§4406a Treatment of Contracts with Uninsured National Banks, Uninsured Federal Branches and Agencies, Certain Uninsured State Member Banks, and Edge Act Corporations

Summary

Makes paragraphs (8), (9), (10), and (11) of section 11(e) of the Federal Deposit Insurance Act apply to certain uninsured institutions that run a multilateral clearing organization under section 4422. Those include uninsured national banks, uninsured Federal branches or agencies, corporations chartered under section 25A of the Federal Reserve Act, and certain uninsured State member banks. When those FDIC rules talk about the "Corporation as receiver," "the Corporation," a "receiver," or a "conservator," they mean the receiver or conservator the Comptroller of the Currency appoints for uninsured national banks or Federal branches/agencies, or the receiver or conservator the Board of Governors of the Federal Reserve System appoints for section 25A corporations or uninsured State member banks. When those rules say "insured depository institution" or "depository institution," they mean the uninsured institutions listed above that operate the multilateral clearing organization. The legal responsibility of a receiver or conservator for these uninsured institutions must be decided the same way and with the same limits that apply under section 11(e) for receivers and conservators of insured depository institutions. The Comptroller and the Board, each for their own types of institutions and after consulting the FDIC, may make rules only to implement paragraphs (8)–(11) of section 11(e). Those rules must generally match the FDIC’s regulations and policies under the Federal Deposit Insurance Act. The terms "Federal branch," "Federal agency," and "foreign bank" mean what section 3101 says.