Liquidation by Board; bond; appointment of agent; fees to be fixed by Board
Liquidation to facilitate prompt corrective action .—
Powers and duties of Board as conservator or liquidating agent
Rulemaking authority of Board
The Board may prescribe such regulations as the Board determines to be appropriate regarding the conduct of the Board as conservator or liquidating agent.
General powers
Successor to credit union
Operate the credit union
Functions of credit union’s officers, directors, and shareholders
The Board may, by regulation or order, provide for the exercise of any function by any member or stockholder, director, or officer of any credit union for which the Board has been appointed conservator or liquidating agent.
Powers as conservator
Additional powers as liquidating agent
The Board may, as liquidating agent, place the credit union in liquidation and proceed to realize upon the assets of the credit union, having due regard to the conditions of credit in the locality.
Payment of valid obligations
The Board, as conservator or liquidating agent, shall pay all valid obligations of the credit union in accordance with the prescriptions and limitations of this chapter.
Attachment of assets and injunctive relief
Subject to subparagraph (H), any court of competent jurisdiction may, at the request of the Board (in the Board’s capacity as conservator or liquidating agent for any insured credit union or in the Board’s corporate capacity in the exercise of any authority under this section), issue an order in accordance with Rule 65 of the Federal Rules of Civil Procedure, including an order placing the assets of any person designated by the Board under the control of the court and appointing a trustee to hold such assets.
Standards
Showing
Rule 65 of the Federal Rules of Civil Procedure shall apply with respect to any proceeding under subparagraph (G) without regard to the requirement of such rule that the applicant show that the injury, loss, or damage is irreparable and immediate.
State proceeding
If, in the case of any proceeding in a State court, the court determines that rules of civil procedure available under the laws of such State provide substantially similar protections to such party’s right to due process as Rule 65 (as modified with respect to such proceeding by clause (i)), the relief sought by the Board pursuant to subparagraph (G) may be requested under the laws of such State.
Subpoena authority
In general
section 1786(p) of this titleThe Board may, as conservator or liquidating agent and for purposes of carrying out any power, authority, or duty with respect to an insured credit union (including determining any claim against the credit union and determining and realizing upon any asset of any person in the course of collecting money due the credit union), exercise any power established under , and the provisions of such section shall apply with respect to the exercise of any such power under this subparagraph in the same manner as such provisions apply under such section.
Authority of Board
A subpoena or subpoena duces tecum may be issued under clause (i) only by, or with the written approval of, the Board or their designees.
Rule of construction
section 1786(p) of this titleThis subsection shall not be construed as limiting any rights that the Board, in any capacity, might otherwise have under .
Incidental powers
Exemption from criminal prosecution
The Administration shall be exempt from all prosecution by the United States or any State, county, municipality, or local authority for any criminal offense arising under Federal, State, county, municipal, or local law, which was allegedly committed by a credit union, or persons acting on behalf of a credit union, prior to the appointment of the Administration as liquidating agent.
Authority of liquidating agent to determine claims
In general
The Board may, as liquidating agent, determine claims in accordance with the requirements of this subsection and regulations prescribed under paragraph (4).
Notice requirements
Mailing required
Rulemaking authority relating to determination of claims
The Board may prescribe regulations regarding the allowance or disallowance of claims by the liquidating agent and providing for administrative determination of claims and review of such determination.
Procedures for determination of claims
Determination period
In general
Before the end of the 180-day period beginning on the date any claim against a credit union is filed with the Board as liquidating agent, the Board shall determine whether to allow or disallow the claim and shall notify the claimant of any determination with respect to such claim.
Extension of time
The period described in clause (i) may be extended by a written agreement between the claimant and the Board.
Mailing of notice sufficient
Contents of notice of disallowance
Allowance of proven claims
The liquidating agent shall allow any claim received on or before the date specified in the notice published under paragraph (3)(B)(i) by the liquidating agent from any claimant which is proved to the satisfaction of the liquidating agent.
Disallowance of claims filed after end of filing period
In general
Except as provided in clause (ii), claims filed after the date specified in the notice published under paragraph (3)(B)(i) shall be disallowed and such disallowance shall be final.
Certain exceptions
Authority to disallow claims
The liquidating agent may disallow any portion of any claim by a creditor or claim of security, preference, or priority which is not proved to the satisfaction of the liquidating agent.
No judicial review of determination pursuant to subparagraph (D)
No court may review the Board’s determination pursuant to subparagraph (D) to disallow a claim.
Legal effect of filing
Statute of limitation tolled
For purposes of any applicable statute of limitations, the filing of a claim with the liquidating agent shall constitute a commencement of an action.
No prejudice to other actions
Subject to paragraph (12), the filing of a claim with the liquidating agent shall not prejudice any right of the claimant to continue any action which was filed before the appointment of the liquidating agent.
Provision for agency review or judicial determination of claims
In general
Statute of limitations
Review of claims
Administrative hearing
If any claimant requests review under this subparagraph in lieu of filing or continuing any action under paragraph (6) and the Board agrees to such request, the Board shall consider the claim after opportunity for a hearing on the record. The final determination of the Board with respect to such claim shall be subject to judicial review under chapter 7 of title 5.
Other review procedures
In general
The Board shall also establish such alternative dispute resolution processes as may be appropriate for the resolution of claims filed under paragraph (5)(A)(i).
Criteria
In establishing alternative dispute resolution processes, the Board shall strive for procedures which are expeditious, fair, independent, and low cost.
Voluntary binding or nonbinding procedures
The Board may establish both binding and nonbinding processes, which may be conducted by any government or private party, but all parties, including the claimant and the Board, must agree to the use of the process in a particular case.
Consideration of incentives
The Board shall seek to develop incentives for claimants to participate in the alternative dispute resolution process.
Expedited determination of claims
Establishment required
Determination period
Period for filing or renewing suit
Statute of limitations
If an action described in subparagraph (C) is not filed, or the motion to renew a previously filed suit is not made, before the end of the 30-day period beginning on the date on which such action or motion may be filed in accordance with subparagraph (B), the claim shall be deemed to be disallowed as of the end of such period (other than any portion of such claim which was allowed by the liquidating agent), such disallowance shall be final, and the claimant shall have no further rights or remedies with respect to such claim.
Legal effect of filing
Statute of limitation tolled
For purposes of any applicable statute of limitations, the filing of a claim with the liquidating agent shall constitute a commencement of an action.
No prejudice to other actions
Subject to paragraph (12), the filing of a claim with the liquidating agent shall not prejudice any right of the claimant to continue any action which was filed before the appointment of the liquidating agent.
Agreement as basis of claim
Requirements
section 1788(a)(3) of this titleExcept as provided in subparagraph (B), any agreement which does not meet the requirements set forth in shall not form the basis of, or substantially comprise, a claim against the liquidating agent or the Board.
