§1831r — Title 12 Banks and Banking | U.S. Code

Summary

Federal agencies, the FDIC, the Federal Reserve Board, the Resolution Trust Corporation, and any U.S.-owned corporation must not, directly or indirectly, make payments, provide help, guarantees, or transfers that would satisfy any claim against an insured depository institution for obligations that would be deposits under 12 U.S.C. 1813(l), except for the exclusions in 1813(l)(5)(A) and (B). The FDIC can do so if its Board of Directors puts in writing that the action does not conflict with section 1823(c). A Federal Reserve bank may still make advances or extend credit to an insured depository institution under the Federal Reserve Act as allowed by section 10B (12 U.S.C. 347b).

Title 12, §1831r

Banks and Banking — Source: USLM XML via OLRC

(a)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, guarantee, 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 institution 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)Subsection (a) shall not apply to any payment, assistance, guarantee, or transfer made or provided by the Corporation if the Board of Directors determines in writing that such action is not inconsistent with any requirement of section 1823(c) of this title.

(c)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 limitations imposed under section 10B of such Act [12 U.S.C. 347b].

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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

References in Text

note set out under section 226 of this title and Tables.

§1831r Payments on Foreign Deposits Prohibited

Summary

Title 12, §1831r

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Editorial Notes

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