
``(I) from August 9, 1989, until the earlier of January 1,
1995, or January 1 of the calendar year in which the Bank
Insurance Fund reserve ratio is expected to first attain the
designated reserve ratio, the rate shall be as specified in
clauses (i), (ii), and (iii) of this subparagraph so long as the
Bank Insurance Fund reserve ratio is increasing on a calendar
year basis;
``(II) the rate shall not exceed 0.325 percent; and
``(III) the increase in the rate in any 1 year shall not
exceed 0.075 percent; and
``(v) sufficient to ensure that for each member in each year the
assessment shall not be less than $1,000.''
Subsec. (b)(1)(D). Pub. L. 101-508, Sec. 2002(b), amended subpar.
(D) generally. Prior to amendment, subpar. (D) read as follows:
``Assessment rate for savings association insurance fund members.--The
annual assessment rate for Savings Association Insurance Fund members
shall be--
``(i) until December 31, 1990, 0.208 percent;
``(ii) from January 1, 1991, through December 31, 1993, 0.23
percent;
``(iii) from January 1, 1994, through December 31, 1997, 0.18
percent;
``(iv) on and after January 1, 1998, 0.15 percent;
``(v) on January 1 of a calendar year in which the reserve ratio
of the Savings Association Insurance Fund is expected to be less
than the designated reserve ratio by determination of the Board of
Directors, such rate determined by the Board of Directors to be
appropriate to restore the reserve ratio to the designated reserve
ratio within a reasonable period of time, after taking into
consideration the expected expenses and income of the Savings
Association Insurance Fund, and the effect on insured savings
association earnings and capitalization, except that--
``(I) from August 9, 1989, through December 31, 1994, the
rate shall be as specified in clauses (i), (ii), and (iii)
above;
``(II) the rate shall not exceed 0.325 percent; and
``(III) the increase in the rate in any one year shall not
exceed 0.075 percent; and
``(vi) sufficient to ensure that for each member in each year
the assessment shall not be less than $1,000.''
Subsec. (b)(2)(A). Pub. L. 101-508, Sec. 2002(c)(1), inserted ``or
subparagraph (C)(iii) or (D)(iii) of subsection (b)(1) of this section''
after ``subsection (c)(2) of this section'' in introductory provisions.
Subsec. (b)(2)(A)(i). Pub. L. 101-508, Sec. 2002(c)(2), inserted
``the greater of $500 or an amount'' before ``equal to the product of''
in introductory provisions.
Subsec. (b)(2)(A)(i)(I). Pub. L. 101-508, Sec. 2003(b)(1), (2),
struck out ``annual'' before ``assessment'' and inserted ``during that
semiannual period'' after ``member''.
Subsec. (b)(2)(A)(ii). Pub. L. 101-508, Sec. 2002(c)(2), inserted
``the greater of $500 or an amount'' before ``equal to the product of''
in introductory provisions.
Subsec. (b)(2)(A)(ii)(I). Pub. L. 101-508, Sec. 2003(b)(1), (3),
struck out ``annual'' before ``assessment'' and inserted ``during that
semiannual period'' after ``member''.
Subsec. (d)(1)(A). Pub. L. 101-508, Sec. 2003(c), amended subpar.
(A) generally. Prior to amendment, subpar. (A) read as follows: ``By
September 30 of each calendar year, the Corporation shall prescribe and
publish the aggregate amount to be credited to insured depository
institutions in the succeeding calendar year.''
1989--Pub. L. 101-73, Sec. 201, substituted references to insured
depository institutions for references to insured banks wherever
appearing in this section and references to Director of the Office of
Thrift Supervision for references to Federal Home Loan Bank Board
wherever appearing in this section.
Subsec. (a)(1). Pub. L. 101-73, Sec. 911(c), substituted provisions
for different and increasing levels of penalties, and provisions
regarding assessment and collection of penalties and agency hearings,
for provision at end that every such bank which failed to make or
publish any such report within 10 days would be subject to a penalty of
not more than $100 for each day of such failure recoverable by the
Corporation for its use.
Subsec. (a)(2)(A). Pub. L. 101-73, Sec. 208(1)(A)-(C), (E), inserted
references to Director of Office of Thrift Supervision, Federal Housing
Finance Board, and any Federal home loan bank in two places, substituted
``any of them'' for ``either of them'', and substituted ``depository
institution, and may furnish'' for ``State nonmember bank (except a
District bank), and may furnish''.
Pub. L. 101-73, Sec. 208(1)(D), which directed the amendment of last
sentence of subpar. (A) by inserting ``or savings associations'' after
``banks'' could not be executed, because ``banks'' does not appear in
text.
Subsec. (a)(2)(B). Pub. L. 101-73, Sec. 208(1)(F), added subpar. (B)
and struck out former subpar. (B) which read as follows: ``The
Corporation shall have access to reports of examination made by, and
reports of condition made to, the Federal Home Loan Bank Board or any
Federal Home Loan Bank, respecting any insured Federal savings bank, and
the Corporation shall have access to all revisions of reports of
condition made to either such agency. Such agency shall promptly advise
the Corporation of any revisions or changes in respect to deposit
liabilities made or required to be made in any report of condition.''
