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12 U.S.C. § 4406a — Treatment of contracts with uninsured national banks, uninsured Federal branches and agencies, certain uninsured State member banks, and Edge Act corporations
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Notwithstanding any other provision of law, paragraphs (8), (9), (10), and (11) of section 11(e) of the Federal Deposit Insurance Act [[12 U.S.C. 1821(e)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1821/e&num=0&edition=prelim)] shall apply to an uninsured national bank or uninsured Federal branch or Federal agency, a corporation chartered under section 25A of the Federal Reserve Act [[12 U.S.C. 611](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section611&num=0&edition=prelim) et seq.], or an uninsured State member bank which operates, or operates as, a multilateral clearing organization pursuant to section 4422 11 See References in Text note below. of this title, except that for such purpose—
(1) any reference to the “Corporation as receiver” or “the receiver or the Corporation” shall refer to the receiver appointed by the Comptroller of the Currency in the case of an uninsured national bank or uninsured Federal branch or agency, or to the receiver appointed by the Board of Governors of the Federal Reserve System in the case of a corporation chartered under section 25A of the Federal Reserve Act [[12 U.S.C. 611](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section611&num=0&edition=prelim) et seq.] or an uninsured State member bank;
(2) any reference to the “Corporation” (other than in section 11(e)(8)(D) of such Act [[12 U.S.C. 1821(e)(8)(D)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1821/e/8/D&num=0&edition=prelim)]), the “Corporation, whether acting as such or as conservator or receiver”, a “receiver”, or a “conservator” shall refer to the receiver or conservator appointed by the Comptroller of the Currency in the case of an uninsured
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Source location: Title 12, Chapter 45, § 4406a; chapter-045-payment-system-risk-reduction.md
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**(a) In general** Notwithstanding any other provision of law, paragraphs (8), (9), (10), and (11) of section 11(e) of the Federal Deposit Insurance Act [[12 U.S.C. 1821(e)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1821/e&num=0&edition=prelim)] shall apply to an uninsured national bank or uninsured Federal branch or Federal agency, a corporation chartered under section 25A of the Federal Reserve Act [[12 U.S.C. 611](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section611&num=0&edition=prelim) et seq.], or an uninsured State member bank which operates, or operates as, a multilateral clearing organization pursuant to section 4422 11 See References in Text note below. of this title, except that for such purpose—
(1) any reference to the “Corporation as receiver” or “the receiver or the Corporation” shall refer to the receiver appointed by the Comptroller of the Currency in the case of an uninsured national bank or uninsured Federal branch or agency, or to the receiver appointed by the Board of Governors of the Federal Reserve System in the case of a corporation chartered under section 25A of the Federal Reserve Act [[12 U.S.C. 611](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section611&num=0&edition=prelim) et seq.] or an uninsured State member bank;
(2) any reference to the “Corporation” (other than in section 11(e)(8)(D) of such Act [[12 U.S.C. 1821(e)(8)(D)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1821/e/8/D&num=0&edition=prelim)]), the “Corporation, whether acting as such or as conservator or receiver”, a “receiver”, or a “conservator” shall refer to the receiver or conservator appointed by the Comptroller of the Currency in the case of an uninsured national bank or uninsured Federal branch or agency, or to the receiver or conservator appointed by the Board of Governors of the Federal Reserve System in the case of a corporation chartered under section 25A of the Federal Reserve Act [[12 U.S.C. 611](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section611&num=0&edition=prelim) et seq.] or an uninsured State member bank; and
(3) any reference to an “insured depository institution” or “depository institution” shall refer to an uninsured national bank, an uninsured Federal branch or Federal agency, a corporation chartered under section 25A of the Federal Reserve Act [[12 U.S.C. 611](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section611&num=0&edition=prelim) et seq.], or an uninsured State member bank which operates, or operates as, a multilateral clearing organization pursuant to section 4422 1 of this title.
**(b) Liability** The liability of a receiver or conservator of an uninsured national bank, uninsured Federal branch or agency, a corporation chartered under section 25A of the Federal Reserve Act [[12 U.S.C. 611](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section611&num=0&edition=prelim) et seq.], or an uninsured State member bank which operates, or operates as, a multilateral clearing organization pursuant to section 4422 1 of this title, shall be determined in the same manner and subject to the same limitations that apply to receivers and conservators of insured depository institutions under section 11(e) of the Federal Deposit Insurance Act [[12 U.S.C. 1821(e)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1821/e&num=0&edition=prelim)].
**(c) Regulatory authority**
(1) **In general** — The Comptroller of the Currency in the case of an uninsured national bank or uninsured Federal branch or agency and the Board of Governors of the Federal Reserve System in the case of a corporation chartered under section 25A of the Federal Reserve Act [[12 U.S.C. 611](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section611&num=0&edition=prelim) et seq.], or an uninsured State member bank that operates, or operates as, a multilateral clearing organization pursuant to section 4422 1 of this title, in consultation with the Federal Deposit Insurance Corporation, may each promulgate regulations solely to implement this section.
