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Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

FDIC Law, Regulations, Related Acts

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1000 - Federal Deposit Insurance Act


FEDERAL DEPOSIT INSURANCE ACT
______________

TABLE OF CONTENTS

SEC. 1. Federal Deposit Insurance Corporation

(a) Establishment of Corporation
(b) Asset disposition division

SEC. 2. Management

(a) Board of Directors
(b) Chairperson and Vice Chairperson
(c) Terms
(d) Vacancy
(e) Ineligibility for other offices
(f) Status of employees

SEC. 3. Definitions

(a) Definitions of bank and related terms
(b) Definitions of savings associations and related terms
(c) Definitions relating to depository institutions
(d) Definitions relating to member banks
(e) Definitions relating to nonmember bank
(f) Mutual savings bank
(g) Savings bank
(h) Insured bank
(i) New depository institution and bridge depository institution defined
(j) Receiver
(k) Board of Directors
(l)
(m) Insured deposit
(n) Transferred deposit
(o) Domestic branch
(p) Trust funds
(q) Appropriate Federal banking agency
(r) State bank supervisor
(s) Definitions relating to foreign banks and branches
(t) Includes, including
(u) Institution-affiliated party
(v) Violation
(w) Definitions relating to affiliates of depository institutions
(x) Definitions relating to default
(y) Definitions relating to deposit insurance fund
(z) Federal banking agency

SEC. 4. Insured depository institutions

(a) Continuation of insurance
(b) Continuation of insurance upon becoming a member bank
(c) Continuation of insurance after conversion
(d) Continuation of insurance after merger or consolidation

SEC. 5. Deposit Insurance

(a) Application to Corporation required
(b) Foreign branch nonmember banks; matters considered
(c) Protection to Deposit Insurance Fund; surety bond, pledge of assets, etc.; injunction
(d) Insurance fees
(e) Liability of commonly controlled depository institutions

SEC. 6. Factors to be considered

SEC. 7. Assessments

(a) Reports of condition; access to reports
(b) Assessments
(c) Certified statements; payments
(d) Corporation exempt from apportionment
(e) Refunds, dividends, and credits
(f) Action against depository institutions failing to file certified statements
(g) Assessment actions
(h) Forfeiture of rights for failure to comply with law
(i) Insurance of trust funds
(j) Change in control of insured depository institutions
(k) Federal banking agency rules and regulations for reports and public disclosure by banks of extension of credit to executive officers or principal shareholders or the related interests of such persons
(l) Designation of fund membership for newly insured depository institutions; definitions
(m) Secondary reserve offsets against premiums
(n) Collections on behalf of Comptroller of the Currency

SEC. 8. Termination of status as insured depository institution

(a) Termination of insurance
(b) Cease-and-desist proceedings
(c) Temporary cease-and-desist orders
(d) Temporary cease-and-desist orders; enforcement
(e) Removal and prohibition authority
(f) Stay of suspension and/or prohibition of institution-affiliated party
(g) Suspension, removal, and prohibition from participation orders in the case of certain criminal offenses
(h) Hearings and judicial review
(i) Jurisdiction and enforcement; penalty
(j) Criminal penalty
(k) [Repealed]
(l) Notice of service
(m) Notice to State authorities
(n) Ancillary provisions; subpoena power, etc.
(o) Termination of membership of State bank in Federal Reserve System
(p) Banks not receiving deposits
(q) Assumption of liabilities
(r) Action or proceeding against foreign bank; basis; removal of officer or other person; venue; service of process
(s) Compliance with monetary transaction recordkeeping and report requirements
(t) Authority of FDIC to take enforcement action against insured depository institutions and institution-affiliated parties
(u) Public disclosures of final orders and agreements
(v) Foreign investigations
(w) Termination of insurance for money laundering or cash transaction reporting offenses

