HR Outsourcing - PEO - Professional Employer Organization - Reference US CODE: Title 12,1821. Insurance Funds

US Code collection

> >

NOTES:

Source

(Sept. 21, 1950, ch. 967, § 2[11], ; , title III, § 301(c), (d), Oct. 16, 1966, ; , title I, § 7(a)(3), (4), Dec. 23, 1969, ; , title I, §§ 101(a)(3), , (4), Oct. 28, 1974, , 1502; , § 6(c)(17)–(22), Sept. 17, 1978, ; , title XIV, § 1401(a), Nov. 10, 1978, ; , title III, § 323(a), Dec. 21, 1979, ; , title III, § 308(a)(1)(C), (D), Mar. 31, 1980, ; , title I, § 103(c), Dec. 26, 1981, ; , title I, § 113(j), (k), Oct. 15, 1982, ; , § 2, Oct. 22, 1986, ; , title V, §§ 503(a), 507, Aug. 10, 1987, , 634; , title II, §§ 201(a), 211–214, title IX, § 909, Aug. 9, 1989, , 218–246, 477; , title XXV, §§ 2521(a)(1), 2526 (a), 2527 (a), 2528 (a), 2532 (b), 2534 (a), Nov. 29, 1990, , 4875, 4877, 4880, 4882; , title I, § 102, title II, § 202(a), (b), title III, § 302(a), Dec. 12, 1991, , 1766, 1767; , title I, §§ 123(a), , (e), , (d), , (e), title II, § 241(c)(1), title III, § 311(a)(1), (b)(1), (2), (5)(B), (C), title IV, §§ 416, 426, , Dec. 19, 1991, , 2270, 2272, 2277, 2285, 2286, 2331, 2363, 2364, 2366, 2376, 2378, 2382; , title XV, §§ 1501(a), 1544, title XVI, §§ 1603(e)(1), 1604 (c)(2), 1606 (c), 1611 (b), Oct. 28, 1992, , 4069, 4081, 4083, 4088, 4090; , title III, § 3001(a), (b), Aug. 10, 1993, ; , §§ 3(d), , –(f), (i), 11, 15(b), 16(b), 17(b), 20, 27(b), 38(b), Dec. 17, 1993, , 2380, 2384–2389, 2399–2401, 2404, 2410, 2416; , title III, § 325, title IV, § 411(c)(2)(A), title VI, § 602(a)(21)–(33), Sept. 23, 1994, , 2253, 2289; , title II, § 201(a), Sept. 29, 1994, ; , title V, § 501(c)(2), Oct. 22, 1994, ; , div. A, title II, §§ 2602, –(3), (6)(C), (14)(H), (I), 2705, Sept. 30, 1996, , 3009–487, 3009–488, 3009–492, 3009–495; , title I, § 106(i), Oct. 19, 1996, ; , title I, § 117, title VII, § 736(a), (b)(2), Nov. 12, 1999, , 1479; , § 2, Oct. 30, 2000, ; , title XII, § 1222, Dec. 27, 2000, .)

References in Text
The date of the termination of the Resolution Trust Corporation, referred to in subsec. (a)(6)(F), is provided for in section of this title. Section of this title, referred to in subsec. (d)(2)(I)(ii), was in the original “section ”, which has been translated as reading “section 21A(b)(4) of the Federal Home Loan Bank Act”, to reflect the probable intent of Congress. Section of this title, referred to in subsec. (d)(9)(B), was redesignated section of this title by , title III, § 317(1), Sept. 23, 1994, . The Federal Rules of Civil Procedure, referred to in subsec. (d)(18), (19), are set out in the Appendix to Title 28, Judiciary and Judicial Procedure. Section of this title, referred to in subsecs. (m)(15)(A) and (n)(4)(C), was repealed by , title XII, § 1233(c), Dec. 27, 2000, . Section of title , referred to in subsec. (p)(2)(A), was repealed by , title IX, § 961(g)(1), Aug. 9, 1989, .

Prior Provisions
Section is derived from subsec. (l) of former section of this title. See Codification note set out under section of this title.