Subsec. (a)(3). Pub. L. 101-73, Sec. 208(2)(A), substituted ``Each
insured depository institution shall make to the appropriate Federal
banking agency 4 reports'' for ``Each insured State nonmember bank
(except a District bank) and each foreign bank having an insured branch
(other than a Federal branch) shall make to the Corporation, each
insured national bank, each foreign bank having an insured branch which
is a Federal branch, and each insured District bank shall make to the
Comptroller of the Currency, each insured State member bank shall make
to the Federal Reserve bank of which it is a member, and each insured
Federal savings bank shall make to the Federal Home Loan Bank Board,
four reports''.
Pub. L. 101-73, Sec. 208(2)(B)-(D), substituted ``depository
institution, the preceding'' for ``bank, the preceding'', ``depository
institution to make such'' for ``bank to make such'', ``depository
institution other than the officer'' for ``bank other than the
officer'', ``insured depository institution shall furnish to the
Corporation'' for ``insured national, District and State member bank
shall furnish to the Corporation'', and ``banks or savings associations
under its jurisdiction'' for ``banks under its jurisdiction''.
Subsec. (a)(4). Pub. L. 101-73, Sec. 208(3), which directed the
substitution of references to depository institutions for references to
banks, except where ``foreign bank'' appeared, was executed as directed,
except that the exception was made for ``foreign banks'' rather than
``foreign bank'', as the probable intent of Congress.
Subsec. (a)(8). Pub. L. 101-73, Sec. 931(a), added par. (8).
Subsec. (b)(1). Pub. L. 101-73, Sec. 208(4), added par. (1) and
struck out former par. (1) which read as follows: ``The annual
assessment rate shall be one-twelfth of 1 per centum. Except as provided
in subsection (c)(2) of this section, the semiannual assessment due from
any insured bank for any semiannual period shall be equal to one-half
the annual assessment rate multiplied by such bank's average assessment
base for the immediately preceding semiannual period.''
Subsec. (b)(2). Pub. L. 101-73, Sec. 208(4), added par. (2) and
struck out former par. (2) which read as follows: ``For the purposes of
this section the term `semiannual period' means a period beginning on
January 1 of any calendar year and ending on June 30 of the same year,
or a period beginning on July 1 of any calendar year and ending on
December 31 of the same year.''
Subsec. (b)(3) to (8). Pub. L. 101-73, Sec. 208(6), substituted
references to depository institutions for references to banks wherever
appearing.
Subsec. (c)(1) to (3). Pub. L. 101-73, Sec. 208(7), substituted
``depository institution'' for ``bank'' wherever appearing.
Subsec. (d). Pub. L. 101-73, Sec. 208(5), amended subpar. (d)
generally, substituting provisions relating to computation,
applicability, definitions, etc., respecting assessment credits, for
provisions relating to transfer of net assessment income of Corporation
to capital account, pro rata credit to insured banks, and adjustment of
transferred income.
Subsecs. (e) to (g), (i). Pub. L. 101-73, Sec. 208(7), substituted
``depository institution'' for ``bank'' wherever appearing.
Subsec. (j)(1). Pub. L. 101-73, Sec. 208(8), struck out at end ``For
purposes of this subsection, the term `insured bank' shall include any
`bank holding company', as that term is defined in section 1841 of this
title, which has control of any such insured bank, and the appropriate
Federal banking agency in the case of bank holding companies shall be
the Board of Governors of the Federal Reserve System.''
Subsec. (j)(2)(A). Pub. L. 101-73, Sec. 208(9), substituted
``depository institution'' for ``bank'' wherever appearing, and
substituted ``default'' for ``failure''.
Subsec. (j)(2)(D). Pub. L. 101-73, Sec. 208(10), inserted ``unless
such agency determines that an emergency exists,'' after ``banking
agency shall,''.
Subsec. (j)(7)(F). Pub. L. 101-73, Sec. 208(11), added subpar. (F).
Subsec. (j)(15). Pub. L. 101-73, Sec. 905(c), inserted at end ``The
resignation, termination of employment or participation, divestiture of
control, or separation of or by an institution-affiliated party
(including a separation caused by the closing of a depository
institution) shall not affect the jurisdiction and authority of the
appropriate Federal banking agency to issue any notice and proceed under
this subsection against any such party, if such notice is served before
the end of the 6-year period beginning on the date such party ceased to
be such a party with respect to such depository institution (whether
such date occurs before, on, or after the date of the enactment of this
sentence).''
Subsec. (j)(16). Pub. L. 101-73, Sec. 907(d), amended par. (16)
generally. Prior to amendment, par. (16) read as follows: ``Any person
who willfully violates any provision of this subsection, or any
regulation or order issued by the appropriate Federal banking agency
pursuant thereto, shall forfeit and pay a civil penalty of not more than
$10,000 per day for each day during which such violation continues. The
appropriate Federal banking agency shall have authority to assess such a
civil penalty, after giving notice and an opportunity to the person to
submit data, views, and arguments, and after giving due consideration to
the appropriateness of the penalty with respect to the size of financial
resources and good faith of the person charged, the gravity of the
violation, and any data, views, and arguments submitted. The agency may
collect such civil penalty by agreement with the person or by bringing
an action in the appropriate United States district court, except that
in any such action, the person against whom the penalty has been
assessed shall have a right to trial de novo.''
Subsec. (j)(17). Pub. L. 101-73, Sec. 208(12), amended par. (17)
generally. Prior to amendment, par. (17) read as follows: ``This
subsection shall not apply to a transaction subject to section 1842 or
section 1828 of this title. This subsection shall not apply to an
insured Federal savings bank.''