SEC. 9. Corporate Powers

(a) In general
(b) Agency authority

SEC. 10. Administration of Corporation

(a) Board of Directors; use of mails; cooperation with other Federal agencies
(b) Examinations
(c) Administration of oaths and affirmations; evidence; subpoena powers
(d) Annual on-site examinations of all insured depository institutions required
(e) Examination fees
(f) Preservation of agency records
(g) Authority to prescribe regulations and definitions
(h) Coordination of examination authority
(i) Flood insurance compliance by insured depository institutions
(j) Consultation among examiners

SEC. 10A. Examination of investment companies

(a) Exclusive Commission authority
(b) Examination results and other information
(c) Certain examinations
(d) Definitions

SEC. 11. Insurance Funds

(a) Deposit insurance
(b) Liquidation as closing of depository institution demands of its depositors
(c) Appointment of Corporation as conservator or receiver
(d) Powers and duties of Corporation as conservator or receiver
(e) Provisions relating to contracts entered into before appointment of conservator or receiver
(f) Payment of insured deposits
(g) Subrogation of Corporation
(h) Conditions applicable to resolution proceedings
(i) Valuation of claims in default
(j) Limitation on court action
(k) Liability of directors and officers
(l) Damages
(m) New depository institutions
(n) Bridge depository institutions
(o) Supervisory records
(p) Certain sales of assets prohibited
(q) Expedited procedures for certain claims
(r) Foreign investigations
(s) Prohibition on entering secrecy agreements and protective orders
(t) Agencies may share information without waiving privilege
(u) Purchase rights of tenants
(v) Preference for sales for homeless families
(w) Preferences for sales of certain commercial real properties

SEC. 11A. FSLIC Resolution Fund

(a) Established
(b) Source of funds
(c) Treasury backup
(d) Legal proceedings
(e) Transfer of net proceeds from sale of RTC assets
(f) Dissolution

SEC. 12. Corporation as receiver

(a) Bond not required; agents; fee
(b) Payment of insured deposit as discharge from liability
(c) Recognition of claimant not on depository institution records
(d) Withholding payments to meet liability to depository institution
(e) Disposition of unclaimed deposits
(f) Conflict of interest

SEC. 13. Corporation monies

(a) Investment of Corporation's funds
(b) Depository accounts
(c) Assistance to insured depository institutions
(d) Sale of assets to Corporation
(e) Agreements against interests of Corporation
(f) Assisted emergency interstate acquisitions
(g) Payment of interest on stock subscriptions
(h) Reopening or aversion of closing of insured branch of foreign bank
(i) [Repealed]
(j) Loan loss amortization for certain banks
(k) Emergency acquisitions

SEC. 14. Borrowing authority

(a) Borrowing from Treasury
(b) Borrowing from Federal Financing Bank
(c) Repayment schedules required for any borrowing
(d) Borrowing for the Deposit Insurance Fund from insured depository institutions
(e) Borrowing for the Deposit Insurance Fund from Federal Home Loan Banks

SEC. 15. Issuance of notes, debentures, bonds, and other obligations; exemption from taxation

(a) General rule
(b) Other exemptions
(c) Limitation on borrowing
(d) Full faith and credit

SEC. 16. Forms of obligations; preparation by Secretary of the Treasury

SEC. 17. Reports by corporation; audit of financial transactions; report on audits; employment of certified public accountants for audits

(a) Annual reports on the Deposit Insurance Fund and the FSLIC Resolution Fund
(b) Quarterly reports to Treasury
(c) Reports to OMB
(d) Audit
(e) Audit of Corporation
(f) Report of audit
(g) Assistance in audit; costs

