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12 U.S.C. § 1821a — FSLIC Resolution Fund
Federal law — U.S. Code and appendices · legal_authorities
**(a) Established**
(1) **In general** — There is established a separate fund to be designated as the FSLIC Resolution Fund which shall be managed by the Corporation and separately maintained and not commingled.
(2) **Transfer of FSLIC assets and liabilities** — Except as provided in section 1441a 11 See References in Text note below. of this title, all assets and liabilities of the Federal Savings and Loan Insurance Corporation on the day before August 9, 1989, shall be transferred to the FSLIC Resolution Fund.
(3) **Separate holding** — Assets and liabilities transferred to the FSLIC Resolution Fund shall be the assets and liabilities of the Fund and not of the Corporation and shall not be consolidated with the assets and liabilities of the Deposit Insurance Fund or the Corporation for accounting, reporting, or any other purpose.
(4) **Rights, powers, and duties** — Effective August 10, 1989, the Corporation shall have all rights, powers, and duties to carry out the Corporation’s duties with respect to the assets and liabilities of the FSLIC Resolution Fund that the Corporation otherwise has under this chapter.
(5) **Corporation as conservator or receiver**
(A) *In general* — Effective August 10, 1989, the Corporation shall succeed the Federal Savings and Loan Insurance Corporation as conservator or receiver with respect to any depository institution—
(i) the accounts of which were insured before August 10, 1989 by the Federal Savings and Loan Insurance Corporation; and
(ii) for which a conservator or receiver was appointed before January 1, 1989.
(B) *Rights, powers, and duties* — When acting as conservator or receiver with respect to any depository institution described in subparagraph (A), the Corporation shall have all rights, powers, and duti
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Source location: Title 12, Chapter 16, § 1821a; chapter-016-federal-deposit-insurance-corporation.md
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**(a) Established**
(1) **In general** — There is established a separate fund to be designated as the FSLIC Resolution Fund which shall be managed by the Corporation and separately maintained and not commingled.
(2) **Transfer of FSLIC assets and liabilities** — Except as provided in section 1441a 11 See References in Text note below. of this title, all assets and liabilities of the Federal Savings and Loan Insurance Corporation on the day before August 9, 1989, shall be transferred to the FSLIC Resolution Fund.
(3) **Separate holding** — Assets and liabilities transferred to the FSLIC Resolution Fund shall be the assets and liabilities of the Fund and not of the Corporation and shall not be consolidated with the assets and liabilities of the Deposit Insurance Fund or the Corporation for accounting, reporting, or any other purpose.
(4) **Rights, powers, and duties** — Effective August 10, 1989, the Corporation shall have all rights, powers, and duties to carry out the Corporation’s duties with respect to the assets and liabilities of the FSLIC Resolution Fund that the Corporation otherwise has under this chapter.
(5) **Corporation as conservator or receiver**
(A) *In general* — Effective August 10, 1989, the Corporation shall succeed the Federal Savings and Loan Insurance Corporation as conservator or receiver with respect to any depository institution—
(i) the accounts of which were insured before August 10, 1989 by the Federal Savings and Loan Insurance Corporation; and
(ii) for which a conservator or receiver was appointed before January 1, 1989.
(B) *Rights, powers, and duties* — When acting as conservator or receiver with respect to any depository institution described in subparagraph (A), the Corporation shall have all rights, powers, and duties that the Corporation otherwise has as conservator or receiver under this chapter.
**(b) Source of funds** The FSLIC Resolution Fund shall be funded from the following sources to the extent funds are needed in the listed priority:
(1) Income earned on assets of the FSLIC Resolution Fund.
(2) Liquidating dividends and payments made on claims received by the FSLIC Resolution Fund from receiverships to the extent such funds are not required by the Resolution Funding Corporation pursuant to [section 1441b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1441b&num=0&edition=prelim) or the Financing Corporation pursuant to [section 1441 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1441&num=0&edition=prelim).
(3) Amounts borrowed by the Financing Corporation pursuant to [section 1441 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1441&num=0&edition=prelim).
**(c) Treasury backup**
(1) **In general** — If the funds described in subsections (a) and (b) are insufficient to satisfy the liabilities of the FSLIC Resolution Fund, the Secretary of the Treasury shall pay to the Fund such amounts as may be necessary, as determined by the Corporation and the Secretary, for FSLIC Resolution Fund purposes.
(2) **Authorization of appropriations** — There are authorized to be appropriated to the Secretary of the Treasury, without fiscal year limitation, such sums as may be necessary to carry out this section.
**(d) Legal proceedings** Any judgment resulting from a proceeding to which the Federal Savings and Loan Insurance Corporation was a party prior to its dissolution or which is initiated against the Corporation with respect to the Federal Savings and Loan Insurance Corporation or with respect to the FSLIC Resolution Fund shall be limited to the assets of the FSLIC Resolution Fund.