Subsec. (j)(18). Pub. L. 101-73, Sec. 208(13), added par. (18).
Subsec. (l). Pub. L. 101-73, Sec. 208(14), added subsec. (l).
Subsecs. (m), (n). Pub. L. 101-73, Sec. 208(15), added subsecs. (m)
and (n).
1987--Subsec. (b)(9). Pub. L. 100-86 added par. (9).
1986--Subsec. (j)(1). Pub. L. 99-570, Sec. 1360(a), substituted
``or, in the discretion of the agency, extending for an additional 30
days'' for ``or extending for up to another thirty days'' in first
sentence, notwithstanding directory language that new wording be
substituted for ``or extending up to another thirty days'', and amended
second sentence generally. Prior to amendment, second sentence read as
follows: ``The period for disapproval may be further extended only if
the agency determines that any acquiring party has not furnished all the
information required under paragraph (6) of this subsection or that in
its judgment any material information submitted is substantially
inaccurate''.
Subsec. (j)(2). Pub. L. 99-570, Sec. 1360(b), (c), designated
existing provisions as subpar. (A) and added subpars. (B) to (D).
Subsec. (j)(15) to (16). Pub. L. 99-570, Sec. 1360(d), added par.
(15) and redesignated former pars. (15) and (16) as (16) and (17),
respectively.
1982--Subsec. (a)(2). Pub. L. 97-320, Sec. 113(d), designated
existing provisions as subpar. (A) and added subpar. (B).
Subsec. (a)(3). Pub. L. 97-320, Sec. 113(e), inserted the reporting
requirement for each insured Federal savings bank, added the Chairman of
the Federal Home Loan Bank Board to the group designated to decide upon
which dates the reports will be made, and struck out alternative
provision that such decision would be made by a majority of such group.
Subsec. (a)(6). Pub. L. 97-320, Sec. 113(f), inserted ``, the
Federal Home Loan Bank Board,'' after ``Comptroller of the Currency''.
Subsec. (d)(1)(4). Pub. L. 97-320, Sec. 117, added cl. (4).
Subsec. (j)(16). Pub. L. 97-320, Sec. 113(q), inserted provision
that this subsection shall not apply to an insured Federal savings bank.
Subsec. (k). Pub. L. 97-320, Sec. 429, substituted requirement that
Federal banking agencies issue rules and regulations for reports and
public disclosure by banks of extensions of credits to its executive
officers or principal shareholders or the relative interests of such
persons for prior provisions: covering annual reports of insured banks
to Federal banking agencies containing information respecting preceding
calendar year listing names of stockholders of record owning,
controlling, or having more than a 10 per centum voting control of any
class of voting securities of the bank and also listing names of
executive officers and controlling stockholders and aggregate amount of
extensions of credit to such persons, any company controlled by such
persons, and any political or campaign committee the funds or services
of which will benefit such persons, or which is controlled by such
persons; defining an executive officer as one meant under section 375a
of this title; authorizing Federal banking agencies to issue rules and
regulations to require filed information to be included in any required
reports to be made available to the public upon request; and requiring
copies of any reports to be made publicly available upon request.
1981--Subsec. (a)(4). Pub. L. 97-110, Sec. 103(b)(1), inserted ``the
Trust Territory of the Pacific Islands,'' after ``American Samoa,''.
Subsec. (b)(5)(B). Pub. L. 97-110, Sec. 103(b)(2), inserted ``the
Trust Territory of the Pacific Islands,'' after ``American Samoa,''.
1980--Subsec. (d). Pub. L. 96-221, Sec. 308(d), designated existing
provisions as par. (1), substituted ``1980'' for ``1961'' and ``40'' for
``33\1/3\'', and added par. (2).
Subsec. (i). Pub. L. 96-221, Sec. 308(a)(1)(B), substituted
``$100,000'' for ``$40,000''.
1978--Subsec. (a)(1). Pub. L. 95-369, Sec. 6(c)(8), inserted ``and
each foreign bank having an insured branch which is not a Federal
branch'' after ``(except a District bank)''.
Subsec. (a)(3). Pub. L. 95-630, Sec. 302, substituted ``the
signatures of at least two directors or trustees of the reporting bank
other than the officer making such declaration'' for ``the signatures of
at least three of the directors or trustees of the reporting bank other
than the officer making such declaration, or by at least two if there
are not more than three directors or trustees''.
Pub. L. 95-369, Sec. 6(c)(9), inserted ``and each foreign bank
having an insured branch (other than a Federal branch)'' after ``(except
a District Bank)'' and ``each foreign bank having an insured branch
which is a Federal branch'' after ``each insured national bank''.
Subsec. (a)(4). Pub. L. 95-630, Sec. 310(a), inserted provision that
deposits which are accumulated for payment of personal loans and are
assigned or pledged to assure payment of loans at maturity not be
included in total deposits in such reports, but shall be deducted from
loans for which such deposits are assigned or pledged to assure
repayment.
Subsec. (a)(5). Pub. L. 95-630, Sec. 310(b), struck out ``deposits
accumulated for the payment of personal loans,'' after ``deposit-open
account,''.
Subsec. (a)(7). Pub. L. 95-369, Sec. 6(c)(10), added par. (7).
Subsec. (b)(4). Pub. L. 95-369, Sec. 6(c)(11), designated existing
provisions as subpar. (A), substituted ``Except as provided in
subparagraph (B) of this paragraph, a bank's assessment base'' for ``A
bank's assessment base'', and added subpar. (B).
