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12 U.S.C. § 5411 — Prohibition of circumvention and prevention of conflicts of interest
Federal law — U.S. Code and appendices · legal_authorities
**(a) No other funding** Funds for the orderly liquidation of any covered financial company under this subchapter shall only be provided as specified under this subchapter.
**(b) Limit on governmental actions** No governmental entity may take any action to circumvent the purposes of this subchapter.
**(c) Conflict of interest** In the event that the Corporation is appointed receiver for more than 1 covered financial company or is appointed receiver for a covered financial company and receiver for any insured depository institution that is an affiliate of such covered financial company, the Corporation shall take appropriate action, as necessary to avoid any conflicts of interest that may arise in connection with multiple receiverships.
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Stable record: federal_law:legal_authorities:record_usc_523727426b1345e8e8ac86d1
Source file: Laws/federal/codes/united-states-code/title-12/section-5411-prohibition-of-circumvention-and-prevention-of-conflicts-of-interest--9d16c71db3.md
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Passage SHA-256: 6f8a41cf356c01a84c254ae745dd10fb7e241cbfd5fdacbb2f357c5a73804ec0
Source location: Title 12, Chapter 53, § 5411; chapter-053-wall-street-reform-and-consumer-protection.md
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**(a) No other funding** Funds for the orderly liquidation of any covered financial company under this subchapter shall only be provided as specified under this subchapter.
**(b) Limit on governmental actions** No governmental entity may take any action to circumvent the purposes of this subchapter.
**(c) Conflict of interest** In the event that the Corporation is appointed receiver for more than 1 covered financial company or is appointed receiver for a covered financial company and receiver for any insured depository institution that is an affiliate of such covered financial company, the Corporation shall take appropriate action, as necessary to avoid any conflicts of interest that may arise in connection with multiple receiverships.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this subchapter.
**(b) Regulatory authority** Regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of grant programs, undertakings, or eligible entities, as, in the judgment of the Secretary, are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of this subchapter, or to facilitate compliance with this subchapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5301
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Office of the Comptroller of the Currency established** There is established in the Department of the Treasury a bureau to be known as the “Office of the Comptroller of the Currency” which is charged with assuring the safety and soundness of, and compliance with laws and regulations, fair access to financial services, and fair treatment of customers by, the institutions and other persons subject to its jurisdiction.
**(b) Comptroller of the Currency**
(1) **In general** — The chief officer of the Office of the Comptroller of the Currency shall be known as the Comptroller of the Currency. The Comptroller of the Currency shall perform the duties of the Comptroller of the Currency under the general direction of the Secretary of the Treasury. The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Comptroller of the Currency, and may not intervene in any matter or proceeding before the Comptroller of the Currency (including agency enforcement actions), unless otherwise specifically provided by law.
(2) **Additional authority** — The Comptroller of the Currency shall have the same authority with respect to functions transferred to the Comptroller of the Currency under the Enhancing Financial Institution Safety and Soundness Act of 2010 as was vested in the Director of the Office of Thrift Supervision on the transfer date, as defined in section 311 of that Act [[12 U.S.C. 5411](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5411&num=0&edition=prelim)].
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1
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Federal law — U.S. Code and appendices · legal_authorities
For purposes of this chapter—
(1) **Corporation** — The term “Corporation” means the Federal Deposit Insurance Corporation.
(2) **Savings association** — The term “savings association” means a savings association, as defined in section 3 of the Federal Deposit Insurance Act [[12 U.S.C. 1813](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)], the deposits of which are insured by the Corporation.
(3) **Federal savings association** — The term “Federal savings association” means a Federal savings association or a Federal savings bank chartered under [section 1464 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1464&num=0&edition=prelim).
(4) **National bank** — The term “national bank” has the same meaning as in section 3 of the Federal Deposit Insurance Act [[12 U.S.C. 1813](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)].
(5) **Federal banking agencies** — The term “Federal banking agencies” means the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation.
(6) **State** — The term “State” has the same meaning as in section 3 of the Federal Deposit Insurance Act [[12 U.S.C. 1813](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)].
(7) **Affiliate** — The term “affiliate” means any person that controls, is controlled by, or is under common control with, a savings association, except as provided in [section 1467a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1467a&num=0&edition=prelim).
(8) **Board** — The term “Board”, other than in
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1462
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Holding companies** The appropriate Federal banking agency for a bank holding company or savings and loan holding 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 savings and loan holding company that is a depository 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 appropriate Federal banking agency for the insured depository institution shall require any company that directly or indirectly controls the insured depository institution to serve as a source of financial strength for such institution.
**(c) Authority of State insurance regulator**
(1) **In general** — The provisions of [section 1844(g) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1844/g&num=0&edition=prelim) shall apply to a savings and loan holding company that is an insurance company, an affiliate of an insured depository institution that is an insurance company, and to any other company that is an insurance company and that directly or indirectly controls an insured depository institution, to the same extent as the provisions of that section apply to a bank holding company that is an insurance company.
(2) **Rule of construction** — Requiring a bank holding company that is an insurance company, a savings and loan holding company that is an insurance company, an affiliate of an insured depository institution that is an insurance company, or any other company that is an insurance company and that directly or indirectly controls an insured depository institution to serve as a source of financial strength under this
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1831o–1
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Federal law — U.S. Code and appendices · legal_authorities
As used in this Act, the following definitions shall apply, except as the context otherwise requires or as otherwise specifically provided in this Act:
(1) **Affiliate** — The term “affiliate” has the same meaning as in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim).
