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12 U.S.C. § 1824 — Borrowing authority
Federal law — U.S. Code and appendices · legal_authorities
**(a) Borrowing from Treasury**
(1) **In general** — The Corporation is authorized to borrow from the Treasury, and the Secretary of the Treasury is authorized and directed to loan to the Corporation on such terms as may be fixed by the Corporation and the Secretary, such funds as in the judgment of the Board of Directors of the Corporation are from time to time required for insurance purposes, not exceeding in the aggregate $100,000,000,000 outstanding at any one time, subject to the approval of the Secretary of the Treasury: Provided, That the rate of interest to be charged in connection with any loan made pursuant to this subsection shall not be less than an amount determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the United States of comparable maturities. For such purpose the Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds of the sale of any securities hereafter issued under chapter 31 of title 31, and the purposes for which securities may be issued under chapter 31 of title 31 are extended to include such loans. Any such loan shall be used by the Corporation solely in carrying out its functions with respect to such insurance. All loans and repayments under this subsection shall be treated as public-debt transactions of the United States. The Corporation may employ any funds obtained under this section for purposes of the Deposit Insurance Fund and the borrowing shall become a liability of the Deposit Insurance Fund to the extent funds are employed therefor.
(2) **Funding** — There are hereby appropriated to the Secretary, for fiscal year 1989 and each fiscal year thereafter, such sums as may be necessary to carry out this subsection.
(3)
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Source file: Laws/federal/codes/united-states-code/title-12/section-1824-borrowing-authority--7fda98a981.md
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Source location: Title 12, Chapter 16, § 1824; chapter-016-federal-deposit-insurance-corporation.md
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**(a) Borrowing from Treasury**
(1) **In general** — The Corporation is authorized to borrow from the Treasury, and the Secretary of the Treasury is authorized and directed to loan to the Corporation on such terms as may be fixed by the Corporation and the Secretary, such funds as in the judgment of the Board of Directors of the Corporation are from time to time required for insurance purposes, not exceeding in the aggregate $100,000,000,000 outstanding at any one time, subject to the approval of the Secretary of the Treasury: Provided, That the rate of interest to be charged in connection with any loan made pursuant to this subsection shall not be less than an amount determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the United States of comparable maturities. For such purpose the Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds of the sale of any securities hereafter issued under chapter 31 of title 31, and the purposes for which securities may be issued under chapter 31 of title 31 are extended to include such loans. Any such loan shall be used by the Corporation solely in carrying out its functions with respect to such insurance. All loans and repayments under this subsection shall be treated as public-debt transactions of the United States. The Corporation may employ any funds obtained under this section for purposes of the Deposit Insurance Fund and the borrowing shall become a liability of the Deposit Insurance Fund to the extent funds are employed therefor.
(2) **Funding** — There are hereby appropriated to the Secretary, for fiscal year 1989 and each fiscal year thereafter, such sums as may be necessary to carry out this subsection.
(3) **Temporary increases authorized**
(A) *Recommendations for increase* — During the period beginning on May 20, 2009, and ending on December 31, 2010, if, upon the written recommendation of the Board of Directors (upon a vote of not less than two-thirds of the members of the Board of Directors) and the Board of Governors of the Federal Reserve System (upon a vote of not less than two-thirds of the members of such Board), the Secretary of the Treasury (in consultation with the President) determines that additional amounts above the $100,000,000,000 amount specified in paragraph (1) are necessary, such amount shall be increased to the amount so determined to be necessary, not to exceed $500,000,000,000.
(B) *Report required* — If the borrowing authority of the Corporation is increased above $100,000,000,000 pursuant to subparagraph (A), the Corporation shall promptly submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives describing the reasons and need for the additional borrowing authority and its intended uses.
(C) *Restriction on usage* — The Corporation may not borrow pursuant to subparagraph (A) to fund obligations of the Corporation incurred as a part of a program established by the Secretary of the Treasury pursuant to the Emergency Economic Stabilization Act of 2008 [[12 U.S.C. 5201](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5201&num=0&edition=prelim) et seq.] to purchase or guarantee assets.
**(b) Borrowing from Federal Financing Bank** The Corporation is authorized to issue and sell the Corporation’s obligations, on behalf of the Deposit Insurance Fund, to the Federal Financing Bank established by the Federal Financing Bank Act of 1973 [[12 U.S.C. 2281](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2281&num=0&edition=prelim) et seq.]. The Federal Financing Bank is authorized to purchase and sell the Corporation’s obligations on terms and conditions determined by the Federal Financing Bank. Any such borrowings shall be obligations subject to the obligation limitation of [section 1825(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1825/c&num=0&edition=prelim). This subsection does not affect the eligibility of any other entity to borrow from the Federal Financing Bank.