Subsec. (b)(6). Pub. L. 95-630, Sec. 310(c), redesignated subpars.
(C) and (D) as (B) and (C) and struck out former subpar. (B) which
related to deposits included in reported deposit liabilities which are
accumulated for the payment of personal loans and are assigned or
pledged to assure repayment of the loans at maturity.
Subsec. (j). Pub. L. 95-630, Sec. 602, amended subsec. (j)
generally, substituting provisions relating to the requirement that no
person shall acquire control of any insured bank unless the appropriate
Federal agency is notified 60 days prior to such transfer and
authorizing the appropriate Federal agency to approve or disapprove such
transfer for provisions relating to the requirement that notification of
a transfer of control of an insured bank be given to the appropriate
Federal agency after such transfer.
Subsec. (j)(1). Pub. L. 95-369, Sec. 6(c)(12), designated existing
provisions as subpar. (A), substituted ``Except as provided in
subparagraph (B) of this paragraph, whenever'' for ``Whenever'', and
added subpar. (B).
Subsec. (j)(2). Pub. L. 95-369, Sec. 6(c)(13), designated existing
provisions as subpar. (A), substituted ``Except as provided in
subparagraph (B) of this paragraph, whenever'' for ``Whenever'', and
added subpars. (B) and (C).
Subsec. (k). Pub. L. 95-630, Sec. 901, added subsec. (k).
1974--Subsec. (i). Pub. L. 93-495 inserted exception relating to
trust funds owned by a depositor referred to par. (2) of section 1821(a)
of this title, and substituted ``$40,000'' for ``$20,000''.
1970--Pub. L. 91-609 inserted reference to American Samoa in
subsecs. (a)(4) and (b)(5)(B), respectively.
1969--Subsec. (i). Pub. L. 91-151 substituted $20,000 for $15,000 in
first sentence.
1966--Subsec. (i). Pub. L. 89-695, Sec. 301(b), substituted
``$15,000'' for ``$10,000'' in first sentence.
Subsec. (j)(6). Pub. L. 89-695, Sec. 201, repealed par. (6)
definition of ``appropriate Federal banking agency'', now incorporated
in section 1813(q) of this title.
1964--Subsec. (j). Pub. L. 88-593 added subsec. (j).
1960--Subsec. (a). Pub. L. 86-671, Sec. 2, amended subsec. (a)
generally, and among other changes, provided for reports of condition,
the form, contents, date of making, number, and publication of the
reports of condition, declaration and attestation of officers,
penalties, access to reports, computation of deposit liabilities,
segregation and classification of deposits and definitions. Former
provisions of the subsection relating to rate and amount of assessment,
assessment base and deductions therefrom, form and contents of certified
statements, and payment of assessments, are either covered or superseded
by provisions incorporated in subsecs. (b)(1), (3), (4), (6) including
the last paragraph, and (c)(3) of this section.
Subsec. (b). Pub. L. 86-671, Sec. 2, amended subsec. (b) generally,
and among other changes, provided for the computation of assessments,
the rate and amount, the base, additions and deductions, records and
definition. Former provisions of the subsection relating to filing of
certified statements of assessment base and amounts due and payment
thereof are incorporated in subsec. (c)(1) of this section.
Subsec. (c). Pub. L. 86-671, Sec. 2, inserted provisions of pars.
(1) and (3), incorporated in par. (2) the provisions of former subsec.
(c) relating to exemption from payment of assessment for semiannual
period in which bank became an insured bank and amount of first
semiannual assessment due, omitted therefrom the provision for inclusion
in the assessment base of the assumed liabilities for deposits of other
banks, and required the filing of certified statement of the assessment
base or the making of a special report of condition.
Subsec. (d). Pub. L. 86-671, Sec. 3, substituted ``December 31,
1961'' and ``33\1/3\'' for ``December 31, 1960'' and ``40'',
respectively.
Subsec. (f). Pub. L. 86-671, Sec. 3, substituted ``fails to make any
report of condition under subsection (a) of this section or to file''
for ``fails to file'' and inserted ``make such report or'' before ``file
such statement''.
Subsec. (g). Pub. L. 86-671, Sec. 3, substituted ``made any such
report of condition under subsection (a) of this section or filed'' for
``filed'' and ``to make any such report or file'' for ``to file'' in
first sentence.
Subsec. (h). Pub. L. 86-671, Sec. 3, inserted ``to make any report
of condition under subsection (a) of this section or'' before ``to
file''.
Subsec. (i). Pub. L. 86-671, Sec. 3, substituted ``in its trust
department or held or deposited in any other department of the fiduciary
bank'' for ``in its trust or deposited in any other department or in
another bank'' in first sentence and deleted proviso respecting deposit
liability of insured bank in which trust funds are deposited rather than
deposit liability of depositing fiduciary bank from second sentence.
Effective Date of 2000 Amendment
Pub. L. 106-569, title XII, Sec. 1231(b), Dec. 27, 2000, 114 Stat.
3037, provided that: ``The amendments made by subsection (a) [amending
this section] shall be deemed to have the same effective date as section
2707 of the Deposit Insurance Funds Act of 1996 (Public Law 104-208; 110
Stat. 3009-496).''
Effective Date of 1996 Amendment
Amendment by section 2703(b) of Pub. L. 104-208 applicable with
respect to semiannual periods which begin after Dec. 31, 1996, see
section 2703(c)(1) of Pub. L. 104-208, set out as an Effective and
Termination Dates of 1996 Amendment note under section 1441 of this
title.
