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12 U.S.C. § 1831r — Payments on foreign deposits prohibited

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

12 U.S.C. § 1831r — Payments on foreign deposits prohibited

**(a) In general** Notwithstanding any other provision of law, the Corporation, the Board of Governors of the Federal Reserve System, the Resolution Trust Corporation, any other agency, department, and instrumentality of the United States, and any corporation owned or controlled by the United States may not, directly or indirectly, make any payment or provide any assistance, guarantee, or transfer under this chapter or any other provision of law in connection with any insured depository institution which would have the direct or indirect effect of satisfying, in whole or in part, any claim against the institution for obligations of the institution which would constitute deposits as defined in section 1813(l) of this title but for subparagraphs (A) and (B) of section 1813(l)(5) of this title. **(b) Exception** Subsection (a) shall not apply to any payment, assistance, guarantee, or transfer made or provided by the Corporation if the Board of Directors determines in writing that such action is not inconsistent with any requirement of [section 1823(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1823/c&num=0&edition=prelim). **(c) Discount window lending** No provision of this section shall be construed as prohibiting any Federal Reserve bank from making advances or otherwise extending credit pursuant to the Federal Reserve Act [[12 U.S.C. 221](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section221&num=0&edition=prelim) et seq.] to any insured depository institution to the extent that such advance or extension of credit is consistent with the conditions and limitations imposed under section 10B of such Act [[12 U.S.C. 347b](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section34

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

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

12 U.S.C. § 221 — Definitions

Wherever the word “bank” is used in this chapter, the word shall be held to include State bank, banking association, and trust company, except where national banks or Federal reserve banks are specifically referred to. For purposes of this chapter, a State bank includes any bank which is operating under the Code of Law for the District of Columbia.

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

12 U.S.C. § 347b — Advances to individual member banks on time or demand notes; maturities; time notes secured by mortgage loans covering one-to-four family residences

**(a) In general** Any Federal Reserve bank, under rules and regulations prescribed by the Board of Governors of the Federal Reserve System, may make advances to any member bank on its time or demand notes having maturities of not more than four months and which are secured to the satisfaction of such Federal Reserve bank. Notwithstanding the foregoing, any Federal Reserve bank, under rules and regulations prescribed by the Board of Governors of the Federal Reserve System, may make advances to any member bank on its time notes having such maturities as the Board may prescribe and which are secured by mortgage loans covering a one-to-four family residence. Such advances shall bear interest at a rate equal to the lowest discount rate in effect at such Federal Reserve bank on the date of such note. **(b) Limitations on advances** (1) **Limitation on extended periods** — Except as provided in paragraph (2), no advances to any undercapitalized depository institution by any Federal Reserve bank under this section may be outstanding for more than 60 days in any 120-day period. (2) **Viability exception** (A) *In general* — If— (i) the head of the appropriate Federal banking agency certifies in advance in writing to the Federal Reserve bank that any depository institution is viable; or (ii) the Board conducts an examination of any depository institution and the Chairman of the Board certifies in writing to the Federal Reserve bank that the institution is viable, the limitation contained in paragraph (1) shall not apply during the 60-day period beginning on the date such certification is received. (B) *Extensions of period* — The 60-day period may be extended for additional 60-day periods upon receipt by the Federal Reserve bank of additional written certi

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12 U.S.C. § 226 — “Federal Reserve Act”

The short title of the Act of December 23, 1913, ch. 6, 38 Stat. 251, shall be the “Federal Reserve Act.”

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12 U.S.C. § 1831r — Payments on foreign deposits prohibited

