§5392 — Title 12 Banks and Banking | U.S. Code

Summary

Only this subchapter can provide money for the orderly liquidation of a covered financial company. No government may try to get around it. If the Corporation is receiver for more than 1 covered company, or for a covered company and an affiliated insured depository institution, it must act to avoid conflicts of interest.

Title 12, §5392

Banks and Banking — Source: USLM XML via OLRC

(a)Funds for the orderly liquidation of any covered financial company under this subchapter shall only be provided as specified under this subchapter.

(b)No governmental entity may take any action to circumvent the purposes of this subchapter.

(c)In the event that the Corporation is appointed receiver for more than 1 covered financial company or is appointed receiver for a covered financial company and receiver for any insured depository institution that is an affiliate of such covered financial company, the Corporation shall take appropriate action, as necessary to avoid any conflicts of interest that may arise in connection with multiple receiverships.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This subchapter, referred to in subsecs. (a) and (b), was in the original “this title”, meaning title II of Pub. L. 111–203, July 21, 2010, 124 Stat. 1442, which is classified principally to this subchapter. For complete classification of title II to the Code, see Tables.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.

§5392 Prohibition of Circumvention and Prevention of Conflicts of Interest