§339a Resolution of clearing banks

Summary

The Board can appoint a conservator or receiver to take control of any uninsured State member bank that runs a multilateral clearing organization under section 4422. The appointment is done in the same way and for the same reasons as when the Comptroller of the Currency appoints a conservator or receiver for a national bank. The conservator or receiver will have the same powers, duties, and limits as one for a national bank. The Board has the same authority over that conservator or receiver and the bank as the Comptroller has with a national bank. The Board can also order the conservator or receiver to file a case under title 11, and if it does, title 11 applies to the bank instead of other federal or state insolvency laws.