U.S Code last checked for updates: May 20, 2024
§ 1821.
Insurance Funds
(a)
Deposit insurance
(1)
Insured amounts payable
(A)
In general
(B)
Net amount of insured deposit
(C)
Aggregation of deposits
(D)
Coverage for certain employee benefit plan deposits
(i)
Pass-through insurance
(ii)
Prohibition on acceptance of benefit plan deposits
(iii)
Definitions
For purposes of this subparagraph, the following definitions shall apply:
(I)
Capital standards
(II)
Employee benefit plan
(III)
Pass-through deposit insurance
(E)
Standard maximum deposit insurance amount defined
(F)
Inflation adjustment
(i)
In general
By April 1 of 2010, and the 1st day of each subsequent 5-year period, the Board of Directors and the National Credit Union Administration Board shall jointly consider the factors set forth under clause (v), and, upon determining that an inflation adjustment is appropriate, shall jointly prescribe the amount by which the standard maximum deposit insurance amount and the standard maximum share insurance amount (as defined in section 1787(k) of this title) applicable to any depositor at an insured depository institution shall be increased by calculating the product of—
(I)
$100,000; and
(II)
the ratio of the published annual value of the Personal Consumption Expenditures Chain-Type Price Index (or any successor index thereto), published by the Department of Commerce, for the calendar year preceding the year in which the adjustment is calculated under this clause, to the published annual value of such index for the calendar year preceding April 1, 2006.
 The values used in the calculation under subclause (II) shall be, as of the date of the calculation, the values most recently published by the Department of Commerce.
(ii)
Rounding
(iii)
Publication and report to the Congress
Not later than April 5 of any calendar year in which an adjustment is required to be calculated under clause (i) to the standard maximum deposit insurance amount and the standard maximum share insurance amount under such clause, the Board of Directors and the National Credit Union Administration Board shall—
(I)
publish in the Federal Register the standard maximum deposit insurance amount, the standard maximum share insurance amount, and the amount of coverage under paragraph (3)(A) and section 1787(k)(3) of this title, as so calculated; and
(II)
jointly submit a report to the Congress containing the amounts described in subclause (I).
(iv)
6-month implementation period
(v)
Inflation adjustment consideration
In making any determination under clause (i) to increase the standard maximum deposit insurance amount and the standard maximum share insurance amount, the Board of Directors and the National Credit Union Administration Board shall jointly consider—
(I)
the overall state of the Deposit Insurance Fund and the economic conditions affecting insured depository institutions;
(II)
potential problems affecting insured depository institutions; or
(III)
whether the increase will cause the reserve ratio of the fund to fall below 1.15 percent of estimated insured deposits.
(2)
Government depositors
(A)
In general
Notwithstanding any limitation in this chapter or in any other provision of law relating to the amount of deposit insurance available to any 1 depositor—
(i)
a government depositor shall, for the purpose of determining the amount of insured deposits under this subsection, be deemed to be a depositor separate and distinct from any other officer, employee, or agent of the United States or any public unit referred to in subparagraph (B); and
(ii)
except as provided in subparagraph (C), the deposits of a government depositor shall be insured in an amount equal to the standard maximum deposit insurance amount (as determined under paragraph (1)).
(B)
Government depositor
In this paragraph, the term “government depositor” means a depositor that is—
(i)
an officer, employee, or agent of the United States having official custody of public funds and lawfully investing or depositing the same in time and savings deposits in an insured depository institution;
(ii)
an officer, employee, or agent of any State of the United States, or of any county, municipality, or political subdivision thereof having official custody of public funds and lawfully investing or depositing the same in time and savings deposits in an insured depository institution in such State;
(iii)
an officer, employee, or agent of the District of Columbia having official custody of public funds and lawfully investing or depositing the same in time and savings deposits in an insured depository institution in the District of Columbia;
(iv)
an officer, employee, or agent of the Commonwealth of Puerto Rico, of the Virgin Islands, of American Samoa, of the Trust Territory of the Pacific Islands, or of Guam, or of any county, municipality, or political subdivision thereof having official custody of public funds and lawfully investing or depositing the same in time and savings deposits in an insured depository institution in the Commonwealth of Puerto Rico, the Virgin Islands, American Samoa, the Trust Territory of the Pacific Islands, or Guam, respectively; or
(v)
an officer, employee, or agent of any Indian tribe (as defined in section 1452(c) of title 25) or agency thereof having official custody of tribal funds and lawfully investing or depositing the same in time and savings deposits in an insured depository institution.
(C)
Authority to limit deposits
(3)
Certain retirement accounts
(A)
In general
Notwithstanding any limitation in this chapter relating to the amount of deposit insurance available for the account of any 1 depositor, deposits in an insured depository institution made in connection with—
(i)
any individual retirement account described in section 408(a) of title 26;
(ii)
subject to the exception contained in paragraph (1)(D)(ii), any eligible deferred compensation plan described in section 457 of title 26; and
(iii)
any individual account plan defined in section 1002(34) of title 29, and any plan described in section 401(d) of title 26, to the extent that participants and beneficiaries under such plan have the right to direct the investment of assets held in individual accounts maintained on their behalf by the plan,
shall be aggregated and insured in an amount not to exceed $250,000 (which amount shall be subject to inflation adjustments as provided in paragraph (1)(F), except that $250,000 shall be substituted for $100,000 wherever such term appears in such paragraph) per participant per insured depository institution.
(B)
Amounts taken into account
(4)
Deposit Insurance Fund
(A)
Establishment
There is established the Deposit Insurance Fund, which the Corporation shall—
(i)
maintain and administer;
(ii)
use to carry out its insurance purposes, in the manner provided by this subsection; and
(iii)
invest in accordance with section 1823(a) of this title.
(B)
Uses
(C)
Limitation on use
Notwithstanding any provision of law other than section 1823(c)(4)(G) of this title, the Deposit Insurance Fund shall not be used in any manner to benefit any shareholder or affiliate (other than an insured depository institution that receives assistance in accordance with the provisions of this chapter) of—
(i)
any insured depository institution for which the Corporation has been appointed conservator or receiver, in connection with any type of resolution by the Corporation;
(ii)
any other insured depository institution in default or in danger of default, in connection with any type of resolution by the Corporation; or
(iii)
any insured depository institution, in connection with the provision of assistance under this section or section 1823 of this title with respect to such institution, except that this clause shall not prohibit any assistance to any insured depository institution that is not in default, or that is not in danger of default, that is acquiring (as defined in section 1823(f)(8)(B) of this title) another insured depository institution.
(D)
Deposits
(5)
Certain investment contracts not treated as insured deposits
(A)
In general
(B)
Definitions
For purposes of subparagraph (A)—
(i)
Benefit-responsive withdrawals or transfers
(ii)
Employee benefit plan
The term “employee benefit plan”—
(I)
has the meaning given to such term in section 1002(3) of title 29; and
(II)
includes any plan described in section 401(d) of title 26.
(b)
Liquidation as closing of depository institution
(c)
Appointment of Corporation as conservator or receiver
(1)
In general
(2)
Federal depository institutions
(A)
Appointment
(i)
Conservator
(ii)
Receiver
(B)
Additional powers
(C)
Corporation not subject to any other agency
(D)
Depository institution in conservatorship subject to banking agency supervision
(3)
Insured State depository institutions
(A)
Appointment by appropriate State supervisor
(B)
Additional powers
(C)
Corporation not subject to any other agency
(D)
Depository institution in conservatorship subject to banking agency supervision
(4)
Appointment of Corporation by the Corporation
Notwithstanding any other provision of Federal law, the law of any State, or the constitution of any State, the Corporation may appoint itself as sole conservator or receiver of any insured State depository institution if—
(A)
the Corporation determines—
(i)
that—
(I)
a conservator, receiver, or other legal custodian has been appointed for such institution;
(II)
such institution has been subject to the appointment of any such conservator, receiver, or custodian for a period of at least 15 consecutive days; and
(III)
1 or more of the depositors in such institution is unable to withdraw any amount of any insured deposit; or
(ii)
that such institution has been closed by or under the laws of any State; and
(B)
the Corporation determines that 1 or more of the grounds specified in paragraph (5)—
(i)
existed with respect to such institution at the time—
(I)
the conservator, receiver, or other legal custodian was appointed; or
(II)
such institution was closed; or
(ii)
exist at any time—
(I)
during the appointment of the conservator, receiver, or other legal custodian; or
(II)
while such institution is closed.
(5)
Grounds for appointing conservator or receiver
The grounds for appointing a conservator or receiver (which may be the Corporation) for any insured depository institution are as follows:
(A)
Assets insufficient for obligations.—
The institution’s assets are less than the institution’s obligations to its creditors and others, including members of the institution.
(B)
Substantial dissipation.—
Substantial dissipation of assets or earnings due to—
(i)
any violation of any statute or regulation; or
(ii)
any unsafe or unsound practice.
(C)
Unsafe or unsound condition.—
An unsafe or unsound condition to transact business.
(D)
Cease and desist orders.—
Any willful violation of a cease-and-desist order which has become final.
(E)
Concealment.—
Any concealment of the institution’s books, papers, records, or assets, or any refusal to submit the institution’s books, papers, records, or affairs for inspection to any examiner or to any lawful agent of the appropriate Federal banking agency or State bank or savings association supervisor.
(F)
Inability to meet obligations.—
The institution is likely to be unable to pay its obligations or meet its depositors’ demands in the normal course of business.
