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12 U.S.C. § 5622 — Additional related matters

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

12 U.S.C. § 5622 — Additional related matters

**(a) Suspension of parallel Federal Deposit Insurance Act authority** Effective upon July 21, 2010, the Corporation may not exercise its authority under [section 1823(c)(4)(G)(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1823/c/4/G/i&num=0&edition=prelim) to establish any widely available debt guarantee program for which [section 5612 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5612&num=0&edition=prelim) would provide authority. **(b) Omitted** **(c) Effect of default on an FDIC guarantee** If an insured depository institution or depository institution holding company (as those terms are defined in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)) participating in a program under [section 5612 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5612&num=0&edition=prelim), or any participant in a debt guarantee program established pursuant to [section 1823(c)(4)(G)(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1823/c/4/G/i&num=0&edition=prelim) defaults on any obligation guaranteed by the Corporation after July 21, 2010, the Corporation shall— (1) appoint itself as receiver for the insured depository institution that defaults; and (2) with respect to any other participating company that is not an insured depository institution that defaults— (A) require— (i) consideration of whether a determination shall be made, as provided in [section 5383 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5383&num=0&edition=prelim) to resolve the company under [section 53

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Source location: Title 12, Chapter 53, § 5622; chapter-053-wall-street-reform-and-consumer-protection.md

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

12 U.S.C. § 5612 — Reverse mortgage study and regulations

**(a) Study** Not later than 1 year after the designated transfer date, the Bureau shall conduct a study on reverse mortgage transactions. **(b) Regulations** (1) **In general** — If the Bureau determines through the study required under subsection (a) that conditions or limitations on reverse mortgage transactions are necessary or appropriate for accomplishing the purposes and objectives of this title,11 See References in Text note below. including protecting borrowers with respect to the obtaining of reverse mortgage loans for the purpose of funding investments, annuities, and other investment products and the suitability of a borrower in obtaining a reverse mortgage for such purpose.22 So in original. Sentence does not appear to be complete. (2) **Identified practices and integrated disclosures** — The regulations prescribed under paragraph (1) may, as the Bureau may so determine— (A) identify any practice as unfair, deceptive, or abusive in connection with a reverse mortgage transaction; and (B) provide for an integrated disclosure standard and model disclosures for reverse mortgage transactions, consistent with section 4302(d),1 that combines the relevant disclosures required under the Truth in Lending Act ([15 U.S.C. 1601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1601&num=0&edition=prelim) et seq.) and the Real Estate Settlement Procedures Act [[12 U.S.C. 2601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2601&num=0&edition=prelim) et seq.], with the disclosures required to be provided to consumers for Home Equity Conversion Mortgages under [section 1715z–20 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715z-20&num=0&edition=prelim). **(c) Rule

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

11 U.S.C. § 303 — Involuntary cases

**(a)** An involuntary case may be commenced only under chapter 7 or 11 of this title, and only against a person, except a farmer, family farmer, or a corporation that is not a moneyed, business, or commercial corporation, that may be a debtor under the chapter under which such case is commenced. **(b)** An involuntary case against a person is commenced by the filing with the bankruptcy court of a petition under chapter 7 or 11 of this title— (1) by three or more entities, each of which is either a holder of a claim against such person that is not contingent as to liability or the subject of a bona fide dispute as to liability or amount, or an indenture trustee representing such a holder, if such noncontingent, undisputed claims aggregate at least $10,000 11 See Adjustment of Dollar Amounts notes below. more than the value of any lien on property of the debtor securing such claims held by the holders of such claims; (2) if there are fewer than 12 such holders, excluding any employee or insider of such person and any transferee of a transfer that is voidable under section 544, 545, 547, 548, 549, or 724(a) of this title, by one or more of such holders that hold in the aggregate at least $10,000 1 of such claims; (3) if such person is a partnership— (A) by fewer than all of the general partners in such partnership; or (B) if relief has been ordered under this title with respect to all of the general partners in such partnership, by a general partner in such partnership, the trustee of such a general partner, or a holder of a claim against such partnership; or (4) by a foreign representative of the estate in a foreign proceeding concerning such person. **(c)** After the filing of a petition under this section but before the case is dismissed or relief is ordere

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

12 U.S.C. § 5382 — International policy coordination

**(a) By the President** The President, or a designee of the President, may coordinate through all available international policy channels, similar policies as those found in United States law relating to limiting the scope, nature, size, scale, concentration, and interconnectedness of financial companies, in order to protect financial stability and the global economy. **(b) By the Council** The Chairperson of the Council, in consultation with the other members of the Council, shall regularly consult with the financial regulatory entities and other appropriate organizations of foreign governments or international organizations on matters relating to systemic risk to the international financial system. **(c) By the Board of Governors and the Secretary** The Board of Governors and the Secretary shall consult with their foreign counterparts and through appropriate multilateral organizations to encourage comprehensive and robust prudential supervision and regulation for all highly leveraged and interconnected financial companies.

