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12 U.S.C. § 3104 — Insurance of deposits
Federal law — U.S. Code and appendices · legal_authorities
**(a) Objective** In implementing this section, the Comptroller and the Federal Deposit Insurance Corporation shall each, by affording equal competitive opportunities to foreign and United States banking organizations in their United States operations, ensure that foreign banking organizations do not receive an unfair competitive advantage over United States banking organizations.
**(b) Deposits of less than amount equal to the standard maximum deposit insurance amount** No foreign bank may establish or operate a Federal branch which receives deposits of less than an amount equal to the standard maximum deposit insurance amount unless the branch is an insured branch as defined in section 3(s) of the Federal Deposit Insurance Act [[12 U.S.C. 1813(s)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/s&num=0&edition=prelim)], or unless the Comptroller determines by order or regulation that the branch is not engaged in domestic retail deposit activities requiring deposit insurance protection, taking account of the size and nature of depositors and deposit accounts.
**(c) Deposits required to be insured under State law**
(1) After September 17, 1978, no foreign bank may establish a branch, and after one year following such date no foreign bank may operate a branch, in any State in which the deposits of a bank organized and existing under the laws of that State would be required to be insured, unless the branch is an insured branch as defined in section 3(s) of the Federal Deposit Insurance Act [[12 U.S.C. 1813(s)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/s&num=0&edition=prelim)], or unless the branch will not thereafter accept deposits of less than an amount equal to the standard maximum deposit insur
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Source location: Title 12, Chapter 32, § 3104; chapter-032-foreign-bank-participation-in-domestic-markets.md
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**(a) Objective** In implementing this section, the Comptroller and the Federal Deposit Insurance Corporation shall each, by affording equal competitive opportunities to foreign and United States banking organizations in their United States operations, ensure that foreign banking organizations do not receive an unfair competitive advantage over United States banking organizations.
**(b) Deposits of less than amount equal to the standard maximum deposit insurance amount** No foreign bank may establish or operate a Federal branch which receives deposits of less than an amount equal to the standard maximum deposit insurance amount unless the branch is an insured branch as defined in section 3(s) of the Federal Deposit Insurance Act [[12 U.S.C. 1813(s)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/s&num=0&edition=prelim)], or unless the Comptroller determines by order or regulation that the branch is not engaged in domestic retail deposit activities requiring deposit insurance protection, taking account of the size and nature of depositors and deposit accounts.
**(c) Deposits required to be insured under State law**
(1) After September 17, 1978, no foreign bank may establish a branch, and after one year following such date no foreign bank may operate a branch, in any State in which the deposits of a bank organized and existing under the laws of that State would be required to be insured, unless the branch is an insured branch as defined in section 3(s) of the Federal Deposit Insurance Act [[12 U.S.C. 1813(s)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/s&num=0&edition=prelim)], or unless the branch will not thereafter accept deposits of less than an amount equal to the standard maximum deposit insurance amount, or unless the Federal Deposit Insurance Corporation determines by order or regulation that the branch is not engaged in domestic retail deposit activities requiring deposit insurance protection, taking account of the size and nature of depositors and deposit accounts.
(2) Notwithstanding the previous paragraph, a branch of a foreign bank in operation on September 17, 1978, which has applied for Federal deposit insurance pursuant to section 5 of the Federal Deposit Insurance Act [[12 U.S.C. 1815](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1815&num=0&edition=prelim)] by September 17, 1979, and has not had such application denied, may continue to accept domestic retail deposits until January 31, 1980.
**(d) Retail deposit-taking by foreign banks**
(1) **In general** — After December 19, 1991, notwithstanding any other provision of this chapter or any provision of 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.], in order to accept or maintain domestic retail deposit accounts having balances of less than an amount equal to the standard maximum deposit insurance amount, and requiring deposit insurance protection, a foreign bank shall—
(A) establish 1 or more banking subsidiaries in the United States for that purpose; and
(B) obtain Federal deposit insurance for any such subsidiary in accordance with the Federal Deposit Insurance Act.
(2) **Exception** — Domestic retail deposit accounts with balances of less than an amount equal to the standard maximum deposit insurance amount that require deposit insurance protection may be accepted or maintained in a branch of a foreign bank only if such branch was an insured branch on December 19, 1991.
(3) **Insured banks in U.S. territories** — For purposes of this subsection, the term “foreign bank” does not include any bank organized under the laws of any territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands the deposits of which are insured by the Federal Deposit Insurance Corporation 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.].