(G)
Losses.—
The institution has incurred or is likely to incur losses that will deplete all or substantially all of its capital, and there is no reasonable prospect for the institution to become adequately capitalized (as defined in section 1831o(b) of this title) without Federal assistance.
(H)
Violations of law.—
Any violation of any law or regulation, or any unsafe or unsound practice or condition that is likely to—
(i)
cause insolvency or substantial dissipation of assets or earnings;
(ii)
weaken the institution’s condition; or
(iii)
otherwise seriously prejudice the interests of the institution’s depositors or the Deposit Insurance Fund.
(I)
Consent.—
The institution, by resolution of its board of directors or its shareholders or members, consents to the appointment.
(J)
Cessation of insured status.—
The institution ceases to be an insured institution.
(K)
Undercapitalization.—
The institution is undercapitalized (as defined in section 1831o(b) of this title), and—
(i)
has no reasonable prospect of becoming adequately capitalized (as defined in that section);
(ii)
fails to become adequately capitalized when required to do so under section 1831o(f)(2)(A) of this title;
(iii)
fails to submit a capital restoration plan acceptable to that agency within the time prescribed under section 1831o(e)(2)(D) of this title; or
(iv)
materially fails to implement a capital restoration plan submitted and accepted under section 1831o(e)(2) of this title.
(L)
The institution—
(i)
is critically undercapitalized, as defined in section 1831o(b) of this title; or
(ii)
otherwise has substantially insufficient capital.
(M)
Money laundering offense.—
The Attorney General notifies the appropriate Federal banking agency or the Corporation in writing that the insured depository institution has been found guilty of a criminal offense under section 1956 or 1957 of title 18 or section 5322 or 5324 of title 31.
(6)
Appointment by Comptroller of the Currency
(A)
Conservator
(B)
Receiver
(7)
Judicial review
(8)
Replacement of conservator of State depository institution
(A)
In general
(B)
Replacement treated as removal of incumbent
(C)
Right of review of original appointment not affected
(9)
Appropriate Federal banking agency may appoint Corporation as conservator or receiver for insured State depository institution to carry out section 1831o
(A)
In general
The appropriate Federal banking agency may appoint the Corporation as sole receiver (or, subject to paragraph (11), sole conservator) of any insured State depository institution, after consultation with the appropriate State supervisor, if the appropriate Federal banking agency determines that—
(i)
1 or more of the grounds specified in subparagraphs (K) and (L) of paragraph (5) exist with respect to that institution; and
(ii)
the appointment is necessary to carry out the purpose of section 1831o of this title.
(B)
Nondelegation
(10)
Corporation may appoint itself as conservator or receiver for insured depository institution to prevent loss to Deposit Insurance Fund
The Board of Directors may appoint the Corporation as sole conservator or receiver of an insured depository institution, after consultation with the appropriate Federal banking agency and the appropriate State supervisor (if any), if the Board of Directors determines that—
(A)
1 or more of the grounds specified in any subparagraph of paragraph (5) exist with respect to the institution; and
(B)
the appointment is necessary to reduce—
(i)
the risk that the Deposit Insurance Fund would incur a loss with respect to the insured depository institution, or
(ii)
any loss that the Deposit Insurance Fund is expected to incur with respect to that institution.
(11)
Appropriate Federal banking agency shall not appoint conservator under certain provisions without giving Corporation opportunity to appoint receiver
(12)
Directors not liable for acquiescing in appointment of conservator or receiver
The members of the board of directors of an insured depository institution shall not be liable to the institution’s shareholders or creditors for acquiescing in or consenting in good faith to—
(A)
the appointment of the Corporation as conservator or receiver for that institution; or
(B)
an acquisition or combination under section 1831o(f)(2)(A)(iii) of this title.
(13)
Additional powers
In any case in which the Corporation is appointed conservator or receiver under paragraph (4), (6), (9), or (10) for any insured State depository institution—
(A)
this section shall apply to the Corporation as conservator or receiver in the same manner and to the same extent as if that institution were a Federal depository institution for which the Corporation had been appointed conservator or receiver; and
(B)
the Corporation as receiver of the institution may—
(i)
liquidate the institution in an orderly manner; and
(ii)
make any other disposition of any matter concerning the institution, as the Corporation determines is in the best interests of the institution, the depositors of the institution, and the Corporation.
(d)
Powers and duties of Corporation as conservator or receiver
(1)
Rulemaking authority of Corporation
(2)
General powers
(A)
Successor to institution
The Corporation shall, as conservator or receiver, and by operation of law, succeed to—
(i)
all rights, titles, powers, and privileges of the insured depository institution, and of any stockholder, member, accountholder, depositor, officer, or director of such institution with respect to the institution and the assets of the institution; and
(ii)
title to the books, records, and assets of any previous conservator or other legal custodian of such institution.
(B)
Operate the institution
The Corporation may (subject to the provisions of section 1831q of this title), as conservator or receiver—
(i)
take over the assets of and operate the insured depository institution with all the powers of the members or shareholders, the directors, and the officers of the institution and conduct all business of the institution;
(ii)
collect all obligations and money due the institution;
(iii)
perform all functions of the institution in the name of the institution which are consistent with the appointment as conservator or receiver; and
(iv)
preserve and conserve the assets and property of such institution.
(C)
Functions of institution’s officers, directors, and shareholders
(D)
Powers as conservator
The Corporation may, as conservator, take such action as may be—
(i)
necessary to put the insured depository institution in a sound and solvent condition; and
(ii)
appropriate to carry on the business of the institution and preserve and conserve the assets and property of the institution.
(E)
Additional powers as receiver
(F)
Organization of new institutions
(G)
Merger; transfer of assets and liabilities
(i)
In general
The Corporation may, as conservator or receiver—
(I)
merge the insured depository institution with another insured depository institution; or
(II)
subject to clause (ii), transfer any asset or liability of the institution in default (including assets and liabilities associated with any trust business) without any approval, assignment, or consent with respect to such transfer.
(ii)
Approval by appropriate Federal banking agency
(H)
Payment of valid obligations
(I)
Subpoena authority
(i)
In general
(ii)
Authority of Board of Directors
(iii)
Rule of construction
(J)
Incidental powers
The Corporation may, as conservator or receiver—
(i)
exercise all powers and authorities specifically granted to conservators or receivers, respectively, under this chapter and such incidental powers as shall be necessary to carry out such powers; and
(ii)
take any action authorized by this chapter,
which the Corporation determines is in the best interests of the depository institution, its depositors, or the Corporation.
(K)
Utilization of private sector
(3)
Authority of receiver to determine claims
(A)
In general
(B)
Notice requirements
The receiver, in any case involving the liquidation or winding up of the affairs of a closed depository institution, shall—
(i)
promptly publish a notice to the depository institution’s creditors to present their claims, together with proof, to the receiver by a date specified in the notice which shall be not less than 90 days after the publication of such notice; and
(ii)
republish such notice approximately 1 month and 2 months, respectively, after the publication under clause (i).
(C)
Mailing required
The receiver shall mail a notice similar to the notice published under subparagraph (B)(i) at the time of such publication to any creditor shown on the institution’s books—
(i)
at the creditor’s last address appearing in such books; or
(ii)
upon discovery of the name and address of a claimant not appearing on the institution’s books within 30 days after the discovery of such name and address.
(4)
Rulemaking authority relating to determination of claims
(A)
In general
(B)
Final settlement payment procedure
(i)
In general
(ii)
Final settlement payment
(iii)
Final settlement payment rate
(iv)
Corporation authority
(5)
Procedures for determination of claims
(A)
Determination period
(i)
In general
(ii)
Extension of time
(iii)
Mailing of notice sufficient
The requirements of clause (i) shall be deemed to be satisfied if the notice of any determination with respect to any claim is mailed to the last address of the claimant which appears—
(I)
on the depository institution’s books;
(II)
in the claim filed by the claimant; or
(III)
in documents submitted in proof of the claim.
(iv)
Contents of notice of disallowance
If any claim filed under clause (i) is disallowed, the notice to the claimant shall contain—
(I)
a statement of each reason for the disallowance; and
(II)
the procedures available for obtaining agency review of the determination to disallow the claim or judicial determination of the claim.
(B)
Allowance of proven claims
(C)
Disallowance of claims filed after end of filing period
(i)
In general
(ii)
Certain exceptions
Clause (i) shall not apply with respect to any claim filed by any claimant after the date specified in the notice published under paragraph (3)(B)(i) and such claim may be considered by the receiver if—
(I)
the claimant did not receive notice of the appointment of the receiver in time to file such claim before such date; and
(II)
such claim is filed in time to permit payment of such claim.
(D)
Authority to disallow claims
(i)
In general
(ii)
Payments to less than fully secured creditors
In the case of a claim of a creditor against an insured depository institution which is secured by any property or other asset of such institution, any receiver appointed for any insured depository institution—
(I)
may treat the portion of such claim which exceeds an amount equal to the fair market value of such property or other asset as an unsecured claim against the institution; and
(II)
may not make any payment with respect to such unsecured portion of the claim other than in connection with the disposition of all claims of unsecured creditors of the institution.
(iii)
Exceptions
No provision of this paragraph shall apply with respect to—
(I)
any extension of credit from any Federal home loan bank or Federal Reserve bank to any insured depository institution; or
(II)
any security interest in the assets of the institution securing any such extension of credit.