**(e) Transfer of net proceeds from sale of RTC assets** The FSLIC Resolution Fund shall transfer to the Resolution Funding Corporation any net proceeds from the sale of assets acquired from the Resolution Trust Corporation upon the termination of such Corporation pursuant to section 1441a 1 of this title.
**(f) Dissolution** The FSLIC Resolution Fund shall be dissolved upon satisfaction of all debts and liabilities and sale of all assets. Upon dissolution any remaining funds shall be paid into the Treasury. Any administrative facilities and supplies, including offices and office supplies, shall be transferred to the Corporation for use by and to be held as assets of the Deposit Insurance Fund.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment** Notwithstanding any other provision of law, the Director shall charter a corporation to be known as the Financing Corporation.
**(b) Management of Financing Corporation**
(1) **Directorate** — The Financing Corporation shall be under the management of a directorate composed of 3 members as follows:
(A) The Director of the Office of Finance of the Federal Home Loan Banks (or the head of any successor to such office).
(B) 2 members selected by the Director from among the presidents of the Federal Home Loan Banks.
(2) **Terms** — Each member appointed under paragraph (1)(B) shall be appointed for a term of 1 year.
(3) **Vacancy** — If any member leaves the office in which such member was serving when appointed to the Directorate—
(A) such member’s service on the Directorate shall terminate on the date such member leaves such office; and
(B) the successor to the office of such member shall serve the remainder of such member’s term.
(4) **Equal representation of banks** — No president of a Federal Home Loan Bank may be appointed to serve an additional term on the Directorate until such time as the presidents of each of the other Federal Home Loan Banks have served as many terms on the Directorate as the president of such bank (before the appointment of such president to such additional term).
(5) **Chairperson** — The Director shall select the chairperson of the Directorate from among the 3 members of the Directorate.
(6) **Staff**
(A) *No paid employees* — The Financing Corporation shall have no paid employees.
(B) *Powers* — The Directorate may, with the approval of the Director, authorize the officers, employees, or agents of the Federal Home Loan Banks to act for and on behalf of the Financing Corporation in such manner as m
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Purpose** The purpose of the Resolution Funding Corporation is to provide funds to the Resolution Trust Corporation to enable the Resolution Trust Corporation to carry out the provisions of this chapter.
**(b) Establishment** There is established a corporation to be known as the Resolution Funding Corporation.
**(c) Management of Funding Corporation**
(1) **Directorate** — The Funding Corporation shall be under the management of a Directorate composed of 3 members as follows:
(A) The director of the Office of Finance of the Federal Home Loan Banks (or the head of any successor office).
(B) 2 members selected by the Thrift Depositor Protection Oversight Board from among the presidents of the Federal Home Loan Banks.
(2) **Terms** — Of the 2 members appointed under paragraph (1)(B), 1 shall be appointed for an initial term of 2 years and 1 shall be appointed for an initial term of 3 years. Thereafter, such members shall be appointed for a term of 3 years.
(3) **Vacancy** — If any member leaves the office in which such member was serving when appointed to the Directorate—
(A) such member’s service on the Directorate shall terminate on the date such member leaves such office; and
(B) the successor to the office of such member shall serve the remainder of such member’s term.
(4) **Equal representation of banks** — No president of a Federal Home Loan Bank may be appointed to serve an additional term on the Directorate until such time as the presidents of each of the other Federal Home Loan Banks have served as many terms as the president of such bank.
(5) **Chairperson** — The Thrift Depositor Protection Oversight Board shall select the chairperson of the Directorate from among the 3 members of the Directorate.