Exception to contemporaneous execution requirement
section 1788(a)(3) of this titleNotwithstanding , any agreement between a Federal home loan bank or Federal Reserve bank and any insured credit union which was executed before the extension of credit by such bank to such credit union shall be treated as having been executed contemporaneously with such extension of credit for purposes of subparagraph (A).
Payment of claims
In general
The liquidating agent may, in the liquidating agent’s discretion and to the extent funds are available, pay creditor claims which are allowed by the liquidating agent, approved by the Board pursuant to a final determination pursuant to paragraph (7) or (8), or determined by the final judgment of any court of competent jurisdiction in such manner and amounts as are authorized under this chapter.
Payment of dividends on claims
The liquidating agent may, in the liquidating agent’s sole discretion, pay dividends on proved claims at any time, and no liability shall attach to the Board (in such Board’s corporate capacity or as liquidating agent), by reason of any such payment, for failure to pay dividends to a claimant whose claim is not proved at the time of any such payment.
Distribution of assets
Subrogated claims; claims of uninsured accountholders and other creditors
Distribution to shareholders of amounts remaining after payment of all other claims and expenses
In any case in which funds remain after all accountholders, creditors, other claimants, and administrative expenses are paid, the liquidating agent shall distribute such funds to the credit union’s shareholders or members together with the accounting report required under paragraph (14)(C).
Suspension of legal actions
In general
Grant of stay by all courts required
Upon receipt of a request by any conservator or liquidating agent pursuant to subparagraph (A) for a stay of any judicial action or proceeding in any court with jurisdiction of such action or proceeding, the court shall grant such stay as to all parties.
Additional rights and duties
Prior final adjudication
The Board shall abide by any final unappealable judgment of any court of competent jurisdiction which was rendered before the appointment of the Board as conservator or liquidating agent.
Rights and remedies of conservator or liquidating agent
No attachment or execution
No attachment or execution may issue by any court upon assets in the possession of the liquidating agent.
Limitation on judicial review
Statute of limitations for actions brought by conservator or liquidating agent
In general
Determination of the date on which a claim accrues
Accounting and recordkeeping requirements
In general
The Board as conservator or liquidating agent shall, consistent with the accounting and reporting practices and procedures established by the Board, maintain a full accounting of each conservatorship and liquidation or other disposition of credit unions in default.
Annual accounting or report
With respect to each conservatorship or liquidation to which the Board was appointed, the Board shall make an annual accounting or report, as appropriate, available to the Comptroller General of the United States or, in the case of a State-chartered credit union, the authority which appointed the Board as conservator or liquidating agent.
Availability of reports
Any report prepared pursuant to subparagraph (B) shall be made available by the Board upon request to any shareholder of the credit union for which the Board was appointed conservator or liquidating agent or any other member of the public.
Recordkeeping requirement
In general
Except as provided in clause (ii), after the end of the 6-year period beginning on the date the Board is appointed as liquidating agent of an insured credit union, the Board may destroy any records of such credit union which the Board, in the Board’s discretion, determines to be unnecessary unless directed not to do so by a court of competent jurisdiction or governmental agency, or prohibited by law.
Old records
Notwithstanding clause (i) the Board may destroy records of an insured credit union which are at least 10 years old as of the date on which the Board is appointed as liquidating agent of such credit union in accordance with clause (i) at any time after such appointment is final, without regard to the 6-year period of limitation contained in clause (i).
Fraudulent transfers
In general
The Board, as conservator or liquidating agent for any insured credit union, may avoid a transfer of any interest of an institution-affiliated party, or any person who the Board determines is a debtor of the institution, in property, or any obligation incurred by such party or person, that was made within 5 years of the date on which the Board becomes conservator or liquidating agent if such party or person voluntarily or involuntarily made such transfer or incurred such liability with the intent to hinder, delay, or defraud the insured credit union or the Board.
Right of recovery
Rights of transferee or obligee
Rights under this paragraph
The rights of the Board under this paragraph shall be superior to any rights of a trustee or any other party (other than any party which is a Federal agency) under title 11.
Provisions relating to contracts entered into before appointment of conservator or liquidating agent
Authority to repudiate contracts
Timing of repudiation
The conservator or liquidating agent appointed for any insured credit union shall determine whether or not to exercise the rights of repudiation under this subsection within a reasonable period following such appointment.
Claims for damages for repudiation
In general
No liability for other damages
Measure of damages for repudiation of financial contracts
Leases under which the credit union is the lessee
In general
If the conservator or liquidating agent disaffirms or repudiates a lease under which the credit union was the lessee, the conservator or liquidating agent shall not be liable for any damages (other than damages determined pursuant to subparagraph (B)) for the disaffirmance or repudiation of such lease.
Payments of rent
Leases under which the credit union is the lessor
In general
Provisions applicable to lessee remaining in possession
Contracts for the sale of real property
In general
Provisions applicable to purchaser remaining in possession
Assignment and sale allowed
In general
No provision of this paragraph shall be construed as limiting the right of the conservator or liquidating agent to assign the contract described in subparagraph (A) and sell the property subject to the contract and the provisions of this paragraph.
No liability after assignment and sale
If an assignment and sale described in clause (i) is consummated, the conservator or liquidating agent shall have no further liability under the contract described in subparagraph (A) or with respect to the real property which was the subject of such contract.
Provisions applicable to service contracts
Services performed before appointment
Services performed after appointment and prior to repudiation
Acceptance of performance no bar to subsequent repudiation
The acceptance by any conservator or liquidating agent of services referred to in subparagraph (B) in connection with a contract described in such subparagraph shall not affect the right of the conservator or liquidating agent to repudiate such contract under this section at any time after such performance.
Certain qualified financial contracts
Rights of parties to contracts
Applicability of other provisions
Subsection (b)(12) shall apply in the case of any judicial action or proceeding brought against any liquidating agent referred to in subparagraph (A), or the credit union for which such liquidating agent was appointed, by any party to a contract or agreement described in subparagraph (A)(i) with such credit union.
Certain transfers not avoidable
In general
section 91 of this titleNotwithstanding paragraph (11), or any other Federal or State law relating to the avoidance of preferential or fraudulent transfers, the Board, whether acting as such or as conservator or liquidating agent of an insured credit union, may not avoid any transfer of money or other property in connection with any qualified financial contract with an insured credit union.
Exception for certain transfers
Clause (i) shall not apply to any transfer of money or other property in connection with any qualified financial contract with an insured credit union if the Board determines that the transferee had actual intent to hinder, delay, or defraud such credit union, the creditors of such credit union, or any conservator or liquidating agent appointed for such credit union.
Certain contracts and agreements defined
Qualified financial contract
The term “qualified financial contract” means any securities contract, forward contract, repurchase agreement, and any similar agreement that the Board determines by regulation, resolution, or order to be a qualified financial contract for purposes of this paragraph.
