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12 U.S.C. § 1814 — Insured depository institutions
Federal law — U.S. Code and appendices · legal_authorities
**(a) Continuation of insurance**
(1) **Banks** — Each bank, which is an insured depository institution on September 21, 1950, shall be and continue to be, without application or approval, an insured depository institution and shall be subject to the provisions of this chapter.
(2) **Savings associations** — Each savings association the accounts of which were insured by the Federal Savings and Loan Insurance Corporation on the day before August 9, 1989, shall be, without application or approval, an insured depository institution.
**(b) Continuation of insurance upon becoming a member bank** In the case of an insured bank which is admitted to membership in the Federal Reserve System or an insured State bank which is converted into a national member bank, the bank shall continue as an insured bank.
**(c) Continuation of insurance after conversion** Subject to [section 1815(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1815/d&num=0&edition=prelim) and [section 1464(i)(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1464/i/5&num=0&edition=prelim)—
(1) any State depository institution which results from the conversion of any insured Federal depository institution; and
(2) any Federal depository institution which results from the conversion of any insured State or Federal depository institution,
shall continue as an insured depository institution.
**(d) Continuation of insurance after merger or consolidation** Any State depository institution or any Federal depository institution which results from the merger or consolidation of insured depository institutions, or from the merger or consolidation of a noninsured depository institution with an insured depository institution, sh
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Source file: Laws/federal/codes/united-states-code/title-12/section-1814-insured-depository-institutions--95ab137dfa.md
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Source location: Title 12, Chapter 16, § 1814; chapter-016-federal-deposit-insurance-corporation.md
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**(a) Continuation of insurance**
(1) **Banks** — Each bank, which is an insured depository institution on September 21, 1950, shall be and continue to be, without application or approval, an insured depository institution and shall be subject to the provisions of this chapter.
(2) **Savings associations** — Each savings association the accounts of which were insured by the Federal Savings and Loan Insurance Corporation on the day before August 9, 1989, shall be, without application or approval, an insured depository institution.
**(b) Continuation of insurance upon becoming a member bank** In the case of an insured bank which is admitted to membership in the Federal Reserve System or an insured State bank which is converted into a national member bank, the bank shall continue as an insured bank.
**(c) Continuation of insurance after conversion** Subject to [section 1815(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1815/d&num=0&edition=prelim) and [section 1464(i)(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1464/i/5&num=0&edition=prelim)—
(1) any State depository institution which results from the conversion of any insured Federal depository institution; and
(2) any Federal depository institution which results from the conversion of any insured State or Federal depository institution,
shall continue as an insured depository institution.
**(d) Continuation of insurance after merger or consolidation** Any State depository institution or any Federal depository institution which results from the merger or consolidation of insured depository institutions, or from the merger or consolidation of a noninsured depository institution with an insured depository institution, shall continue as an insured depository institution.
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Federal law — U.S. Code and appendices · legal_authorities
In this subchapter:
(1) **Appropriate congressional committees** — Except as provided in [section 4584(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title50-section4584/d&num=0&edition=prelim), the term “appropriate congressional committees” means—
(A) the Committee on Financial Services, the Committee on Foreign Affairs, and the Committee on Appropriations of the House of Representatives; and
(B) the Committee on Banking, Housing, and Urban Affairs and the Committee on Appropriations of the Senate.
(2) **Country of concern** — The term “country of concern” means—
(A) the People’s Republic of China, including the Hong Kong and Macau Special Administrative Regions;
(B) the Republic of Cuba;
(C) the Islamic Republic of Iran;
(D) the Democratic People’s Republic of Korea;
(E) the Russian Federation; and
(F) the Bolivarian Republic of Venezuela under the regime of Nicolas Maduro Moros.
(3) **Covered foreign person** — Subject to regulations prescribed in accordance with this subchapter, the term “covered foreign person” means a foreign person that—
(A) is incorporated in, has a principal place of business in, or is organized under the laws of a country of concern;
(B) is a member of the Central Committee of the Chinese Communist Party or is a member of the political leadership of a country of concern;
(C) is subject to the direction or control of a country of concern, as defined by regulation, an entity described in subparagraph (A) or (B), or the state or the government of a country of concern (including any political subdivision, agency, or instrumentality thereof); or
(D) is owned in the aggregate, directly or indirectly, 50 percent or more by a country of concern, an entity described in subparagraph
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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.
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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) 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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1815
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Federal law — U.S. Code and appendices · legal_authorities
The factors that are required, under [section 1814 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1814&num=0&edition=prelim), to be considered in connection with, and enumerated in, any certificate issued pursuant to [section 1814 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1814&num=0&edition=prelim) and that are required, under [section 1815 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1815&num=0&edition=prelim), to be considered by the Board of Directors in connection with any determination by such Board pursuant to [section 1815 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1815&num=0&edition=prelim) are the following:
(1) The financial history and condition of the depository institution.
(2) The adequacy of the depository institution’s capital structure.
(3) The future earnings prospects of the depository institution.
(4) The general character and fitness of the management of the depository institution.
(5) The risk presented by such depository institution to the Deposit Insurance Fund.
(6) The convenience and needs of the community to be served by such depository institution.
(7) Whether the depository institution’s corporate powers are consistent with the purposes of this chapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1816
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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 975
TITLE 12—BANKS AND BANKING
§ 1814
EFFECTIVE DATE OF 1966 AMENDMENT
Pub. L. 89–695, title III, §§ 301(e), Oct. 16, 1966, 80 Stat.
1055, provided that: ‘‘The amendments made by this
section [amending this section and sections 1817 and
1821 of this title] shall not be applicable to any claim
arising out of the closing of a bank where such closing
is prior to the date of enactment of this Act [Oct. 16,
1966].’’
EXPIRATION OF 1966 AMENDMENT
Pub. L. 91–609, title IX, § 908, Dec. 31, 1970, 84 Stat.
1811, repealed section 401 of Pub. L. 89–695 which had
provided that: ‘‘The provisions of titles I and II of this
Act [amending this section and sections 1464, 1730, 1817
to 1820 of this title, repealing section 77 of this title,
and enacting provisions set out as notes under this sec-
tion and sections 1464 and 1730 of this title] and any
provisions of law enacted by said titles shall be effec-
tive only during the period ending at the close of June
30, 1972. Effective upon the expiration of such period,
each provision of law amended by either of such titles
is further amended to read as it did immediately prior
to the enactment of this Act [Oct. 16, 1966] and each
provision of law repealed by either of such titles is re-
enacted’’.
EFFECTIVE DATE OF 1960 AMENDMENT
Amendment by Pub. L. 86–671 effective Jan. 1, 1961,
see section 7 of Pub. L. 86–671, set out as a note under
section 1817 of this title.
CONDITIONS GOVERNING EMPLOYMENT OF PERSONNEL
NOT REPEALED, MODIFIED, OR AFFECTED
Pub. L. 89–695, title II, § 206, Oct. 16, 1966, 80 Stat. 1055,
provided that: ‘‘Nothing contained in this title [amend-
ing this section and sections 1817 to 1820 of this title
and repealing section 77 of this title] shall be construed
to repeal, modify, or affect the p
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1814
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