Amendment by section 2704(d)(6)(B), (14)(G) of Pub. L. 104-208
effective Jan. 1, 1999, if no insured depository institution is a
savings association on that date, see section 2704(c) of Pub. L. 104-
208, set out as a note under section 1821 of this title.
Effective Date of 1993 Amendment
Section 8(h) of Pub. L. 103-204 provided that the amendment made by
that section is effective on the effective date of the amendment made by
section 302(a) of Pub. L. 102-242. See Effective Date of 1991 Amendment
note below.
Section 38(a) of Pub. L. 103-204 provided that the amendment made by
that section is effective Dec. 19, 1993.
Effective Date of 1992 Amendments
Section 303(b)(7) of Pub. L. 102-558 provided that the amendment
made by that section is effective on the effective date of the amendment
made by section 302(a) of Pub. L. 102-242. See Effective Date of 1991
Amendment note below.
Section 303(b)(8) of Pub. L. 102-558 provided that the amendment
made by that section is effective on the effective date of the amendment
made by section 302(e)(4) of Pub. L. 102-242. See Effective Date of 1991
Amendment note below.
Amendment by section 303(a), (b)(1), (3), (6)(A) of Pub. L. 102-558
deemed to have become effective Mar. 1, 1992, see section 304 of Pub. L.
102-558, set out as a note under section 2062 of Title 50, Appendix, War
and National Defense.
Sections 1603(a)(3) and 1605(a)(6) of Pub. L. 102-550, which
provided effective date provisions for the amendments made by those
sections, were repealed, effective Oct. 28, 1992, by section 305 of Pub.
L. 102-558, set out as a Repeal of Duplicative Provisions note under
section 1815 of this title.
Section 1605(b)(2) of Pub. L. 102-550 provided that the amendment
made by that section is effective on the effective date of the amendment
made by section 302(b) of Pub. L. 102-242. See Effective Date of 1991
Amendment note below.
Amendment by sections 1603(a)(1), 1604(b)(1), (3), 1605(a)(2),
(5)(A), (b)(1), 1606(i)(1) of Pub. L. 102-550 effective as if included
in the Federal Deposit Insurance Corporation Improvement Act of 1991,
Pub. L. 102-242, as of Dec. 19, 1991, except that where amendment is to
any provision of law added or amended by Pub. L. 102-242 effective after
Dec. 19, 1992, then amendment by Pub. L. 102-550 effective on effective
date of amendment by Pub. L. 102-242, see section 1609 of Pub. L. 102-
550, set out as a note under section 191 of this title.
Effective Date of 1991 Amendment
Section 302(g) of Pub. L. 102-242 provided that: ``The amendments
made by this section [amending this section and sections 1815, 1818, and
1820 of this title] shall become effective on the earlier of--
``(1) 180 days after the date on which final regulations
promulgated in accordance with subsection (c) [set out below] become
effective [Final regulations became effective Oct. 1, 1993. See 58
F.R. 34357.]; or
``(2) January 1, 1994.''
Amendment by section 311(a)(2), (b)(3) of Pub. L. 102-242 effective
at end of 2-year period beginning Dec. 19, 1991, but not applicable to
any time deposit which was made before Dec. 19, 1991, and matures after
end of 2-year period beginning on Dec. 19, 1991, with rollovers and
renewals treated as new deposits, see section 311(c)(1), (2) of Pub. L.
102-242, set out as a note under section 1821 of this title.
Effective Date of 1989 Amendment
Amendment by section 907(d) of Pub. L. 101-73 applicable to conduct
engaged in after Aug. 9, 1989, except that increased maximum penalties
of $5,000 and $25,000 may apply to conduct engaged in before such date
if such conduct is not already subject to a notice issued by the
appropriate agency and occurred after completion of the last report of
the examination of the institution by the appropriate agency occurring
before Aug. 9, 1989, see section 907(l) of Pub. L. 101-73, set out as a
note under section 93 of this title.
Amendment by section 911(c) of Pub. L. 101-73 applicable with
respect to reports filed or required to be filed after Aug. 9, 1989, see
section 911(i) of Pub. L. 101-73, set out as a note under section 161 of
this title.
Effective Date of 1986 Amendment
Section 1364(f) of Pub. L. 99-570 provided that: ``The amendments
made by sections 1360 and 1361 [amending this section and section 1730
of this title] shall apply with respect to notices of proposed
acquisitions filed after the date of the enactment of this Act [Oct. 27,
1986].''
Effective Date of 1982 Amendment
Section 430 of Pub. L. 97-320 provided that: ``The provision of law
amended by section 428(b) [amending section 1972 of this title] and
section 429 [amending this section] shall remain in effect until the
regulations referred to in such amendments become effective.''
Effective Date of 1980 Amendment
Section 308(e) of Pub. L. 96-221 provided that: ``The amendments
made by this section [amending this section and sections 1724, 1728,
1787, 1813, and 1821 of this title] shall take effect on the date of
enactment of this Act [Mar. 31, 1980].''
Amendment by section 308(a)(1)(B) of Pub. L. 96-221 not applicable
to any claim arising out of the closing of a bank prior to the effective
date of section 308 of Pub. L. 96-221, Mar. 31, 1980, see section
308(a)(2) of Pub. L. 96-221, set out as a note under section 1813 of
this title.
