§5613 Additional related matters

Summary

Starting July 21, 2010, the Corporation must not use its authority under section 1823(c)(4)(G)(i) to set up any widely available debt-guarantee program that would be covered by section 5612. If, after that date, a bank or bank holding company taking part in a section 5612 program, or any participant in a debt-guarantee program created under 1823(c)(4)(G)(i), fails to pay a guaranteed debt, the Corporation must act. If the failing firm is an insured depository institution, the Corporation must appoint itself as receiver. If it is a different participating company, the Corporation must consider resolving it under the resolution rules in sections 5383/5382 and either require the company to file a bankruptcy petition under section 301 of title 11 if the Corporation is not receiver within 30 days, or file an involuntary bankruptcy petition for the company under section 303 of title 11. Insured depository institution and depository institution holding company: types of banks or companies that own banks (see section 1813).