Amendments
2000—Subsec. (d)(10)(C). added subpar. (C). Subsecs. (v), (w)(1)(B)(ii). made technical amendment to references in original act which appear in text as references to section of title . 1999—Subsec. (a)(4)(B). , § 117, substituted “to benefit any shareholder or affiliate (other than an insured depository institution that receives assistance in accordance with the provisions of this chapter) of” for “to benefit any shareholder of” in introductory provisions. Subsec. (a)(5). , § 736(b)(2), amended , § 2704(d)(4), (6)(C). See 1996 Amendment notes below. Subsec. (a)(6). , § 736(b)(2)(B), amended , § 2704(d)(6)(C)(i). See 1996 Amendment note below. Subsec. (a)(6)(L). , § 736(a), struck out heading and text of subpar. (L). Text read as follows: “(i) Establishment.—If, on January 1, 1999, the reserve ratio of the Savings Association Insurance Fund exceeds the designated reserve ratio, there is established a Special Reserve of the Savings Association Insurance Fund, which shall be administered by the Corporation and shall be invested in accordance with section of this title. “(ii) Amounts in special reserve.—If, on January 1, 1999, the reserve ratio of the Savings Association Insurance Fund exceeds the designated reserve ratio, the amount by which the reserve ratio exceeds the designated reserve ratio shall be placed in the Special Reserve of the Savings Association Insurance Fund established by clause (i). “(iii) Limitation.—The Corporation shall not provide any assessment credit, refund, or other payment from any amount in the Special Reserve of the Savings Association Insurance Fund. “(iv) Emergency use of special reserve.—Notwithstanding clause (iii), the Corporation may, in its sole discretion, transfer amounts from the Special Reserve of the Savings Association Insurance Fund to the Savings Association Insurance Fund for the purposes set forth in paragraph (4), only if— “(I) the reserve ratio of the Savings Association Insurance Fund is less than 50 percent of the designated reserve ratio; and “(II) the Corporation expects the reserve ratio of the Savings Association Insurance Fund to remain at less than 50 percent of the designated reserve ratio for each of the next 4 calendar quarters. “(v) Exclusion of special reserve in calculating reserve ratio.—Notwithstanding any other provision of law, any amounts in the Special Reserve of the Savings Association Insurance Fund shall be excluded in calculating the reserve ratio of the Savings Association Insurance Fund.” Subsec. (a)(7), (8). , § 736(b)(2)(B), (C), amended , § 2704(d)(6)(C). See 1996 Amendment notes below. 1996—Subsec. (a)(4). , § 2704(d)(1)(C), which directed substitution of “Establishment of the Deposit Insurance Fund” for “General provisions relating to funds” in heading, was not executed. See Effective Date of 1996 Amendment note below. Subsec. (a)(4)(A) to (C). , § 2704(d)(1)(A), (B), (2), which directed striking out subpar. (A), redesignating subpar. (B) as (C) and substituting “Deposit Insurance Fund” for “Bank Insurance Fund and the Savings Association Insurance Fund” in introductory provisions, and adding new subpars. (A) and (B), was not executed. See Effective Date of 1996 Amendment note below. Subsec. (a)(4)(D). , § 2704(d)(3), which directed adding subpar. (D), was not executed. See Effective Date of 1996 Amendment note below. Subsec. (a)(5). , § 2704(d)(6)(C), as amended by , § 736(b)(2)(B), (C), which directed striking out par. (5) and redesignating par. (8) as (5), was not executed. See Effective Date of 1996 Amendment note below. , § 2704(d)(4), which directed general amendment of par. (5), was repealed by , § 736(b)(2)(A). Subsec. (a)(6). , § 2704(d)(6)(C)(i), as amended by , § 736(b)(2)(B), which directed striking out par. (6), was not executed. See Effective Date of 1996 Amendment note below. Subsec. (a)(6)(L). , § 2705, added subpar. (L). Subsec. (a)(7), (8). , § 2704(d)(6)(C), as amended by , § 736(b)(2)(B), (C), which directed striking out par. (7) and redesignating par. (8) as (5), was not executed. See Effective Date of 1996 Amendment note below. Subsec. (d)(20). , § 2602, added par. (20). Subsec. (f)(1). , § 2704(d)(14)(H), which directed substitution of a period for “, except that—” and subpars. (A) and (B), was not executed. See Effective Date of 1996 Amendment note below. Subsec. (i)(3). , § 2704(d)(14)(I), which directed striking out subpar. (B) and redesignating subpar. (C) as (B) and substituting “subparagraph (A)” for “subparagraphs (A) and (B)”, was not executed. See Effective Date of 1996 Amendment note below. Subsec. (t)(2)(A)(vi). added cl. (vi). 1994—Subsec. (a)(4). , § 602(a)(21), substituted “provisions” for “Provisions” in heading. Subsec. (c)(5)(M). , § 411(c)(2)(A), substituted “section or of title ” for “section of title ”. Subsec. (d)(2)(B)(iii). , § 602(a)(22), substituted “are consistent” for “is consistent”. Subsec. (d)(8)(B)(ii). , § 602(a)(23), inserted “provide” before “a statement”. Subsec. (d)(14)(B). , § 602(a)(24), substituted “statute of limitations” for “statute of limitation”. Subsec. (d)(14)(C). added subpar. (C). Subsec. (d)(16)(B)(iv). , § 602(a)(25), substituted “disposition” for “dispositions”. Subsec. (e)(8)(D). substituted “section ” for “section ” in cl. (ii)(I), “section ” for “section ” in cl. (iii), “section ” for “section ” in cl. (iv), “section ” for “section ” in cl. (v)(I), and “section ” for “section ” in cl. (viii). Subsec. (e)(8)(D)(v)(I). , § 602(a)(26), substituted “title 15),” for “title 15,”. Subsec. (e)(12)(B). , § 602(a)(27), substituted “director’s or officer’s” for “directors or officers”. Subsec. (e)(14), (15). , § 325, added pars. (14) and (15). Subsec. (f)(3)(A). , § 602(a)(28), substituted “with” for “to” in heading. Subsec. (i)(3)(A). , § 602(a)(29), substituted “other claimant or category of claimants” for “other claimant or category or claimants” in second sentence. Subsec. (n)(4)(E)(i). , § 602(a)(30), inserted “and” at end. Subsec. (n)(12)(A). , § 602(a)(31), substituted “subparagraph” for “subparagraphs”. Subsec. (q)(1). , § 602(a)(32), substituted “held” for “decided” in second sentence. Subsec. (u)(3)(B). , § 602(a)(33), substituted “section of this title” for “subsection (c)(9)”. 