(E)
No judicial review of determination pursuant to subparagraph (D)
(F)
Legal effect of filing
(i)
Statute of limitation tolled
(ii)
No prejudice to other actions
(6)
Provision for agency review or judicial determination of claims
(A)
In general
Before the end of the 60-day period beginning on the earlier of—
(i)
the end of the period described in paragraph (5)(A)(i) with respect to any claim against a depository institution for which the Corporation is receiver; or
(ii)
the date of any notice of disallowance of such claim pursuant to paragraph (5)(A)(i),
the claimant may request administrative review of the claim in accordance with subparagraph (A) or (B) of paragraph (7) or file suit on such claim (or continue an action commenced before the appointment of the receiver) in the district or territorial court of the United States for the district within which the depository institution’s principal place of business is located or the United States District Court for the District of Columbia (and such court shall have jurisdiction to hear such claim).
(B)
Statute of limitations
If any claimant fails to—
(i)
request administrative review of any claim in accordance with subparagraph (A) or (B) of paragraph (7); or
(ii)
file suit on such claim (or continue an action commenced before the appointment of the receiver),
before the end of the 60-day period described in subparagraph (A), the claim shall be deemed to be disallowed (other than any portion of such claim which was allowed by the receiver) as of the end of such period, such disallowance shall be final, and the claimant shall have no further rights or remedies with respect to such claim.
(7)
Review of claims
(A)
Administrative hearing
(B)
Other review procedures
(i)
In general
(ii)
Criteria
(iii)
Voluntary binding or nonbinding procedures
(iv)
Consideration of incentives
(8)
Expedited determination of claims
(A)
Establishment required
The Corporation shall establish a procedure for expedited relief outside of the routine claims process established under paragraph (5) for claimants who—
(i)
allege the existence of legally valid and enforceable or perfected security interests in assets of any depository institution for which the Corporation has been appointed receiver; and
(ii)
allege that irreparable injury will occur if the routine claims procedure is followed.
(B)
Determination period
Before the end of the 90-day period beginning on the date any claim is filed in accordance with the procedures established pursuant to subparagraph (A), the Corporation shall—
(i)
determine—
(I)
whether to allow or disallow such claim; or
(II)
whether such claim should be determined pursuant to the procedures established pursuant to paragraph (5); and
(ii)
notify the claimant of the determination, and if the claim is disallowed, provide a statement of each reason for the disallowance and the procedure for obtaining agency review or judicial determination.
(C)
Period for filing or renewing suit
Any claimant who files a request for expedited relief shall be permitted to file a suit, or to continue a suit filed before the appointment of the receiver, seeking a determination of the claimant’s rights with respect to such security interest after the earlier of—
(i)
the end of the 90-day period beginning on the date of the filing of a request for expedited relief; or
(ii)
the date the Corporation denies the claim.
(D)
Statute of limitations
(E)
Legal effect of filing
(i)
Statute of limitation tolled
(ii)
No prejudice to other actions
(9)
Agreement as basis of claim
(A)
Requirements
(B)
Exception to contemporaneous execution requirement
(10)
Payment of claims
(A)
In general
(B)
Payment of dividends on claims
(C)
Rulemaking authority of Corporation
(11)
Depositor preference
(A)
In general
Subject to section 1815(e)(2)(C) of this title, amounts realized from the liquidation or other resolution of any insured depository institution by any receiver appointed for such institution shall be distributed to pay claims (other than secured claims to the extent of any such security) in the following order of priority:
(i)
Administrative expenses of the receiver.
(ii)
Any deposit liability of the institution.
(iii)
Any other general or senior liability of the institution (which is not a liability described in clause (iv) or (v)).
(iv)
Any obligation subordinated to depositors or general creditors (which is not an obligation described in clause (v)).
(v)
Any obligation to shareholders or members arising as a result of their status as shareholders or members (including any depository institution holding company or any shareholder or creditor of such company).
(B)
Effect on State law
(i)
In general
(ii)
Procedure for determination of inconsistency
(iii)
Judicial review
(C)
Accounting report
(12)
Suspension of legal actions
(A)
In general
After the appointment of a conservator or receiver for an insured depository institution, the conservator or receiver may request a stay for a period not to exceed—
(i)
45 days, in the case of any conservator; and
(ii)
90 days, in the case of any receiver,
in any judicial action or proceeding to which such institution is or becomes a party.
(B)
Grant of stay by all courts required
(13)
Additional rights and duties
(A)
Prior final adjudication
(B)
Rights and remedies of conservator or receiver
In the event of any appealable judgment, the Corporation as conservator or receiver shall—
(i)
have all the rights and remedies available to the insured depository institution (before the appointment of such conservator or receiver) and the Corporation in its corporate capacity, including removal to Federal court and all appellate rights; and
(ii)
not be required to post any bond in order to pursue such remedies.
(C)
No attachment or execution
(D)
Limitation on judicial review
Except as otherwise provided in this subsection, no court shall have jurisdiction over—
(i)
any claim or action for payment from, or any action seeking a determination of rights with respect to, the assets of any depository institution for which the Corporation has been appointed receiver, including assets which the Corporation may acquire from itself as such receiver; or
(ii)
any claim relating to any act or omission of such institution or the Corporation as receiver.
(E)
Disposition of assets
In exercising any right, power, privilege, or authority as conservator or receiver in connection with any sale or disposition of assets of any insured depository institution for which the Corporation has been appointed conservator or receiver, including any sale or disposition of assets acquired by the Corporation under section 1823(d)(1) of this title, the Corporation shall conduct its operations in a manner which—
(i)
maximizes the net present value return from the sale or disposition of such assets;
(ii)
minimizes the amount of any loss realized in the resolution of cases;
(iii)
ensures adequate competition and fair and consistent treatment of offerors;
(iv)
prohibits discrimination on the basis of race, sex, or ethnic groups in the solicitation and consideration of offers; and
(v)
maximizes the preservation of the availability and affordability of residential real property for low- and moderate-income individuals.
(14)
Statute of limitations for actions brought by conservator or receiver
(A)
In general
Notwithstanding any provision of any contract, the applicable statute of limitations with regard to any action brought by the Corporation as conservator or receiver shall be—
(i)
in the case of any contract claim, the longer of—
(I)
the 6-year period beginning on the date the claim accrues; or
(II)
the period applicable under State law; and
(ii)
in the case of any tort claim (other than a claim which is subject to section 1441a(b)(14) 2 of this title), the longer of—
(I)
the 3-year period beginning on the date the claim accrues; or
(II)
the period applicable under State law.
(B)
Determination of the date on which a claim accrues
For purposes of subparagraph (A), the date on which the statute of limitations begins to run on any claim described in such subparagraph shall be the later of—
(i)
the date of the appointment of the Corporation as conservator or receiver; or
(ii)
the date on which the cause of action accrues.
(C)
Revival of expired State causes of action
(i)
In general
(ii)
Claims described
(15)
Accounting and recordkeeping requirements
(A)
In general
(B)
Annual accounting or report
(C)
Availability of reports
(D)
Recordkeeping requirement
(i)
In general
(ii)
Old records
(16)
Contracts with State housing finance authorities
(A)
In general
(B)
Factors to consider
In evaluating the disposition of mortgage related assets to any State housing finance authority the Corporation shall consider—
(i)
the State housing finance authority’s ability to acquire and service current, delinquent, and defaulted mortgage related assets;
(ii)
the State housing finance authority’s ability to further national housing policies;
(iii)
the State housing finance authority’s sensitivity to the impact of the sale of mortgage related assets upon the State and local communities;
(iv)
the costs to the Federal Government associated with alternative ownership or disposition of the mortgage related assets;
(v)
the minimization of future guaranties which may be required of the Federal Government;
(vi)
the maximization of mortgage related asset values; and
(vii)
the utilization of institutions currently established in mortgage related asset market activities.
(17)
Fraudulent transfers
(A)
In general
(B)
Right of recovery
To the extent a transfer is avoided under subparagraph (A), the Corporation or any conservator described in such subparagraph may recover, for the benefit of the insured depository institution, the property transferred, or, if a court so orders, the value of such property (at the time of such transfer) from—
(i)
the initial transferee of such transfer or the institution-affiliated party or person for whose benefit such transfer was made; or
(ii)
any immediate or mediate transferee of any such initial transferee.
(C)
Rights of transferee or obligee
The Corporation or any conservator described in subparagraph (A) may not recover under subparagraph (B) from—
(i)
any transferee that takes for value, including satisfaction or securing of a present or antecedent debt, in good faith; or
(ii)
any immediate or mediate good faith transferee of such transferee.
(D)
Rights under this paragraph
(18)
Attachment of assets and other injunctive relief
Subject to paragraph (19), any court of competent jurisdiction may, at the request of—
(A)
the Corporation (in the Corporation’s capacity as conservator or receiver for any insured depository institution or in the Corporation’s corporate capacity with respect to any asset acquired or liability assumed by the Corporation under this section or section 1822 or 1823 of this title); or
(B)
any conservator appointed by the Comptroller of the Currency,
issue an order in accordance with Rule 65 of the Federal Rules of Civil Procedure, including an order placing the assets of any person designated by the Corporation or such conservator under the control of the court and appointing a trustee to hold such assets.
(19)
Standards
(A)
Showing
(B)
State proceeding
(20)
Treatment of claims arising from breach of contracts executed by the receiver or conservator
(e)
Provisions relating to contracts entered into before appointment of conservator or receiver
(1)
Authority to repudiate contracts
In addition to any other rights a conservator or receiver may have, the conservator or receiver for any insured depository institution may disaffirm or repudiate any contract or lease—
(A)
to which such institution is a party;
(B)
the performance of which the conservator or receiver, in the conservator’s or receiver’s discretion, determines to be burdensome; and
(C)
the disaffirmance or repudiation of which the conservator or receiver determines, in the conservator’s or receiver’s discretion, will promote the orderly administration of the institution’s affairs.