(6) **Staff**
(A) *No paid employees
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, act July 22, 1932, ch. 522, § 21A, as added Pub. L. 101–73, title V, § 501(a), Aug. 9, 1989, 103 Stat. 363; amended Pub. L. 101–625, title VIII, § 804(d), title IX, § 914(c), Nov. 28, 1990, 104 Stat. 4323, 4395; Pub. L. 101–647, title XXV, §§ 2526(c), 2540, Nov. 29, 1990, 104 Stat. 4876, 4885; Pub. L. 102–18, title I, §§ 101, 102(a), 103(a), 104, 105, title II, §§ 201, 202, title III, § 301, title IV, § 401, Mar. 23, 1991, 105 Stat. 58, 60–63, 65; Pub. L. 102–139, title V, § 523(a), Oct. 28, 1991, 105 Stat. 781; Pub. L. 102–233, title I, §§ 101, 103, 105, 106(a)–(e)(1), title II, § 201, title III, §§ 302(b), (c), 303–312, 314, 316, title IV, §§ 401, 402(a), 403–405, title V, § 501, title VI, §§ 601–611, 613–617, Dec. 12, 1991, 105 Stat. 1761–1765, 1767–1770, 1772–1774, 1776–1789; Pub. L. 102–242, title I, § 141(a)(3), title II, § 251(c)(1), title IV, § 471, Dec. 19, 1991, 105 Stat. 2276, 2333, 2385; Pub. L. 102–378, § 5(e), Oct. 2, 1992, 106 Stat. 1358; Pub. L. 102–550, title V, §§ 503(c)(3), 509(i), title XVI, §§ 1611(a), (d)(1)–(3), 1612, 1613(a)(1)–(6), (8), (b)–(h), 1614(a)(1)–(5), (7), (b), 1615(a)(2), 1616, Oct. 28, 1992, 106 Stat. 3780, 3783, 4090–4096; Pub. L. 103–204, §§ 2–3(b), 4(a), 5(a), (b)(2), 7, 12, 14(a)(1), (c)(2), (d)(1), (e)(1), (f)(1), 15(a), 16(a), 17(a), 21(b), 24, 27(a), 29–31, 36, Dec. 17, 1993, 107 Stat. 2370–2380, 2382, 2383, 2390, 2391, 2395–2400, 2406, 2408, 2410–2413, 2415; Pub. L. 103–211, title IV, § 406, Feb. 12, 1994, 108 Stat. 41; Pub. L. 103–325, title VI, § 602(b), Sept. 23, 1994, 108 Stat. 2291; Pub. L. 103–328, title II, § 201(b), Sept. 29, 1994, 108 Stat. 2368; Pub. L. 104–66, title II, § 2231, Dec. 21, 1995, 109 Stat. 733; Pub. L. 104–208, div. A, title II, § 2704(d)(11)(B)–(D), Sept. 30, 1996, 110 St
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Deposit insurance**
(1) **Insured amounts payable**
(A) *In general* — The Corporation shall insure the deposits of all insured depository institutions as provided in this chapter.
(B) *Net amount of insured deposit* — The net amount due to any depositor at an insured depository institution shall not exceed the standard maximum deposit insurance amount as determined in accordance with subparagraphs (C), (D), (E) and (F) and paragraph (3).
(C) *Aggregation of deposits* — For the purpose of determining the net amount due to any depositor under subparagraph (B), the Corporation shall aggregate the amounts of all deposits in the insured depository institution which are maintained by a depositor in the same capacity and the same right for the benefit of the depositor either in the name of the depositor or in the name of any other person, other than any amount in a trust fund described in paragraph (1) or (2) of [section 1817(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1817/i&num=0&edition=prelim) or any funds described in [section 1817(i)(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1817/i/3&num=0&edition=prelim).
(D) *Coverage for certain employee benefit plan deposits*
(i) *Pass-through insurance* — The Corporation shall provide pass-through deposit insurance for the deposits of any employee benefit plan.
(ii) *Prohibition on acceptance of benefit plan deposits* — An insured depository institution that is not well capitalized or adequately capitalized may not accept employee benefit plan deposits.
(iii) *Definitions* — For purposes of this subparagraph, the following definitions shall apply:
(I) *Capital standards* — The terms “well ca
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Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter—
**(a) Definitions of bank and related terms**
(1) **Bank** — The term “bank”—
(A) means any national bank and State bank, and any Federal branch and insured branch;
(B) includes any former savings association.
(2) **State bank** — The term “State bank” means any bank, banking association, trust company, savings bank, industrial bank (or similar depository institution which the Board of Directors finds to be operating substantially in the same manner as an industrial bank), or other banking institution which—
(A) is engaged in the business of receiving deposits, other than trust funds (as defined in this section); and
(B) is incorporated under the laws of any State or which is operating under the Code of Law for the District of Columbia,
including any cooperative bank or other unincorporated bank the deposits of which were insured by the Corporation on the day before August 9, 1989.
(3) **State** — The term “State” means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands.
**(b) Definition of savings associations and related terms**
(1) **Savings association** — The term “savings association” means—
(A) any Federal savings association;
(B) any State savings association; and
(C) any corporation (other than a bank) that the Board of Directors and the Comptroller of the Currency jointly determine to be operating in substantially the same manner as a savings association.