Securities contract
Commodity contract
Forward contract
Repurchase agreement
Swap agreement
Treatment of master agreement as one agreement
Any master agreement for any contract or agreement described in any preceding clause of this subparagraph (or any master agreement for such master agreement or agreements), together with all supplements to such master agreement, shall be treated as a single agreement and a single qualified financial contract. If a master agreement contains provisions relating to agreements or transactions that are not themselves qualified financial contracts, the master agreement shall be deemed to be a qualified financial contract only with respect to those transactions that are themselves qualified financial contracts.
Transfer
The term “transfer” means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with property or with an interest in property, including retention of title as a security interest and foreclosure of the depository institution’s equity of redemption.
Person
section 1 of title 1The term “person” includes any governmental entity in addition to any entity included in the definition of such term in .
Certain protections in event of appointment of conservator
Clarification
No provision of law shall be construed as limiting the right or power of the Board, or authorizing any court or agency to limit or delay, in any manner, the right or power of the Board to transfer any qualified financial contract in accordance with paragraphs (9) and (10) of this subsection or to disaffirm or repudiate any such contract in accordance with subsection (c)(1) of this section.
Walkaway clauses not effective
In general
Notwithstanding the provisions of subparagraphs (A) and (E), and sections 4403 and 4404 of this title, no walkaway clause shall be enforceable in a qualified financial contract of an insured credit union in default.
Limited suspension of certain obligations
Walkaway clause defined
For purposes of this subparagraph, the term “walkaway clause” means any provision in a qualified financial contract that suspends, conditions, or extinguishes a payment obligation of a party, in whole or in part, or does not create a payment obligation of a party that would otherwise exist, solely because of such party’s status as a nondefaulting party in connection with the insolvency of an insured credit union or the appointment of or the exercise of rights or powers by a conservator or liquidating agent of such credit union, and not as a result of a party’s exercise of any right to offset, setoff, or net obligations that exist under the contract, any other contract between those parties, or applicable law.
Recordkeeping requirements
section 1790a of this titleThe Board, in consultation with the appropriate Federal banking agencies, may prescribe regulations requiring more detailed recordkeeping by any insured credit union with respect to qualified financial contracts (including market valuations) only if such insured credit union is in a troubled condition (as such term is defined by the Board pursuant to ).
Transfer of qualified financial contracts
In general
Transfer to foreign bank, foreign financial institution, or branch or agency of a foreign bank or financial institution
In transferring any qualified financial contracts and related claims and property under subparagraph (A)(i), the conservator or liquidating agent for the credit union shall not make such transfer to a foreign bank, financial institution organized under the laws of a foreign country, or a branch or agency of a foreign bank or financial institution unless, under the law applicable to such bank, financial institution, branch or agency, to the qualified financial contracts, and to any netting contract, any security agreement or arrangement or other credit enhancement related to 1 or more qualified financial contracts, the contractual rights of the parties to such qualified financial contracts, netting contracts, security agreements or arrangements, or other credit enhancements are enforceable substantially to the same extent as permitted under this section.
Transfer of contracts subject to the rules of a clearing organization
In the event that a conservator or liquidating agent transfers any qualified financial contract and related claims, property, and credit enhancements pursuant to subparagraph (A)(i) and such contract is cleared by or subject to the rules of a clearing organization, the clearing organization shall not be required to accept the transferee as a member by virtue of the transfer.
Definitions
Notification of transfer
In general
Certain rights not enforceable
Liquidation
Conservatorship
3
Notice
For purposes of this paragraph, the Board as conservator or liquidating agent of an insured credit union shall be deemed to have notified a person who is a party to a qualified financial contract with such credit union if the Board has taken steps reasonably calculated to provide notice to such person by the time specified in subparagraph (A).
44 So in original. Probably should be “bridge depository institutions”. Treatment of bridge banks
“Business day” defined
For purposes of this paragraph, the term “business day” means any day other than any Saturday, Sunday, or any day on which either the New York Stock Exchange or the Federal Reserve Bank of New York is closed.
Disaffirmance or repudiation of qualified financial contracts
Certain security interests not avoidable
No provision of this subsection shall be construed as permitting the avoidance of any legally enforceable or perfected security interest in any of the assets of any credit union except where such an interest is taken in contemplation of the credit union’s insolvency or with the intent to hinder, delay, or defraud the credit union or the creditors of such credit union.
Authority to enforce contracts
In general
The conservator or liquidating agent may enforce any contract, other than a director’s or officer’s liability insurance contract or a credit union bond, entered into by the credit union notwithstanding any provision of the contract providing for termination, default, acceleration, or exercise of rights upon, or solely by reason of, insolvency or the appointment of or the exercise of rights or powers by a conservator or liquidating agent.
Certain rights not affected
No provision of this paragraph may be construed as impairing or affecting any right of the conservator or liquidating agent to enforce or recover under a directors or officers liability insurance contract or credit union bond under other applicable law.
Consent requirement
In general
Except as otherwise provided by this section, no person may exercise any right or power to terminate, accelerate, or declare a default under any contract to which the credit union is a party, or to obtain possession of or exercise control over any property of the credit union or affect any contractual rights of the credit union, without the consent of the conservator or liquidating agent, as appropriate, during the 45-day period beginning on the date of the appointment of the conservator, or during the 90-day period beginning on the date of the appointment of the liquidating agent, as applicable.
Certain exceptions
No provision of this subparagraph shall apply to a director or officer liability insurance contract or a credit union bond, or to the rights of parties to certain qualified financial contracts pursuant to paragraph (8), or shall be construed as permitting the conservator or liquidating agent to fail to comply with otherwise enforceable provisions of such contract.
Rule of construction
Nothing in this subparagraph shall be construed to limit or otherwise affect the applicability of title 11.
Exception for Federal Reserve and Federal home loan banks
Savings clause
7 U.S.C. 275
Payment of insured deposits
In general
In case of the liquidation of any insured credit union, payment of the insured deposits in such credit union shall be made by the Board as soon as possible, subject to the provisions of subsection (e) of this section, either by cash or by making available to each accountholder a transferred deposit in a new credit union in the same community or in another insured credit union in an amount equal to the insured deposit of such accountholder.
Proof of claims
The Board, in its discretion, may require proof of claims to be filed and may approve or reject such claims for insured deposits.
Resolution of disputes
A determination by the Administration regarding any claim for insurance coverage shall be treated as a final determination for purposes of this section. In its discretion, the Board may promulgate regulations prescribing procedures for resolving any disputed claim relating to any insured deposit or any determination of insurance coverage with respect to any deposit. A final determination made by the Board regarding any claim for insurance coverage shall be a final agency action reviewable in accordance with chapter 7 of title 5 by the United States district court for the Federal judicial district where the principal place of business of the credit union is located.
Statute of limitations
Any request for review of a final determination by the Board regarding any claim for insurance coverage shall be filed with the appropriate United States district court not later than 60 days after the date on which such determination is issued.
