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12 U.S.C. § 5383 — Rule of construction
Federal law — U.S. Code and appendices · legal_authorities
No regulation or standard imposed under this subchapter may be construed in a manner that would lessen the stringency of the requirements of any applicable primary financial regulatory agency or any other Federal or State agency that are otherwise applicable. This subchapter, and the rules and regulations or orders prescribed pursuant to this subchapter, do not divest any such agency of any authority derived from any other applicable law.
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Stable record: federal_law:legal_authorities:record_usc_567a3e8ae41bbe5b381f7042
Source file: Laws/federal/codes/united-states-code/title-12/section-5383-rule-of-construction--c65e5eb860.md
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Source location: Title 12, Chapter 53, § 5383; chapter-053-wall-street-reform-and-consumer-protection.md
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No regulation or standard imposed under this subchapter may be construed in a manner that would lessen the stringency of the requirements of any applicable primary financial regulatory agency or any other Federal or State agency that are otherwise applicable. This subchapter, and the rules and regulations or orders prescribed pursuant to this subchapter, do not divest any such agency of any authority derived from any other applicable law.
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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) Commencement of orderly liquidation**
(1) **Petition to District Court**
(A) *District Court review*
(i) *Petition to District Court* — Subsequent to a determination by the Secretary under [section 5383 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5383&num=0&edition=prelim) that a financial company satisfies the criteria in [section 5383(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5383/b&num=0&edition=prelim), the Secretary shall notify the Corporation and the covered financial company. If the board of directors (or body performing similar functions) of the covered financial company acquiesces or consents to the appointment of the Corporation as receiver, the Secretary shall appoint the Corporation as receiver. If the board of directors (or body performing similar functions) of the covered financial company does not acquiesce or consent to the appointment of the Corporation as receiver, the Secretary shall petition the United States District Court for the District of Columbia for an order authorizing the Secretary to appoint the Corporation as receiver.
(ii) *Form and content of order* — The Secretary shall present all relevant findings and the recommendation made pursuant to [section 5383(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5383/a&num=0&edition=prelim) to the Court. The petition shall be filed under seal.
(iii) *Determination* — On a strictly confidential basis, and without any prior public disclosure, the Court, after notice to the covered financial company and a hearing in which the covered financial company may oppose the petition, shall determine whether the determination of the Secretary
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5385
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Federal law — U.S. Code and appendices · legal_authorities
The members of the board of directors (or body performing similar functions) of a covered financial company shall not be liable to the shareholders or creditors thereof for acquiescing in or consenting in good faith to the appointment of the Corporation as receiver for the covered financial company under [section 5383 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5383&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5390
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Powers and authorities**
(1) **General powers**
(A) *Successor to covered financial company* — The Corporation shall, upon appointment as receiver for a covered financial company under this subchapter, succeed to—
(i) all rights, titles, powers, and privileges of the covered financial company and its assets, and of any stockholder, member, officer, or director of such company; and
(ii) title to the books, records, and assets of any previous receiver or other legal custodian of such covered financial company.
(B) *Operation of the covered financial company during the period of orderly liquidation* — The Corporation, as receiver for a covered financial company, may—
(i) take over the assets of and operate the covered financial company with all of the powers of the members or shareholders, the directors, and the officers of the covered financial company, and conduct all business of the covered financial company;
(ii) collect all obligations and money owed to the covered financial company;
(iii) perform all functions of the covered financial company, in the name of the covered financial company;
(iv) manage the assets and property of the covered financial company, consistent with maximization of the value of the assets in the context of the orderly liquidation; and
(v) provide by contract for assistance in fulfilling any function, activity, action, or duty of the Corporation as receiver.
(C) *Functions of covered financial company officers, directors, and shareholders* — The Corporation may provide for the exercise of any function by any member or stockholder, director, or officer of any covered financial company for which the Corporation has been appointed as receiver under this subchapter.