(2)
Timing of repudiation
(3)
Claims for damages for repudiation
(A)
In general
Except as otherwise provided in subparagraph (C) and paragraphs (4), (5), and (6), the liability of the conservator or receiver for the disaffirmance or repudiation of any contract pursuant to paragraph (1) shall be—
(i)
limited to actual direct compensatory damages; and
(ii)
determined as of—
(I)
the date of the appointment of the conservator or receiver; or
(II)
in the case of any contract or agreement referred to in paragraph (8), the date of the disaffirmance or repudiation of such contract or agreement.
(B)
No liability for other damages
For purposes of subparagraph (A), the term “actual direct compensatory damages” does not include—
(i)
punitive or exemplary damages;
(ii)
damages for lost profits or opportunity; or
(iii)
damages for pain and suffering.
(C)
Measure of damages for repudiation of financial contracts
In the case of any qualified financial contract or agreement to which paragraph (8) applies, compensatory damages shall be—
(i)
deemed to include normal and reasonable costs of cover or other reasonable measures of damages utilized in the industries for such contract and agreement claims; and
(ii)
paid in accordance with this subsection and subsection (i) except as otherwise specifically provided in this section.
(4)
Leases under which the institution is the lessee
(A)
In general
(B)
Payments of rent
Notwithstanding subparagraph (A), the lessor under a lease to which such subparagraph applies shall—
(i)
be entitled to the contractual rent accruing before the later of the date—
(I)
the notice of disaffirmance or repudiation is mailed; or
(II)
the disaffirmance or repudiation becomes effective,
 unless the lessor is in default or breach of the terms of the lease;
(ii)
have no claim for damages under any acceleration clause or other penalty provision in the lease; and
(iii)
have a claim for any unpaid rent, subject to all appropriate offsets and defenses, due as of the date of the appointment which shall be paid in accordance with this subsection and subsection (i).
(5)
Leases under which the institution is the lessor
(A)
In general
If the conservator or receiver repudiates an unexpired written lease of real property of the insured depository institution under which the institution is the lessor and the lessee is not, as of the date of such repudiation, in default, the lessee under such lease may either—
(i)
treat the lease as terminated by such repudiation; or
(ii)
remain in possession of the leasehold interest for the balance of the term of the lease unless the lessee defaults under the terms of the lease after the date of such repudiation.
(B)
Provisions applicable to lessee remaining in possession
If any lessee under a lease described in subparagraph (A) remains in possession of a leasehold interest pursuant to clause (ii) of such subparagraph—
(i)
the lessee—
(I)
shall continue to pay the contractual rent pursuant to the terms of the lease after the date of the repudiation of such lease;
(II)
may offset against any rent payment which accrues after the date of the repudiation of the lease, any damages which accrue after such date due to the nonperformance of any obligation of the insured depository institution under the lease after such date; and
(ii)
the conservator or receiver shall not be liable to the lessee for any damages arising after such date as a result of the repudiation other than the amount of any offset allowed under clause (i)(II).
(6)
Contracts for the sale of real property
(A)
In general
If the conservator or receiver repudiates any contract (which meets the requirements of each paragraph of section 1823(e) of this title) for the sale of real property and the purchaser of such real property under such contract is in possession and is not, as of the date of such repudiation, in default, such purchaser may either—
(i)
treat the contract as terminated by such repudiation; or
(ii)
remain in possession of such real property.
(B)
Provisions applicable to purchaser remaining in possession
If any purchaser of real property under any contract described in subparagraph (A) remains in possession of such property pursuant to clause (ii) of such subparagraph—
(i)
the purchaser—
(I)
shall continue to make all payments due under the contract after the date of the repudiation of the contract; and
(II)
may offset against any such payments any damages which accrue after such date due to the nonperformance (after such date) of any obligation of the depository institution under the contract; and
(ii)
the conservator or receiver shall—
(I)
not be liable to the purchaser for any damages arising after such date as a result of the repudiation other than the amount of any offset allowed under clause (i)(II);
(II)
deliver title to the purchaser in accordance with the provisions of the contract; and
(III)
have no obligation under the contract other than the performance required under subclause (II).
(C)
Assignment and sale allowed
(i)
In general
(ii)
No liability after assignment and sale
(7)
Provisions applicable to service contracts
(A)
Services performed before appointment
In the case of any contract for services between any person and any insured depository institution for which the Corporation has been appointed conservator or receiver, any claim of such person for services performed before the appointment of the conservator or the receiver shall be—
(i)
a claim to be paid in accordance with subsections (d) and (i); and
(ii)
deemed to have arisen as of the date the conservator or receiver was appointed.
(B)
Services performed after appointment and prior to repudiation
If, in the case of any contract for services described in subparagraph (A), the conservator or receiver accepts performance by the other person before the conservator or receiver makes any determination to exercise the right of repudiation of such contract under this section—
(i)
the other party shall be paid under the terms of the contract for the services performed; and
(ii)
the amount of such payment shall be treated as an administrative expense of the conservatorship or receivership.
(C)
Acceptance of performance no bar to subsequent repudiation
(8)
Certain qualified financial contracts
(A)
Rights of parties to contracts
Subject to paragraphs (9) and (10) of this subsection and notwithstanding any other provision of this chapter (other than subsection (d)(9) of this section and section 1823(e) of this title), any other Federal law, or the law of any State, no person shall be stayed or prohibited from exercising—
(i)
any right such person has to cause the termination, liquidation, or acceleration of any qualified financial contract with an insured depository institution which arises upon the appointment of the Corporation as receiver for such institution at any time after such appointment;
(ii)
any right under any security agreement or arrangement or other credit enhancement related to one or more qualified financial contracts described in clause (i); 3
3
 So in original. Probably should be followed by “or”.
(iii)
any right to offset or net out any termination value, payment amount, or other transfer obligation arising under or in connection with 1 or more contracts and agreements described in clause (i), including any master agreement for such contracts or agreements.
(B)
Applicability of other provisions
(C)
Certain transfers not avoidable
(i)
In general
(ii)
Exception for certain transfers
(D)
Certain contracts and agreements defined
For purposes of this subsection, the following definitions shall apply:
(i)
Qualified financial contract
(ii)
Securities contract
The term “securities contract”—
(I)
means a contract for the purchase, sale, or loan of a security, a certificate of deposit, a mortgage loan, any interest in a mortgage loan, a group or index of securities, certificates of deposit, or mortgage loans or interests therein (including any interest therein or based on the value thereof) or any option on any of the foregoing, including any option to purchase or sell any such security, certificate of deposit, mortgage loan, interest, group or index, or option, and including any repurchase or reverse repurchase transaction on any such security, certificate of deposit, mortgage loan, interest, group or index, or option (whether or not such repurchase or reverse repurchase transaction is a “repurchase agreement”, as defined in clause (v));
(II)
does not include any purchase, sale, or repurchase obligation under a participation in a commercial mortgage loan unless the Corporation determines by regulation, resolution, or order to include any such agreement within the meaning of such term;
(III)
means any option entered into on a national securities exchange relating to foreign currencies;
(IV)
means the guarantee (including by novation) by or to any securities clearing agency of any settlement of cash, securities, certificates of deposit, mortgage loans or interests therein, group or index of securities, certificates of deposit, or mortgage loans or interests therein (including any interest therein or based on the value thereof) or option on any of the foregoing, including any option to purchase or sell any such security, certificate of deposit, mortgage loan, interest, group or index, or option (whether or not such settlement is in connection with any agreement or transaction referred to in subclauses (I) through (XII) (other than subclause (II)); 4
4
 So in original. The semicolon probably should be preceded by an additional closing parenthesis.
(V)
means any margin loan;
(VI)
means any extension of credit for the clearance or settlement of securities transactions;
(VII)
means any loan transaction coupled with a securities collar transaction, any prepaid securities forward transaction, or any total return swap transaction coupled with a securities sale transaction;
(VIII)
means any other agreement or transaction that is similar to any agreement or transaction referred to in this clause;
(IX)
means any combination of the agreements or transactions referred to in this clause;
(X)
means any option to enter into any agreement or transaction referred to in this clause;
(XI)
means a master agreement that provides for an agreement or transaction referred to in subclause (I), (III), (IV), (V), (VI), (VII), (VIII), (IX), or (X), together with all supplements to any such master agreement, without regard to whether the master agreement provides for an agreement or transaction that is not a securities contract under this clause, except that the master agreement shall be considered to be a securities contract under this clause only with respect to each agreement or transaction under the master agreement that is referred to in subclause (I), (III), (IV), (V), (VI), (VII), (VIII), (IX), or (X); and
(XII)
means any security agreement or arrangement or other credit enhancement related to any agreement or transaction referred to in this clause, including any guarantee or reimbursement obligation in connection with any agreement or transaction referred to in this clause.
