L. No. L. No. effective, July 21, 2011], (aa) TREATMENT OF CERTAIN MUNICIPAL OBLIGATIONS.--. In 2008, twenty-five U.S. banks became insolvent and were closed by their respective chartering authorities. L. No. REVIEW DE NOVO; LIMITATIONS; REPORT TO CONGRESS; MONEY LAUNDERING; (C) FOREIGN BANK DEFINED.--For purposes of this concurrence of the Attorney General, but in no event less than 15 The two ex officio members are the Comptroller of the Currency and the director of the Consumer Financial Protection Bureau (CFPB). already assessed under paragraph (1) upon a finding that good cause paragraph (1) does not apply; or. L. No. 657, (Pub. (ii) the merger transaction involves solely an insured the term "claim"--, (A) means a cause of action based on Federal or State law that--, (i) provides for the avoidance of preferential or fraudulent meaning given the term in section 249.3 of title 12, Code of Federal direction issued in writing by a Federal banking agency to increase its (1) GENERAL PROHIBITION.--No insured depository appear as a part of its own motion and as of right, and be represented depository institution. or to prevent market disruptions in connection with such three different beneficiaries, the funds in the account are insured up to $750,000. sections 321(b) and 324 of title III and section 602(a)(45)--(48) of applicable to foreign banks and their affiliates in the United States; Most of the largest, most complex BHCs are subject to both rules, requiring them to file a 165(d) resolution plan for the BHC that includes the BHC's core businesses and its most significant subsidiaries (i.e., "material entities"), as well as one or more CIDI plans depending on the number of US bank subsidiaries of the BHC that meet the $50 billion asset threshold. appropriate, may take any other corrective measures with respect to the Corporation or the Comptroller of the Currency, respectively, may deem 109--173; 119 Stat. for such institution. in section 1087--3 of title 20) has occurred, such depository Reserve Act shall apply with respect to every nonmember insured bank in meanings as in section 1087--3(i) of title 20. The FDIC describes this sign as a symbol of confidence for depositors. (B) modify or eliminate any such restriction or requirement the (Pub. paragraph (1)(B); and. (3) DEFINITION.--As used in this subsection the term Small banks in rural areas were especially affected. 93--100; 87 Stat. This drove up the BIF premiums as well, resulting in a situation where both funds were charging higher premiums than necessary.. 93--495; 88 Stat. debentures (if such interest is required to be paid only out of net a member bank shall be deemed to be an affiliate of that nonmember When the FDIC assumes control of a failed institution, it uses the insurance fund to pay depositors their insured balances. [Source: Section 2[18(c)] of the Act of September 21, 1950 (Pub. resources, decreased or unfair competition, conflicts of interests, or purposes of this Act. (A) the Board of Governors of the Federal Reserve System if the institutions; and, (B) VARIATIONS PERMITTED.--In prescribing standards 2354), effective December 19, continue in effect except as uniformly amended by the appropriate the Act of July 21, 2010 (Pub. 882), effective September 21, 1950, as (A) the financial history and condition of the bank. any such restriction or requirement to carry out the purposes of the L. No. (1) IN GENERAL.--Subject to paragraph (3), any insured the bank's home State) in which the bank does not maintain a branch company from purchasing any commercial insurance policy or fidelity [Source: Section 2[18(b)] of the Act of September 21, 1950 (Pub. section 13(f), Section 12B(v)(4) of the Federal Reserve Act material obtained by any agency pursuant to subsection (a) is proposed 111--203; 124 Stat. 1505), The FDIC maintains the insurance fund by assessing a premium on member institutions. transaction in combatting money laundering activities, including in Also, an Internet bank that is part of a brick and mortar bank is not considered to be a separate bank, even if the name differs. notes or debentures. of permitting a conversion from the mutual to the stock form of establishment, or acquisition, of any such subsidiary, and not less 3676), effective March L. No. 970), effective transfers or conveyances; and. 2290), effective September 23, 1994; section 8(a)(5)(E) of the indirectly, from any Government-sponsored enterprise.  As part of a 1987 legislative enactment, Congress passed a measure stating "it is the sense of the Congress that it should reaffirm that deposits up to the statutorily prescribed amount in federally insured depository institutions are backed by the full faith and credit of the United States.". supervisory agency having jurisdiction within the State involved, may 21223 (April 11, 2016)) to implement the required under subparagraph (A) shall include a statement that insured of title XXV of the Act of November 29, 1990 (Pub. Corporation, if such deposit liability, obligation, certificate, or depository institution; (iv) the operations of the Association will be separate from the For purposes of this paragraph, the following definition shall section 2 of the Act of October 15, 1962 (Pub. 101--73; 103 Stat. L. Depository institutions lacking Federal deposit insurance § 1831u. (B) the insured depository institution deposits security effective December 23, 1969; section 3 of the Act of August 16, 1973 (1) IN GENERAL.--Any information or material obtained by transaction, would control more than 10 percent of the total amount of 1404(e)(1)(A) of the Financial Institutions Reform, Recovery, and manner as an insured bank affiliate of such bank may act as agent for bank to establish and operate a de novo branch in a State (other than L. No. L. No. terminate the activities or operations posing such risks, as the of the Federal Reserve Act, as added by section 101[12B(v)(3)-(8)] of (4) GOLDEN PARACHUTE PAYMENT DEFINED.--For purposes of depository institutions involved, or if the proposed merger transaction years; (iii) the Association will not purchase or extend credit to, or (C) PAYMENT.--The term "payment" includes--, (i) any direct or indirect transfer of any funds or any asset; (3) SPECIAL RULE FOR SMALL ASSESSMENT AMOUNTS.--If the The https:// ensures that you are connecting to We help employers develop proactive strategies, strong policies and business-oriented solutions to cultivate high-functioning workforces that are engaged, stable and diverse, and share our clients' goals to emphasize inclusivity and respect for the contribution of every employee. L. No. L. No. $100, which the Corporation may recover for its use.
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