(D) *Additional powers as rec
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5393
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Federal law — U.S. Code and appendices · legal_authorities
**(a) to (c) Omitted**
**(d) FDIC Inspector General reviews**
(1) **Scope** — The Inspector General of the Corporation shall conduct, supervise, and coordinate audits and investigations of the liquidation of any covered financial company by the Corporation as receiver under this subchapter, including collecting and summarizing—
(A) a description of actions taken by the Corporation as receiver;
(B) a description of any material sales, transfers, mergers, obligations, purchases, and other material transactions entered into by the Corporation;
(C) an evaluation of the adequacy of the policies and procedures of the Corporation under [section 5383(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5383/d&num=0&edition=prelim) and orderly liquidation plan under section 5390(n)(14) 11 See References in Text note below. of this title;
(D) an evaluation of the utilization by the Corporation of the private sector in carrying out its functions, including the adequacy of any conflict-of-interest reviews; and
(E) an evaluation of the overall performance of the Corporation in liquidating the covered financial company, including administrative costs, timeliness of liquidation process, and impact on the financial system.
(2) **Frequency** — Not later than 6 months after the date of appointment of the Corporation as receiver under this subchapter and every 6 months thereafter, the Inspector General of the Corporation shall conduct the audit and investigation described in paragraph (1).
(3) **Reports and testimony** — The Inspector General of the Corporation shall include in the semiannual reports required by [section 405(b) of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section405/b&num=0&edit
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5394
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Suspension of parallel Federal Deposit Insurance Act authority** Effective upon July 21, 2010, the Corporation may not exercise its authority under [section 1823(c)(4)(G)(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1823/c/4/G/i&num=0&edition=prelim) to establish any widely available debt guarantee program for which [section 5612 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5612&num=0&edition=prelim) would provide authority.
**(b) Omitted**
**(c) Effect of default on an FDIC guarantee** If an insured depository institution or depository institution holding company (as those terms are defined in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)) participating in a program under [section 5612 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5612&num=0&edition=prelim), or any participant in a debt guarantee program established pursuant to [section 1823(c)(4)(G)(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1823/c/4/G/i&num=0&edition=prelim) defaults on any obligation guaranteed by the Corporation after July 21, 2010, the Corporation shall—
(1) appoint itself as receiver for the insured depository institution that defaults; and
(2) with respect to any other participating company that is not an insured depository institution that defaults—
(A) require—
(i) consideration of whether a determination shall be made, as provided in [section 5383 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5383&num=0&edition=prelim) to resolve the company under [section 53
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5622
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Federal law — U.S. Code and appendices · legal_authorities
Page 1875
TITLE 12—BANKS AND BANKING
§ 5383
§ 5383. Systemic risk determination
(a) Written recommendation and determination
(1) Vote required
(A) In general
On their own initiative, or at the request
of the Secretary, the Corporation and the
Board of Governors shall consider whether
to make a written recommendation de-
scribed in paragraph (2) with respect to
whether the Secretary should appoint the
Corporation as receiver for a financial com-
pany. Such recommendation shall be made
upon a vote of not fewer than 2⁄3 of the mem-
bers of the Board of Governors then serving
and 2⁄3 of the members of the board of direc-
tors of the Corporation then serving.
(B) Cases involving brokers or dealers
In the case of a broker or dealer, or in
which the largest United States subsidiary
(as measured by total assets as of the end of
the previous calendar quarter) of a financial
company is a broker or dealer, the Commis-
sion and the Board of Governors, at the re-
quest of the Secretary, or on their own ini-
tiative, shall consider whether to make the
written recommendation described in para-
graph (2) with respect to the financial com-
pany. Subject to the requirements in para-
graph (2), such recommendation shall be
made upon a vote of not fewer than 2⁄3 of the
members of the Board of Governors then
serving and 2⁄3 of the members of the Com-
mission then serving, and in consultation
with the Corporation.
(C) Cases involving insurance companies
In the case of an insurance company, or in
which the largest United States subsidiary
(as measured by total assets as of the end of
the previous calendar quarter) of a financial
company is an insurance company, the Di-
rector of the Federal Insurance Office and
the Board of Governors, at the request of the
Secret
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 5383
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.