§4406a Treatment of contracts with uninsured national banks, uninsured Federal branches and agencies, certain uninsured State member banks, and Edge Act corporations

Summary

Applies paragraphs (8), (9), (10), and (11) of section 11(e) of the Federal Deposit Insurance Act to certain uninsured banking entities. Those are uninsured national banks, uninsured Federal branches or agencies, corporations chartered under section 25A of the Federal Reserve Act, and uninsured State member banks that run or act as multilateral clearing organizations under section 4422. When those FDIC rules refer to the “Corporation as receiver” or similar terms, they mean the receiver named by the Comptroller of the Currency for uninsured national banks or Federal branches/agencies, or the receiver named by the Board of Governors of the Federal Reserve System for section 25A corporations or uninsured State member banks. Likewise, references to the “Corporation,” a “receiver,” a “conservator,” or to an “insured depository institution” should be read to mean these same uninsured entities and their appointed receivers or conservators. Liability for a receiver or conservator of these uninsured entities is decided the same way and with the same limits that apply under section 11(e) for insured institutions. The Comptroller (for uninsured national banks or Federal branches/agencies) and the Board (for section 25A corporations or qualifying State member banks), after consulting the FDIC, may issue rules only to carry out this change. Those rules must generally match FDIC regulations and policies. The terms “Federal branch,” “Federal agency,” and “foreign bank” keep the meanings they have in section 3101.