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Title 12 — Banks and BankingRelease 119-73not60

§339a Resolution of Clearing Banks

Title 12 › Chapter 3— FEDERAL RESERVE SYSTEM › Subchapter VIII— STATE BANKS AS MEMBERS OF SYSTEM › § 339a

Last updated Apr 3, 2026|Official source

Summary

The Board can put a conservator or receiver in charge of any uninsured state member bank that runs a multilateral clearing organization under section 4422, the same way the Comptroller can for national banks. The conservator or receiver has the same powers, duties, and limits as one for a national bank, and the Board has the same control over them and the bank. The Board can also tell the conservator or receiver to file for bankruptcy under Title 11, and if that happens Title 11 rules apply instead of other federal or state insolvency laws.

Full Legal Text

Title 12, §339a

Banks and Banking — Source: USLM XML via OLRC

(a)(1)The Board may appoint a conservator or receiver to take possession and control of any uninsured State member bank which operates, or operates as, a multilateral clearing organization pursuant to section 4422 11 See References in Text note below. of this title to the same extent and in the same manner as the Comptroller of the Currency may appoint a conservator or receiver for a national bank.
(2)The conservator or receiver for an uninsured State member bank referred to in paragraph (1) shall exercise the same powers, functions, and duties, subject to the same limitations, as a conservator or receiver for a national bank.
(b)The Board shall have the same authority with respect to any conservator or receiver appointed under subsection (a), and the uninsured State member bank for which the conservator or receiver has been appointed, as the Comptroller of the Currency has with respect to a conservator or receiver for a national bank and the national bank for which the conservator or receiver has been appointed.
(c)The Board (in the case of an uninsured State member bank which operates, or operates as, such a multilateral clearing organization) may direct a conservator or receiver appointed for the bank to file a petition pursuant to title 11, in which case, title 11 shall apply to the bank in lieu of otherwise applicable Federal or State insolvency law.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 4422 of this title, referred to in subsec. (a)(1), was repealed by Pub. L. 111–203, title VII, § 740, July 21, 2010, 124 Stat. 1729. Codification Section was enacted as section 9B of act Dec. 13, 1913, and not as part of section 9 of such act which comprises this subchapter.

Reference

Citations & Metadata

Citation

12 U.S.C. § 339a

Title 12 — Banks and Banking

Last Updated

Apr 3, 2026

Release point: 119-73not60