**(e) Standard maximum deposit insurance amount defined** For purposes of this section, the term “standard maximum deposit insurance amount” means the amount of the maximum amount of deposit insurance as determined under section 11(a)(1) of the Federal Deposit Insurance Act [[12 U.S.C. 1821(a)(1)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1821/a/1&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
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Comptroller of the Currency may, without prior notice or hearings, appoint a receiver for any national bank (and such receiver shall be the Federal Deposit Insurance Corporation if the national bank is an insured bank (as defined in [section 1813(h) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/h&num=0&edition=prelim))) if the Comptroller determines, in the Comptroller’s discretion, that—
(1) 1 or more of the grounds specified in [section 1821(c)(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1821/c/5&num=0&edition=prelim) exist; or
(2) the association’s board of directors consists of fewer than 5 members.
**(b) Judicial review** If the Comptroller of the Currency appoints a receiver under subsection (a), the national bank may, within 30 days thereafter, bring an action in the United States district court for the judicial district in which the home office of such bank is located, or in the United States District Court for the District of Columbia, for an order requiring the Comptroller of the Currency to remove the receiver, and the court shall, upon the merits, dismiss such action or direct the Comptroller of the Currency to remove the receiver.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Creation; use of fund** There is hereby created in the Treasury of the United States a National Credit Union Share Insurance Fund which shall be used by the Board as a revolving fund for carrying out the purposes of this subchapter. Money in the fund shall be available upon requisition by the Board, without fiscal year limitation, for making payments of insurance under [section 1787 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1787&num=0&edition=prelim), for providing assistance and making expenditures under [section 1788 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1788&num=0&edition=prelim) in connection with the liquidation or threatened liquidation of insured credit unions, and for such administrative and other expenses incurred in carrying out the purposes of this subchapter as it may determine to be proper.
**(b) Deposit of deposits and premium charges, fees and penalties** All deposits and premium charges for insurance paid pursuant to the provisions of [section 1782 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1782&num=0&edition=prelim) and all fees for examinations and all penalties collected by the Board under any provision of this subchapter shall be deposited in the National Credit Union Share Insurance Fund. The Board shall report annually to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives with respect to the operating level of the fund. Such report shall also include the results of an independent audit of the fund.
**(c) Investment authorization** The Board may authorize the Secretary of the Treasury to inve
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Application to Corporation required**
(1) **In general** — Except as provided in paragraphs (2) and (3), any depository institution which is engaged in the business of receiving deposits other than trust funds (as defined in [section 1813(p) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/p&num=0&edition=prelim)), upon application to and examination by the Corporation and approval by the Board of Directors, may become an insured depository institution.
(2) **Interim depository institutions** — In the case of any interim Federal depository institution that is chartered by the appropriate Federal banking agency and will not open for business, the depository institution shall be an insured depository institution upon the issuance of the institution’s charter by the agency.
(3) **Application and approval not required in cases of continued insurance** — Paragraph (1) shall not apply in the case of any depository institution whose insured status is continued pursuant to [section 1814 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1814&num=0&edition=prelim).
(4) **Review requirements** — In reviewing any application under this subsection, the Board of Directors shall consider the factors described in [section 1816 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1816&num=0&edition=prelim) in determining whether to approve the application for insurance.
(5) **Notice of denial of application for insurance** — If the Board of Directors votes to deny any application for insurance by any depository institution, the Board of Directors shall promptly notify the appropriate Federal banking agency and, in the case of any State depository insti
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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
**(a) Termination of insurance**
(1) **Voluntary termination** — Any insured depository institution which is not—
(A) a national member bank;
(B) a State member bank;
(C) a Federal branch;
(D) a Federal savings association; or
(E) an insured branch which is required to be insured under subsection (a) or (b) 11 See References in Text note below. of [section 3104 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3104&num=0&edition=prelim),
may terminate such depository institution’s status as an insured depository institution if such insured institution provides written notice to the Corporation of the institution’s intent to terminate such status not less than 90 days before the effective date of such termination.
(2) **Involuntary termination**
(A) *Notice to primary regulator* — If the Board of Directors determines that—
(i) an insured depository institution or the directors or trustees of an insured depository institution have engaged or are engaging in unsafe or unsound practices in conducting the business of the depository institution;
(ii) an insured depository institution is in an unsafe or unsound condition to continue operations as an insured institution; or
(iii) an insured depository institution or the directors or trustees of the insured institution have violated any applicable law, regulation, order, condition imposed in writing by the Corporation in connection with the approval of any application or other request by the insured depository institution, or written agreement entered into between the insured depository institution and the Corporation,
the Board of Directors shall notify the appropriate Federal banking agency with respect to such institution (if other than the Corp
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment and operation of Federal branches and agencies**
(1) **Initial Federal branch or agency** — Except as provided in [section 3103 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3103&num=0&edition=prelim), a foreign bank which engages directly in a banking business outside the United States may, with the approval of the Comptroller, establish one or more Federal branches or agencies in any State in which (1) it is not operating a branch or agency pursuant to State law and (2) the establishment of a branch or agency, as the case may be, by a foreign bank is not prohibited by State law.