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12 U.S.C. § 5383 — Rule of construction

No regulation or standard imposed under this subchapter may be construed in a manner that would lessen the stringency of the requirements of any applicable primary financial regulatory agency or any other Federal or State agency that are otherwise applicable. This subchapter, and the rules and regulations or orders prescribed pursuant to this subchapter, do not divest any such agency of any authority derived from any other applicable law.

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

12 U.S.C. § 1823 — Corporation monies

**(a) Investment of Corporation’s funds** (1) **Authority** — Funds held in the Deposit Insurance Fund or the FSLIC Resolution Fund, that are not otherwise employed shall be invested in obligations of the United States or in obligations guaranteed as to principal and interest by the United States. (2) **Limitation** — The Corporation shall not sell or purchase any obligations described in paragraph (1) for its own account, at any one time aggregating in excess of $100,000, without the approval of the Secretary of the Treasury. The Secretary may approve a transaction or class of transactions subject to the provisions of this paragraph under such conditions as the Secretary may determine. **(b) Depository accounts** The depository accounts of the Corporation shall be kept with the Treasurer of the United States, or, with the approval of the Secretary of the Treasury, with a Federal Reserve bank, or with a depository institution designated as a depository or fiscal agent of the United States: Provided, That the Secretary of the Treasury may waive the requirements of this subsection under such conditions as he may determine: And provided further, That this subsection shall not apply to the establishment and maintenance in any depository institution for temporary purposes of depository accounts not in excess of $50,000 in any one depository institution, or to the establishment and maintenance in any depository institution of any depository accounts to facilitate the payment of insured deposits, or the making of loans to, or the purchase of assets of, insured depository institutions. When designated for that purpose by the Secretary of the Treasury, the Corporation shall be a depositary of public moneys, except receipts from customs, under such regulations as may be prescr

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

11 U.S.C. § 301 — Voluntary cases

**(a)** A voluntary case under a chapter of this title is commenced by the filing with the bankruptcy court of a petition under such chapter by an entity that may be a debtor under such chapter. **(b)** The commencement of a voluntary case under a chapter of this title constitutes an order for relief under such chapter.

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

12 U.S.C. § 1813 — Definitions

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

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

12 U.S.C. § 5622 — Definitions

Page 2010 TITLE 12—BANKS AND BANKING § 5621 SUBCHAPTER VII—IMPROVING ACCESS TO MAINSTREAM FINANCIAL INSTITUTIONS § 5621. Purpose The purpose of this subchapter is to encourage initiatives for financial products and services that are appropriate and accessible for millions of Americans who are not fully incorporated into the financial mainstream. (Pub. L. 111–203, title XII, § 1202, July 21, 2010, 124 Stat. 2129.) Editorial Notes REFERENCES IN TEXT This subchapter, referred to in text, was in the origi- nal ‘‘this title’’, meaning title XII of Pub. L. 111–203, July 21, 2010, 124 Stat. 2129, known as the Improving Ac- cess to Mainstream Financial Institutions Act of 2010, which is classified principally to this subchapter. For complete classification of title XII to the Code, see Short Title note set out under section 5301 of this title and Tables. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Subchapter effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title. SHORT TITLE This subchapter known as the ‘‘Improving Access to Mainstream Financial Institutions Act of 2010’’, see Short Title note set out under section 5301 of this title. § 5622. Definitions In this subchapter, the following definitions shall apply: (1) Account The term ‘‘account’’ means an agreement between an individual and an eligible entity under which the individual obtains from or through the entity 1 or more banking products and services, and includes a deposit account, a savings account (including a money market savings account), an account for a closed-end loan, and other products or services, as the Secretary deems appropriate. (2) Community development financi

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