**(c) Repayment schedules required for any borrowing**
(1) **In general** — No amount may be provided by the Secretary of the Treasury to the Corporation under subsection (a) unless an agreement is in effect between the Secretary and the Corporation which—
(A) provides a schedule for the repayment of the outstanding amount of any borrowing under such subsection; and
(B) demonstrates that income to the Corporation from assessments under this chapter will be sufficient to amortize the outstanding balance within the period established in the repayment schedule and pay the interest accruing on such balance.
(2) **Consultation with and report to Congress** — The Secretary of the Treasury and the Corporation shall—
(A) consult with the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on the terms of any repayment schedule agreement described in paragraph (1) relating to repayment, including terms relating to any emergency special assessment under [section 1817(b)(7) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1817/b/7&num=0&edition=prelim); and
(B) submit a copy of each repayment schedule agreement entered into under paragraph (1) to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate before the end of the 30-day period beginning on the date any amount is provided by the Secretary of the Treasury to the Corporation under subsection (a).
**(d) Borrowing for the Deposit Insurance Fund from insured depository institutions**
(1) **Borrowing authority** — The Corporation may issue obligations to insured depository institutions, and may borrow from insured depository institutions and give security for any amount borrowed, and may pay interest on (and any redemption premium with respect to) any such obligation or amount to the extent—
(A) the proceeds of any such obligation or amount are used by the Corporation solely for purposes of carrying out the Corporation’s functions with respect to the Deposit Insurance Fund; and
(B) the terms of the obligation or instrument limit the liability of the Corporation or the Deposit Insurance Fund for the payment of interest and the repayment of principal to the amount which is equal to the amount of assessment income received by the Fund from assessments under [section 1817 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1817&num=0&edition=prelim).
(2) **Limitations on borrowing**
(A) *Applicability of public debt limit* — For purposes of the public debt limit established in [section 3101(b) of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3101/b&num=0&edition=prelim), any obligation issued, or amount borrowed, by the Corporation under paragraph (1) shall be considered to be an obligation to which such limit applies.
(B) *Applicability of FDIC borrowing limit* — For purposes of the dollar amount limitation established in subsection (a), any obligation issued, or amount borrowed, by the Corporation under paragraph (1) shall be considered to be an amount borrowed from the Treasury under such subsection.
(C) *Interest rate limit* — The rate of interest payable in connection with any obligation issued, or amount borrowed, by the Corporation under paragraph (1) shall not exceed an amount determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the United States of comparable maturities.
(D) *Obligations to be held only by BIF members 11 So in original. Probably should be “insured depository institutions”.* — The terms of any obligation issued by the Corporation under paragraph (1) shall provide that the obligation will be valid only if held by a 22 So in original. Probably should be “an”. insured depository institution.
(3) **Liability of the Deposit Insurance Fund** — Any obligation issued or amount borrowed under paragraph (1) shall be a liability of the Deposit Insurance Fund.
(4) **Terms and conditions** — Subject to paragraphs (1) and (2), the Corporation shall establish the terms and conditions for obligations issued or amounts borrowed under paragraph (1), including interest rates and terms to maturity.
(5) **Investment by insured depository institutions**
(A) *Authority to invest* — Subject to subparagraph (B) and notwithstanding any other provision of Federal law or the law of any State, any insured depository institution may purchase and hold for investment any obligation issued by the Corporation under paragraph (1) without limitation, other than any limitation the appropriate Federal banking agency may impose specifically with respect to such obligations.
(B) *Investment only from capital and retained earnings* — Any insured depository institution may purchase obligations or make loans to the Corporation under paragraph (1) only to the extent the purchase money or the money loaned is derived from the member’s 33 So in original. Probably should be “institution’s”. capital or retained earnings.
(6) **Accounting treatment** — In accounting for any investment in an obligation purchased from, or any loan made to, the Corporation for purposes of determining compliance with any capital standard and preparing any report required pursuant to [section 1817(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1817/a&num=0&edition=prelim), the amount of such investment or loan shall be treated as an asset.
**(e) Borrowing for the Deposit Insurance Fund from Federal home loan banks**
(1) **In general** — The Corporation may borrow from the Federal home loan banks, with the concurrence of the Federal Housing Finance Board, such funds as the Corporation considers necessary for the use of the Deposit Insurance Fund.
(2) **Terms and conditions** — Any loan from any Federal home loan bank under paragraph (1) to the Deposit Insurance Fund shall—
(A) bear a rate of interest of not less than the current marginal cost of funds to that bank, taking into account the maturities involved;
(B) be adequately secured, as determined by the Federal Housing Finance Board;
(C) be a direct liability of the Deposit Insurance Fund; and
(D) be subject to the limitations of [section 1825(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1825/c&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
The Congress finds that demands for funds through Federal and federally assisted borrowing programs are increasing faster than the total supply of credit and that such borrowings are not adequately coordinated with overall Federal fiscal and debt management policies. The purpose of this chapter is to assure coordination of these programs with the overall economic and fiscal policies of the Government, to reduce the cost of Federal and federally assisted borrowings from the public, and to assure that such borrowings are financed in a manner least disruptive of private financial markets and institutions.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2281
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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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 191
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Federal law — U.S. Code and appendices · legal_authorities
The oath of office shall be administered by the President of the Senate to each Senator who shall be elected, previous to his taking his seat.