Subrogation of Board
In general
Notwithstanding any other provision of Federal law, the law of any State, or the constitution of any State, the Board, upon the payment to any accountholder as provided in subsection (d) in connection with any insured credit union described in such subsection or the assumption of any deposit in such credit union by another insured credit union pursuant to this section, shall be subrogated to all rights of the accountholder against such credit union to the extent of such payment or assumption.
Dividends on subrogated amounts
The subrogation of the Board under paragraph (1) with respect to any insured credit union shall include the right on the part of the Board to receive the same dividends from the proceeds of the assets of such credit union as would have been payable to the accountholder on a claim for the insured deposit, but such accountholder shall retain such claim for any uninsured or unassumed portion of the deposit.
Valuation of claims in default
In general
Notwithstanding any other provision of Federal law or the law of any State, this subsection shall govern the rights of the creditors (other than insured accountholders) of such credit union.
Maximum liability
The maximum liability of the Board, acting as liquidating agent or in any other capacity, to any person having a claim against the liquidating agent or the insured credit union for which such liquidating agent is appointed shall equal the amount such claimant would have received if the Board had liquidated the assets and liabilities of such credit union without exercising the Board’s authority under subsection (n) of this section.
Additional payments authorized
In general
The Board may, in its discretion and in the interests of minimizing its losses, use its own resources to make additional payments or credit additional amounts to or with respect to or for the account of any claimant or category of claimants. The Board shall not be obligated, as a result of having made any such payment or credited any such amount to or with respect to or for the account of any claimant or category of claimants, to make payments to any other claimant or category of claimants.
Manner of payment
The Board may make the payments or credit the amounts specified in subparagraph (A) directly to the claimants or may make such payments or credit such amounts to an open insured credit union to induce the open insured credit union to accept liability for such claims.
Limitation on court action
Except as provided in this section, no court may take any action, except at the request of the Board of Directors by regulation or order, to restrain or affect the exercise of powers or functions of the Board as a conservator or a liquidating agent.
Liability of directors and officers
Damages
In any proceeding related to any claim against an insured credit union’s director, officer, employee, agent, attorney, accountant, appraiser, or any other party employed by or providing services to an insured credit union, recoverable damages determined to result from the improvident or otherwise improper use or investment of any insured credit union’s assets shall include principal losses and appropriate interest.
Board as liquidating agent of State-chartered credit unions
Whenever any insured State-chartered credit union shall have been closed by action of its board of directors or by the commission, board, or authority having supervision of such credit union, as the case may be, or by a court of competent jurisdiction, on account of bankruptcy or insolvency, the Board shall accept appointment as liquidating agent therefor, if such appointment is tendered by the commission, board, or authority having supervision of such credit union, or by a court of competent jurisdiction, and is authorized or permitted by State law. With respect to any such State-chartered credit union, the Board as such liquidating agent shall possess all the rights, powers, and privileges granted by State law to a liquidating agent of a State-chartered credit union. For the purposes of this subsection, the term “liquidating agent” includes a liquidating agent, receiver, conservator, commission, person, or other agency charged by law with the duty of winding up the affairs of a credit union.
Insured amounts payable
Net insured amount
In general
section 1821(a) of this titleSubject to the provisions of paragraph (2), the net amount of share insurance payable to any member, or to any person with funds lawfully held in a member account, at an insured credit union shall not exceed the total amount of the shares or deposits in the name of the member (after deducting offsets), less any part thereof which is in excess of the standard maximum share insurance amount, as determined in accordance with this paragraph, and consistently with actions taken by the Federal Deposit Insurance Corporation under .
Aggregation
Determination of the net amount of share insurance under subparagraph (A), shall be in accordance with such regulations as the Board may prescribe, and, in determining the amount payable to any member, there shall be added together all accounts in the credit union maintained by that member for that member’s own benefit, either in the member’s own name or in the names of others.
Authority to define the extent of coverage
The Board may define, with such classifications and exceptions as it may prescribe, the extent of the share insurance coverage provided for member accounts, including member accounts in the name of a minor, in trust, or in joint tenancy.
Government depositors or members
In general
Notwithstanding any limitation in this chapter or in any other provision of law relating to the amount of insurance available to any 1 depositor or member, deposits or shares of a government depositor or member shall be insured in an amount equal to the standard maximum share insurance amount, subject to subparagraph (C).
Government depositor
Authority to limit deposits
The Board may limit the aggregate amount of funds that may be invested or deposited in any credit union insured in accordance with this subchapter by any government depositor or member on the basis of the size of any such credit union in terms of its assets.
Coverage for certain employee benefit plan deposits
Pass-through insurance
The Administration shall provide pass-through share insurance for the deposits or shares of any employee benefit plan.
Prohibition on acceptance of deposits
An insured credit union that is not well capitalized or adequately capitalized may not accept employee benefit plan deposits.
Definitions
Capital standards
section 1790d(c) of this titleThe terms “well capitalized” and “adequately capitalized” have the same meanings as in .
Employee benefit plan
Pass-through share insurance
The term “pass-through share insurance” means, with respect to an employee benefit plan, insurance coverage based on the interest of each participant, in accordance with regulations issued by the Administration.
Rule of construction
No provision of this paragraph shall be construed as authorizing an insured credit union to accept the deposits of an employee benefit plan in an amount greater than such credit union is authorized to accept under any other provision of Federal or State law.
Coverage for interest on lawyers trust accounts (IOLTA) and other similar escrow accounts
Pass-through insurance
The Administration shall provide pass-through share insurance for the deposits or shares of any interest on lawyers trust account (IOLTA) or other similar escrow accounts.
Treatment of IOLTAs
Treatment as escrow accounts
For share insurance purposes, IOLTAs are treated as escrow accounts.
Treatment as member accounts
IOLTAs and other similar escrow accounts are considered member accounts for purposes of paragraph (1), if the attorney administering the IOLTA or the escrow agent administering the escrow account is a member of the insured credit union in which the funds are held.
Definitions
Interest on lawyers trust account
The terms “interest on lawyers trust account” and “IOLTA” mean a system in which lawyers place certain client funds in interest-bearing or dividend-bearing accounts, with the interest or dividends then used to fund programs such as legal service organizations who provide services to clients in need.
Pass-through share insurance
The term “pass-through share insurance” means, with respect to IOLTAs and other similar escrow accounts, insurance coverage based on the interest of each person on whose behalf funds are held in such accounts by the attorney administering the IOLTA or the escrow agent administering a similar escrow account, in accordance with regulations issued by the Administration.
Rule of construction
No provision of this paragraph shall be construed as authorizing an insured credit union to accept the deposits of an IOLTA or similar escrow account in an amount greater than such credit union is authorized to accept under any other provision of Federal or State law.
Standard maximum share insurance amount defined
section 1821(a)(1)(F) of this titleFor purposes of this chapter, the term “standard maximum share insurance amount” means $250,000, adjusted as provided under .
Payment; discharge of liability
Payment of an insured account to any person by the Board shall discharge the Board to the same extent that payment to such person by the closed insured credit union would have discharged it from liability for the insured account.