(2) **Specific requirement** — In promulgating regulations, limited solely to implementing paragraphs (8), (9), (10), and (11) of section 11(e) of the Federal Deposit Insurance Act [[12 U.S.C. 1821(e)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1821/e&num=0&edition=prelim)], the Comptroller of the Currency and the Board of Governors of the Federal Reserve System each shall ensure that the regulations generally are consistent with the regulations and policies of the Federal Deposit Insurance Corporation adopted pursuant to the Federal Deposit Insurance Act [[12 U.S.C. 1811](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1811&num=0&edition=prelim) et seq.].
**(d) Definitions** For purposes of this section, the terms “Federal branch”, “Federal agency”, and “foreign bank” have the same meanings as in [section 3101 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3101&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
For the purposes of this chapter—
(1) “agency” means any office or any place of business of a foreign bank located in any State of the United States at which credit balances are maintained incidental to or arising out of the exercise of banking powers, checks are paid, or money is lent but at which deposits may not be accepted from citizens or residents of the United States;
(2) “Board” means the Board of Governors of the Federal Reserve System;
(3) “branch” means any office or any place of business of a foreign bank located in any State of the United States at which deposits are received;
(4) “Comptroller” means the Comptroller of the Currency;
(5) “Federal agency” means an agency of a foreign bank established and operating under [section 3102 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3102&num=0&edition=prelim);
(6) “Federal branch” means a branch of a foreign bank established and operating under [section 3102 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3102&num=0&edition=prelim);
(7) “foreign bank” means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, which engages in the business of banking, or any subsidiary or affiliate, organized under such laws, of any such company. For the purposes of this chapter the term “foreign bank” includes, without limitation, foreign commercial banks, foreign merchant banks and other foreign institutions that engage in banking activities usual in connection with the business of banking in the countries where such foreign institutions are organized or operating;
(8) “foreign country” means any country other than the United States, and
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3101
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Federal law — U.S. Code and appendices · legal_authorities
Corporations to be organized for the purpose of engaging in international or foreign banking or other international or foreign financial operations, or in banking or other financial operations in a dependency or insular possession of the United States, either directly or through the agency, ownership or control of local institutions in foreign countries, or in such dependencies or insular possessions as provided by this subchapter and to act when required by the Secretary of the Treasury as fiscal agents of the United States, may be formed by any number of natural persons, not less in any case than five: Provided, That nothing in this subchapter shall be construed to deny the right of the Secretary of the Treasury to use any corporation organized under this subchapter as depositaries in Panama and the Panama Canal Zone, or other insular possessions and dependencies of the United States.
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Federal law — U.S. Code and appendices · legal_authorities
In this title the following definitions shall apply:
(1) The term “accountant” means accountant authorized under applicable law to practice public accounting, and includes professional accounting association, corporation, or partnership, if so authorized.
(2) The term “affiliate” means—
(A) entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities—
(i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or
(ii) solely to secure a debt, if such entity has not in fact exercised such power to vote;
(B) corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor, or by an entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities—
(i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or
(ii) solely to secure a debt, if such entity has not in fact exercised such power to vote;
(C) person whose business is operated under a lease or operating agreement by a debtor, or person substantially all of whose property is operated under an operating agreement with the debtor; or
(D) entity that operates the business or substantially all of the property of the debtor under a lease or operating agreement.
(3) The term “assisted person” means any person whose debts consist primarily of consumer debts and the value of whose nonexempt property is less than $150,000.11 See Adjustment of Dollar Amounts not
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment of Corporation** There is hereby established a Federal Deposit Insurance Corporation (hereinafter referred to as the “Corporation”) which shall insure, as hereinafter provided, the deposits of all banks and savings associations which are entitled to the benefits of insurance under this chapter, and which shall have the powers hereinafter granted.
**(b) Asset disposition division**
(1) **Establishment** — The Corporation shall have a separate division of asset disposition.
(2) **Management** — The division of asset disposition shall have an administrator who shall be appointed by the Board of Directors.
(3) **Responsibilities of division** — The division of asset disposition shall carry out all of the responsibilities of the Corporation under this chapter relating to the liquidation of insured depository institutions and the disposition of assets of such institutions.
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Federal law — U.S. Code and appendices · legal_authorities
The provisions of this chapter may not be construed to limit the authority of the President under the Trading With the Enemy Act (50 U.S.C. App. 1 et seq.) [now [50 U.S.C. 4301](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title50-section4301&num=0&edition=prelim) et seq.] or the International Emergency Economic Powers Act ([50 U.S.C. 1701](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title50-section1701&num=0&edition=prelim) et seq.).