(2) **Appropriate Federal banking agency** — On and after the transfer date, the term “appropriate Federal banking agency” has the same meaning as in [section 1813(q) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim), as amended by title III.11 See References in Text note below.
(3) **Board of Governors** — The term “Board of Governors” means the Board of Governors of the Federal Reserve System.
(4) **Bureau** — The term “Bureau” means the Bureau of Consumer Financial Protection established under title X.1
(5) **Commission** — The term “Commission” means the Securities and Exchange Commission, except in the context of the Commodity Futures Trading Commission.
(6) **Commodity futures terms** — The terms “futures commission merchant”, “swap”, “swap dealer”, “swap execution facility”, “derivatives clearing organization”, “board of trade”, “commodity trading advisor”, “commodity pool”, and “commodity pool operator” have the same meanings as given the terms in section 1a of the Commodity Exchange Act ([7 U.S.C. 1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1&num=0&edition=prelim) et seq.) [[7 U.S.C. 1a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1a&num=0&edition=prelim)].
(7) **Corporation** — The term “Corporation” means the Federal Deposit Insurance Corporation.
(8) **Council** — The ter
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5321
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Federal law — U.S. Code and appendices · legal_authorities
All functions of other officers of the Department of Justice and all functions of agencies and employees of the Department of Justice are vested in the Attorney General except the functions—
(1) vested by subchapter II of chapter 5 of title 5 in administrative law judges employed by the Department of Justice;
(2) of the Federal Prison Industries, Inc.; and
(3) of the Board of Directors and officers of the Federal Prison Industries, Inc.
Source: Supplied U.S. Code snapshot — release unconfirmed · 28 U.S.C. § 509
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Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter:
(1) **Alternative trading system** — The term “alternative trading system” means an organization, association, or group of persons that—
(A) is registered as a broker or dealer pursuant to section 15(b) of the Securities Exchange Act of 1934 [[15 U.S.C. 78](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78&num=0&edition=prelim)o(b)] (except paragraph (11) thereof);
(B) performs the functions commonly performed by an exchange (as defined in section 3(a)(1) of the Securities Exchange Act of 1934 [[15 U.S.C. 78c(a)(1)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/1&num=0&edition=prelim)]);
(C) does not—
(i) set rules governing the conduct of subscribers other than the conduct of such subscribers’ trading on the alternative trading system; or
(ii) discipline subscribers other than by exclusion from trading; and
(D) is exempt from the definition of the term “exchange” under such section 3(a)(1) [[15 U.S.C. 78c(a)(1)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/1&num=0&edition=prelim)] by rule or regulation of the Securities and Exchange Commission on terms that require compliance with regulations of its trading functions.
(2) **Appropriate Federal banking agency** — The term “appropriate Federal banking agency”—
(A) has the meaning given the term in [section 1813 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim);
(B) means the Board in the case of a noninsured State bank; and
(C) is the Farm Credit Administration for farm credit system institutions.
(3) **Associated person of a security-based swap dealer or major security-based swap participant** — T
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1a
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Federal law — U.S. Code and appendices · legal_authorities
Page 1914
TITLE 12—BANKS AND BANKING
§ 5401
1 See References in Text note below.
1 See References in Text note below.
1 See References in Text note below.
SUBCHAPTER III—TRANSFER OF POWERS
TO THE COMPTROLLER OF THE CUR-
RENCY, THE CORPORATION, AND THE
BOARD OF GOVERNORS
§ 5401. Purposes
The purposes of this title 1 are—
(1) to provide for the safe and sound oper-
ation of the banking system of the United
States;
(2) to preserve and protect the dual system
of Federal and State-chartered depository in-
stitutions;
(3) to ensure the fair and appropriate super-
vision of each depository institution, regard-
less of the size or type of charter of the deposi-
tory institution; and
(4) to streamline and rationalize the super-
vision of depository institutions and the hold-
ing companies of depository institutions.
(Pub. L. 111–203, title III, § 301, July 21, 2010, 124
Stat. 1520.)
Editorial Notes
REFERENCES IN TEXT
This title, referred to in text, is title III of Pub. L.
111–203, July 21, 2010, 124 Stat. 1520, known as the En-
hancing Financial Institution Safety and Soundness
Act of 2010, which enacted this subchapter and sections
4b and 16 of this title, amended sections 1, 11, 248, 461,
481, 482, 1438, 1462, 1462a, 1463, to 1464, 1466a, 1467, 1467a,
1468, 1468a, to 1468b, 1470, 1701c, 1701p–1, 1708, 1757, 1785,
1786, 1787, 1812, 1813, 1817, 1818, 1820, 1821, 1823, 1828, 1829,
1831e, 1831j, 1833b, 1833e, 1834, 1841, 1843, 1844, 1861, 1867,
1881, 1882, 1884, 1972, 2709, 2902, 2905, 3206 to 3208, 3332,
4515, and 4517 of this title, section 906 of Title 2, The
Congress, sections 78c, 78l, 78o–5, and 78w of Title 15,
Commerce and Trade, sections 212, 657, 981, 982, 1006,
1014, and 1032 of Title 18, Crimes and Criminal Proce-
dure, sections 321 and 714
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 5411
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