(iii)
Commodity contract
The term “commodity contract” means—
(I)
with respect to a futures commission merchant, a contract for the purchase or sale of a commodity for future delivery on, or subject to the rules of, a contract market or board of trade;
(II)
with respect to a foreign futures commission merchant, a foreign future;
(III)
with respect to a leverage transaction merchant, a leverage transaction;
(IV)
with respect to a clearing organization, a contract for the purchase or sale of a commodity for future delivery on, or subject to the rules of, a contract market or board of trade that is cleared by such clearing organization, or commodity option traded on, or subject to the rules of, a contract market or board of trade that is cleared by such clearing organization;
(V)
with respect to a commodity options dealer, a commodity option;
(VI)
any other agreement or transaction that is similar to any agreement or transaction referred to in this clause;
(VII)
any combination of the agreements or transactions referred to in this clause;
(VIII)
any option to enter into any agreement or transaction referred to in this clause;
(IX)
a master agreement that provides for an agreement or transaction referred to in subclause (I), (II), (III), (IV), (V), (VI), (VII), or (VIII), together with all supplements to any such master agreement, without regard to whether the master agreement provides for an agreement or transaction that is not a commodity contract under this clause, except that the master agreement shall be considered to be a commodity contract under this clause only with respect to each agreement or transaction under the master agreement that is referred to in subclause (I), (II), (III), (IV), (V), (VI), (VII), or (VIII); or
(X)
any security agreement or arrangement or other credit enhancement related to any agreement or transaction referred to in this clause, including any guarantee or reimbursement obligation in connection with any agreement or transaction referred to in this clause.
(iv)
Forward contract
The term “forward contract” means—
(I)
a contract (other than a commodity contract) for the purchase, sale, or transfer of a commodity or any similar good, article, service, right, or interest which is presently or in the future becomes the subject of dealing in the forward contract trade, or product or byproduct thereof, with a maturity date more than 2 days after the date the contract is entered into, including,5
5
 So in original. The comma probably should not appear.
a repurchase or reverse repurchase transaction (whether or not such repurchase or reverse repurchase transaction is a “repurchase agreement”, as defined in clause (v)), consignment, lease, swap, hedge transaction, deposit, loan, option, allocated transaction, unallocated transaction, or any other similar agreement;
(II)
any combination of agreements or transactions referred to in subclauses (I) and (III);
(III)
any option to enter into any agreement or transaction referred to in subclause (I) or (II);
(IV)
a master agreement that provides for an agreement or transaction referred to in subclauses (I), (II), or (III), together with all supplements to any such master agreement, without regard to whether the master agreement provides for an agreement or transaction that is not a forward contract under this clause, except that the master agreement shall be considered to be a forward contract under this clause only with respect to each agreement or transaction under the master agreement that is referred to in subclause (I), (II), or (III); or
(V)
any security agreement or arrangement or other credit enhancement related to any agreement or transaction referred to in subclause (I), (II), (III), or (IV), including any guarantee or reimbursement obligation in connection with any agreement or transaction referred to in any such subclause.
(v)
Repurchase agreement
The term “repurchase agreement” (which definition also applies to a reverse repurchase agreement)—
(I)
means an agreement, including related terms, which provides for the transfer of one or more certificates of deposit, mortgage-related securities (as such term is defined in the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.]), mortgage loans, interests in mortgage-related securities or mortgage loans, eligible bankers’ acceptances, qualified foreign government securities or securities that are direct obligations of, or that are fully guaranteed by, the United States or any agency of the United States against the transfer of funds by the transferee of such certificates of deposit, eligible bankers’ acceptances, securities, mortgage loans, or interests with a simultaneous agreement by such transferee to transfer to the transferor thereof certificates of deposit, eligible bankers’ acceptances, securities, mortgage loans, or interests as described above, at a date certain not later than 1 year after such transfers or on demand, against the transfer of funds, or any other similar agreement;
(II)
does not include any repurchase obligation under a participation in a commercial mortgage loan unless the Corporation determines by regulation, resolution, or order to include any such participation within the meaning of such term;
(III)
means any combination of agreements or transactions referred to in subclauses (I) and (IV);
(IV)
means any option to enter into any agreement or transaction referred to in subclause (I) or (III);
(V)
means a master agreement that provides for an agreement or transaction referred to in subclause (I), (III), or (IV), together with all supplements to any such master agreement, without regard to whether the master agreement provides for an agreement or transaction that is not a repurchase agreement under this clause, except that the master agreement shall be considered to be a repurchase agreement under this subclause only with respect to each agreement or transaction under the master agreement that is referred to in subclause (I), (III), or (IV); and
(VI)
means any security agreement or arrangement or other credit enhancement related to any agreement or transaction referred to in subclause (I), (III), (IV), or (V), including any guarantee or reimbursement obligation in connection with any agreement or transaction referred to in any such subclause.
 For purposes of this clause, the term “qualified foreign government security” means a security that is a direct obligation of, or that is fully guaranteed by, the central government of a member of the Organization for Economic Cooperation and Development (as determined by regulation or order adopted by the appropriate Federal banking authority).
(vi)
Swap agreement
The term “swap agreement” means—
(I)
any agreement, including the terms and conditions incorporated by reference in any such agreement, which is an interest rate swap, option, future, or forward agreement, including a rate floor, rate cap, rate collar, cross-currency rate swap, and basis swap; a spot, same day-tomorrow, tomorrow-next, forward, or other foreign exchange, precious metals, or other commodity agreement; a currency swap, option, future, or forward agreement; an equity index or equity swap, option, future, or forward agreement; a debt index or debt swap, option, future, or forward agreement; a total return, credit spread or credit swap, option, future, or forward agreement; a commodity index or commodity swap, option, future, or forward agreement; weather swap, option, future, or forward agreement; an emissions swap, option, future, or forward agreement; or an inflation swap, option, future, or forward agreement;
(II)
any agreement or transaction that is similar to any other agreement or transaction referred to in this clause and that is of a type that has been, is presently, or in the future becomes, the subject of recurrent dealings in the swap or other derivatives markets (including terms and conditions incorporated by reference in such agreement) and that is a forward, swap, future, option, or spot transaction on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments, quantitative measures associated with an occurrence, extent of an occurrence, or contingency associated with a financial, commercial, or economic consequence, or economic or financial indices or measures of economic or financial risk or value;
(III)
any combination of agreements or transactions referred to in this clause;
(IV)
any option to enter into any agreement or transaction referred to in this clause;
(V)
a master agreement that provides for an agreement or transaction referred to in subclause (I), (II), (III), or (IV), together with all supplements to any such master agreement, without regard to whether the master agreement contains an agreement or transaction that is not a swap agreement under this clause, except that the master agreement shall be considered to be a swap agreement under this clause only with respect to each agreement or transaction under the master agreement that is referred to in subclause (I), (II), (III), or (IV); and
(VI)
any security agreement or arrangement or other credit enhancement related to any agreements or transactions referred to in subclause (I), (II), (III), (IV), or (V), including any guarantee or reimbursement obligation in connection with any agreement or transaction referred to in any such subclause.
 Such term is applicable for purposes of this subsection only and shall not be construed or applied so as to challenge or affect the characterization, definition, or treatment of any swap agreement under any other statute, regulation, or rule, including the Gramm-Leach-Bliley Act, the Legal Certainty for Bank Products Act of 2000 [7 U.S.C. 27 to 27f], the securities laws (as such term is defined in section 3(a)(47) of the Securities Exchange Act of 1934 [15 U.S.C. 78c(a)(47)]) and the Commodity Exchange Act [7 U.S.C. 1 et seq.].
(vii)
Treatment of master agreement as one agreement
(viii)
Transfer
(ix)
Person
(E)
Certain protections in event of appointment of conservator
Notwithstanding any other provision of this chapter (other than subsections (d)(9) and (e)(10) of this section, and section 1823(e) of this title), any other Federal law, or the law of any State, no person shall be stayed or prohibited from exercising—
(i)
any right such person has to cause the termination, liquidation, or acceleration of any qualified financial contract with a depository institution in a conservatorship based upon a default under such financial contract which is enforceable under applicable noninsolvency law;
(ii)
any right under any security agreement or arrangement or other credit enhancement related to one or more qualified financial contracts described in clause (i); 3
(iii)
any right to offset or net out any termination values, payment amounts, or other transfer obligations arising under or in connection with such qualified financial contracts.
(F)
Clarification
(G)
Walkaway clauses not effective
(i)
In general
(ii)
Limited suspension of certain obligations
In the case of a qualified financial contract referred to in clause (i), any payment or delivery obligations otherwise due from a party pursuant to the qualified financial contract shall be suspended from the time the receiver is appointed until the earlier of—
(I)
the time such party receives notice that such contract has been transferred pursuant to subparagraph (A); or
(II)
5:00 p.m. (eastern time) on the business day following the date of the appointment of the receiver.
(iii)
Walkaway clause defined
(H)
Recordkeeping requirements
(9)
Transfer of qualified financial contracts
(A)
In general
In making any transfer of assets or liabilities of a depository institution in default which includes any qualified financial contract, the conservator or receiver for such depository institution shall either—
(i)
transfer to one financial institution, other than a financial institution for which a conservator, receiver, trustee in bankruptcy, or other legal custodian has been appointed or which is otherwise the subject of a bankruptcy or insolvency proceeding—
(I)
all qualified financial contracts between any person or any affiliate of such person and the depository institution in default;
(II)
all claims of such person or any affiliate of such person against such depository institution under any such contract (other than any claim which, under the terms of any such contract, is subordinated to the claims of general unsecured creditors of such institution);
(III)
all claims of such depository institution against such person or any affiliate of such person under any such contract; and
(IV)
all property securing or any other credit enhancement for any contract described in subclause (I) or any claim described in subclause (II) or (III) under any such contract; or
(ii)
transfer none of the qualified financial contracts, claims, property or other credit enhancement referred to in clause (i) (with respect to such person and any affiliate of such person).