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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
Page 1040
TITLE 12—BANKS AND BANKING
§ 1821
(6) Registered investment company
The term ‘‘registered investment company’’
means an investment company that is reg-
istered with the Commission under the Invest-
ment Company Act of 1940 [15 U.S.C. 80a–1 et
seq.].
(7) Savings and loan holding company
The term ‘‘savings and loan holding com-
pany’’ has the meaning given the term in sec-
tion 1467a(a)(1)(D) of this title.
(Pub. L. 106–102, title I, § 115, Nov. 12, 1999, 113
Stat. 1371.)
Editorial Notes
REFERENCES IN TEXT
The Investment Company Act of 1940, referred to in
subsec. (d)(6), is title I of act Aug. 22, 1940, ch. 686, 54
Stat. 789, which is classified generally to subchapter I
(§ 80a–1 et seq.) of chapter 2D of Title 15, Commerce and
Trade. For complete classification of this Act to the
Code, see section 80a–51 of Title 15 and Tables.
CODIFICATION
Section was enacted as part of the Gramm-Leach-Bli-
ley Act, and not as part of the Federal Deposit Insur-
ance Act which comprises this chapter.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Section effective 120 days after Nov. 12, 1999, see sec-
tion 161 of Pub. L. 106–102, set out as an Effective Date
of 1999 Amendment note under section 24 of this title.
§ 1821. Insurance Funds
(a) Deposit insurance
(1) Insured amounts payable
(A) In general
The Corporation shall insure the deposits
of all insured depository institutions as pro-
vided in this chapter.
(B) Net amount of insured deposit
The net amount due to any depositor at an
insured depository institution shall not ex-
ceed the standard maximum deposit insur-
ance 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
am
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1821
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Federal law — U.S. Code and appendices · legal_authorities
Page 1636
TITLE 12—BANKS AND BANKING
§ 4404
§ 4404. Clearing organization netting
(a) General rule
Notwithstanding any other provision of State
or Federal law (other than section 1821(e) of this
title, section 1787(c) of this title, and any order
authorized under section 78eee(b)(2) of title 15),
the covered contractual payment obligations
and the covered contractual payment entitle-
ments of a member of a clearing organization to
and from all other members of a clearing organi-
zation shall be terminated, liquidated, acceler-
ated, and netted in accordance with and subject
to the conditions of any applicable netting con-
tract (except as provided in section 561(b)(2) of
title 11).
(b) Limitation of obligation to make payment
The only obligation, if any, of a member of a
clearing organization to make payment with re-
spect to covered contractual payment obliga-
tions arising under a single netting contract to
any other member of a clearing organization
shall be equal to its net obligation arising under
that netting contract, and no such obligation
shall exist if there is no net obligation.
(c) Limitation on right to receive payment
The only right, if any, of a member of a clear-
ing organization to receive payment with re-
spect to a covered contractual payment entitle-
ment arising under a single netting contract
from other members of a clearing organization
shall be equal to its net entitlement arising
under that netting contract, and no such right
shall exist if there is no net entitlement.
(d) Entitlement of failed members
The net entitlement, if any, of any failed
member of a clearing organization shall be paid
to the failed member in accordance with, and
subject to the conditions of, the applicable net-
ting contract.
(e) Obligations o
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4406a
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Federal law — U.S. Code and appendices · legal_authorities
Page 186
TITLE 12—BANKS AND BANKING
§ 604
chapter. For classification of other pars. of section 25 of
this Act, see Codification note under section 601 of this
title.
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.
§ 604. Accounts of foreign branches; profit and
loss
Every national banking association operating
foreign branches shall conduct the accounts of
each foreign branch independently of the ac-
counts of other foreign branches established by
it and of its home office, and shall at the end of
each fiscal period transfer to its general ledger
the profit or loss accrued at each branch as a
separate item.
(Dec. 23, 1913, ch. 6, § 25 (par.), 38 Stat. 273; Sept.
7, 1916, ch. 461, 39 Stat. 756.)
Editorial Notes
CODIFICATION
Section is comprised of the sixth undesignated par. of
section 25 of act Dec. 23, 1913, which comprises this sub-
chapter. For classification of other pars. of section 25 of
this Act, see Codification note under section 601 of this
title.
The words ‘‘national banking association operating
foreign branches’’ were in the original ‘‘such banking
association’’.
AMENDMENTS
1916—Act Sept. 7, 1916, substituted ‘‘accrued’’ for ‘‘ac-
cruing’’.
§ 604a. Regulations authorizing exercise by for-
eign branches of usual powers of local banks;
restrictions
Regulations issued by the Board of Governors
of the Federal Reserve System under this sub-
chapter, in addition to regulating powers which
a foreign branch may exercise under other provi-
sions of law, may authorize such a foreign
branch, subject to such conditions and require-
ments as such regulations may prescribe, to ex-
ercise such further pow
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 611
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