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12 U.S.C. § 1831p — Transferred

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1831p — Transferred

### Statutory Notes #### Codification Section, act Sept. 21, 1950, ch. 967, § 2[39], as added Dec. 19, 1991, Pub. L. 102–242, title II, § 228, 105 Stat. 2308, which related to notice of branch closure, was renumbered section 2[42] of act Sept. 21, 1950, by Pub. L. 102–550, title XI, § 1602(a), Oct. 28, 1992, 106 Stat. 4079, and transferred to [section 1831r–1 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1831r-1&num=0&edition=prelim).

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Source location: Title 12, Chapter 16, § 1831p; chapter-016-federal-deposit-insurance-corporation.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1831r–1 — Notice of branch closure

**(a) Notice to appropriate Federal banking agency** (1) **In general** — An insured depository institution which proposes to close any branch shall submit a notice of the proposed closing to the appropriate Federal banking agency not later than the first day of the 90-day period ending on the date proposed for the closing. (2) **Contents of notice** — A notice under paragraph (1) shall include— (A) a detailed statement of the reasons for the decision to close the branch; and (B) statistical or other information in support of such reasons. **(b) Notice to customers** (1) **In general** — An insured depository institution which proposes to close a branch shall provide notice of the proposed closing to its customers. (2) **Contents of notice** — Notice under paragraph (1) shall consist of— (A) posting of a notice in a conspicuous manner on the premises of the branch proposed to be closed during not less than the 30-day period ending on the date proposed for that closing; and (B) inclusion of a notice in— (i) at least one of any regular account statements mailed to customers of the branch proposed to be closed, or (ii) in a separate mailing, by not later than the beginning of the 90-day period ending on the date proposed for that closing. **(c) Adoption of policies** Each insured depository institution shall adopt policies for closings of branches of the institution. **(d) Branch closures in interstate banking or branching operations** (1) **Notice requirements** — In the case of an interstate bank which proposes to close any branch in a low- or moderate-income area, the notice required under subsection (b)(2) shall contain the mailing address of the appropriate Federal banking agency and a statement that comments on the proposed closing o

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1831p — Transferred

Page 1171 TITLE 12—BANKS AND BANKING § 1831p–1 ‘‘(1) DISMISSAL FROM OFFICE.—Section 38(f)(2)(F)(ii) of the Federal Deposit Insurance Act [12 U.S.C. 1831o(f)(2)(F)(ii)] (as added by subsection (a)) shall not apply with respect to— ‘‘(A) any director whose current term as a director commenced on or before the date of enactment of this Act [Dec. 19, 1991] and has not been extended— ‘‘(i) after that date of enactment, or ‘‘(ii) to evade section 38(f)(2)(F)(ii); or ‘‘(B) any senior executive officer who accepted em- ployment in his or her current position on or before the date of enactment of this Act and whose contract of employment has not been renewed or renegoti- ated— ‘‘(i) after that date of enactment, or ‘‘(ii) to evade section 38(f)(2)(F)(ii). ‘‘(2) RESTRICTING COMPENSATION.—Section 38(f)(4) of the Federal Deposit Insurance Act [12 U.S.C. 1831o(f)(4)] (as added by subsection (a)) shall not apply with re- spect to any senior executive officer who accepted em- ployment in his or her current position on or before the date of enactment of this Act [Dec. 19, 1991] and whose contract of employment has not been renewed or re- negotiated— ‘‘(A) after that date of enactment, or ‘‘(B) to evade section 38(f)(4).’’ § 1831o–1. Source of strength (a) Holding companies The appropriate Federal banking agency for a bank holding company or savings and loan hold- ing company shall require the bank holding company or savings and loan holding company to serve as a source of financial strength for any subsidiary of the bank holding company or sav- ings and loan holding company that is a deposi- tory institution. (b) Other companies If an insured depository institution is not the subsidiary of a bank holding company or savings and loan holding company, the a

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