Page 1184 TITLE 12—BANKS AND BANKING § 1831r tion under this section affects the amount of return from the assets.’’ Subsec. (n). Pub. L. 103–204, § 14(e)(2), amended subsec. (n) generally. Prior to amendment, subsec. (n) read as follows: ‘‘AFFORDABLE HOUSING PROGRAM OFFICE.—The Corporation shall establish an Affordable Housing Pro- gram Office within the Corporation to carry out the provisions of this section and shall dedicate certain staff of the Corporation to the office.’’ Subsec. (p)(4)(A), (5)(A), (7)(A). Pub. L. 103–204, § 13, in- serted ‘‘in its corporate capacity, its capacity as con- servator, or its capacity as receiver (including in its ca- pacity as the sole owner of a subsidiary corporation of a depository institution under conservatorship or re- ceivership, which subsidiary has as its principal busi- ness the ownership of real property)’’ before ‘‘; and’’. Subsec. (q). Pub. L. 103–204, § 14(a)(2), added subsec. (q). 1992—Subsec. (p)(4)(B). Pub. L. 102–550 amended sub- par. (B) generally. Prior to amendment, subpar. (B) read as follows: ‘‘that has an appraised value that does not exceed the applicable dollar amount specified in the first sentence of section 203(b)(2) of the National Housing Act, as such dollar amount is increased on an area-by-area basis under such section for areas with high prevailing housing sales prices, except that for purposes of this paragraph no such increase may exceed 150 percent of the dollar amount specified in section 203(b)(2).’’ Pub. L. 102–389 added subpar. (B) and struck out former subpar. (B) which read as follows: ‘‘that has an appraised value that does not exceed the applicable dol- lar amount set forth in the first sentence of section 203(b)(2) of the National Housing Act (which may, in the dis

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

12 U.S.C. § 221 — Definitions

Page 83 TITLE 12—BANKS AND BANKING § 221 Sec. 375. Reserved. 375a. Loans to executive officers of banks. 375b. Extensions of credit to executive officers, di- rectors, and principal shareholders of mem- ber banks. 376. Rate of interest paid to directors, etc. 377. Repealed. 378. Dealers in securities engaging in banking business; individuals or associations engag- ing in banking business; examinations and reports; penalties. SUBCHAPTER XI—DEPOSITARIES AND FISCAL AGENTS 391. Federal reserve banks as Government deposi- taries and fiscal agents. 391a. Reimbursement of Federal Reserve Banks. 392. Depositaries of Government funds as confined to banks in Federal reserve system; mem- ber banks as depositaries. 393. Federal reserve banks as depositaries for Farm Credit System. 394. Federal reserve banks as depositaries for and fiscal agents of Home Owners’ Loan Cor- poration. 395. Federal reserve banks as depositaries, custodians and fiscal agents for Commodity Credit Corporation. SUBCHAPTER XII—FEDERAL RESERVE NOTES 411. Issuance to reserve banks; nature of obliga- tion; redemption. 412. Application for notes; collateral required. 413. Distinctive letter and serial number of notes; cancellation of notes unfit for circulation; accounting; apportionment of credit among Federal Reserve banks. 414. Authority of Board of Governors respecting issuance of notes; interest; lien. 415. Reduction of liability for outstanding notes by depositing notes and collateral and pay- ment of notes of series prior to 1928; reissue of deposited notes. 416. Withdrawal of collateral deposited to protect notes and substitution of other collateral; retirement of notes; payment of notes of se- ries prior to 1928; recovery of collateral; re- issue

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

12 U.S.C. § 347b — Advances to individual member banks on

Page 127 TITLE 12—BANKS AND BANKING § 347b bank making such advance shall charge interest or discount thereon at a rate not less than 1 per centum above its discount rate in effect at the time of making such advance. No such note upon which advances are made by a Federal re- serve bank under this section shall be eligible under section 412 of this title as collateral secu- rity for Federal reserve notes. No obligations of any foreign government, in- dividual, partnership, association, or corpora- tion organized under the laws thereof shall be eligible as collateral security for advances under this section. Member banks are authorized to obligate themselves in accordance with the provisions of this section. (Dec. 23, 1913, ch. 6, § 10A, formerly § 10(a), as added Feb. 27, 1932, ch. 58, § 1, 47 Stat. 56; amend- ed Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; renumbered § 10A, Pub. L. 102–242, title I, § 142(a)(1), Dec. 19, 1991, 105 Stat. 2279.) Editorial Notes REFERENCES IN TEXT Section 347b of this title, referred to in first par., was in the original a reference to section 10(b), meaning section 10(b) of the Federal Reserve Act. Section 10(b) of that Act was renumbered section 10B by Pub. L. 102–242, title I, § 142(a)(2), Dec. 19, 1991, 105 Stat. 2279, without a corresponding amendment to this section. Statutory Notes and Related Subsidiaries CHANGE OF NAME Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System. § 347b. Advances to individual member banks on time or demand notes; maturities; time notes secured by mortgage loans covering one-to- four family residences (a) In general Any Federal Reserve bank, under rules and regulations prescribed by the

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