(B)
Transfer to foreign bank, foreign financial institution, or branch or agency of a foreign bank or financial institution
(C)
Transfer of contracts subject to the rules of a clearing organization
(D)
Definitions
(10)
Notification of transfer
(A)
In general
If—
(i)
the conservator or receiver for an insured depository institution in default makes any transfer of the assets and liabilities of such institution; and
(ii)
the transfer includes any qualified financial contract,
the conservator or receiver shall notify any person who is a party to any such contract of such transfer by 5:00 p.m. (eastern time) on the business day following the date of the appointment of the receiver in the case of a receivership, or the business day following such transfer in the case of a conservatorship.
(B)
Certain rights not enforceable
(i)
Receivership
A person who is a party to a qualified financial contract with an insured depository institution may not exercise any right that such person has to terminate, liquidate, or net such contract under paragraph (8)(A) of this subsection or section 4403 or 4404 of this title, solely by reason of or incidental to the appointment of a receiver for the depository institution (or the insolvency or financial condition of the depository institution for which the receiver has been appointed)—
(I)
until 5:00 p.m. (eastern time) on the business day following the date of the appointment of the receiver; or
(II)
after the person has received notice that the contract has been transferred pursuant to paragraph (9)(A).
(ii)
Conservatorship
(iii)
Notice
(C)
Treatment of bridge depository institutions
The following institutions shall not be considered to be a financial institution for which a conservator, receiver, trustee in bankruptcy, or other legal custodian has been appointed or which is otherwise the subject of a bankruptcy or insolvency proceeding for purposes of paragraph (9):
(i)
A bridge depository institution.
(ii)
A depository institution organized by the Corporation, for which a conservator is appointed either—
(I)
immediately upon the organization of the institution; or
(II)
at the time of a purchase and assumption transaction between the depository institution and the Corporation as receiver for a depository institution in default.
(D)
“Business day” defined
(11)
Disaffirmance or repudiation of qualified financial contracts
In exercising the rights of disaffirmance or repudiation of a conservator or receiver with respect to any qualified financial contract to which an insured depository institution is a party, the conservator or receiver for such institution shall either—
(A)
disaffirm or repudiate all qualified financial contracts between—
(i)
any person or any affiliate of such person; and
(ii)
the depository institution in default; or
(B)
disaffirm or repudiate none of the qualified financial contracts referred to in subparagraph (A) (with respect to such person or any affiliate of such person).
(12)
Certain security interests not avoidable
(13)
Authority to enforce contracts
(A)
In general
(B)
Certain rights not affected
(C)
Consent requirement
(i)
In general
(ii)
Certain exceptions
(iii)
Rule of construction
(14)
Exception for Federal Reserve and Federal home loan banks
No provision of this subsection shall apply with respect to—
(A)
any extension of credit from any Federal home loan bank or Federal Reserve bank to any insured depository institution; or
(B)
any security interest in the assets of the institution securing any such extension of credit.
(15)
Selling credit card accounts receivable
(A)
Notification required
(B)
Waiver by Corporation
The Corporation may at any time, in its sole discretion and upon such terms as it may prescribe, waive its right to repudiate an agreement to sell credit card accounts receivable if the Corporation—
(i)
determines that the waiver is in the best interests of the Deposit Insurance Fund; and
(ii)
provides a written waiver to the selling institution.
(C)
Effect of waiver on successors
(i)
In general
If, under subparagraph (B), the Corporation has waived its right to repudiate an agreement to sell credit card accounts receivable—
(I)
any provision of the agreement that restricts solicitation of a credit card customer of the selling institution, or the use of a credit card customer list of the institution, shall bind any receiver or conservator of the institution; and
(II)
the Corporation shall require any acquirer of the selling institution, or of substantially all of the selling institution’s assets or liabilities, to agree to be bound by a provision described in subclause (I) as if the acquirer were the selling institution.
(ii)
Exception
Clause (i)(II) does not—
(I)
restrict the acquirer’s authority to offer any product or service to any person identified without using a list of the selling institution’s customers in violation of the agreement;
(II)
require the acquirer to restrict any preexisting relationship between the acquirer and a customer; or
(III)
apply to any transaction in which the acquirer acquires only insured deposits.
(D)
Waiver not actionable
(E)
Other authority not affected
(16)
Certain credit card customer lists protected
(A)
In general
(B)
Fraudulent transactions excluded
(17)
Savings clause
(f)
Payment of insured deposits
(1)
In general
(2)
Proof of claims
(3)
Resolution of disputes
(4)
Review of Corporation determination
(5)
Statute of limitations
(g)
Subrogation of Corporation
(1)
In general
(2)
Dividends on subrogated amounts
(3)
Waiver of certain claims
(4)
Applicability of State law
(h)
Conditions applicable to resolution proceedings
(1)
Consideration of local economic impact required
(2)
Actions to alleviate adverse economic impact to be considered
(3)
Guidelines required
(4)
Financial services industry impact analysis
After the appointment of the Corporation as conservator or receiver for any insured depository institution and before taking any action under this section or section 1823 of this title in connection with the resolution of such institution, the Corporation shall—
(A)
evaluate the likely impact of the means of resolution, and any action which the Corporation may take in connection with such resolution, on the viability of other insured depository institutions in the same community; and
(B)
take such evaluation into account in determining the means for resolving the institution and establishing the terms and conditions for any such action.
(i)
Valuation of claims in default
(1)
In general
(2)
Maximum liability
(3)
Additional payments authorized
(A)
In general
(B)
Manner of payment
(j)
Limitation on court action
(k)
Liability of directors and officers
A director or officer of an insured depository institution may be held personally liable for monetary damages in any civil action by, on behalf of, or at the request or direction of the Corporation, which action is prosecuted wholly or partially for the benefit of the Corporation—
(1)
acting as conservator or receiver of such institution,
(2)
acting based upon a suit, claim, or cause of action purchased from, assigned by, or otherwise conveyed by such receiver or conservator, or
(3)
acting based upon a suit, claim, or cause of action purchased from, assigned by, or otherwise conveyed in whole or in part by an insured depository institution or its affiliate in connection with assistance provided under section 1823 of this title,
for gross negligence, including any similar conduct or conduct that demonstrates a greater disregard of a duty of care (than gross negligence) including intentional tortious conduct, as such terms are defined and determined under applicable State law. Nothing in this paragraph shall impair or affect any right of the Corporation under other applicable law.
(l)
Damages
(m)
New depository institutions
(1)
Organization authorized
(2)
Articles of association
(3)
Capital stock
(4)
Executive officer
(5)
Subject to laws relating to national banks
(6)
New deposits
(7)
Insured status
(8)
Investments
(9)
Conduct of business
(10)
Exempt status
(11)
Transfer of deposits
(A)
Upon the organization of a new depository institution, the Corporation shall promptly make available to it an amount equal to the estimated insured deposits of such depository institution in default plus the estimated amount of the expenses of operating the new depository institution, and shall determine as soon as possible the amount due each depositor for the depositor’s insured deposit in the insured depository institution in default, and the total expenses of operation of the new depository institution.
(B)
Upon such determination, the amounts so estimated and made available shall be adjusted to conform to the amounts so determined.
(12)
Earnings
(13)
Losses
(14)
Payment of insured deposits
(A)
The new depository institution shall assume as transferred deposits the payment of the insured deposits of such depository institution in default to each of its depositors.
(B)
Of the amounts so made available, the Corporation shall transfer to the new depository institution, in cash, such sums as may be necessary to enable it to meet its expenses of operation and immediate cash demands on such transferred deposits, and the remainder of such amounts shall be subject to withdrawal by the new depository institution on demand.
(15)
Issuance of stock
(A)
Whenever in the judgment of the Board of Directors it is desirable to do so, the Corporation shall cause capital stock of the new depository institution to be offered for sale on such terms and conditions as the Board of Directors shall deem advisable in an amount sufficient, in the opinion of the Board of Directors, to make possible the conduct of the business of the new depository institution on a sound basis.
(B)
The stockholders of the insured depository institution in default shall be given the first opportunity to purchase any shares of common stock so offered.
(16)
Issuance of certificate
(17)
Transfer to other institution
(18)
Winding up
(19)
Applicability of certain laws
(n)
Bridge depository institutions
(1)
Organization
(A)
Purpose
(B)
Authorities
Upon the granting of a charter to a bridge depository institution, the bridge depository institution may—
(i)
assume such deposits of such insured depository institution or institutions that is or are in default or in danger of default as the Corporation may, in its discretion, determine to be appropriate;
(ii)
assume such other liabilities (including liabilities associated with any trust business) of such insured depository institution or institutions that is or are in default or in danger of default as the Corporation may, in its discretion, determine to be appropriate;
(iii)
purchase such assets (including assets associated with any trust business) of such insured depository institution or institutions that is or are in default or in danger of default as the Corporation may, in its discretion, determine to be appropriate; and
(iv)
perform any other temporary function which the Corporation may, in its discretion, prescribe in accordance with this chapter.
(C)
Articles of association
(D)
Interim directors
(E)
National bank or Federal savings association
(2)
Chartering
(A)
Conditions
A national bank or Federal savings association may be chartered by the Comptroller of the Currency as a bridge depository institution only if the Board of Directors determines that—
(i)
the amount which is reasonably necessary to operate such bridge depository institution will not exceed the amount which is reasonably necessary to save the cost of liquidating, including paying the insured accounts of, 1 or more insured depository institutions in default or in danger of default with respect to which the bridge depository institution is chartered;
(ii)
the continued operation of such insured depository institution or institutions in default or in danger of default with respect to which the bridge depository institution is chartered is essential to provide adequate banking services in the community where each such depository institution in default or in danger of default is located; or
(iii)
the continued operation of such insured depository institution or institutions in default or in danger of default with respect to which the bridge depository institution is chartered is in the best interest of the depositors of such depository institution or institutions in default or in danger of default or the public.