Undisclosed names
Except as otherwise prescribed by the Board, the Board shall not be required to recognize as the owner of any portion of an account appearing on the records of the closed credit union under a name other than that of the claimant any person whose name or interest as such owner is not disclosed on the records of such closed credit union as part owner of such account, if such recognition would increase the aggregate amount of the insured accounts in such closed credit union.
Withholding of payment due to liability of credit union member
The Board may withhold payment of such portion of the insured account of any member of a closed credit union as may be required to provide for the payment of any direct or indirect liability of such member to the closed credit union or its liquidating agent, which is not offset against a claim due from such credit union, pending the determination and payment of such liability by such member or any other person liable therefor.
Unclaimed insured accounts; limitations
If, after the Board shall have given at least four months’ notice to the member by mailing a copy thereof to his last-known address appearing on the records of the closed credit union, any member of the closed credit union shall fail to claim his insured account from the Board within 18 months after the appointment of the liquidating agent for the closed credit union, all rights of the member against the Board with respect to the insured accounts shall be barred, and all rights of the member against the closed credit union, or the estate to which the Board may have become subrogated, shall thereupon revert to the member.
Sale of assets; security for loans; approval of court; agreements affecting interest of Board in any asset acquired by it
Prohibition on certain acquisitions of assets
Convicted debtors
Settlement of claims
Foreign investigations
June 26, 1934, ch. 750Pub. L. 91–468, § 1(3)84 Stat. 1010Pub. L. 93–495, title I88 Stat. 1501Pub. L. 95–630, title V, § 502(b)92 Stat. 3681Pub. L. 96–153, title III, § 323(c)93 Stat. 1120Pub. L. 96–221, title III, § 308(c)(1)94 Stat. 148Pub. L. 99–514, § 2100 Stat. 2095Pub. L. 100–86, title VII, § 714(a)101 Stat. 654Pub. L. 101–73, title IX, § 915(c)103 Stat. 486Pub. L. 101–647, title XXV104 Stat. 4864Pub. L. 103–394, title V, § 501(c)(1)108 Stat. 4143Pub. L. 105–219, title III, § 301(b)(2)112 Stat. 930Pub. L. 109–8, title IX119 Stat. 147Pub. L. 109–173, § 2(d)(1)119 Stat. 3602Pub. L. 109–351, title VII120 Stat. 1997–1999Pub. L. 109–390120 Stat. 2693–2695Pub. L. 110–289, div. A, title VI, § 1604(b)(2)122 Stat. 2829Pub. L. 111–203, title III124 Stat. 1540Pub. L. 113–252, § 2128 Stat. 2893(, title II, § 207, as added , , ; amended , §§ 101(c), 104(a), , , 1503; , title XIV, § 1401(c), , , 3712; , , ; , , ; , , ; , (b), , , 655; , title XII, § 1217(a), , , 530; , §§ 2521(a)(2), 2526(b), 2528(b), 2532(d), 2534(b), , , 4876, 4878, 4882, 4883; , , ; , , ; , §§ 901(a)(2), (b)(2), (c)(2), (d)(2), (e)(2), (f)(2), (g)(2), (h)(2), (i)(2), 902(b), 903(b), 904(b), 905(b), 908(b), , , 148, 150, 152, 154, 156–159, 162, 166, 183; , (2), , , 3604; , §§ 718(b), 720(b), 721(b), 722(b), 726(21)–(23), , , 2003; , §§ 2(a)(2), (b)(2), (c)(2), 3(b), 6(b), , , 2699; , , ; , §§ 335(b), 343(b)(1), (3), , , 1545; , , .)
Editorial Notes
References in Text
The Federal Rules of Civil Procedure, referred to in subsec. (b)(2)(G), (H), are set out in the Appendix to Title 28, Judiciary and Judicial Procedure.
act June 6, 1934, ch. 40448 Stat. 881section 78c of Title 15section 78a of Title 15The Securities Exchange Act of 1934, referred to in subsec. (c)(8)(D)(v)(I), is , , which is classified principally to chapter 2B (§ 78a et seq.) of Title 15, Commerce and Trade. Section 3(a)(47) of the Act is classified to . For complete classification of this Act to the Code, see and Tables.
Pub. L. 106–102113 Stat. 1338section 1811 of this titleThe Gramm-Leach-Bliley Act, referred to in subsec. (c)(8)(D)(vi), (15), is , , . For complete classification of this Act to the Code, see Short Title of 1999 Amendment note set out under and Tables.
Pub. L. 106–554, § 1(a)(5)114 Stat. 2763section 1 of Title 7The Legal Certainty for Bank Products Act of 2000, referred to in subsec. (c)(8)(D)(vi), (15), is title IV of H.R. 5660, as enacted by , , , 2763A–457, which is classified to sections 27 to 27f of Title 7, Agriculture. For complete classification of this Act to the Code, see Short Title of 2000 Amendment note set out under and Tables.
act Sept. 21, 1922, ch. 36942 Stat. 998section 1 of Title 7The Commodity Exchange Act, referred to in subsec. (c)(8)(D)(vi), (15), is , , which is classified generally to chapter 1 (§ 1 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see and Tables.
section 3602(b) of Title 22For definition of Canal Zone, referred to in subsec. (k)(2)(B)(iv), see , Foreign Relations and Intercourse.
Amendments
Pub. L. 113–252, § 2(1)2014—Subsec. (k)(1)(A). , inserted “, or to any person with funds lawfully held in a member account,” after “payable to any member” and struck out “and paragraphs (5) and (6)” after “this paragraph”.
Pub. L. 113–252, § 2(2)Subsec. (k)(2)(A). , struck out “(as determined under paragraph (5))” after “insurance amount”.
Pub. L. 113–252, § 2(3)Subsec. (k)(5), (6). , (4), added par. (5) and redesignated former par. (5) as (6).
Pub. L. 111–203, § 343(b)(3)(A)2010—Subsec. (k)(1)(A). , struck out cl. (i) designation and heading, substituted “Subject to the provisions of paragraph (2), the net amount” for “Subject to clause (ii) and the provisions of paragraph (2), the net amount”, and struck out cls. (ii) and (iii) which related to insurance for noninterest-bearing transaction accounts and defined “noninterest-bearing transaction account”, respectively.
Pub. L. 111–203, § 343(b)(1)(A), designated existing provisions as cl. (i), inserted heading, substituted “Subject to clause (ii) and the provisions of paragraph (2), the net amount” for “Subject to the provisions of paragraph (2), the net amount”, and added cls. (ii) and (iii).
Pub. L. 111–203, § 343(b)(3)(B)Subsec. (k)(1)(B). , substituted “subparagraph (A)” for “subparagraph (A)(i)”.
Pub. L. 111–203, § 343(b)(1)(B), substituted “subparagraph (A)(i)” for “subparagraph (A)”.
Pub. L. 111–203, § 335(b)Subsec. (k)(5). , substituted “$250,000” for “$100,000”.
