§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 institutions: uninsured national banks, uninsured Federal branches and agencies, corporations chartered under section 25A, and uninsured State member banks that run multilateral clearing organizations under section 4422. When those rules refer to the FDIC as receiver, to "the Corporation," or to a "receiver" or "conservator," they instead mean the receiver or conservator appointed by the Comptroller of the Currency for uninsured national banks and Federal branches, or the receiver or conservator appointed by the Board of Governors of the Federal Reserve System for section 25A corporations and uninsured State member banks. There is one exception: the special reference in section 11(e)(8)(D) is not changed. Also, any mention of an "insured depository institution" or "depository institution" in those paragraphs should be read to mean these uninsured institutions when they operate as multilateral clearing organizations. The legal liability of a receiver or conservator for these uninsured institutions is the same as the liability that applies under section 11(e) for receivers and conservators of insured depository institutions. The Comptroller (for uninsured national banks and Federal branches) and the Board (for section 25A corporations and uninsured State member banks), after talking with the FDIC, may make rules only to carry out these four paragraphs of section 11(e). Those rules must generally match the FDIC’s rules and policies. For this part, the words "Federal branch," "Federal agency," and "foreign bank" have the meanings given in section 3101.