§ 1831r. — Payments on foreign deposits prohibited.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1831r]
TITLE 12--BANKS AND BANKING
CHAPTER 16--FEDERAL DEPOSIT INSURANCE CORPORATION
Sec. 1831r. Payments on foreign deposits prohibited
(a) In general
Notwithstanding any other provision of law, the Corporation, the
Board of Governors of the Federal Reserve System, the Resolution Trust
Corporation, any other agency, department, and instrumentality of the
United States, and any corporation owned or controlled by the United
States may not, directly or indirectly, make any payment or provide any
assistance, guarantee, or transfer under this chapter or any other
provision of law in connection with any insured depository institution
which would have the direct or indirect effect of satisfying, in whole
or in part, any claim against the institution for obligations of the
institution which would constitute deposits as defined in section
1813(l) of this title but for subparagraphs (A) and (B) of section
1813(l)(5) of this title.
(b) Exception
Subsection (a) of this section shall not apply to any payment,
assistance, guarantee, or transfer made or provided by the Corporation
if the Board of Directors determines in writing that such action is not
inconsistent with any requirement of section 1823(c) of this title.
(c) Discount window lending
No provision of this section shall be construed as prohibiting any
Federal Reserve bank from making advances or otherwise extending credit
pursuant to the Federal Reserve Act [12 U.S.C. 221 et seq.] to any
insured depository institution to the extent that such advance or
extension of credit is consistent with the conditions and limitations
imposed under section 10B of such Act [12 U.S.C. 347b].
(Sept. 21, 1950, ch. 967, Sec. 2[41], as added Pub. L. 102-242, title
III, Sec. 312, Dec. 19, 1991, 105 Stat. 2367.)
References in Text
The Federal Reserve Act, referred to in subsec. (c), 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.