Pub. L. 110–2892008—Subsec. (c)(10)(C)(i). substituted “bridge depository institution” for “bridge bank”.
Pub. L. 109–351, § 720(b)2006—Subsec. (b)(2)(K). , added subpar. (K).
Pub. L. 109–351, § 722(b)Subsec. (b)(15)(D). , designated existing provisions as cl. (i), inserted cl. heading, substituted “Except as provided in clause (ii), after the end of the 6-year period” for “After the end of the 6-year period”, and added cl. (ii).
Pub. L. 109–351, § 726(21)Subsec. (c)(5)(B)(i)(I). , inserted “and” after semicolon.
Pub. L. 109–390, § 2(a)(2)(A)Subsec. (c)(8)(D)(ii)(I). , substituted “a mortgage loan,” for “a mortgage loan, or” after “certificate of deposit,” and inserted before semicolon at end “(whether or not such repurchase or reverse repurchase transaction is a ‘repurchase agreement’, as defined in clause (v))”.
Pub. L. 109–390, § 2(a)(2)(B)Subsec. (c)(8)(D)(ii)(IV). , inserted “(including by novation)” after “the guarantee” and “(whether or not such settlement is in connection with any agreement or transaction referred to in subclauses (I) through (XII) (other than subclause (II))” before semicolon at end.
Pub. L. 109–390, § 2(a)(2)(D)Subsec. (c)(8)(D)(ii)(VI) to (VIII). , (E), added subcls. (VI) and (VII) and redesignated former subcl. (VI) as (VIII). Former subcl. (VIII) redesignated (X).
Pub. L. 109–390, § 2(a)(2)(D)Subsec. (c)(8)(D)(ii)(IX). , redesignated subcl. (VII) as (IX). Former subcl. (IX) redesignated (XI).
Pub. L. 109–390, § 2(a)(2)(C), substituted “(VIII), (IX), or (X)” for “or (VIII)” in two places.
Pub. L. 109–390, § 2(a)(2)(D)Subsec. (c)(8)(D)(ii)(X) to (XII). , redesignated subcls. (VIII) to (X) as (X) to (XII), respectively.
Pub. L. 109–390, § 2(b)(2)Subsec. (c)(8)(D)(iv)(I). , substituted “or reverse repurchase transaction (whether or not such repurchase or reverse repurchase transaction is a ‘repurchase agreement’, as defined in clause (v))” for “transaction, reverse repurchase transaction”.
Pub. L. 109–390, § 2(c)(2)(C)Subsec. (c)(8)(D)(vi). , substituted in concluding provisions “the Gramm-Leach-Bliley Act, the Legal Certainty for Bank Products Act of 2000, the securities laws (as such term is defined in section 3(a)(47) of the Securities Exchange Act of 1934) and the Commodity Exchange Act” for “the Securities Act of 1933, the Securities Exchange Act of 1934, the Public Utility Holding Company Act of 1935, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Securities Investor Protection Act of 1970, the Commodity Exchange Act, the Gramm-Leach-Bliley Act, and the Legal Certainty for Bank Products Act of 2000”.
Pub. L. 109–390, § 2(c)(2)(A)Subsec. (c)(8)(D)(vi)(I). , substituted “, precious metals, or other commodity” for “or precious metals” and “weather swap, option, future, or forward agreement; an emissions swap, option, future, or forward agreement; or an inflation swap, option, future, or forward agreement” for “or a weather swap, weather derivative, or weather option”.
Pub. L. 109–390, § 2(c)(2)(B)Subsec. (c)(8)(D)(vi)(II). , inserted “or other derivatives” after “dealings in the swap” and substituted “future, option, or spot transaction” for “future, or option”.
Pub. L. 109–390, § 3(b)Subsec. (c)(8)(D)(ix). , added cl. (ix).
Pub. L. 109–390, § 6(b)Subsec. (c)(8)(G)(ii), (iii). , added cls. (ii) and (iii) and struck out former cl. (ii) which defined walkaway clause.
Pub. L. 109–351, § 718(b)Pub. L. 109–8, § 904(b)(1)Subsec. (c)(13)(C). , which directed addition of subpar. (C) to subsec. (c)(12), was executed to par. (13) to reflect the probable intent of Congress because par. (12) does not contain subpars. and par. (12) was redesignated (13) by . See 2005 Amendment note below.
Pub. L. 109–351, § 721(b)Subsec. (d)(3). , added par. (3) and struck out former par. (3) which related to resolution of dispute and adjudication of claims.
Pub. L. 109–351, § 726(22)Pub. L. 109–351, § 721(b)Subsec. (d)(3)(A). , which directed substitution of “with” for “to” in heading, could not be executed because there is no subpar. (A) heading after the amendment by . See above.
Pub. L. 109–351, § 721(b)Subsec. (d)(4), (5). , added par. (4) and struck out former pars. (4) and (5) which related to review of the Board’s final determination and the statute of limitations.
Pub. L. 109–351, § 726(23)Subsec. (f)(3)(A). , substituted “category of claimants.” for “category or claimants.” in last sentence.
Pub. L. 109–173, § 2(d)(1)(A)Subsec. (k). , inserted subsec. heading.
Pub. L. 109–173, § 2(d)(1)(A)Subsec. (k)(1). , added par. (1) and struck out former par. (1) which read as follows: “Subject to the provisions of paragraph (2), for the purposes of this subsection, the term ‘insured account’ means the total amount of the account in the member’s name (after deducting offsets) less any part thereof which is in excess of $100,000. Such amount shall be determined according to such regulations as the Board may prescribe, and, in determining the amount due to any member, there shall be added together all accounts in the credit union maintained by him for his own benefit either in his own name or in the names of others. The Board may define, with such classifications and exceptions as it may prescribe, the extent of the insurance coverage provided for member accounts, including member accounts in the name of a minor, in trust, or in joint tenancy.”
Pub. L. 109–173, § 2(d)(1)(B)(ii)Subsec. (k)(2). –(iv), inserted par. heading, added subpar. (A), substituted subpar. (B) designation, heading, and introductory provisions for former subpar. (A) designation and introductory provisions which read “Notwithstanding any limitation in this chapter or in any other provision of law relating to the amount of insurance available for the account of any one depositor or member, in the case of a depositor or member who is—”, redesignated former subpar. (B) as (C), inserted heading, and substituted “government depositor or member” for “depositor or member referred to in subparagraph (A)”.
Pub. L. 109–173, § 2(d)(1)(B)(i)Subsec. (k)(2)(A). , substituted period for semicolon at end of cl. (v), realigned margins of cls. (i) to (v), and struck out concluding provisions which read as follows: “his account shall be insured in an amount not to exceed $100,000 per account.”
Pub. L. 109–173, § 2(d)(2)section 1821(a)(1)(F) of this titleSubsec. (k)(3). , substituted “ ‘$250,000 (which amount shall be subject to inflation adjustments as provided under , except that $250,000 shall be substituted for $100,000 wherever such term appears in such section)’ ” for “$100,000”.