Effective Date of 1978 Amendment
Amendment by Pub. L. 95-630 effective upon expiration of 120 days
after Nov. 10, 1978, see section 2101 of Pub. L. 95-630, set out as an
Effective Date note under section 375b of this title.
Effective Date of 1974 Amendment
For effective date of amendment by section 101(a)(2) of Pub. L. 93-
495, see section 101(g) of Pub. L. 93-495, set out as a note under
section 1813 of this title.
For effective date of amendment by section 102(a)(2) of Pub. L. 93-
495, see section 102(b), (c) of Pub. L. 93-495, set out as a note under
section 1813 of this title.
Effective Date of 1969 Amendment
For effective date of amendment by Pub. L. 91-151, see section 7(b)
of Pub. L. 91-151, set out as a note under section 1813 of this title.
Effective Date of 1966 Amendment
For effective date of amendment by section 301(b) of Pub. L. 89-695,
see section 301(e) of Pub. L. 89-695, set out as a note under section
1813 of this title.
Expiration of 1966 Amendment
Pub. L. 91-609, title IX, Sec. 908, Dec. 31, 1970, 84 Stat. 1811,
repealed section 401 of Pub. L. 89-695 which had provided that: ``The
provisions of titles I and II of this Act [amending this section and
sections 1464, 1730, 1813, 1818 to 1820 of this title, repealing section
77 of this title, and enacting provisions set out as notes under
sections 1464, 1730, and 1813 of this title] and any provisions of law
enacted by said titles shall be effective only during the period ending
at the close of June 30, 1972. Effective upon the expiration of such
period, each provision of law amended by either of such titles is
further amended to read as it did immediately prior to the enactment of
this Act [Oct. 16, 1966] and each provision of law repealed by either of
such titles is reenacted.''
Effective Date of 1960 Amendment
Section 7 of Pub. L. 86-671 provided that: ``The amendments made by
this Act [amending this section and sections 161, 1813, 1820 and
repealing section 162 of this title] shall take effect on January 1,
1961, except that the certified statements covering the semiannual
period ending December 31, 1960, and the determination and payment of
assessments (for the semiannual period ending June 30, 1961) required to
be certified in such statements, shall be made as if such amendments
were not in effect.''
Short Title of 1978 Amendment
For short title of title VI of Pub. L. 95-630 as the ``Change in
Bank Control Act of 1978'', see section 601 of Pub. L. 95-630, set out
as a note under section 1811 of this title.
Regulations
Section 302(c) of Pub. L. 102-242 provided that: ``To implement the
risk-based assessment system required under section 7(b) of the Federal
Deposit Insurance Act [12 U.S.C. 1817(b)] (as amended by subsection
(a)), the Federal Deposit Insurance Corporation shall--
``(1) provide notice of proposed regulations in the Federal
Register, not later than December 31, 1992, with an opportunity for
comment on the proposal of not less than 120 days; and
``(2) promulgate final regulations not later than July 1,
1993.''
Section 302(f) of Pub. L. 102-242 provided that: ``To carry out the
amendments made by this section [amending this section and sections
1815, 1818, and 1820 of this title], the Corporation may promulgate
regulations governing the transition from the assessment system in
effect on the date of enactment of this Act [Dec. 19, 1991] to the
assessment system required under the amendments made by this section.''
Termination of Trust Territory of the Pacific Islands
For termination of Trust Territory of the Pacific Islands, see note
set out preceding section 1681 of Title 48, Territories and Insular
Possessions.
Special Assessment To Capitalize SAIF
Section 2702 of Pub. L. 104-208 provided that:
``(a) In General.--Except as provided in subsection (f), the Board
of Directors of the Federal Deposit Insurance Corporation shall impose a
special assessment on the SAIF-assessable deposits of each insured
depository institution in accordance with assessment regulations of the
Corporation at a rate applicable to all such institutions that the Board
of Directors, in its sole discretion, determines (after taking into
account the adjustments described in subsections (g), (h), and (j)) will
cause the Savings Association Insurance Fund to achieve the designated
reserve ratio on the first business day of the 1st month beginning after
the date of the enactment of this Act [Sept. 30, 1996].
``(b) Factors To Be Considered.--In carrying out subsection (a), the
Board of Directors shall base its determination on--
``(1) the monthly Savings Association Insurance Fund balance
most recently calculated;
``(2) data on insured deposits reported in the most recent
reports of condition filed not later than 70 days before the date of
enactment of this Act [Sept. 30, 1996] by insured depository
institutions; and
``(3) any other factors that the Board of Directors deems
appropriate.
``(c) Date of Determination.--For purposes of subsection (a), the
amount of the SAIF-assessable deposits of an insured depository
institution shall be determined as of March 31, 1995.
``(d) Date Payment Due.--Except as provided in subsection (g), the
special assessment imposed under this section shall be--
``(1) due on the first business day of the 1st month beginning
after the date of the enactment of this Act [Sept. 30, 1996]; and
``(2) paid to the Corporation on the later of--
``(A) the first business day of the 1st month beginning
after such date of enactment; or
``(B) such other date as the Corporation shall prescribe,
but not later than 60 days after the date of enactment of this
Act.
``(e) Assessment Deposited in SAIF.--Notwithstanding any other
provision of law, the proceeds of the special assessment imposed under
this section shall be deposited in the Savings Association Insurance
Fund.