1993—Subsec. (a)(1)(C). , § 38(b), substituted “paragraph (1) or (2) of section of this title or any funds described in section of this title” for “section of this title”. Subsec. (a)(4). , § 11, substituted “Provisions” for “provision” in heading, and amended text generally. Prior to amendment, text read as follows: “The Bank Insurance Fund established under paragraph (5) and the Savings Association Insurance Fund established under paragraph (6) shall each be— “(A) maintained and administered by the Corporation; “(B) maintained separately and not commingled; and “(C) used by the Corporation to carry out its insurance purposes in the manner provided in this subsection.” Subsec. (a)(6)(D) to (F). , § 8(a)–(c), amended subpars. (D) to (F) generally. Prior to amendment, subpars. (D) to (F) related to the availability of funds for administrative expenses, Treasury payments to the Fund, and Treasury payments to maintain the net worth of the Fund, respectively. Subsec. (a)(6)(G). , § 8(i), substituted “subparagraph (D)” for “subparagraphs (E) and (F)” in heading and text. Subsec. (a)(6)(H). , § 8(d), amended subpar. (H) generally. Prior to amendment, subpar. (H) read as follows: “Discretionary rtc payments.—If amounts available to the Savings Association Insurance Fund for purposes other than the payment of administrative expenses are insufficient for the Savings Association Insurance Fund to carry out the purposes of this chapter, the Corporation may request the Resolution Trust Corporation to provide, and the Thrift Depositor Protection Oversight Board of the Resolution Trust Corporation (in the discretion of the Thrift Depositor Protection Oversight Board) may pay, such amount as may be needed for such purposes.” Subsec. (a)(6)(J). , § 8(e), substituted “Subject to subparagraph (E), there are” for “There are” and “of subparagraph (D) for fiscal years 1994 through 1998, except that the aggregate amount appropriated pursuant to this authorization may not exceed $8,000,000,000.” for “of this paragraph, except that— “(i) the annual amount appropriated under subparagraph (F) shall not exceed $2,000,000,000 in either fiscal year 1992 or fiscal year 1993; and “(ii) the cumulative amount appropriated under subparagraph (F) for fiscal years 1992 through 2000 shall not exceed $16,000,000,000.” Subsec. (a)(6)(K). , § 8(f), added subpar. (K). Subsec. (c)(6)(B)(i). , § 27(b)(1), substituted “such date as is determined by the Chairperson of the Thrift Depositor Protection Oversight Board under section of this title” for “October 1, 1993”. Subsec. (c)(6)(B)(ii). , § 27(b)(2), (3), substituted “on or after the date determined by the Chairperson of the Thrift Depositor Protection Oversight Board under section of this title” for “after September 30, 1993” and “before such date” for “on or before such date”. Subsec. (c)(6)(B)(iii). , § 27(b)(2), substituted “on or after the date determined by the Chairperson of the Thrift Depositor Protection Oversight Board under section of this title” for “after September 30, 1993”. Subsec. (c)(13). , § 3001(b)(1), in subpar. (A) struck out “subject to subparagraph (B),” before “this section shall” and inserted “and” at end, redesignated subpar. (C) as (B), and struck out former subpar. (B) which read as follows: “the Corporation shall apply the law of the State in which the institution is chartered insofar as that law gives the claims of depositors priority over those of other creditors or claimants; and”. Subsec. (d)(2)(K). , § 3(d), inserted “legal,” after “auction marketing,” and substituted “only if” for “if” and “the most practicable” for “practicable”. Subsec. (d)(11). , § 3001(a), amended par. (11) generally, substituting present provisions for former provisions relating to distribution of assets, which consisted of a subpar. (A) relating to subrogated claims and claims of uninsured depositors and other creditors and a subpar. (B) relating to distribution to shareholders of amounts remaining after payment of all other claims and expenses. Subsec. (d)(14)(A)(ii). , 4(b), inserted “(other than a claim which is subject to section of this title)” after “any tort claim”. Subsec. (g)(4). , § 3001(b)(2), substituted “Subject to subsection (d)(11) of this section, if” for “If”. Subsec. (p). , § 20, in heading, substituted “Certain sales of assets prohibited” for “Certain convicted debtors prohibited from purchasing assets”, added par. (1), redesignated former pars. (1) and (2) as pars. (2) and (3), respectively, in par. (2) substituted “paragraph (3)” for “paragraph (2)” and “person” for “individual”, in par. (3) substituted “Paragraphs (1) and (2)” for “Paragraph (1)” and “person” for “individual”, wherever appearing, and added par. (4). Subsec. (u). , § 15(b), added subsec. (u). Subsec. (v). , § 16(b), added subsec. (v). Subsec. (w). , § 17(b), added subsec. (w). 1992—Subsec. (c)(5)(M). , § 1501(a), added subpar. (M). Subsec. (c)(6)(B). , § 1611(b)(2), substituted “subparagraph (A) or (C) of section of this title” for “subparagraph (C) or (F) of section of this title”. , § 1611(b)(1), substituted “subparagraph (C) or (F) of section of this title” for “section of this title”. Subsec. (d)(2)(B), (E). , § 1604(c)(2), made technical amendment to reference to section of this title to reflect change in reference to corresponding section of original act. Subsec. (d)(4)(A). , § 1606(c), substituted “determination” for “determinations” after “administrative”. Subsec. (d)(5)(D)(iii)(I). , § 1603(e)(1), substituted “insured depository institution” for “institution described in paragraph (3)(A)”. Subsec. (t). , § 1544, added subsec. (t). 