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12 U.S.C. § 1467b — Intermediate holding companies

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

12 U.S.C. § 1467b — Intermediate holding companies

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Source location: Title 12, Chapter 12, § 1467b; chapter-012-savings-associations.md

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**(a) Definition** For purposes of this section: (1) **Financial activities** — The term “financial activities” means activities described in clauses (i) and (ii) of [section 1467a(c)(9)(A) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1467a/c/9/A&num=0&edition=prelim). (2) **Grandfathered unitary savings and loan holding company** — The term “grandfathered unitary savings and loan holding company” means a company described in [section 1467a(c)(9)(C) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1467a/c/9/C&num=0&edition=prelim). (3) **Internal financial activities** — The term “internal financial activities” includes— (A) internal financial activities conducted by a grandfathered savings and loan holding company or any affiliate; and (B) internal treasury, investment, and employee benefit functions. **(b) Requirement** (1) **In general** (A) *Activities other than financial activities* — If a grandfathered unitary savings and loan holding company conducts activities other than financial activities, the Board may require such company to establish and conduct all or a portion of such financial activities in or through an intermediate holding company, which shall be a savings and loan holding company, established pursuant to regulations of the Board, not later than 90 days (or such longer period as the Board may deem appropriate) after the transfer date.11 See References in Text note below. (B) *Other activities* — Notwithstanding subparagraph (A), the Board shall require a grandfathered unitary savings and loan holding company to establish an intermediate holding company if the Board makes a determination that the establishment of such intermediate holding company is necessary— (i) to appropriately supervise activities that are determined to be financial activities; or (ii) to ensure that supervision by the Board does not extend to the activities of such company that are not financial activities. (2) **Internal financial activities** (A) *Treatment of internal financial activities* — For purposes of this subsection, the internal financial activities of a grandfathered unitary savings and loan holding company shall not be required to be placed in an intermediate holding company. (B) *Grandfathered activities* — A grandfathered unitary savings and loan holding company may continue to engage in an internal financial activity, subject to review by the Board to determine whether engaging in such activity presents undue risk to the grandfathered unitary savings and loan holding company or to the financial stability of the United States, if— (i) the grandfathered unitary savings and loan holding company engaged in the activity during the year before July 21, 2010; and (ii) at least ⅔ of the assets or ⅔ of the revenues generated from the activity are from or attributable to the grandfathered unitary savings and loan holding company. (3) **Source of strength** — A grandfathered unitary savings and loan holding company that directly or indirectly controls an intermediate holding company established under this section shall serve as a source of strength to its subsidiary intermediate holding company. (4) **Parent company reports** — The Board, may from time to time, examine and require reports under oath from a grandfathered unitary savings and loan holding company that controls an intermediate holding company, and from the appropriate officers or directors of such company, solely for purposes of ensuring compliance with the provisions of this section, including assessing the ability of the company to serve as a source of strength to its subsidiary intermediate holding company as required under paragraph (3) and enforcing compliance with such requirement. (5) **Limited parent company enforcement** (A) *In general* — In addition to any other authority of the Board, the Board may enforce compliance with the provisions of this subsection that are applicable to any company described in paragraph (1)(A) that controls an intermediate holding company under section 8 of the Federal Deposit Insurance Act [[12 U.S.C. 1818](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818&num=0&edition=prelim)], and a company described in paragraph (1)(A) shall be subject to such section (solely for purposes of this subparagraph) in the same manner and to the same extent as if the company described in paragraph (1)(A) were a savings and loan holding company. (B) *Application of other Act* — Any violation of this subsection by a grandfathered unitary savings and loan holding company that controls an intermediate holding company may also be treated as a violation 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.] for purposes of subparagraph (A). (C) *No effect on other authority* — No provision of this paragraph shall be construed as limiting any authority of the Board or any other Federal agency under any other provision of law. **(c) Regulations** The Board— (1) shall promulgate regulations to establish the criteria for determining whether to require a grandfathered unitary savings and loan holding company to establish an intermediate holding company under subsection (b); and (2) may promulgate regulations to establish any restrictions or limitations on transactions between an intermediate holding company or a parent of such company and its affiliates, as necessary to prevent unsafe and unsound practices in connection with transactions between the intermediate holding company, or any subsidiary thereof, and its parent company or affiliates that are not subsidiaries of the intermediate holding company, except that such regulations shall not restrict or limit any transaction in connection with the bona fide acquisition or lease by an unaffiliated person of assets, goods, or services. **(d) Rules of construction** (1) **Activities** — Nothing in this section shall be construed to require a grandfathered unitary savings and loan holding company to conform its activities to permissible activities. (2) **Permissible corporate reorganization** — The formation of an intermediate holding company as required in subsection (b) shall be presumed to be a permissible corporate reorganization as described in [section 1467a(c)(9)(D) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1467a/c/9/D&num=0&edition=prelim).

