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12 U.S.C. § 5412 — Ban on certain activities by senior executives and directors
Federal law — U.S. Code and appendices · legal_authorities
**(a) Prohibition authority** The Board of Governors or, if the covered financial company was not supervised by the Board of Governors, the Corporation, may exercise the authority provided by this section.
**(b) Authority to issue order** The appropriate agency described in subsection (a) may take any action authorized by subsection (c), if the agency determines that—
(1) a senior executive or a director of the covered financial company, prior to the appointment of the Corporation as receiver, has, directly or indirectly—
(A) violated—
(i) any law or regulation;
(ii) any cease-and-desist order which has become final;
(iii) any condition imposed in writing by a Federal agency in connection with any action on any application, notice, or request by such company or senior executive; or
(iv) any written agreement between such company and such agency;
(B) engaged or participated in any unsafe or unsound practice in connection with any financial company; or
(C) committed or engaged in any act, omission, or practice which constitutes a breach of the fiduciary duty of such senior executive or director;
(2) by reason of the violation, practice, or breach described in any subparagraph of paragraph (1), such senior executive or director has received financial gain or other benefit by reason of such violation, practice, or breach and such violation, practice, or breach contributed to the failure of the company; and
(3) such violation, practice, or breach—
(A) involves personal dishonesty on the part of such senior executive or director; or
(B) demonstrates willful or continuing disregard by such senior executive or director for the safety or soundness of such company.
**(c) Authorized actions**
(1) **In general** — The appropriate agency for
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Source file: Laws/federal/codes/united-states-code/title-12/section-5412-ban-on-certain-activities-by-senior-executives-and-directors--66132147cf.md
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Source location: Title 12, Chapter 53, § 5412; chapter-053-wall-street-reform-and-consumer-protection.md
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**(a) Prohibition authority** The Board of Governors or, if the covered financial company was not supervised by the Board of Governors, the Corporation, may exercise the authority provided by this section.
**(b) Authority to issue order** The appropriate agency described in subsection (a) may take any action authorized by subsection (c), if the agency determines that—
(1) a senior executive or a director of the covered financial company, prior to the appointment of the Corporation as receiver, has, directly or indirectly—
(A) violated—
(i) any law or regulation;
(ii) any cease-and-desist order which has become final;
(iii) any condition imposed in writing by a Federal agency in connection with any action on any application, notice, or request by such company or senior executive; or
(iv) any written agreement between such company and such agency;
(B) engaged or participated in any unsafe or unsound practice in connection with any financial company; or
(C) committed or engaged in any act, omission, or practice which constitutes a breach of the fiduciary duty of such senior executive or director;
(2) by reason of the violation, practice, or breach described in any subparagraph of paragraph (1), such senior executive or director has received financial gain or other benefit by reason of such violation, practice, or breach and such violation, practice, or breach contributed to the failure of the company; and
(3) such violation, practice, or breach—
(A) involves personal dishonesty on the part of such senior executive or director; or
(B) demonstrates willful or continuing disregard by such senior executive or director for the safety or soundness of such company.
**(c) Authorized actions**
(1) **In general** — The appropriate agency for a financial company, as described in subsection (a), may serve upon a senior executive or director described in subsection (b) a written notice of the intention of the agency to prohibit any further participation by such person, in any manner, in the conduct of the affairs of any financial company for a period of time determined by the appropriate agency to be commensurate with such violation, practice, or breach, provided such period shall be not less than 2 years.
(2) **Procedures** — The due process requirements and other procedures under section 8(e) of the Federal Deposit Insurance Act ([12 U.S.C. 1818(e)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818/e&num=0&edition=prelim)) shall apply to actions under this section as if the covered financial company were an insured depository institution and the senior executive or director were an institution-affiliated party, as those terms are defined in that 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) Regulations** The Corporation and the Board of Governors, in consultation with the Council, shall jointly prescribe rules or regulations to administer and carry out this section, including rules, regulations, or guidelines to further define the term senior executive for the purposes of this section.
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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) 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
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) In general**
(1) **Office of Thrift Supervision employees**
(A) *In general* — Except as provided in [section 5584 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5584&num=0&edition=prelim), all employees of the Office of Thrift Supervision shall be transferred to the Office of the Comptroller of the Currency or the Corporation for employment in accordance with this section.
(B) *Allocating employees for transfer to receiving agencies* — The Director of the Office of Thrift Supervision, the Comptroller of the Currency, and the Chairperson of the Corporation shall—
(i) jointly determine the number of employees of the Office of Thrift Supervision necessary to perform or support the functions that are transferred to the Office of the Comptroller of the Currency or the Corporation by this title; 11 See References in Text note below. and
(ii) consistent with the determination under clause (i), jointly identify employees of the Office of Thrift Supervision for transfer to the Office of the Comptroller of the Currency or the Corporation.
(2) **Employees transferred; service periods credited** — For purposes of this section, periods of service with a Federal home loan bank, a joint office of Federal home loan banks, or a Federal reserve bank shall be credited as periods of service with a Federal agency.
(3) **Appointment authority for excepted service transferred**
(A) *In general* — Except as provided in subparagraph (B), any appointment authority of the Office of Thrift Supervision under Federal law that relates to the functions transferred under [section 5412 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5412&num=0&edition=prelim), including the regulations of
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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
**(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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1818
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Federal law — U.S. Code and appendices · legal_authorities
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
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1818
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Federal law — U.S. Code and appendices · legal_authorities
Page 1915
TITLE 12—BANKS AND BANKING
§ 5412
1 See References in Text note below.
(2) Publication of notice
Not later than 270 days after July 21, 2010,
the Secretary shall publish in the Federal
Register notice of any transfer date des-
ignated under paragraph (1).
(Pub. L. 111–203, title III, § 311, July 21, 2010, 124
Stat. 1520.)
Editorial Notes
REFERENCES IN TEXT
This title, referred to in subsec. (b)(1)(A), (B), (D), is
title III of Pub. L. 111–203, July 21, 2010, 124 Stat. 1520,
known as the Enhancing Financial Institution Safety
and Soundness Act of 2010, which enacted this sub-
chapter and sections 4b and 16 of this title, amended
sections 1, 11, 248, 461, 481, 482, 1438, 1462, 1462a, 1463, to
1464, 1466a, 1467, 1467a, 1468, 1468a, to 1468b, 1470, 1701c,
1701p–1, 1708, 1757, 1785, 1786, 1787, 1812, 1813, 1817, 1818,
1820, 1821, 1823, 1828, 1829, 1831e, 1831j, 1833b, 1833e, 1834,
1841, 1843, 1844, 1861, 1867, 1881, 1882, 1884, 1972, 2709, 2902,
2905, 3206 to 3208, 3332, 4515, and 4517 of this title, section
906 of Title 2, The Congress, sections 78c, 78l, 78o–5, and
78w of Title 15, Commerce and Trade, sections 212, 657,
981, 982, 1006, 1014, and 1032 of Title 18, Crimes and
Criminal Procedure, sections 321 and 714 of Title 31,
Money and Finance, section 41501 of Title 34, Crime
Control and Law Enforcement, sections 4003 and 8105 of
Title 42, The Public Health and Welfare, and section
3502 of Title 44, Public Printing and Documents, re-
pealed section 1441a of this title, enacted provisions set
out as notes under sections 1, 16, 1438, 1787, 1812, 1817,
and 1821 of this title and section 906 of Title 2, and
amended provisions set out as notes under sections
1437, 1463, 1464, 1467a, 1707, 1812, and 1818 of this title.
For complete class
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 5412
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