1991—Subsec. (a)(1). , § 311(b)(1), added par. (1) and struck out former par. (1) which read as follows: “The Corporation shall insure the deposits of all insured depository institutions as provided in this chapter. The maximum amount of the insured deposit of any depositor shall be $100,000.” Subsec. (a)(2)(A). , § 311(b)(5)(B), in closing provisions, substituted “such depositor shall, for the purpose of determining the amount of insured deposits under this subsection, be deemed a depositor in such custodial capacity separate and distinct from any other officer, employee, or agent of the United States or any public unit referred to in clause (ii), (iii), (iv), or (v) and the deposit of any such depositor shall be insured in an amount not to exceed $100,000 per account” for “his deposit shall be insured” before “in an amount not to exceed $100,000 per account.” Subsec. (a)(2)(B). , § 311(b)(5)(C), substituted “(B)” for “(b)” as subpar. designation. Subsec. (a)(3). , § 311(b)(2), amended par. (3) generally. Prior to amendment, par. (3) read as follows: “Notwithstanding any limitation in this chapter or in any other provision of law relating to the amount of deposit insurance available for the account of any one depositor, time and savings deposits in an insured depository institution made pursuant to a pension or profit-sharing plan described in section of title , or made in the form of individual retirement accounts as described in section of title , shall be insured in the amount of $100,000 per account. As to any plan qualifying under section 401 (d) or section of title , the term ‘per account’ means the present vested and ascertainable interest of each beneficiary under the plan, excluding any remainder interest created by, or as a result of, the plan.” Subsec. (a)(6)(E). , § 202(a), substituted “1993” for “1992” and “2000” for “1999”. Subsec. (a)(6)(J). , § 202(b), substituted “1992” for “1991” and “1993” for “1992” in cl. (i), and “1992” for “1991” and “2000” for “1999” in cl. (ii). Subsec. (a)(8). , § 311(a)(1), added par. (8). Subsec. (c)(5). , § 133(a), amended par. (5) generally, revising and restating as subpars. (A) to (L) provisions of former subpars. (A) to (H). Subsec. (c)(6)(B). , § 102, amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “Whenever the Director of the Office of Thrift Supervision appoints a receiver under the provisions of section of this title for the purpose of liquidation or winding up any savings association’s affairs— “(i) during the 3-year period beginning on August 9, 1989, the Resolution Trust Corporation shall be appointed; and “(ii) after the end of the 3-year period referred to in clause (i), the Corporation shall be appointed.” Subsec. (c)(9). , § 133(e), amended par. (9) generally. Prior to amendment, par. (9) read as follows: “In any case in which the Corporation is appointed conservator or receiver pursuant to paragraph (4) or (6)— “(A) the provisions of this section shall be applicable to the Corporation, as conservator or receiver of any insured State depository institution in the same manner and to the same extent as if such institution were a Federal depository institution for which the Corporation had been appointed conservator or receiver; and “(B) the Corporation as receiver of any insured State depository institution may— “(i) liquidate such institution in an orderly manner; and “(ii) make such other disposition of any matter concerning such institution as the Corporation determines is in the best interests of the institution, the depositors of such institution, and the Corporation.” Subsec. (c)(10) to (13). , § 133(e), added pars. (10) to (13). Subsec. (d)(2)(B). , § 241(c)(1)(A), inserted “(subject to the provisions of section of this title)” before comma in introductory provisions. Subsec. (d)(2)(E). , § 241(c)(1)(B), inserted “(subject to the provisions of section of this title)” before first comma. Subsec. (d)(2)(K). , § 426, added subpar. (K). Subsec. (d)(3)(A). , § 161(a)(1), substituted “paragraph (4)” for “paragraph (4)(A)”. Subsec. (d)(4). , § 416, amended par. (4) generally. Prior to amendment, par. (4) read as follows: “The Corporation may prescribe regulations regarding the allowance or disallowance of claims by the receiver and providing for administrative determination of claims and review of such determination.” Subsec. (d)(5)(D). , § 141(b), amended subpar. (D) generally. Prior to amendment, subpar. (D) read as follows: “The receiver may disallow any portion of any claim by a creditor or claim of security, preference, or priority which is not proved to the satisfaction of the receiver.” Subsec. (d)(11)(B). , § 161(a)(2), substituted “paragraph (15)(B)” for “paragraph (14)(C)”. Subsec. (d)(13)(E). , § 123(a), added subpar. (E). Subsec. (e)(3)(C)(ii), (4)(B)(iii). , § 161(a)(3), (4), substituted “subsection (i)” for “subsection (k)”. Subsec. (e)(8)(A), (E). , § 161(a)(5), substituted “subsection (d)(9) of this section” for “subsections (d)(9) and (i)(4)(I) of this section”. Subsec. (h). , § 141(d)(2), substituted “resolution” for “liquidation” in heading. Subsec. (h)(4). , § 141(d)(1), added par. (4). Subsec. (i)(3)(A). , § 161(e), substituted “Notwithstanding any other provision of Federal or State law, or the constitution of any State, the” for “The”. Subsec. (n)(9). , § 161(a)(6), substituted “paragraphs (11) and (12)” for “paragraphs (11) and (13)”. Subsec. (n)(11)(D). , § 161(a)(7), substituted “paragraph (9)” for “paragraph (8)”. Subsec. (s). , § 446, added subsec. (s). 1990—Subsec. (d)(2)(I), (J). , § 2534(a), added subpar. (I) and redesignated former subpar. (I) as (J). Subsec. (d)(17). , § 2528(a), added par. (17). Subsec. (d)(18), (19). , § 2521(a)(1), added pars. (18) and (19). Subsec. (p). , § 2526(a), added subsec. (p). Subsec. (q). , § 2527, added subsec. (q). Subsec. (r). , § 2532(b), added subsec. (r). 