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

12 U.S.C. § 5301 — Regulations

**(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.

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

12 U.S.C. § 1818 — Termination of status as insured depository institution

**(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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12 U.S.C. § 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 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

12 U.S.C. § 1467a — Regulation of holding companies

**(a) Definitions** (1) **In general** — As used in this section, unless the context otherwise requires— (A) *Savings association* — The term “savings association” includes a savings bank or cooperative bank which is deemed by the appropriate Federal banking agency to be a savings association under subsection (l). (B) *Uninsured institution* — The term “uninsured institution” means any depository institution the deposits of which are not insured by the Federal Deposit Insurance Corporation. (C) *Company* — The term “company” means any corporation, partnership, trust, joint-stock company, or similar organization, but does not include the Federal Deposit Insurance Corporation, the Resolution Trust Corporation, any Federal home loan bank, or any company the majority of the shares of which is owned by the United States or any State, or by an instrumentality of the United States or any State. (D) *Savings and loan holding company* (i) *In general* — Except as provided in clause (ii), the term “savings and loan holding company” means any company that directly or indirectly controls a savings association or that controls any other company that is a savings and loan holding company. (ii) *Exclusion* — The term “savings and loan holding company” does not include— (I) a bank holding company that is registered under, and subject to, the Bank Holding Company Act of 1956 ([12 U.S.C. 1841](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim) et seq.), or to any company directly or indirectly controlled by such company (other than a savings association); (II) a company that controls a savings association that functions solely in a trust or fiduciary capacity as described in section 2(c)(2)(D) of the

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

12 U.S.C. § 1467b — Intermediate holding companies

Page 417 TITLE 12—BANKS AND BANKING § 1467b 1 See References in Text note below. association is subject to any provision of section 10(m)(3) of the Home Owners’ Loan Act [12 U.S.C. 1467a(m)(3)] as in effect on that date, the amendment to this subsection made by section 303 of the Financial In- stitutions Reform, Recovery, and Enforcement Act of 1989 [Pub. L. 101–73], shall not be construed as reducing the period specified in section 10(m)(3) of such Act.’’ CAPITAL RECOVERY; SUBMISSION OF PROPOSED REGULA- TIONS TO CONGRESS; EFFECTIVE DATE; STUDY, RE- PORT, AND CONGRESSIONAL REVIEW Pub. L. 100–86, title IV, § 404(c)–(e), Aug. 10, 1987, 101 Stat. 612, required the Federal Home Loan Bank Board and the Federal Savings and Loan Insurance Corpora- tion to each submit a report to Congress containing the proposed regulations required to be prescribed under 12 U.S.C. 1467a and 1730i of this title not later than the end of the 90-day period beginning on Aug. 10, 1987; re- quired the regulations to be implemented not later than the end of the 150-day period beginning on Aug. 10, 1987; and required, not later than Jan. 31, 1989, a de- tailed evaluation of, and report the effectiveness of, the regulations in achieving an increased level of capital- ization for thrift institutions. SUNSET AND SAVINGS PROVISION Section ceases to be effective on date that notice of completion of all net new borrowing by Financing Cor- poration is published in Federal Register [Mar. 30, 1992, 57 F.R. 10763], with such termination not to be con- strued to affect or limit any authority of Federal Home Loan Bank Board or Federal Savings and Loan Insur- ance Corporation to prescribe any regulation or engage in any activity with respect to any association or in- sured institution under a

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

12 U.S.C. § 1811 — Federal Deposit Insurance Corporation

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

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

12 U.S.C. § 1818 — Termination of status as insured deposi-

Page 1006 TITLE 12—BANKS AND BANKING § 1818 1 See References in Text note below. ‘‘(c) For a period of not less than 5 years after the date of the enactment of this title [July 21, 2010], the Federal Deposit Insurance Corporation shall make available to the public the reserve ratio and the des- ignated reserve ratio using both estimated insured de- posits and the assessment base under [former] section 7(b)(2)(C) of the Federal Deposit Insurance Act [12 U.S.C. 1817(b)(2) does not contain a subpar. (C)]. ‘‘(d) RESERVE RATIO.—Notwithstanding the timing re- quirements of section 7(b)(3)(E)(ii) of the Federal De- posit Insurance Act [12 U.S.C. 1817(b)(3)(E)(ii)], the Cor- poration shall take such steps as may be necessary for the reserve ratio of the Deposit Insurance Fund to reach 1.35 percent of estimated insured deposits by Sep- tember 30, 2020. ‘‘(e) OFFSET.—In setting the assessments necessary to meet the requirements of subsection (d), the Corpora- tion shall offset the effect of subsection (d) on insured depository institutions with total consolidated assets of less than $10,000,000,000.’’ [For definitions of terms used in section 334(c)–(e) of Pub. L. 111–203, set out above, see section 5301 of this title.] REPORT TO CONGRESS ON REFUNDS, DIVIDENDS, AND CREDITS FROM DEPOSIT INSURANCE FUND Pub. L. 109–173, § 5, Feb. 15, 2006, 119 Stat. 3606, re- quired that any determination under former subsection (e)(2)(E) of this section be submitted to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives not later than 270 days after making such determination and provided that the report sub- mitted include a detailed explanation for the deter- mination and a discussion of th

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