SEC. 18. Regulations governing insured depository institutions

(a) Representations of deposit insurance
(b) Payment of dividends by defaulting depository institution
(c) Merger transactions; consent of banking agencies; emergency approval; notice; uniform standards; antitrust actions; review de novo; limitations; report to Congress; money laundering; applicability
(d) Branch banks
(e) Indemnity insurance
(f) Publication of reports
(g) [Repealed]
(h) Penalty for failure to timely pay assessments
(i) Reduction or retirement of capital stock, notes, or debentures; conversion of insured Federal depository institutions to insured State banks or noninsured institutions; consent of banking agencies; applicability
(j) Restrictions on transactions with affiliates and insiders
(k) Authority to regulate or prohibit certain forms of benefits to institution- affiliated parties
(l) Acquisition of foreign banks or entities
(m) Activities of savings associations and their subsidiaries
(n) Calculation of Capital
(o) Real estate lending
(p) Periodic review of capital standards
(q) Sovereign risk
(r) Subsidiary depository institutions as agents for certain affiliates
(s) Prohibition on certain affiliations
(t) Recordkeeping requirements
(u) Limitation on claims
(v) Loans by insured institutions on their own stock
(w) Written employment references may contain suspicions of involvement in illegal activity
(x) Privileges not affected by disclosure to banking agency or supervisor
(y) State lending limit treatment of derivatives transactions
(z) General prohibition on sale of assets

SEC. 18a. Prudential safeguards

(a) Comptroller of the Currency
(b) Board of Governors of the Federal Reserve System
(c) Federal Deposit Insurance Corporation

SEC. 18b. Interagency data sharing

(a) In general
(b) Confidentiality requirements
(c) Banking agency information sharing

SEC. 19. Penalty for unauthorized participation by convicted individual

(a) Prohibition
(b) Penalty
(d) Bank holding companies
(e) Savings and loan holding companies

SEC. 20. Participation by State nonmember insured banks in lotteries and related activities.

(a) Prohibited activities
(b) Use of banking premises prohibited
(c) Definitions
(d) Lawful banking services connected with operation of lottery
(e) Regulations; enforcement

SEC. 21. Retention of records by insured depository institutions

(a) Congressional findings and declaration of purpose
(b) Recordkeeping regulations
(c) Identity of persons having accounts and persons authorized to act with respect to such accounts; exemptions
(d) Reproduction of checks, drafts, and other instruments; record of transactions; identity of party
(e) Identity of persons making reportable currency and foreign transactions
(f) Additions to or substitutes for required records
(g) Retention period
(h) Report to Congress by Secretary of the Treasury
(i) Application of provisions to foreign banks
(j) Civil penalties

SEC. 22. Nondiscrimination

SEC. 23. Separability of certain provisions of this chapter

SEC. 24. Activities of insured state banks

(a) Permissible activities
(b) Insurance underwriting
(c) Equity investments by insured state banks
(d) Subsidiaries of insured state banks
(e) Savings bank life insurance
(f) Common and preferred stock investment
(g) Determinations
(h) Activity defined
(i) Other authority not affected
(j) Activities of branches of out-of-state banks

SEC. 25. Disclosures with respect to certain federally related mortgage loans

(a) Identity of beneficiary interest as condition for a loan; report to Corporation
(b) Enforcement; bank status

SEC. 26. Assuring consistent oversight of subsidiaries of holding companies

(a) Definitions
(b) Examination requirements
(c) State coordination
(d) Appropriate Federal banking agency backup examination authority
(e) Referrals for enforcement by appropriate Federal banking agency
(f) Coordination among appropriate Federal banking agencies
(g) Rule of construction

SEC. 27. State-chartered insured depository institutions and insured branches of foreign Banks

(a) Interest rates
(b) Interest overcharge; forfeiture; interest payment recovery

SEC. 28. Activities of savings associations

(a) In general
(b) Differences of magnitude between State and Federal Powers
(c) Equity investments by State savings associations
(d) Corporate debt securities
(e) Transfer of corporate debt security in exchange for a qualified note
(f) Determinations
(g) ``Activity'' defined
(h) Other authority not affected

SEC. 29. Brokered deposits

(a) In general
(b) Renewals and rollovers treated as acceptance of funds
(c) Waiver authority
(d) Limited exception for certain conservatorships
(e) Restriction on interest rate paid
(f) Additional restrictions
(g) Definitions relating to deposit broker
(h) Deposit solicitation restricted

