12 U.S.C. § 1831r — Payments on foreign deposits prohibited

Page 1184 TITLE 12—BANKS AND BANKING § 1831r tion under this section affects the amount of return from the assets.’’ Subsec. (n). Pub. L. 103–204, § 14(e)(2), amended subsec. (n) generally. Prior to amendment, subsec. (n) read as follows: ‘‘AFFORDABLE HOUSING PROGRAM OFFICE.—The Corporation shall establish an Affordable Housing Pro- gram Office within the Corporation to carry out the provisions of this section and shall dedicate certain staff of the Corporation to the office.’’ Subsec. (p)(4)(A), (5)(A), (7)(A). Pub. L. 103–204, § 13, in- serted ‘‘in its corporate capacity, its capacity as con- servator, or its capacity as receiver (including in its ca- pacity as the sole owner of a subsidiary corporation of a depository institution under conservatorship or re- ceivership, which subsidiary has as its principal busi- ness the ownership of real property)’’ before ‘‘; and’’. Subsec. (q). Pub. L. 103–204, § 14(a)(2), added subsec. (q). 1992—Subsec. (p)(4)(B). Pub. L. 102–550 amended sub- par. (B) generally. Prior to amendment, subpar. (B) read as follows: ‘‘that has an appraised value that does not exceed the applicable dollar amount specified in the first sentence of section 203(b)(2) of the National Housing Act, as such dollar amount is increased on an area-by-area basis under such section for areas with high prevailing housing sales prices, except that for purposes of this paragraph no such increase may exceed 150 percent of the dollar amount specified in section 203(b)(2).’’ Pub. L. 102–389 added subpar. (B) and struck out former subpar. (B) which read as follows: ‘‘that has an appraised value that does not exceed the applicable dol- lar amount set forth in the first sentence of section 203(b)(2) of the National Housing Act (which may, in the discretion of the Corporation, take into consider- ation any increase of such amount for high-cost areas).’’ Subsec. (p)(5)(B). Pub. L. 102–389 added subpar. (B) and struck out former subpar. (B) which read as follows: ‘‘that has an appraised value that does not exceed the applicable dollar amount set forth in section 221(d)(3)(ii) of the National Housing Act for elevator- type structures (which may, in the discretion of the Corporation, take into consideration any increase of such amount for high-cost areas).’’ Subsec. (p)(7)(B). Pub. L. 102–550 amended subpar. (B) generally. Prior to amendment, subpar. (B) read as fol- lows: ‘‘that has an appraised value that does not exceed the applicable dollar amount specified in the first sen- tence of section 203(b)(2) of the National Housing Act, as such dollar amount is increased on an area-by-area basis under such section for areas with high prevailing housing sales prices, except that for purposes of this paragraph no such increase may exceed 150 percent of the dollar amount specified in section 203(b)(2).’’ Pub. L. 102–389 added subpar. (B) and struck out former subpar. (B) which read as follows: ‘‘that has an appraised value that does not exceed the applicable dol- lar amount set forth in the first sentence of section 203(b)(2) of the National Housing Act (which may, in the discretion of the Corporation, take into consider- ation any increase of such amount for high-cost areas).’’ Statutory Notes and Related Subsidiaries AFFORDABLE HOUSING ADVISORY BOARD Pub. L. 103–204, § 14(b), Dec. 17, 1993, 107 Stat. 2393, as amended by Pub. L. 105–216, § 14(e), (f), July 29, 1998, 112 Stat. 910, established the Affordable Housing Advisory Board to advise the Thrift Depositor Protection Over- sight Board and the Federal Deposit Insurance Corpora- tion Board of Directors on policies and programs re- lated to the provision of affordable housing and pro- vided that the Advisory Board would terminate on Sept. 30, 1998. COORDINATION AND CONSULTATION BETWEEN FEDERAL DEPOSIT INSURANCE CORPORATION AND RESOLUTION TRUST CORPORATION UNDER AFFORDABLE HOUSING PROGRAMS Pub. L. 102–242, title II, § 241(b), Dec. 19, 1991, 105 Stat. 2331, as amended by Pub. L. 102–550, title XVI, § 1604(c)(1), Oct. 28, 1992, 106 Stat. 4083, provided that: ‘‘The Federal Deposit Insurance Corporation and the Resolution Trust Corporation shall consult and coordi- nate with each other in carrying out their respective responsibilities under the affordable housing programs under section 40 of the Federal Deposit Insurance Act [12 U.S.C. 1831q] and [former] section 21A(c) of the Fed- eral Home Loan Bank Act [12 U.S.C. 1441a(c)]. Such cor- porations shall develop any procedures, and may enter into any agreements, necessary to provide for the co- ordinated, efficient, and effective operation of such pro- grams.’’ § 1831r. Payments on foreign deposits prohibited (a) In general Notwithstanding any other provision of law, the Corporation, the Board of Governors of the Federal Reserve System, the Resolution Trust Corporation, any other agency, department, and instrumentality of the United States, and any corporation owned or controlled by the United States may not, directly or indirectly, make any payment or provide any assistance, guar- antee, or transfer under this chapter or any other provision of law in connection with any insured depository institution which would have the direct or indirect effect of satisfying, in whole or in part, any claim against the institu- tion for obligations of the institution which would constitute deposits as defined in section 1813(l) of this title but for subparagraphs (A) and (B) of section 1813(l)(5) of this title. (b) Exception Subsection (a) shall not apply to any payment, assistance, guarantee, or transfer made or pro- vided by the Corporation if the Board of Direc- tors determines in writing that such action is not inconsistent with any requirement of sec- tion 1823(c) of this title. (c) Discount