1989—Subsec. (a)(1). , § 211(1), added par. (1) and struck out former par. (1) which read as follows: “The Temporary Federal Deposit Insurance Fund and the Fund for Mutuals heretofore created pursuant to the provisions of section 12B of the Federal Reserve Act, as amended, are consolidated into a Permanent Insurance Fund for insuring deposits, and the assets therein shall be held by the Corporation for the uses and purposes of the Corporation: Provided, That the obligations to and rights of the Corporation, depositors, banks, and other persons arising out of any event or transaction prior to September 21, 1950, shall remain unimpaired. On and after August 23, 1935, the Corporation shall insure the deposits of all insured banks as provided in this chapter: Provided further, That the insurance shall apply only to deposits of insured banks which have been made available since March 10, 1933, for withdrawal in the usual course of the banking business: Provided further, That if any insured bank shall, without the consent of the Corporation, release or modify restrictions on or deferments of deposits which had not been made available for withdrawal in the usual course of the banking business on or before August 23, 1935, such deposits shall not be insured. Except as provided in paragraph (2), the maximum amount of the insured deposit of any depositor shall be $100,000.” Subsec. (a)(2)(A). , § 201(a), substituted “insured depository institution” for “insured bank” wherever appearing. Subsec. (a)(2)(B). , § 211(2), struck out “time and savings” after “deposited in”. , § 201(a), substituted “insured depository institution” for “insured bank”. Subsec. (a)(3). , § 201(a), substituted “insured depository institution” for “insured bank”. Subsec. (a)(4) to (7). , § 211(3), added pars. (4) to (7). Subsec. (b). , § 201(a), substituted “insured depository institution” for “insured bank”. Subsec. (c). , § 212(a), added subsec. (c) and struck out former subsec. (c) which related to Corporation as receiver. Subsec. (d). , § 212(a), added subsec. (d) and struck out former subsec. (d) which related to powers and duties of Corporation as receiver. Subsec. (e). , § 212(a), added subsec. (e) and struck out former subsec. (e) which related to Corporation as receiver of State banks. Subsec. (f). , § 212(a), added subsec. (f) and struck out former subsec. (f) which related to payment of insured deposits of closed insured bank or insured branch of a foreign bank. Subsec. (g). , § 212(a), added subsec. (g) and struck out former subsec. (g) which related to subrogation rights of Corporation in the case of a closed national bank, insured branch of a foreign bank, District bank, or closed insured Federal savings bank. Subsec. (h). , § 212(a), added subsec. (h) and struck out former subsec. (h) which related to organization, etc., of new national banks upon closing of insured banks. See subsec. (m) of this section. Subsec. (i). , § 212(a), added subsec. (i) and struck out former subsec. (i) which related to establishment, etc., of bridge banks. See subsec. (n) of this section. Subsec. (j). , § 212(a), added subsec. (j) and struck out former subsec. (j) which related to conditions applicable to liquidation proceedings. Subsecs. (k), (l). , § 212(a), added subsecs. (k) and (l). Subsec. (m). , § 213, added subsec. (m). Subsec. (n). , § 214, added subsec. (n). Subsec. (o). , § 909, added subsec. (o). 1987—Subsec. (h). , § 503(a)(1), (2), designated existing provisions as par. (1) and redesignated former subsecs. (i) to (l) as pars. (2) to (5), respectively. Subsec. (i). , § 503(a)(2), (3), added subsec. (i). Former subsec. (i) redesignated subsec. (h)(2) of this section. Subsec. (j). , §§ 503(a)(2), 507, added subsec. (j). Former subsec. (j) redesignated subsec. (h)(3) of this section. Subsecs. (k), (l). , § 503(a)(2), redesignated subsecs. (k) and (l) as pars. (4) and (5), respectively, of subsec. (h). 1986—Subsec. (a)(3). substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954” wherever appearing, which for purposes of codification was translated as “title 26” thus requiring no change in text. 1982—Subsec. (c). , § 113(j), inserted provision relating to appointment of Corporation as receiver for an insured Federal savings bank by Federal Home Loan Bank Board. Subsec. (g). , § 113(k), inserted “or closed insured Federal savings bank,” after “foreign bank, or District bank,”. 1981—Subsec. (a)(2)(A)(iv). inserted “the Trust Territory of the Pacific Islands,” after “Virgin Islands, American Samoa,” and “of the Trust Territory of the Pacific Islands,” after “of American Samoa,”. 1980—Subsec. (a)(1). , § 308(a)(1)(C), substituted “$100,000” for “$40,000”. Subsec. (i). , § 308(a)(1)(D), substituted “$100,000” for “$40,000”. 1979—Subsec. (a)(2)(A)(v). added cl. (v). 1978—Subsec. (a)(3). added par. (3). Subsec. (c). , § 6(c)(17), inserted “insured Federal branch of a foreign bank” after “any insured national bank”. Subsec. (e). , § 6(c)(18), (19), inserted “or any insured branch (other than a Federal branch) of a foreign bank” after “(except a District bank)”, and substituted “such insured State bank or insured branch of a foreign bank” for “such insured State bank”. Subsec. (f). , § 6(c)(20), inserted “or insured branch of a foreign bank” after “Whenever an insured bank”. Subsec. (g). , § 6(c)(21), (22), inserted “insured branch of a foreign bank” after “In the case of a closed national bank”, and substituted “In the case of any closed insured bank or closed insured branch of a foreign bank, such subrogation” for “In the case of any closed insured bank, such subrogation”. 1974—Subsec. (a). , §§ 101(a)(3), , redesignated existing provisions as par. (1), inserted exception relating to applicability of par. (2), substituted “$40,000” for “$20,000’, and added par. (2). Subsec. (i). , § 102(a)(4), substituted “$40,000” for “$20,000”. 1969—Subsec. (a). , § 7(a)(3), substituted $20,000 for $15,000 in last sentence. Subsec. (i). , § 7(a)(4), substituted $20,000 for $15,000 in fifth sentence. 1966—Subsec. (a). , § 301(c), substituted in last sentence “$15,000” for “$10,000” and struck out “: And provided further, That in the case of banks closing prior to September 21, 1950, the maximum amount of the insured deposit of any depositor shall be $5,000”. Subsec. (i). , § 301(d), substituted “$15,000” for “$10,000” in fifth sentence.

