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12 U.S.C. § 4403 — Bilateral netting

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

12 U.S.C. § 4403 — Bilateral netting

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Stable record: federal_law:legal_authorities:record_usc_a7710a146ab48ec3f42899b0
Source file: Laws/federal/codes/united-states-code/title-12/section-4403-bilateral-netting--9f510d5c1c.md
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Source location: Title 12, Chapter 45, § 4403; chapter-045-payment-system-risk-reduction.md

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**(a) General rule** Notwithstanding any other provision of State or Federal law (other than [section 1821(e) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1821/e&num=0&edition=prelim), [section 5390(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5390/c&num=0&edition=prelim), [section 4617 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4617&num=0&edition=prelim), [section 1787(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1787/c&num=0&edition=prelim), or any order authorized under [section 78eee(b)(2) of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78eee/b/2&num=0&edition=prelim)), the covered contractual payment obligations and the covered contractual payment entitlements between any 2 financial institutions shall be terminated, liquidated, accelerated, and netted in accordance with, and subject to the conditions of, the terms of any applicable netting contract (except as provided in [section 561(b)(2) of title 11](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section561/b/2&num=0&edition=prelim)). **(b) Limitation on obligation to make payment** The only obligation, if any, of a financial institution to make payment with respect to covered contractual payment obligations to another financial institution shall be equal to its net obligation to such other financial institution, and no such obligation shall exist if there is no net obligation. **(c) Limitation on right to receive payment** The only right, if any, of a financial institution to receive payments with respect to covered contractual payment entitlements from another financial institution shall be equal to its net entitlement with respect to such other financial institution, and no such right shall exist if there is no net entitlement. **(d) Payment of net entitlement of failed financial institution** The net entitlement of any failed financial institution, if any, shall be paid to the failed financial institution in accordance with, and subject to the conditions of, the applicable netting contract. **(e) Effectiveness notwithstanding status as financial institution** This section shall be given effect notwithstanding that a financial institution is a failed financial institution. **(f) Enforceability of security agreements** The provisions of any security agreement or arrangement or other credit enhancement related to one or more netting contracts between any 2 financial institutions shall be enforceable in accordance with their terms (except as provided in [section 561(b)(2) of title 11](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section561/b/2&num=0&edition=prelim)), and shall not be stayed, avoided, or otherwise limited by any State or Federal law (other than [section 1821(e) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1821/e&num=0&edition=prelim), [section 1787(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1787/c&num=0&edition=prelim), and [section 78eee(b)(2) of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78eee/b/2&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. § 4617 — Capital classifications

**(a) Enterprises** For purposes of this subchapter, the Director shall classify the enterprises according to the following capital classifications: (1) **Adequately capitalized** — An enterprise shall be classified as adequately capitalized if the enterprise— (A) maintains an amount of total capital that is equal to or exceeds the risk-based capital level established for the enterprise under [section 4611 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4611&num=0&edition=prelim); and (B) maintains an amount of core capital that is equal to or exceeds the minimum capital level established for the enterprise under [section 4612 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4612&num=0&edition=prelim). (2) **Undercapitalized** — An enterprise shall be classified as undercapitalized if— (A) the enterprise— (i) does not maintain an amount of total capital that is equal to or exceeds the risk-based capital level established for the enterprise; and (ii) maintains an amount of core capital that is equal to or exceeds the minimum capital level established for the enterprise; or (B) the enterprise is otherwise classified as undercapitalized under subsection (b)(1) of this section. (3) **Significantly undercapitalized** — An enterprise shall be classified as significantly undercapitalized if— (A) the enterprise— (i) does not maintain an amount of total capital that is equal to or exceeds the risk-based capital level established for the enterprise; (ii) does not maintain an amount of core capital that is equal to or exceeds the minimum capital level established for the enterprise; and (iii) maintains an amount of core capital that is equal to or exceeds

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

11 U.S.C. § 101 — Definitions

In this title the following definitions shall apply: (1) The term “accountant” means accountant authorized under applicable law to practice public accounting, and includes professional accounting association, corporation, or partnership, if so authorized. (2) The term “affiliate” means— (A) entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (B) corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor, or by an entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (C) person whose business is operated under a lease or operating agreement by a debtor, or person substantially all of whose property is operated under an operating agreement with the debtor; or (D) entity that operates the business or substantially all of the property of the debtor under a lease or operating agreement. (3) The term “assisted person” means any person whose debts consist primarily of consumer debts and the value of whose nonexempt property is less than $150,000.11 See Adjustment of Dollar Amounts not

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

12 U.S.C. § 5393 — Powers and duties of the Corporation

**(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

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

12 U.S.C. § 5394 — Inspector General reviews

**(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

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

12 U.S.C. § 4403 — Bilateral netting

Page 1635 TITLE 12—BANKS AND BANKING § 4403 ‘‘means a contract or agreement between 2 or more fi- nancial institutions or members, that— ‘‘(I) is governed by the laws of the United States, any State, or any political subdivision of any State, and ‘‘(II) provides for netting present or future payment obligations or payment entitlements (including liq- uidation or close-out values relating to the obliga- tions or entitlements) among the parties to the agreement; and’’. Par. (15). Pub. L. 109–8, § 906(a)(5), added par. (15). 2000—Pub. L. 106–554, § 1(a)(5) [title I, § 112(a)(2)], sub- stituted ‘‘this subchapter’’ for ‘‘this chapter’’ in intro- ductory provisions. Par. (2)(B). Pub. L. 106–554, § 1(a)(5) [title I, § 123(b)], added subpar. (B) and struck out former subpar. (B) which read as follows: ‘‘that performs clearing func- tions for a contract market designated pursuant to the Commodity Exchange Act.’’ 1992—Par. (14)(B). Pub. L. 102–550 substituted ‘‘Fed- eral law’’ for ‘‘Federal commodities law’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2005 AMENDMENT Amendment by Pub. L. 109–8 effective 180 days after Apr. 20, 2005, and not applicable with respect to cases commenced under Title 11, Bankruptcy, before such ef- fective date, except as otherwise provided, see section 1501 of Pub. L. 109–8, set out as a note under section 101 of Title 11. EFFECTIVE DATE OF 1992 AMENDMENT Amendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improve- ment Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, see section 1609(a) of Pub. L. 102–550, set out as a note under section 191 of this title. § 4403. Bilateral netting (a) General rule Notwithstanding any other provision of State or Federal law (oth

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