window lending No provision of this section shall be construed as prohibiting any Federal Reserve bank from making advances or otherwise extending credit pursuant to the Federal Reserve Act [12 U.S.C. 221 et seq.] to any insured depository institution to the extent that such advance or extension of credit is consistent with the conditions and lim- itations imposed under section 10B of such Act [12 U.S.C. 347b]. (Sept. 21, 1950, ch. 967, § 2[41], as added Pub. L. 102–242, title III, § 312, Dec. 19, 1991, 105 Stat. 2367.) Editorial Notes REFERENCES IN TEXT The Federal Reserve Act, referred to in subsec. (c), is act Dec. 23, 1913, ch. 6, 38 Stat. 251, which is classified principally to chapter 3 (§ 221 et seq.) of this title. For complete classification of this Act to the Code, see Ref- erences in Text note set out under section 226 of this title and Tables. Page 1185 TITLE 12—BANKS AND BANKING § 1831r–1 § 1831r–1. Notice of branch closure (a) Notice to appropriate Federal banking agen- cy (1) In general An insured depository institution which pro- poses to close any branch shall submit a no- tice of the proposed closing to the appropriate Federal banking agency not later than the first day of the 90-day period ending on the date proposed for the closing. (2) Contents of notice A notice under paragraph (1) shall include— (A) a detailed statement of the reasons for the decision to close the branch; and (B) statistical or other information in sup- port of such reasons. (b) Notice to customers (1) In general An insured depository institution which pro- poses to close a branch shall provide notice of the proposed closing to its customers. (2) Contents of notice Notice under paragraph (1) shall consist of— (A) posting of a notice in a conspicuous manner on the premises of the branch pro- posed to be closed during not less than the 30-day period ending on the date proposed for that closing; and (B) inclusion of a notice in— (i) at least one of any regular account statements mailed to customers of the branch proposed to be closed, or (ii) in a separate mailing, by not later than the beginning of the 90-day period ending on the date proposed for that closing. (c) Adoption of policies Each insured depository institution shall adopt policies for closings of branches of the in- stitution. (d) Branch closures in interstate banking or branching operations (1) Notice requirements In the case of an interstate bank which pro- poses to close any branch in a low- or mod- erate-income area, the notice required under subsection (b)(2) shall contain the mailing ad- dress of the appropriate Federal banking agen- cy and a statement that comments on the pro- posed closing of such branch may be mailed to such agency. (2) Action required by appropriate Federal banking agency If, in the case of a branch referred to in para- graph (1)— (A) a person from the area in which such branch is located— (i) submits a written request relating to the closing of such branch to the appro- priate Federal banking agency; and (ii) includes a statement of specific rea- sons for the request, including a discussion of the adverse effect of such closing on the availability of banking services in the area affected by the closing of the branch; and (B) the agency concludes that the request is not frivolous, the agency shall consult with community leaders in the affected area and convene a meeting of representatives of the agency and other interested depository institution regu- latory agencies with community leaders in the affected area and such other individuals, orga- nizations, and depository institutions (as de- fined in section 461(b)(1)(A) of this title) as the agency may determine, in the discretion of the agency, to be appropriate, to explore the feasi- bility of obtaining adequate alternative facili- ties and services for the affected area, includ- ing the establishment of a new branch by an- other depository institution, the chartering of a new depository institution, or the establish- ment of a community development credit union, following the closing of the branch. (3) No effect on closing No action by the appropriate Federal bank- ing agency under paragraph (2) shall affect the authority of an interstate bank to close a branch (including the timing of such closing) if the requirements of subsections (a) and (b) have been met by such bank with respect to the branch being closed. (4) Definitions For purposes of this subsection, the fol- lowing definitions shall apply: (A) Interstate bank defined The term ‘‘interstate bank’’ means a bank which maintains branches in more than 1 State. (B) Low- or moderate-income area The term ‘‘low- or moderate-income area’’ means a census tract for which the median family income is— (i) less than 80 percent of the median family income for the metropolitan statis- tical area (as designated by the Director of the Office of Management and Budget) in which the census tract is located; or (ii) in the case of a census tract which is not located in a metropolitan statistical area, less than 80 percent of the median family income for the State in which the census tract is located, as determined without taking into account family in- come in metropolitan statistical areas in such State. (e) Scope of application This section shall not apply with respect to— (1) an automated teller machine; (2) the relocation of a branch or consolida- tion of one or more branches into another branch, if the relocation or consolidation— (A) occurs within the immediate neighbor- hood; and (B) does not substantially affect the na- ture of the business or customers served; or (3) a branch that is closed in connection with— (A) an emergency acquisition under— (i) section 1821(n) of this title; or (ii) subsection (f) or (k) of section 1823 of this title; or