Change of Name
Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) of , set out as a note preceding section of Title , The Congress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001. Oversight Board redesignated Thrift Depositor Protection Oversight Board, effective Feb. 1, 1992, see section 302(a) of , set out as a note under section of this title. Thrift Depositor Protection Oversight Board abolished, see section –(d) of , set out as a note under section of this title.

Effective Date of 1999 Amendment
Amendment by section 117 of effective 120 days after Nov. 12, 1999, see section 161 of , set out as a note under section of this title. , title VII, § 736(c), Nov. 12, 1999, , provided that: “This section [amending this section and provisions set out as a note under this section] and the amendments made by this section shall become effective on the date of the enactment of this Act [Nov. 12, 1999].”

Effective Date of 1996 Amendment
Section 2704(c) of div. A of provided that: “This section [amending this section and sections , , , , , , , , , , , to , , to , , , , , , , , , , and of this title and section of Title , The Congress, repealing section of this title, and enacting provisions set out as notes under this section] and the amendments made by this section shall become effective on January 1, 1999, if no insured depository institution is a savings association on that date.”

Effective Date of 1994 Amendment
Amendment by effective Oct. 22, 1994, and not applicable with respect to cases commenced under Title 11, Bankruptcy, before Oct. 22, 1994, see section 702 of , set out as a note under section of Title .

Effective Date of 1993 Amendment
Section 3001(c) of provided that: “The amendments made by this section [amending this section] shall apply with respect to insured depository institutions for which a receiver is appointed after the date of the enactment of this Act [Aug. 10, 1993].”

Effective Date of 1992 Amendment
Amendment by section 1501(a) of effective Dec. 20, 1992, see section 1501(c) of , set out as a note under section of this title. Amendment by sections 1603(e)(1), 1604(c)(2), and 1606(c) of effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, , as of Dec. 19, 1991, except that where amendment is to any provision of law added or amended by effective after Dec. 19, 1992, then amendment by effective on effective date of amendment by , see section 1609 of , set out as a note under section of this title. Section 1611(b)(2) of provided that the amendment made by that section is effective one year after Dec. 19, 1991.

Effective Date of 1991 Amendment
Amendment by section 133(a), (e) of effective 1 year after Dec. 19, 1991, see section 133(g) of , set out as a note under section of this title. Section 311(c) of provided that: “(1) In general.—Except as provided in paragraph (2), the amendments made by subsection (a) and paragraphs (2) and (3) of subsection (b) [amending this section and section of this title] shall take effect at the end of the 2-year period beginning on the date of the enactment of this Act [Dec. 19, 1991]. “(2) Application to time deposits.— “(A) Certain deposits excluded.—Except with respect to the amendment referred to in paragraph (3), the amendments made by subsections (a) and (b) [amending this section and sections and of this title] shall not apply to any time deposit which— “(i) was made before the date of enactment of this Act [Dec. 19, 1991]; and “(ii) matures after the end of the 2-year period referred to in paragraph (1). “(B) Rollovers and renewals treated as new deposit.—Any renewal or rollover of a time deposit described in subparagraph (A) after the date of the enactment of this Act shall be treated as a new deposit which is not described in such subparagraph. “(3) Effective date for amendment relating to certain employee plans.— “(A) Section 11(a)(1)(B) of the Federal Deposit Insurance Act [ U.S.C. ] (as amended by subsection (b)(1) of this section) shall take effect on the earlier of— “(i) the date of the enactment of this Act [Dec. 19, 1991]; or “(ii) January 1, 1992. “(B) Section 11(a)(3)(A) of the Federal Deposit Insurance Act (as amended by subsection (b)(2) of this section) shall take effect on the earlier of the dates described in clauses (i) and (ii) of subparagraph (A) with respect to plans described in clause (ii) of such section.”

Effective Date of 1980 Amendment
Amendment by effective Mar. 31, 1980, see section 308(e) of , set out as a note under section of this title. Amendment by section 308(a)(1) of not applicable to any claim arising out of the closing of a bank prior to the effective date of section 308 of Pub L. 96–221, see section 308(a)(2) of , set out as a note under section of this title.

Effective Date of 1979 Amendment
Amendment by applicable only to claims arising after Dec. 21, 1979, with respect to a closing of a bank, etc., see section 323(e) of , set out as an Effective and Termination Dates of 1979 Amendment note under section of this title.

Effective Date of 1978 Amendment
Amendment by effective Nov. 10, 1978, see section 1402 of , set out as a note under section of this title.

Effective Date of 1974 Amendment
Amendment by sections 101(a)(3) and 102(a)(3), (4) of effective on thirtieth day beginning after Oct. 28, 1974, and amendment by section 102(a)(3), (4) of not applicable to any claim arising out of the closing of any bank prior to such effective date, see sections 101(g) and 102(a)(3), (4) of , set out as a note under section of this title.

Effective Date of 1969 Amendment
Amendment by not applicable to any claim arising out of the closing of a bank where such closing took place prior to Dec. 23, 1969, see section 7(b) of , set out as a note under section of this title.

Effective Date of 1966 Amendment
Amendment by not applicable to any claim arising out of the closing of a bank where such closing is prior to Oct. 16, 1966, see section 301(e) of , set out as a note under section of this title.