Pub. L. 109–173, § 2(d)(1)(C)Subsec. (k)(4), (5). , added pars. (4) and (5).
Pub. L. 109–8, § 901(h)(2)(A)(i)2005—Subsec. (c)(8)(A). , substituted “paragraphs (9) and (10)” for “paragraph (12)” in introductory provisions.
Pub. L. 109–8, § 901(h)(2)(A)(ii)Subsec. (c)(8)(A)(i). , substituted “such person has to cause the termination, liquidation, or acceleration” for “to cause the termination or liquidation”.
Pub. L. 109–8, § 901(h)(2)(A)(iii)Subsec. (c)(8)(A)(ii). , added cl. (ii) and struck out former cl. (ii) which read as follows: “any right under any security arrangement relating to any contract or agreement described in clause (i); or”.
Pub. L. 109–8, § 901(i)(2)section 91 of this titleSubsec. (c)(8)(C)(i). , inserted “ or any other Federal or State law relating to the avoidance of preferential or fraudulent transfers,” before “the Board”.
Pub. L. 109–8, § 901(a)(2)(A)Subsec. (c)(8)(D). , substituted “subsection, the following definitions shall apply:” for “subsection—” in introductory provisions.
Pub. L. 109–8, § 901(a)(2)(B)Subsec. (c)(8)(D)(i). , inserted “, resolution, or order” after “any similar agreement that the Board determines by regulation”.
Pub. L. 109–8, § 901(b)(2)Subsec. (c)(8)(D)(ii). , reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “The term ‘securities contract’—
section 741 of title 11section 78c(a)(41) of title 15“(I) has the meaning given to such term in , except that the term ‘security’ (as used in such section) shall be deemed to include any mortgage loan, any mortgage-related security (as defined in ), and any interest in any mortgage loan or mortgage-related security; and
“(II) does not include any participation in a commercial mortgage loan unless the Board determines by regulation, resolution, or order to include any such participation within the meaning of such term.”
Pub. L. 109–8, § 901(c)(2)section 101 of title 11Subsec. (c)(8)(D)(iii). , amended heading and text of cl. (iii) generally. Prior to amendment, text read as follows: “The term ‘forward contract’ has the meaning given to such term in .”
Pub. L. 109–8, § 901(d)(2)Subsec. (c)(8)(D)(iv). , amended heading and text of cl. (iv) generally. Prior to amendment, text read as follows: “The term ‘repurchase agreement’—
section 101 of title 11section 78c(a)(41) of title 15“(I) has the meaning given to such term in , except that the items (as described in such section) which may be subject to any such agreement shall be deemed to include mortgage-related securities (as such term is defined in , any mortgage loan, and any interest in any mortgage loan; and
“(II) does not include any participation in a commercial mortgage loan unless the Board determines by regulation, resolution, or order to include any such participation within the meaning of such term.”
Pub. L. 109–8, § 901(e)(2)section 101 of title 11Subsec. (c)(8)(D)(v). , amended heading and text of cl. (v) generally. Prior to amendment, text read as follows: “The term ‘transfer’ has the meaning given to such term in .”
Pub. L. 109–8, § 901(f)(2)Subsec. (c)(8)(D)(vi). , added cl. (vi).
Pub. L. 109–8, § 905(b)Subsec. (c)(8)(D)(vii). , added cl. (vii).
Pub. L. 109–8, § 901(g)(2)Subsec. (c)(8)(D)(viii). , added cl. (viii).
Pub. L. 109–8, § 902(b)(1)(A)Subsec. (c)(8)(E). , substituted “other than subsections (b)(9) and (c)(10)” for “other than paragraph (12) of this subsection, subsection (b)(9)” in introductory provisions.
Pub. L. 109–8, § 901(h)(2)(B)Subsec. (c)(8)(E)(ii). , added cl. (ii) and struck out former cl. (ii) which read as follows: “any right under any security arrangement relating to such qualified financial contracts; or”.
Pub. L. 109–8, § 902(b)(1)(B)Subsec. (c)(8)(F), (G). , added subpars. (F) and (G).
Pub. L. 109–8, § 908(b)Subsec. (c)(8)(H). , added subpar. (H).
Pub. L. 109–8, § 903(b)(1)Subsec. (c)(9). , reenacted heading without change and amended text generally. Prior to amendment, text related to the transfer of qualified financial contracts, claims, and property of a credit union in default.
Pub. L. 109–8, § 903(b)(2)Subsec. (c)(10)(A). , substituted concluding provisions for former concluding provisions which read as follows: “the conservator or liquidating agent shall use such conservator’s or liquidating agent’s best efforts to notify any person who is a party to any such contract of such transfer by 12:00, noon (local time), on the business day following such transfer.”
Pub. L. 109–8, § 903(b)(3)Subsec. (c)(10)(B) to (D). , added subpars. (B) and (C) and redesignated former subpar. (B) as (D).
Pub. L. 109–8, § 904(b)(2)Subsec. (c)(11). , added par. (11). Former par. (11) redesignated (12).
Pub. L. 109–8, § 904(b)(1)Subsec. (c)(12). , redesignated par. (11) as (12). Former par. (12) redesignated (13).
Pub. L. 109–8, § 902(b)(2)Subsec. (c)(12)(A). , inserted “or the exercise of rights or powers by” after “the appointment of”.
Pub. L. 109–8, § 904(b)(1)Subsec. (c)(13), (14). , redesignated pars. (12) and (13) as (13) and (14), respectively.
Pub. L. 109–8, § 904(b)(3)Subsec. (c)(15). , added par. (15).
Pub. L. 105–219, § 301(b)(2)(A)1998—Subsec. (a)(1)(A). , substituted “itself” for “himself”.
Pub. L. 105–219, § 301(b)(2)(B)Subsec. (a)(3). , added par. (3).
Pub. L. 103–3941994—Subsec. (c)(8)(D). substituted “section 741” for “section 741(7)” in cl. (ii)(I), “section 101” for “section 101(24)” in cl. (iii), “section 101” for “section 101(41)” in cl. (iv)(I), and “section 101” for “section 101(50)” in cl. (v).
Pub. L. 101–647, § 2521(a)(2)1990—Subsec. (b)(2)(G), (H). , added subpars. (G) and (H). Former subpar. (G) redesignated (I).
Pub. L. 101–647, § 2534(b)Subsec. (b)(2)(I). , added subpar. (I). Former subpar. (I) redesignated (J).
Pub. L. 101–647, § 2521(a)(2), redesignated subpar. (G) as (I).
Pub. L. 101–647, § 2534(b)Subsec. (b)(2)(J). , redesignated subpar. (I) as (J).
Pub. L. 101–647, § 2528(b)Subsec. (b)(16). , added par. (16).
Pub. L. 101–647, § 2526(b)Subsec. (q). , added subsec. (q).
Pub. L. 101–647, § 2532(d)Subsec. (r). , added subsec. (r).