(B)
Insured national bank or Federal savings association
(C)
Bridge bank 6
6
 So in original. Probably should be “Bridge depository institution”.
treated as being in default for certain purposes
(D)
Management
(E)
Bylaws
(3)
Transfer of assets and liabilities
(A)
In general
(i)
Transfer upon grant of charter
(ii)
Subsequent transfers
(iii)
Treatment of trust business
(iv)
Effective without approval
(B)
Intent of Congress regarding continuing operations
It is the intent of the Congress that, in order to prevent unnecessary hardship or losses to the customers of any insured depository institution in default with respect to which a bridge depository institution is chartered, especially creditworthy farmers, small businesses, and households, the Corporation should—
(i)
continue to honor commitments made by the depository institution in default to creditworthy customers, and
(ii)
not interrupt or terminate adequately secured loans which are transferred under subparagraph (A) and are being repaid by the debtor in accordance with the terms of the loan instrument.
(4)
Powers of bridge banks 7
7
 So in original. Probably should be “bridge depository institutions”.
Each bridge depository institution chartered under this subsection shall have all corporate powers of, and be subject to the same provisions of law as, a national bank or Federal savings association, as appropriate, except that—
(A)
the Corporation may—
(i)
remove the interim directors and directors of a bridge depository institution;
(ii)
fix the compensation of members of the interim board of directors and the board of directors and senior management, as determined by the Corporation in its discretion, of a bridge depository institution; and
(iii)
waive any requirement established under section 71, 72, 73, 74, or 75 of this title (relating to directors of national banks) or section 71a of this title which would otherwise be applicable with respect to directors of a bridge depository institution by operation of paragraph (2)(B);
(B)
the Corporation may indemnify the representatives for purposes of paragraph (1)(B) and the interim directors, directors, officers, employees, and agents of a bridge depository institution on such terms as the Corporation determines to be appropriate;
(C)
no requirement under any provision of law relating to the capital of a national bank shall apply with respect to a bridge depository institution;
(D)
the Comptroller of the Currency may establish a limitation on the extent to which any person may become indebted to a bridge depository institution without regard to the amount of the bridge depository institution’s capital or surplus;
(E)
(i)
the board of directors of a bridge depository institution shall elect a chairperson who may also serve in the position of chief executive officer, except that such person shall not serve either as chairperson or as chief executive officer without the prior approval of the Corporation; and
(ii)
the board of directors of a bridge depository institution may appoint a chief executive officer who is not also the chairperson, except that such person shall not serve as chief executive officer without the prior approval of the Corporation;
(F)
a bridge depository institution shall not be required to purchase stock of any Federal Reserve bank;
(G)
the Comptroller of the Currency shall waive any requirement for a fidelity bond with respect to a bridge depository institution at the request of the Corporation;
(H)
any judicial action to which a bridge depository institution becomes a party by virtue of its acquisition of any assets or assumption of any liabilities of a depository institution in default shall be stayed from further proceedings for a period of up to 45 days at the request of the bridge depository institution;
(I)
no agreement which tends to diminish or defeat the right, title or interest of a bridge depository institution in any asset of an insured depository institution in default acquired by it shall be valid against the bridge depository institution unless such agreement—
(i)
is in writing,
(ii)
was executed by such insured depository institution in default and the person or persons claiming an adverse interest thereunder, including the obligor, contemporaneously with the acquisition of the asset by such insured depository institution in default,
(iii)
was approved by the board of directors of such insured depository institution in default or its loan committee, which approval shall be reflected in the minutes of said board or committee, and
(iv)
has been, continuously from the time of its execution, an official record of such insured depository institution in default;
(J)
notwithstanding section 1823(e)(2) of this title, any agreement relating to an extension of credit between a Federal home loan bank or Federal Reserve bank and any insured depository institution which was executed before the extension of credit by such bank to such depository institution shall be treated as having been executed contemporaneously with such extension of credit for purposes of subparagraph (I); and
(K)
except with the prior approval of the Corporation, a bridge depository institution may not, in any transaction or series of transactions, issue capital stock or be a party to any merger, consolidation, disposition of assets or liabilities, sale or exchange of capital stock, or similar transaction, or change its charter.
(5)
Capital
(A)
No capital required
The Corporation shall not be required to—
(i)
issue any capital stock on behalf of a bridge depository institution chartered under this subsection; or
(ii)
purchase any capital stock of a bridge depository institution, except that notwithstanding any other provision of Federal or State law, the Corporation may purchase and retain capital stock of a bridge depository institution in such amounts and on such terms as the Corporation, in its discretion, determines to be appropriate.
(B)
Operating funds in lieu of capital
(C)
Authority to issue capital stock
(D)
Capital levels
(6)
No Federal status
(A)
Agency status
(B)
Employee status
Representatives for purposes of paragraph (1)(B), interim directors, directors, officers, employees, or agents of a bridge depository institution are not, solely by virtue of service in any such capacity, officers or employees of the United States. Any employee of the Corporation or of any Federal instrumentality who serves at the request of the Corporation as a representative for purposes of paragraph (1)(B), interim director, director, officer, employee, or agent of a bridge depository institution shall not—
(i)
solely by virtue of service in any such capacity lose any existing status as an officer or employee of the United States for purposes of title 5 or any other provision of law, or
(ii)
receive any salary or benefits for service in any such capacity with respect to a bridge depository institution in addition to such salary or benefits as are obtained through employment with the Corporation or such Federal instrumentality.
(7)
Assistance authorized
(8)
Acquisition
(A)
In general
(B)
By out-of-State holding company
(9)
Duration of bridge depository institution
(10)
Termination of bridge depository institution status
The status of any bridge depository institution as such shall terminate upon the earliest of—
(A)
the merger or consolidation of the bridge depository institution with a depository institution that is not a bridge depository institution;
(B)
at the election of the Corporation, the sale of a majority of the capital stock of the bridge depository institution to an entity other than the Corporation and other than another bridge depository institution;
(C)
the sale of 80 percent, or more, of the capital stock of the bridge depository institution to an entity other than the Corporation and other than another bridge depository institution;
(D)
at the election of the Corporation, either the assumption of all or substantially all of the deposits and other liabilities of the bridge depository institution by a depository institution holding company or a depository institution that is not a bridge depository institution, or the acquisition of all or substantially all of the assets of the bridge depository institution by a depository institution holding company, a depository institution that is not a bridge depository institution, or other entity as permitted under applicable law; and
(E)
the expiration of the period provided in paragraph (9), or the earlier dissolution of the bridge depository institution as provided in paragraph (12).
(11)
Effect of termination events
(A)
Merger or consolidation
(B)
Charter conversion
(C)
Sale of stock
(D)
Assumption of liabilities and sale of assets
(E)
Effect on holding companies
(F)
Amendments to charter
(12)
Dissolution of bridge depository institution
(A)
In general
Notwithstanding any other provision of State or Federal law, if the bridge depository institution’s status as such has not previously been terminated by the occurrence of an event specified in subparagraph (A), (B), (C), or (D) of paragraph (10)—
(i)
the Board of Directors may, in its discretion, dissolve a bridge depository institution in accordance with this paragraph at any time; and
(ii)
the Board of Directors shall promptly commence dissolution proceedings in accordance with this paragraph upon the expiration of the 2-year period following the date the bridge depository institution was chartered, or any extension thereof, as provided in paragraph (9).
(B)
Procedures
(13)
Multiple bridge depository institutions
(o)
Supervisory records
(p)
Certain sales of assets prohibited
(1)
Persons who engaged in improper conduct with, or caused losses to, depository institutions
The Corporation shall prescribe regulations which, at a minimum, shall prohibit the sale of assets of a failed institution by the Corporation to—
(A)
any person who—
(i)
has defaulted, or was a member of a partnership or an officer or director of a corporation that has defaulted, on 1 or more obligations the aggregate amount of which exceed $1,000,000, to such failed institution;
(ii)
has been found to have engaged in fraudulent activity in connection with any obligation referred to in clause (i); and
(iii)
proposes to purchase any such asset in whole or in part through the use of the proceeds of a loan or advance of credit from the Corporation or from any institution for which the Corporation has been appointed as conservator or receiver;
(B)
any person who participated, as an officer or director of such failed institution or of any affiliate of such institution, in a material way in transactions that resulted in a substantial loss to such failed institution;
(C)
any person who has been removed from, or prohibited from participating in the affairs of, such failed institution pursuant to any final enforcement action by an appropriate Federal banking agency; or
(D)
any person who has demonstrated a pattern or practice of defalcation regarding obligations to such failed institution.
(2)
Convicted debtors
Except as provided in paragraph (3), any person who—
has been convicted of an offense under section 215, 656, 657, 1005, 1006, 1007, 1008,2 1014, 1032, 1341, 1343, or 1344 of title 18 or of conspiring to commit such an offense, affecting any insured depository institution for which any conservator or receiver has been appointed; and
(B)
is in default on any loan or other extension of credit from such insured depository institution which, if not paid, will cause substantial loss to the institution, the Deposit Insurance Fund, or the Corporation,
may not purchase any asset of such institution from the conservator or receiver.