``(f) Exemptions for Certain Institutions.--
``(1) Exemption for weak institutions.--The Board of Directors
may, by order, in its sole discretion, exempt any insured depository
institution that the Board of Directors determines to be weak, from
paying the special assessment imposed under this section if the
Board of Directors determines that the exemption would reduce risk
to the Savings Association Insurance Fund.
``(2) Guidelines required.--Not later than 30 days after the
date of enactment of this Act [Sept. 30, 1996], the Board of
Directors shall prescribe guidelines setting forth the criteria that
the Board of Directors will use in exempting institutions under
paragraph (1). Such guidelines shall be published in the Federal
Register.
``(3) Exemption for certain newly chartered and other defined
institutions.--
``(A) In general.--In addition to the institutions exempted
from paying the special assessment under paragraph (1), the
Board of Directors shall exempt any insured depository
institution from payment of the special assessment if the
institution--
``(i) was in existence on October 1, 1995, and held no
SAIF-assessable deposits before January 1, 1993;
``(ii) is a Federal savings bank which--
``(I) was established de novo in April 1994 in order to
acquire the deposits of a savings association which was
in default or in danger of default; and
``(II) received minority interim capital assistance from the
Resolution Trust Corporation under section 21A(w) of the
Federal Home Loan Bank Act [12 U.S.C. 1441a(w)] in
connection with the acquisition of any such savings
association; or
``(iii) is a savings association, the deposits of which
are insured by the Savings Association Insurance Fund,
which--
``(I) before January 1, 1987, was chartered as a Federal
savings bank insured by the Federal Savings and Loan
Insurance Corporation for the purpose of acquiring all
or substantially all of the assets and assuming all or
substantially all of the deposit liabilities of a
national bank in a transaction consummated after July 1,
1986; and
``(II) as of the date of that transaction, had assets of less
than $150,000,000.
``(B) Definition.--For purposes of this paragraph, an
institution shall be deemed to have held SAIF-assessable
deposits before January 1, 1993, if--
``(i) it directly held SAIF-assessable deposits before
that date; or
``(ii) it succeeded to, acquired, purchased, or
otherwise holds any SAIF-assessable deposits as of the date
of enactment of this Act [Sept. 30, 1996] that were SAIF-
assessable deposits before January 1, 1993.
``(4) Exempt institutions required to pay assessments at former
rates.--
``(A) Payments to saif and dif.--Any insured depository
institution that the Board of Directors exempts under this
subsection from paying the special assessment imposed under this
section shall pay semiannual assessments--
``(i) during calendar years 1996, 1997, and 1998, into
the Savings Association Insurance Fund, based on SAIF-
assessable deposits of that institution, at assessment rates
calculated under the schedule in effect for Savings
Association Insurance Fund members on June 30, 1995; and
``(ii) during calendar year 1999--
``(I) into the Deposit Insurance Fund, based on SAIF-
assessable deposits of that institution as of December
31, 1998, at assessment rates calculated under the
schedule in effect for Savings Association Insurance
Fund members on June 30, 1995; or
``(II) in accordance with clause (i), if the Bank Insurance
Fund and the Savings Association Insurance Fund are not
merged into the Deposit Insurance Fund.
``(B) Optional pro rata payment of special assessment.--This
paragraph shall not apply with respect to any insured depository
institution (or successor insured depository institution) that
has paid, during any calendar year from 1997 through 1999, upon
such terms as the Corporation may announce, an amount equal to
the product of--
``(i) 16.7 percent of the special assessment that the
institution would have been required to pay under subsection
(a), if the Board of Directors had not exempted the
institution; and
``(ii) the number of full semiannual periods remaining
between the date of the payment and December 31, 1999.
``(g) Special Election for Certain Institutions Facing Hardship as a
Result of the Special Assessment.--
``(1) Election authorized.--If--
``(A) an insured depository institution, or any depository
institution holding company which, directly or indirectly,
controls such institution, is subject to terms or covenants in
any debt obligation or preferred stock outstanding on September
13, 1995; and
``(B) the payment of the special assessment under subsection
(a) would pose a significant risk of causing such depository
institution or holding company to default or violate any such
term or covenant,
the depository institution may elect, with the approval of the
Corporation, to pay such special assessment in accordance with
paragraphs (2) and (3) in lieu of paying such assessment in the
manner required under subsection (a).
``(2) 1st assessment.--An insured depository institution which
makes an election under paragraph (1) shall pay an assessment in an
amount equal to 50 percent of the amount of the special assessment
that would otherwise apply under subsection (a), by the date on
which such special assessment is payable under subsection (d).
``(3) 2d assessment.--An insured depository institution which
makes an election under paragraph (1) shall pay a 2d assessment, by
the date established by the Board of Directors in accordance with
paragraph (4), in an amount equal to the product of 51 percent of
the rate determined by the Board of Directors under subsection (a)
for determining the amount of the special assessment and the SAIF-
assessable deposits of the institution on March 31, 1996, or such
other date in calendar year 1996 as the Board of Directors
determines to be appropriate.
``(4) Due date of 2d assessment.--The date established by the
Board of Directors for the payment of the assessment under paragraph
(3) by a depository institution shall be the earliest practicable
date which the Board of Directors determines to be appropriate,
which is at least 15 days after the date used by the Board of
Directors under paragraph (3).