(2) **Board conditions required to be included** — In considering any application for approval under this subsection, the Comptroller of the Currency shall include any condition imposed by the Board under [section 3105(d)(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3105/d/5&num=0&edition=prelim) as a condition for the approval of such application by the agency.
**(b) Rules and regulations; rights and privileges; duties and liabilities; exceptions; coordination of examinations** In establishing and operating a Federal branch or agency, a foreign bank shall be subject to such rules, regulations, and orders as the Comptroller considers appropriate to carry out this section, which shall include provisions for service of process and maintenance of branch and agency accounts separate from those of the parent bank. Except as otherwise specifically provided in this chapter or in rules, regulations, or orders adopted by the Comptroller under this section, operations of a foreign bank at a Federal branch or agency shall be conducted with the same rights and privileges as a national bank
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Federal law — U.S. Code and appendices · legal_authorities
Page 957
TITLE 12—BANKS AND BANKING
§ 1811
Sec.
1831v.
Authority of State insurance regulator and
Securities and Exchange Commission.
1831w.
Safety and soundness firewalls applicable to
financial subsidiaries of banks.
1831x.
Insurance customer protections.
1831y.
CRA sunshine requirements.
1831z.
Bi-annual FDIC survey and report on encour-
aging use of depository institutions by the
unbanked.
1831aa.
Enforcement of agreements.
1831bb.
Capital requirements for certain acquisition,
development, or construction loans.
1831cc.
Data standards.
1831dd.
Open data publication.
1832.
Withdrawals by negotiable or transferable in-
struments for transfers to third parties.
1833.
Repealed.
1833a.
Civil penalties.
1833b.
Comparability in compensation schedules.
1833c.
Comptroller General audit and access to
records.
1833d.
Repealed.
1833e.
Equal opportunity.
1834.
Reduced assessment rate for deposits attrib-
utable to lifeline accounts.
1834a.
Assessment credits for qualifying activities
relating to distressed communities.
1834b.
Community development organizations.
1835.
Insured depository institution capital re-
quirements for transfers of small business
obligations.
1835a.
Prohibition against deposit production of-
fices.
§ 1811. Federal Deposit Insurance Corporation
(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 divi-
s
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1811
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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
Page 966
TITLE 12—BANKS AND BANKING
§ 1813
(B) any other right or remedy against the
Corporation,
against
the
United
States
under applicable law, or against any person
other than a person described in paragraph
(1) participating in such transactions.
This subsection shall not be construed to limit
or alter in any way the immunities that are
available under applicable law for Federal offi-
cials and employees not described in this sub-
section.
(Sept. 21, 1950, ch. 967, § 2[2], 64 Stat. 873; Pub. L.
86–230, § 19, Sept. 8, 1959, 73 Stat. 460; Pub. L.
98–181, title I [title VII, § 702(a)], Nov. 30, 1983, 97
Stat. 1267; Pub. L. 101–73, title II, § 203(a), Aug. 9,
1989, 103 Stat. 188; Pub. L. 102–18, title I, § 103(b),
Mar. 23, 1991, 105 Stat. 60; Pub. L. 104–208, div. A,
title II, § 2243, Sept. 30, 1996, 110 Stat. 3009–419;
Pub. L. 111–203, title III, § 336(a), July 21, 2010, 124
Stat. 1540.)
Editorial Notes
REFERENCES IN TEXT
The Securities Act of 1933, referred to in subsec. (f)(1),
is act May 27, 1933, ch. 38, title I, 48 Stat. 74, which is
classified generally to subchapter I (§ 77a et seq.) of
chapter 2A of Title 15, Commerce and Trade. For com-
plete classification of this Act to the Code, see section
77a of Title 15 and Tables.
PRIOR PROVISIONS
Section is derived from subsec. (b) of former section
264 of this title. See Codification note set out under
section 1811 of this title.
AMENDMENTS
2010—Subsec. (a)(1)(B). Pub. L. 111–203, § 336(a)(1), sub-
stituted ‘‘Director of the Consumer Financial Protec-
tion Bureau’’ for ‘‘Director of the Office of Thrift Su-
pervision’’.
Subsec. (d)(2). Pub. L. 111–203, § 336(a)(2), amended par.
(2) generally. Prior to amendment, text read as follows:
‘‘In the event of a vacancy in the office of the Co
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