Regulations
Section 311(b)(4) of provided that: “(A) Review of coverage.—For the purpose of prescribing regulations, during the 1-year period beginning on the date of the enactment of this Act [Dec. 19, 1991], the Board of Directors shall review the capacities and rights in which deposit accounts are maintained and for which deposit insurance coverage is provided by the Corporation. “(B) Regulations.—After the end of the 1-year period referred to in subparagraph (A), the Board of Directors may prescribe regulations that provide for separate insurance coverage for the different capacities and rights in which deposit accounts are maintained if a determination is made by the Board of Directors that such separate insurance coverage is consistent with— “(i) the purpose of protecting small depositors and limiting the undue expansion of deposit insurance coverage; and “(ii) the insurance provisions of the Federal Deposit Insurance Act [ U.S.C. et seq.]. “(C) Delayed effective date for regulations.—No regulation prescribed under subparagraph (B) may take effect before the 2-year period beginning on the date of the enactment of this Act [Dec. 19, 1991].”

Termination of Trust Territory of the Pacific Islands
For termination of Trust Territory of the Pacific Islands, see note set out preceding section of Title , Territories and Insular Possessions.

Merger of BIF and SAIF
, div. A, title II, § 2704(a), (b), Sept. 30, 1996, , as amended by , title VII, § 736(b)(1), Nov. 12, 1999, , provided that the Bank Insurance Fund and the Savings Association Insurance Fund were to be merged into the Deposit Insurance Fund, that all assets and liabilities of the Bank Insurance Fund and the Savings Association Insurance Fund were to be transferred to the Deposit Insurance Fund, and that the separate existence of the Bank Insurance Fund and the Savings Association Insurance Fund was to cease. See Effective Date of 1996 Amendment note above.

GAO Report
Section 8(g) of provided that: “Not later than 60 days after receipt of any certification submitted pursuant to subparagraph (E) or (F) of section 11(a)(6) of the Federal Deposit Insurance Act [ U.S.C. ], the Comptroller General shall transmit a report to the Congress evaluating any such certification.”

Single Agency for Real Property Disposition
Section 26(b) of provided that: “(1) Study.—The Comptroller General of the United States shall conduct a study to determine the feasibility and effectiveness of establishing a single Federal agency responsible for selling and otherwise disposing of real property owned or held by the Department of Housing and Urban Development, the Farmers Home Administration of the Department of Agriculture, the Federal Deposit Insurance Corporation, and the Resolution Trust Corporation. The study shall examine the real property disposition procedures of such agencies and corporations, analyze the feasibility of consolidating such procedures through such single agency, and determine the characteristics and authority necessary for any such single agency to efficiently carry out such disposition activities. “(2) Report.—Not later than 12 months after the date of enactment of this Act [Dec. 17, 1993], the Comptroller General shall submit a report to the Congress on the study required under paragraph (1), which shall describe any findings under the study and contain any recommendations of the Comptroller General for the establishment of such single agency.”

Exemptions for Certain Transactions
Section 37 of provided that: “(a) Transactions Involving Certain Institutions.—Section 11(a)(4)(B) of the Federal Deposit Insurance Act [ U.S.C. ] shall not prohibit assistance from the Bank Insurance Fund that otherwise meets all the criteria established in section 13(c) of such Act [ U.S.C. ] from being provided to an insured depository institution that became wholly-owned, either directly or through a wholly-owned subsidiary, by an entity or instrumentality of a State government during the period beginning on January 1, 1992, and ending on the date of enactment of this Act [Dec. 17, 1993]. “(b) Transactions Involving the FDIC as Receiver.—Notwithstanding the extension, pursuant to section [ U.S.C. ], of the Resolution Trust Corporation’s jurisdiction to be appointed conservator or receiver of certain savings associations after September 30, 1993, no provision of this Act [see Short Title of 1993 Amendment note set out under section of this title] or any amendment made by this Act shall invalidate or otherwise affect— “(1) any appointment of the Federal Deposit Insurance Corporation as receiver for any savings association that became effective before the date of enactment of this Act; or “(2) any action taken by the Federal Deposit Insurance Corporation as such receiver before, on, or after such date of enactment.”

Informational Study
Section 311(d) of provided that: “(1) In general.—The Federal Deposit Insurance Corporation, in conjunction with such consultants and technical experts as the Corporation determines to be appropriate, shall conduct a study of the cost and feasibility of tracking the insured and uninsured deposits of any individual and the exposure, under any Act of Congress or any regulation of any appropriate Federal banking agency, of the Federal Government with respect to all insured depository institutions. “(2) Analysis of costs and benefits.—The study under paragraph (1) shall include detailed, technical analysis of the costs and benefits associated with the least expensive way to implement the system. “(3) Specific factors to be studied.—As part of the study under paragraph (1), the Corporation shall investigate, review, and evaluate— “(A) the data systems that would be required to track deposits in all insured depository institutions; “(B) the reporting burdens of such tracking on individual depository institutions; “(C) the systems which exist or which would be required to be developed to aggregate such data on an accurate basis; “(D) the implications such tracking would have for individual privacy; and “(E) the manner in which systems would be administered and enforced. “(4) Federal reserve board survey.—As part of the informational study required under paragraph (1), the Board of Governors of the Federal Reserve System shall conduct, in conjunction with other Federal departments and agencies as necessary, a survey of the ownership of deposits held by individuals including the dollar amount of deposits held, the type of deposit accounts held, and the type of financial institutions in which the deposit accounts are held. “(5) Analysis by fdic.—The results of the survey under paragraph (4) shall be provided to the Federal Deposit Insurance Corporation before the end of the 1-year period beginning on the date of the enactment of this Act [Dec. 19, 1991] for analysis and inclusion in the informational study. “(6) Report to congress.—Before the end of the 18-month period beginning on the date of the enactment of this Act, the Federal Deposit Insurance Corporation shall submit to the Congress a report containing a detailed statement of findings made and conclusions drawn from the study conducted under this section, including such recommendations for administrative and legislative action as the Corporation determines to be appropriate.”