(2) **Federal savings association** — The term “Federal savings association” means any Federal savings association or Federal savings bank which is chartered under [section 1464 of t
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Reports of condition; access to reports**
(1) Each insured State nonmember bank and each foreign bank having an insured branch which is not a Federal branch shall make to the Corporation reports of condition which shall be in such form and shall contain such information as the Board of Directors may require. Such reports shall be made to the Corporation on the dates selected as provided in paragraph (3) of this subsection and the deposit liabilities shall be reported therein in accordance with and pursuant to paragraphs (4) and (5) of this subsection. The Board of Directors may call for additional reports of condition on dates to be fixed by it and may call for such other reports as the Board may from time to time require. Any such bank which (A) maintains procedures reasonably adapted to avoid any inadvertent error and, unintentionally and as a result of such an error, fails to make or publish any report required under this paragraph, within the period of time specified by the Corporation, or submits or publishes any false or misleading report or information, or (B) inadvertently transmits or publishes any report which is minimally late, shall be subject to a penalty of not more than $2,000 for each day during which such failure continues or such false or misleading information is not corrected. Such bank shall have the burden of proving that an error was inadvertent and that a report was inadvertently transmitted or published late. Any such bank which fails to make or publish any report required under this paragraph, within the period of time specified by the Corporation, or submits or publishes any false or misleading report or information, in a manner not described in the 2nd preceding sentence shall be subject to a penalty of not more than $20,000 for each d
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, acts July 22, 1932, ch. 522, § 17, 47 Stat. 736; 1947 Reorg. Plan No. 3, eff. July 27, 1947, 12 F.R. 4981, 61 Stat. 954; Aug. 11, 1955, ch. 783, title I, § 109(a)(3), 69 Stat. 640; June 29, 1977, Pub. L. 95–56, 91 Stat. 252; Aug. 4, 1977, Pub. L. 95–90, §§ 1, 2, 91 Stat. 564; Oct. 15, 1982, Pub. L. 97–320, title I, § 127, 96 Stat. 1486; Jan. 12, 1983, Pub. L. 97–457, § 8, 96 Stat. 2507; Nov. 30, 1983, Pub. L. 98–181, title I [title VII, § 702(b)], 97 Stat. 1267, set forth powers and duties, etc., of Federal Home Loan Bank Board.
#### Transfer of Functions, Personnel, and Property of Federal Savings and Loan Insurance Corporation and Federal Home Loan Bank Board
Pub. L. 101–73, title IV, §§ 401–406, Aug. 9, 1989, 103 Stat. 354–363, as amended by Pub. L. 102–233, title III, § 313, Dec. 12, 1991, 105 Stat. 1770; Pub. L. 111–203, title III, § 367(5), July 21, 2010, 124 Stat. 1556, provided that: “SEC. 401. FSLIC AND FEDERAL HOME LOAN BANK BOARD ABOLISHED.“(a) In general.—“(1) FSLIC.—Effective on the date of the enactment of this Act [Aug. 9, 1989], the Federal Savings and Loan Insurance Corporation established under section 402 of the National Housing Act [former [12 U.S.C. 1725](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1725&num=0&edition=prelim)] is abolished. “(2) FHLBB.—Effective at the end of the 60-day period beginning on the date of the enactment of this Act, the Federal Home Loan Bank Board and the position of Chairman of the Federal Home Loan Bank Board are abolished. “(b) Disposition of Affairs.—“(1) In general.—During the 60-day period beginning on the date of the enactment of this Act [Aug. 9, 1989], the Chairman of the Federal Home Loan Bank Board—“(A) shall, solely for the purpose of winding up t
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Federal law — U.S. Code and appendices · legal_authorities
Page 1081
TITLE 12—BANKS AND BANKING
§ 1821a
receiver of certain savings associations after Sep-
tember 30, 1993, no provision of this Act [see Short Title
of 1993 Amendment note set out under section 1421 of
this title] or any amendment made by this Act shall in-
validate or otherwise affect—
‘‘(1) any appointment of the Federal Deposit Insur-
ance Corporation as receiver for any savings associa-
tion that became effective before the date of enact-
ment of this Act; or
‘‘(2) any action taken by the Federal Deposit Insur-
ance Corporation as such receiver before, on, or after
such date of enactment.’’
INFORMATIONAL STUDY
Pub. L. 102–242, title III, § 311(d), Dec. 19, 1991, 105
Stat. 2366, provided that the Federal Deposit Insurance
Corporation should conduct a study of the cost and fea-
sibility of tracking the insured and uninsured deposits
of any individual and the exposure of the Federal Gov-
ernment with respect to all insured depository institu-
tions, and also provided that before the end of the 18-
month period beginning on Dec. 19, 1991, the Corpora-
tion should submit to Congress a report containing a
detailed statement of findings made and conclusions
drawn from the study, including appropriate rec-
ommendations for administrative and legislative ac-
tion.
CONTINUATION OF HEALTH PLAN COVERAGE IN CASES OF
FAILED FINANCIAL INSTITUTIONS
Pub. L. 102–242, title IV, § 451, Dec. 19, 1991, 105 Stat.
2382, as amended by Pub. L. 102–550, title XVI,
§ 1606(g)(1), Oct. 28, 1992, 106 Stat. 4088, 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 gro
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