(3)
Settlement of claims
Paragraphs (1) and (2) shall not apply to the sale or transfer by the Corporation of any asset of any insured depository institution to any person if the sale or transfer of the asset resolves or settles, or is part of the resolution or settlement, of—
(A)
1 or more claims that have been, or could have been, asserted by the Corporation against the person; or
(B)
obligations owed by the person to any insured depository institution or the Corporation.
(4)
“Default” defined
(q)
Expedited procedures for certain claims
(1)
Time for filing notice of appeal
(2)
Scheduling
(3)
Judicial discretion
(r)
Foreign investigations
The Corporation, as conservator or receiver of any insured depository institution and for purposes of carrying out any power, authority, or duty with respect to an insured depository institution—
(1)
may request the assistance of any foreign banking authority and provide assistance to any foreign banking authority in accordance with section 1818(v) of this title; and
(2)
may each maintain an office to coordinate foreign investigations or investigations on behalf of foreign banking authorities.
(s)
Prohibition on entering secrecy agreements and protective orders
(t)
Agencies may share information without waiving privilege
(1)
In general
A covered agency, in any capacity, shall not be deemed to have waived any privilege applicable to any information by transferring that information to or permitting that information to be used by—
(A)
any other covered agency, in any capacity; or
(B)
any other agency of the Federal Government (as defined in section 6 of title 18).
(2)
Definitions
For purposes of this subsection:
(A)
Covered agency
The term “covered agency” means any of the following:
(i)
Any Federal banking agency.
(ii)
The Farm Credit Administration.
(iii)
The Farm Credit System Insurance Corporation.
(iv)
The National Credit Union Administration.
(v)
The Government Accountability Office.
(vi)
The Bureau of Consumer Financial Protection.
(vii)
Federal 10
10
 So in original. Probably should be preceded by “The”.
Housing Finance Agency.
(B)
Privilege
(3)
Rule of construction
(u)
Purchase rights of tenants
(1)
Notice
(2)
Preference
In selling such a property, the Corporation shall give preference to any bona fide offer made by the household residing in the property, if—
(A)
such offer is substantially similar in amount to other offers made within such period (or expected by the Corporation to be made within such period);
(B)
such offer is made during the period beginning upon the Corporation making such property available and of a reasonable duration, as determined by the Corporation based on the normal period for sale of such properties; and
(C)
the household making the offer complies with any other requirements applicable to purchasers of such property, including any downpayment and credit requirements.
(3)
Exceptions
Paragraphs (1) and (2) shall not apply to—
(A)
any residence transferred in connection with the transfer of substantially all of the assets of an insured depository institution for which the Corporation has been appointed conservator or receiver;
(B)
any eligible single family property (as such term is defined in section 1831q(p) of this title; or
(C)
any residence for which the household occupying the residence was the mortgagor under a mortgage on such residence and to which the Corporation acquired title pursuant to default on such mortgage.
(v)
Preference for sales for homeless families
(w)
Preferences for sales of certain commercial real properties
(1)
Authority
In selling any eligible commercial real properties of the Corporation, the Corporation shall give preference, among offers to purchase the property that will result in the same net present value proceeds, to any offer—
(A)
that is made by a public agency or nonprofit organization; and
(B)
under which the purchaser agrees that the property shall be used, during the remaining useful life of the property, for offices and administrative purposes of the purchaser to carry out a program to acquire residential properties to provide (i) homeownership and rental housing opportunities for very-low-, low-, and moderate-income families, or (ii) housing or shelter for homeless persons (as such term is defined in section 11302 of title 42) or homeless families.
(2)
Definitions
For purposes of this subsection, the following definitions shall apply:
(A)
Eligible commercial real property
(B)
Nonprofit organization and public agency
(Sept. 21, 1950, ch. 967, § 2[11], 64 Stat. 884; Pub. L. 89–695, title III, § 301(c), (d), Oct. 16, 1966, 80 Stat. 1055; Pub. L. 91–151, title I, § 7(a)(3), (4), Dec. 23, 1969, 83 Stat. 375; Pub. L. 93–495, title I, §§ 101(a)(3), 102(a)(3), (4), Oct. 28, 1974, 88 Stat. 1500, 1502; Pub. L. 95–369, § 6(c)(17)–(22), Sept. 17, 1978, 92 Stat. 619; Pub. L. 95–630, title XIV, § 1401(a), Nov. 10, 1978, 92 Stat. 3712; Pub. L. 96–153, title III, § 323(a), Dec. 21, 1979, 93 Stat. 1120; Pub. L. 96–221, title III, § 308(a)(1)(C), (D), Mar. 31, 1980, 94 Stat. 147; Pub. L. 97–110, title I, § 103(c), Dec. 26, 1981, 95 Stat. 1514; Pub. L. 97–320, title I, § 113(j), (k), Oct. 15, 1982, 96 Stat. 1474; Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095; Pub. L. 100–86, title V, §§ 503(a), 507, Aug. 10, 1987, 101 Stat. 629, 634; Pub. L. 101–73, title II, §§ 201(a), 211–214, title IX, § 909, Aug. 9, 1989, 103 Stat. 187, 218–246, 477; Pub. L. 101–647, title XXV, §§ 2521(a)(1), 2526(a), 2527(a), 2528(a), 2532(b), 2534(a), Nov. 29, 1990, 104 Stat. 4863, 4875, 4877, 4880, 4882; Pub. L. 102–233, title I, § 102, title II, § 202(a), (b), title III, § 302(a), Dec. 12, 1991, 105 Stat. 1761, 1766, 1767; Pub. L. 102–242, title I, §§ 123(a), 133(a), (e), 141(b), (d), 161(a), (e), title II, § 241(c)(1), title III, § 311(a)(1), (b)(1), (2), (5)(B), (C), title IV, §§ 416, 426, 446, Dec. 19, 1991, 105 Stat. 2252, 2270, 2272, 2277, 2285, 2286, 2331, 2363, 2364, 2366, 2376, 2378, 2382; Pub. L. 102–550, title XV, §§ 1501(a), 1544, title XVI, §§ 1603(e)(1), 1604(c)(2), 1606(c), 1611(b), Oct. 28, 1992, 106 Stat. 4044, 4069, 4081, 4083, 4088, 4090; Pub. L. 103–66, title III, § 3001(a), (b), Aug. 10, 1993, 107 Stat. 336; Pub. L. 103–204, §§ 3(d), 4(b), 8(a)–(f), (i), 11, 15(b), 16(b), 17(b), 20, 27(b), 38(b), Dec. 17, 1993, 107 Stat. 2379, 2380, 2384–2389, 2399–2401, 2404, 2410, 2416; Pub. L. 103–325, title III, § 325, title IV, § 411(c)(2)(A), title VI, § 602(a)(21)–(33), Sept. 23, 1994, 108 Stat. 2228, 2253, 2289; Pub. L. 103–328, title II, § 201(a), Sept. 29, 1994, 108 Stat. 2368; Pub. L. 103–394, title V, § 501(c)(2), Oct. 22, 1994, 108 Stat. 4143; Pub. L. 104–208, div. A, title II, §§ 2602, 2704(d)(1)–(4), (6)(C), (14)(H), (I), 2705, Sept. 30, 1996, 110 Stat. 3009–469, 3009–487, 3009–488, 3009–492, 3009–495; Pub. L. 104–316, title I, § 106(i), Oct. 19, 1996, 110 Stat. 3831; Pub. L. 106–102, title I, § 117, title VII, § 736(a), (b)(2), Nov. 12, 1999, 113 Stat. 1372, 1479; Pub. L. 106–400, § 2, Oct. 30, 2000, 114 Stat. 1675; Pub. L. 106–569, title XII, § 1222, Dec. 27, 2000, 114 Stat. 3036; Pub. L. 108–271, § 8(b), July 7, 2004, 118 Stat. 814; Pub. L. 108–386, § 8(a)(4), Oct. 30, 2004, 118 Stat. 2231; Pub. L. 109–8, title IX, §§ 901(a)(1), (b)(1), (c)(1), (d)(1), (e)(1), (f)(1), (g)(1), (h)(1), (i)(1), 902(a), 903(a), 904(a), 905(a), 908(a), Apr. 20, 2005, 119 Stat. 146, 147, 149, 151, 152, 155, 157–160, 165, 166, 183; Pub. L. 109–171, title II, §§ 2102(b), 2103(a)–(c), Feb. 8, 2006, 120 Stat. 9, 11; Pub. L. 109–173, §§ 2(a), (c)(1), 8(a)(11)–(14), Feb. 15, 2006, 119 Stat. 3601, 3602, 3611, 3612; Pub. L. 109–351, title VII, §§ 701(b), 718(a), 721(a), 722(a), 724, Oct. 13, 2006, 120 Stat. 1985, 1997–1999, 2001; Pub. L. 109–390, §§ 2(a)(1), (b)(1), (c)(1), 3(a), 6(a), Dec. 12, 2006, 120 Stat. 2692–2694, 2698; Pub. L. 110–289, div. A, title I, § 1161(i), title VI, § 1604(a), (c), (d), July 30, 2008, 122 Stat. 2781, 2826, 2829; Pub. L. 111–203, title III, §§ 335(a), 343(a)(1), (3), 363(5), July 21, 2010, 124 Stat. 1540, 1544, 1552; Pub. L. 111–343, § 1(a), Dec. 29, 2010, 124 Stat. 3609; Pub. L. 112–215, § 1(1), Dec. 20, 2012, 126 Stat. 1589.)
cite as: 12 USC 1821