SEC. 30. Contracts between depository institutions and persons providing goods, products, or services

(a) In general
(b) Rulemaking
(c) Enforcement
(d) No private right of action
(e) Study

SEC. 32. Agency disapproval of directors and senior executive officers of insured depository institution holding companies

(a) Prior notice required
(b) Disapproval by agency
(c) Exception in extraordinary circumstances
(d) Additional information
(e) Standard for disapproval
(f) Definition regulations

SEC. 33. Depository institution employee protection remedy

(a) In general
(b) Enforcement
(c) Remedies
(d) Limitation
(e) Federal banking agency defined
(f) Burden of proof

SEC. 34. Reward for information leading to recoveries or civil penalties

(a) In general
(b) Percentage limitation
(c) Officials and persons ineligible
(d) Nonreviewability

SEC. 35 Coordination of risk analysis between SEC and Federal banking agencies

SEC. 36. Early identification of needed improvements in financial management

(a) Annual report on financial conditions and management
(b) Management responsibility for financial statements and internal controls
(c) Internal control evaluation and reporting requirements for independent public accountants
(d) Annual independent audits of financial statements
(e) [Repealed]
(f) Form and content of reports and auditing standards
(g) Improved accountability
(h) Exchange of reports and information
(i) Requirements for insured subsidiaries of holding companies
(j) Exemption for small depository institutions

SEC. 36A. Reports of information regarding safety and soundness of depository institutions

(a) Reports to appropriate Federal banking agencies
(b) Procedures for receipt of disclosure reports
(c) Effect on agencies
(d) Definitions

SEC. 37. Accounting objectives, standards, and requirements

(a) In general
(b) Uniform accounting of capital standards
(c) Reports to banking committees

SEC. 38. Prompt corrective action

(a) Resolving problems to protect Deposit Insurance Funds
(b) Definitions
(c) Capital standards
(d) Provisions applicable to all institutions
(e) Provisions applicable to undercapitalized institutions
(f) Provisions applicable to significantly undercapitalized institutions and undercapitalized institutions that fail to submit and implement capital restoration plans
(g) More stringent treatment based on other supervisory criteria
(h) Provisions applicable to critically undercapitalized institutions
(i) Restricting activities of critically undercapitalized institutions
(j) Certain government-controlled institutions exempted
(k) Reviews required when Deposit Insurance Fund incurs losses
(l) Implementation
(m) Other authority not affected
(n) Administrative review of dismissal orders
(o) Transition rules for savings associations

SEC. 38A. Source of strength 

SEC. 39. Standards for safety and soundness

(a) Operational and managerial standards
(b) Asset quality, earnings, and stock valuation standards
(c) Compensation standards
(d) Standards to be prescribed
(e) Failure to meet standards
(f) Definitions
(g) Other authority not affected

SEC. 40. FDIC affordable housing program

(a) Purpose
(b) Funding and limitations of program
(c) Rules governing disposition of eligible single family properties
(d) Rules governing disposition of eligible multifamily housing properties
(e) Rent limitations
(f) Preferences for sales
(g) Financing sales
(h) Coordination with other programs
(i) Exemption for certain transactions with insured depository institutions
(j) Transfer of certain eligible residential properties to state housing agencies for disposition
(k) Exception for sales to nonprofit organizations and public agencies
(l) Rules governing disposition of eligible condominium property
(m) Liability provisions
(n) Unified affordable housing programs
(o) Report
(p) Definitions
(q) Notice to clearinghouses regarding ineligible properties

SEC. 41. Payments on foreign deposits prohibited

(a) In general
(b) Exception
(c) Discount window lending

SEC. 42 Notice of branch closure

(a) Notice to appropriate federal banking agency
(b) Notice to customers
(c) Adoption of policies
(d) Branch closures in interstate banking or branching operations
(e) Scope of application