Pub. L. 101–73, § 1217(a)(1)1989—Subsec. (a)(2), (3). , redesignated par. (3) as (2) and struck out former par. (2) which detailed the duties of the Board in serving as liquidating agent for bankrupt or insolvent credit unions.
Pub. L. 101–73, § 1217(a)(3)Subsec. (b). , (4), added subsec. (b) and redesignated former subsec. (b) as (j).
Pub. L. 101–73, § 1217(a)(3)Subsec. (c). , (4), added subsec. (c) and redesignated former subsec. (c) as (k).
Pub. L. 101–73, § 1217(a)(2)Subsec. (d). , (4), added subsec. (d) and struck out former subsec. (d) which provided for subrogation by the Board to all rights of a member against a closed credit union to the extent of the Board’s payment to the member.
Pub. L. 101–73, § 1217(a)(3)lSubsecs. (e) to (i). , (4), added subsecs. (e) to (i) and redesignated former subsecs. (e) to (i) as () to (p), respectively.
Pub. L. 101–73, § 1217(a)(2)Subsec. (j). , (3), redesignated former subsec. (b) as (j) and struck out former subsec. (j) which provided that the power of the Board respecting liquidations was subject to the Board’s own regulations or to regulations of other public authorities.
Pub. L. 101–73, § 1217(a)(3)Subsec. (k). , (5), redesignated former subsec. (c) as (k) and in par. (1), struck out first and fifth sentences which provided that, whenever an insured credit union was closed for liquidation on account of bankruptcy or insolvency, the Board was to pay insured accounts as soon as possible, and that in such cases the Board could investigate claims, require proof of them, and require determination by a court.
Pub. L. 101–73, § 915(c)section 1786(p) of this titleSubsec. (k)(1). , inserted “may investigate said claims under ,” after “before paying the insured accounts,” in last sentence.
lPub. L. 101–73, § 1217(a)(3)lSubsecs. () to (p). , redesignated former subsecs. (e) to (i) as () to (p), respectively.
Pub. L. 100–86, § 714(a)1987—Subsec. (a)(1). , designated existing provisions as subpar. (A) and added subpar. (B).
Pub. L. 100–86, § 714(b)section 1788(c) of this titleSubsec. (j). , redesignated former as subsec. (j) of this section and substituted “subject only to the regulation of the Board, or, in cases where the Board has been appointed liquidating agent solely by a public authority having jurisdiction over the matter other than said Board, subject only to the regulation of such public authority” for “subject to the regulation of the court or other public body having jurisdiction over the matter”.
Pub. L. 99–5141986—Subsec. (c)(3). substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954” wherever appearing, which for purposes of codification was translated as “title 26” thus requiring no change in text.
Pub. L. 96–2211980—Subsec. (c)(1). substituted “$100,000” for “$40,000”.
Pub. L. 96–1531979—Subsec. (c)(2)(A)(v). added cl. (v).
Pub. L. 95–630, § 502(b)1978—Subsecs. (a), (b). , substituted “Board” for “Administrator” wherever appearing, “it” for “he” and “him”, and “its” for “his”, where appropriate.
Pub. L. 95–630Subsec. (c). , §§ 502(b), 1401(c), substituted in pars. (1) and (2) “Board” for “Administrator” wherever appearing and “it” and “its” for “he” and “his”, respectively, where appropriate, and added par. (3).
Pub. L. 95–630, § 502(b)Subsecs. (d) to (i). , substituted “Board” for “Administrator” wherever appearing, and “it” and “its” for “him” and “his”, respectively, where appropriate.
Pub. L. 93–495section 104(a) of Pub. L. 93–4951974—Subsec. (c)(1). , §§ 101(c)(1), (2), 104(a), redesignated existing provisions as par. (1), substituted “Subject to the provisions of paragraph (2), for the purposes of this subsection” for “For the purposes of this subsection”, and substituted “$40,000” for “$20,000”. As enacted amended the first sentence; however the amendment was executed to the second sentence editorially since this would appear to be the probable intent of Congress.
Pub. L. 93–495, § 101(c)(3)Subsec. (c)(2). , added par. (2).
Statutory Notes and Related Subsidiaries
Effective Date of 2010 Amendment
section 335(b) of Pub. L. 111–203section 4 of Pub. L. 111–203section 5301 of this titleAmendment by effective 1 day after , except as otherwise provided, see , set out as an Effective Date note under .
Pub. L. 111–203, title III, § 343(b)(2)124 Stat. 1545
Pub. L. 111–203, title III, § 343(b)(3)124 Stat. 1545, , , provided that the amendment made by section 343(b)(3) is effective .
Effective Date of 2006 Amendment
Pub. L. 109–390section 7 of Pub. L. 109–390section 101 of Title 11Amendment by not applicable to any cases commenced under Title 11, Bankruptcy, or to appointments made under any Federal or State law, before , see , set out as a note under .
Pub. L. 109–173section 2(e) of Pub. L. 109–173section 1785 of this titleAmendment by effective , see , set out as a note under .
Effective Date of 2005 Amendment
Pub. L. 109–8section 1501 of Pub. L. 109–8section 101 of Title 11Amendment by effective 180 days after , and not applicable with respect to cases commenced under Title 11, Bankruptcy, before such effective date, except as otherwise provided, see , set out as a note under .
Effective Date of 1994 Amendment
Pub. L. 103–394section 702 of Pub. L. 103–394section 101 of Title 11Amendment by effective , and not applicable with respect to cases commenced under Title 11, Bankruptcy, before , see , set out as a note under .
Effective Date of 1980 Amendment
Pub. L. 96–221section 308(e) of Pub. L. 96–221section 1817 of this titleAmendment by effective on , see , set out as a note under .
Applicability of 1980 Amendment
Pub. L. 96–221, title III, § 308(c)(2)94 Stat. 148
Effective Date of 1979 Amendment
Pub. L. 96–153section 323(e) of Pub. L. 96–153section 1728 of this titleAmendment by applicable only to claims arising after , with respect to a closing of a bank, etc., see , set out as an Effective and Termination Dates of 1979 Amendment note under .
Effective Date of 1978 Amendment
section 502(b) of Pub. L. 95–630section 509 of Pub. L. 95–630section 1752 of this titleAmendment by effective on expiration of 120 days after , and transitional provisions, see , set out as a note under .
Pub. L. 95–630, title XIV, § 140292 Stat. 3713
Effective Date of 1974 Amendment
Pub. L. 93–495section 101(g) of Pub. L. 93–495section 1813 of this titleFor effective date of amendment by section 101(c)(1), (2) of see , set out as a note under .
Pub. L. 93–495, title I, § 104(b)88 Stat. 1503
Temporary Adjustment in Standard Maximum Share Insurance Amount
section 5241(b)(1) of this titleSubsec. (k)(5) of this section to apply with “$250,000” substituted for “$100,000” during period beginning on , and ending on , see .