``(5) Supplemental special assessment.--An insured depository
institution which makes an election under paragraph (1) shall pay a
supplemental special assessment, at the same time the payment under
paragraph (3) is made, in an amount equal to the product of--
``(A) 50 percent of the rate determined by the Board of
Directors under subsection (a) for determining the amount of the
special assessment; and
``(B) 95 percent of the amount by which the SAIF-assessable
deposits used by the Board of Directors for determining the
amount of the 1st assessment under paragraph (2) exceeds, if
any, the SAIF-assessable deposits used by the Board for
determining the amount of the 2d assessment under paragraph (3).
``(h) Adjustment of Special Assessment for Certain Bank Insurance
Fund Member Banks.--
``(1) In general.--For purposes of computing the special
assessment imposed under this section with respect to a Bank
Insurance Fund member bank, the amount of any deposits of any
insured depository institution which section 5(d)(3) of the Federal
Deposit Insurance Act [12 U.S.C. 1815(d)(3)] treats as insured by
the Savings Association Insurance Fund shall be reduced by 20
percent--
``(A) if the adjusted attributable deposit amount of the
Bank Insurance Fund member bank is less than 50 percent of the
total domestic deposits of that member bank as of June 30, 1995;
or
``(B) if, as of June 30, 1995, the Bank Insurance Fund
member--
``(i) had an adjusted attributable deposit amount equal
to less than 75 percent of the total assessable deposits of
that member bank;
``(ii) had total assessable deposits greater than
$5,000,000,000; and
``(iii) was owned or controlled by a bank holding
company that owned or controlled insured depository
institutions having an aggregate amount of deposits insured
or treated as insured by the Bank Insurance Fund greater
than the aggregate amount of deposits insured or treated as
insured by the Savings Association Insurance Fund.
``(2) Adjusted attributable deposit amount.--For purposes of
this subsection, the `adjusted attributable deposit amount' shall be
determined in accordance with section 5(d)(3)(C) of the Federal
Deposit Insurance Act [12 U.S.C. 1815(d)(3)(C)].
``(i) Adjustment to the Adjusted Attributable Deposit Amount for
Certain Bank Insurance Fund Member Banks.--[Amended section 1815(d)(3)
of this title.]
``(j) Adjustment of Special Assessment for Certain Savings
Associations.--
``(1) Special assessment reduction.--For purposes of computing
the special assessment imposed under this section, in the case of
any converted association, the amount of any deposits of such
association which were insured by the Savings Association Insurance
Fund as of March 31, 1995, shall be reduced by 20 percent.
``(2) Converted association.--For purposes of this subsection,
the term `converted association' means--
``(A) any Federal savings association--
``(i) that is a member of the Savings Association
Insurance Fund and that has deposits subject to assessment
by that fund which did not exceed $4,000,000,000, as of
March 31, 1995; and
``(ii) that had been, or is a successor by merger,
acquisition, or otherwise to an institution that had been, a
State savings bank, the deposits of which were insured by
the Federal Deposit Insurance Corporation before August 9,
1989, that converted to a Federal savings association
pursuant to section 5(i) of the Home Owners' Loan Act [12
U.S.C. 1464(i)] before January 1, 1985;
``(B) a State depository institution that is a member of the
Savings Association Insurance Fund that had been a State savings
bank before October 15, 1982, and was a Federal savings
association on August 9, 1989;
``(C) an insured bank that--
``(i) was established de novo in order to acquire the
deposits of a savings association in default or in danger of
default;
``(ii) did not open for business before acquiring the
deposits of such savings association; and
``(iii) was a Savings Association Insurance Fund member
before the date of enactment of this Act [Sept. 30, 1996];
and
``(D) an insured bank that--
``(i) resulted from a savings association before
December 19, 1991, in accordance with section 5(d)(2)(G) of
the Federal Deposit Insurance Act [12 U.S.C. 1815(d)(2)(G)];
and
``(ii) had an increase in its capital in conjunction
with the conversion in an amount equal to more than 75
percent of the capital of the institution on the day before
the date of the conversion.''
Small Business and Small Farm Loan Information
Section 122 of Pub. L. 102-242, as amended by Pub. L. 102-550, title
XVI, Sec. 1603(c), Oct. 28, 1992, 106 Stat. 4079, provided that:
``(a) In General.--Before the end of the 180-day period beginning on
the date of the enactment of this Act [Dec. 19, 1991], the appropriate
Federal banking agency shall prescribe regulations requiring insured
depository institutions to annually submit information on small
businesses and small farm lending in their reports of condition.
``(b) Credit Availability.--The regulations prescribed under
subsection (a) shall require insured depository institutions to submit
such information as the agency may need to assess the availability of
credit to small businesses and small farms.
``(c) Contents.--The information required under subsection (a) may
include information regarding the following:
``(1) The total number and aggregate dollar amount of commercial
loans and commercial mortgage loans to small businesses.
``(2) Charge-offs, interest, and interest fee income on
commercial loans and commercial mortgage loans to small businesses.
``(3) Agricultural loans to small farms.''
Conditions Governing Employment of Personnel Not Repealed, Modified, or
Affected
Nothing contained in section 201 of Pub. L. 89-695, which amended
this section, to be construed as repealing, modifying, or affecting
section 1829 of this title, see section 206 of Pub. L. 89-695, set out
as a note under section 1813 of this title.
Section Referred to in Other Sections
This section is referred to in sections 375a, 461, 1441, 1441b,
1790a, 1813, 1815, 1818, 1821, 1821a, 1824, 1831i, 1834, 1834a, 1841 of
this title; title 7 section 6f; title 15 sections 78o-5, 78q.