SEC. 43 Depository institutions lacking federal deposit insurance

(a) Annual independent audit of private deposit insurers
(b) Disclosure required
(c) Manner and content of disclosure
(d) Exceptions for institutions not receiving retail deposits
(e) Definitions
(f) Enforcement

SEC. 44 Interstate bank mergers

(a) Approval of interstate merger transactions authorized
(b) Provisions relating to application and approval process
(c) Applicability of certain laws to interstate banking operations
(d) Operations of the resulting bank
(e) Exceptions for banks in default or in danger of default
(f) Applicable rate and other charge limitations
(g) Definitions

SEC. 45 Authority of state insurance regulator and Securities and Exchange Commission

(a) In general
(b) Certain exemption authorized
(c) Definitions

SEC. 46 Safety and soundness firewalls applicable to financial subsidiaries of banks

(a) In general
(b) Preservation of existing subsidiaries
(c) Definitions
(d) Preservation of authority

SEC. 47 Insurance customer protections

(a) Regulations required
(b) Sales practices
(c) Disclosures and advertising
(d) Separation of banking and nonbanking activities
(e) Domestic violence discrimination prohibition
(f) Consumer grievance process
(g) Effect on other authority
(h) Non-discrimination against non-affiliated agents

SEC. 48 CRA sunshine requirements

(a) Public disclosure of agreements
(b) Annual report of activity by insured depository Institution
(c) Annual report of activity by nongovernmental entities
(d) Applicability
(e) Definitions
(f) Violations
(g) Rule of construction
(h) Regulations

SEC. 49. Bi-Annual FDIC survey and reports on increasing the deposit base by encouraging use of depository institutions by the unbanked

(a) Survey required
(b) Reports
SEC. 2. Withdrawals by negotiable or transferable instruments for transfers to their parties
 (a) Authority of depository institution; applicability
(b) ``Depository institution'' defined
(c) Fine
SEC. 951. Civil Penalties
 (a) In general
(b) Maximum amount of penalty
(c) Violations to which penalty is applicable
(d) Attorney General to bring action
(e) Burden of proof
(f) Administrative subpoenas
(g) Statute of limitations

SEC. 1206. Comparability in compensation schedules

(a) In general
(b) Commodity futures trading commission

SEC. 1213. Comptroller General audit and access to records

(a) Audit of agencies or other persons performing functions under banking laws
 (b) Audit of persons providing certain goods or services
(c) Provisions applicable to audits under this section

SEC. 1216. Equal opportunity

(a) In general
(b) Affirmative program for equal employment opportunity
(c) Solicitation
(d) Report to congress

SEC. 232. Reduced assessment rate for deposits attributable to lifeline accounts

 (a) Qualification of lifeline accounts
SEC. 233. Assessment credits for qualifying activities relating to distressed communities
 (a) Determination of credits for increases in community enterprise activities
(b) ``Qualified distressed community'' defined
(d) Community Enterprise Assessment Credit Board
(e) Duties of the Board
(f) Availability of funds
(g) Prohibition on double funding for same activities
(h) Priority of awards
(i) Determination of amount of assessment credit
(j) Definitions

SEC. 234. Community development organizations

 (a) Community development organizations described
(b) Community development bank requirements
(c) Community development corporation requirements
(d) Adequate dispersal requirement
 (e) Definitions
SEC. 109. Prohibition against deposit production offices
 (a) Regulations
 (b) Guidelines for meeting credit needs
 (c) Limitations on out-of-state loans
 (d) Application
 (e) Definitions
SEC. 208. Insured depository institution capital requirements for transfers of small Business obligations
 (a) Accounting principles
 (b) Capital and reserve requirements
 (c) Qualified institutions criteria
 (d) Aggregate amount of recourse
 (e) Institutions that cease to be qualified or exceed aggregate limits
 (f) Prompt corrective action not affected
(g) Regulations required
 (h) Alternative system permitted
 (i) Definitions

SEC. 50. Enforcement of Agreements

(a) In general
(b) Receiverships and conservatorships


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