Source: Supplied U.S. Code snapshot — release unconfirmed · 2 U.S.C. § 21
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
#### Codification
Section, act Dec. 23, 1913, ch. 6, § 12B, as added June 16, 1933, ch. 89, § 8, 48 Stat. 168; amended June 16, 1934, ch. 546, § 1 (1)–(10), 48 Stat. 969, 970; June 28, 1935, ch. 335, 49 Stat. 435; Aug. 23, 1935, ch. 614, title I, § 101, 49 Stat. 684; Apr. 21, 1936, ch. 244, 49 Stat. 1237; May 25, 1938, ch. 276, 52 Stat. 442; June 16, 1938, ch. 489, 52 Stat. 767; June 20, 1939, ch. 214, § 2, 53 Stat. 842; Apr. 13, 1943, ch. 62, § 1, 57 Stat. 65; Aug. 5, 1947, ch. 492, §§ 2, 4, 61 Stat. 773; June 25, 1948, ch. 645, § 21, 62 Stat. 862; Oct. 15, 1949, ch. 695, § 4, 63 Stat. 880; Aug. 17, 1950, ch. 729, §§ 5–7, 64 Stat. 457, relating to the Federal Deposit Insurance Corporation, was withdrawn from the Federal Reserve Act and made a separate act to be known as the Federal Deposit Insurance Act, by section 1 of act Sept. 21, 1950, ch. 967, 64 Stat. 873. The Federal Deposit Insurance Act is classified to chapter 16 (§ 1811 et seq.) of this title.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 264
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Federal law — U.S. Code and appendices · legal_authorities
All provisions of this chapter are designated as an emergency requirement and necessary to meet emergency needs pursuant to section 204(a) of S. Con. Res 11 So in original. Probably should be followed by a period. 21 (110th Congress), the concurrent resolution on the budget for fiscal year 2008 and rescissions of any amounts provided in this chapter shall not be counted for purposes of budget enforcement.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5201
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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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1811
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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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1821
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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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1813
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Reports of condition; access to reports**
(1) Each insured State nonmember bank and each foreign bank having an insured branch which is not a Federal branch shall make to the Corporation reports of condition which shall be in such form and shall contain such information as the Board of Directors may require. Such reports shall be made to the Corporation on the dates selected as provided in paragraph (3) of this subsection and the deposit liabilities shall be reported therein in accordance with and pursuant to paragraphs (4) and (5) of this subsection. The Board of Directors may call for additional reports of condition on dates to be fixed by it and may call for such other reports as the Board may from time to time require. Any such bank which (A) maintains procedures reasonably adapted to avoid any inadvertent error and, unintentionally and as a result of such an error, fails to make or publish any report required under this paragraph, within the period of time specified by the Corporation, or submits or publishes any false or misleading report or information, or (B) inadvertently transmits or publishes any report which is minimally late, shall be subject to a penalty of not more than $2,000 for each day during which such failure continues or such false or misleading information is not corrected. Such bank shall have the burden of proving that an error was inadvertent and that a report was inadvertently transmitted or published late. Any such bank which fails to make or publish any report required under this paragraph, within the period of time specified by the Corporation, or submits or publishes any false or misleading report or information, in a manner not described in the 2nd preceding sentence shall be subject to a penalty of not more than $20,000 for each d
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1817
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** All notes, debentures, bonds, or other such obligations issued by the Corporation shall be exempt, both as to principal and interest, from all taxation (except estate and inheritance taxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority: Provided, That interest upon or any income from any such obligations and gain from the sale or other disposition of such obligations shall not have any exemption, as such, and loss from the sale or other disposition of such obligations shall not have any special treatment, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto. The Corporation, including its franchise, its capital, reserves, and surplus, and its income, shall be exempt from all taxation now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority, except that any real property of the Corporation shall be subject to State, Territorial, county, municipal, or local taxation to the same extent according to its value as other real property is taxed.
**(b) Other exemptions** When acting as a receiver, the following provisions shall apply with respect to the Corporation:
(1) The Corporation including its franchise, its capital, reserves, and surplus, and its income, shall be exempt from all taxation imposed by any State, county, municipality, or local taxing authority, except that any real property of the Corporation shall be subject to State, territorial, county, municipal, or local taxation to the same extent according to its value as other real property is taxed, except that, notwithstanding the failure
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1825
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