Continuation of Health Plan Coverage in Cases of Failed Financial Institutions
Section 451 of , as amended by , title XVI, § 1606(g)(1), Oct. 28, 1992, , provided that: “(a) Continuation Coverage.—The Federal Deposit Insurance Corporation— “(1) shall, in its capacity as a successor of a failed depository institution (whether acting directly or through any bridge bank), have the same obligation to provide a group health plan meeting the requirements of section 602 of the employee Retirement Income Security Act of 1974 [ U.S.C. ] (relating to continuation coverage requirements of group health plans) with respect to former employees of such institution as such institution would have had but for its failure, and “(2) shall require that any successor described in subsection (b)(1)(B)(iii) provide a group health plan with respect to former employees of such institution in the same manner as the failed depository institution would have been required to provide but for its failure. “(b) Definitions.—For purposes of this section— “(1) Successor.—An entity is a successor of a failed depository institution during any period if— “(A) such entity holds substantially all of the assets or liabilities of such institution, and “(B) such entity is— “(i) the Federal Deposit Insurance Corporation, “(ii) any bridge bank, or “(iii) an entity that acquires such assets or liabilities from the Federal Deposit Insurance Corporation or a bridge bank. “(2) Failed depository institution.—The term ‘failed depository institution’ means any depository institution (as defined in section 3(c) of the Federal Deposit Insurance Act [ U.S.C. ]) for which a receiver has been appointed. “(3) Bridge bank.—The term ‘bridge bank’ has the meaning given such term by section 3(i)(2) of the Federal Deposit Insurance Act [ U.S.C. ]. “(c) No premium costs imposed on fdic.—Subsection (a) shall not be construed as requiring the Federal Deposit Insurance Corporation to incur, by reason of this section, any obligation for any premium under any group health plan referred to in such subsection. “(d) Effective Date.—This section shall apply to plan years beginning on or after the date of the enactment of this Act [Dec. 19, 1991], regardless of whether the qualifying event under section 603 of the employee Retirement Income Security Act of 1974 [ U.S.C. ] occurred before, on, or after such date.”

Definitions
Section 2710 of div. A of provided that: “For purposes of this subtitle [subtitle G (§§ 2701–2711) of title II of div. A of , see Short Title of 1996 Amendment note set out under section of this title], the following definitions shall apply: “(1) Bank insurance fund.—The term ‘Bank Insurance Fund’ means the fund established pursuant to section (11)(a)(5)(A) of the Federal Deposit Insurance Act [ U.S.C. ], as that section existed on the day before the date of enactment of this Act [Sept. 30, 1996]. “(2) BIF member, saif member.—The terms ‘Bank Insurance Fund member’ and ‘Savings Association Insurance Fund member’ have the same meanings as in section 7(l) of the Federal Deposit Insurance Act [ U.S.C. ]. “(3) Various banking terms.—The terms ‘bank’, ‘Board of Directors’, ‘Corporation’, ‘deposit’, ‘insured depository institution’, ‘Federal savings association’, ‘savings association’, ‘State savings bank’, and ‘State depository institution’ have the same meanings as in section 3 of the Federal Deposit Insurance Act [ U.S.C. ]. “(4) Deposit insurance fund.—The term ‘Deposit Insurance Fund’ means the fund established under section 11(a)(4) of the Federal Deposit Insurance Act [ U.S.C. ] (as amended by section 2704(d) of this subtitle). “(5) Depository institution holding company.—The term ‘depository institution holding company’ has the same meaning as in section 3 of the Federal Deposit Insurance Act [ U.S.C. ]. “(6) Designated reserve ratio.—The term ‘designated reserve ratio’ has the same meaning as in section 7(b)(2)(A)(iv) of the Federal Deposit Insurance Act [ U.S.C. ]. “(7) SAIF.—The term ‘Savings Association Insurance Fund’ means the fund established pursuant to section 11(a)(6)(A) of the Federal Deposit Insurance Act [ U.S.C. ], as that section existed on the day before the date of enactment of this Act [Sept. 30, 1996]. “(8) SAIF-assessable deposit.—The term ‘SAIF-assessable deposit’— “(A) means a deposit that is subject to assessment for purposes of the Savings Association Insurance Fund under the Federal Deposit Insurance Act [ U.S.C. et seq.] (including a deposit that is treated as insured by the Savings Association Insurance Fund under section 5(d)(3) of the Federal Deposit Insurance Act [ U.S.C. ]); and “(B) includes any deposit described in subparagraph (A) which is assumed after March 31, 1995, if the insured depository institution, the deposits of which are assumed, is not an insured depository institution when the special assessment is imposed under section [ U.S.C. ].”

Section Referred to in Other Sections
This section is referred to in sections , , , , , , , , , , of this title; title section ; title section ; title section ; title section ; title sections , .

StaffMarket has no control over and does not endorse any external Internet site that contains links to or references StaffMarket. Users are advised to visit http://www4.law.cornell.edu/uscode/ for the most current US Code information.

HR Outsourcing, PEO and Employee Leasing Information at StaffMarket