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

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1000 - Federal Deposit Insurance Act


(q)  EXPEDITED PROCEDURES FOR CERTAIN CLAIMS.--

(1)  TIME FOR FILING NOTICE OF APPEAL.--The notice of appeal of any order, whether interlocutory or final, entered in any case brought by the Corporation against an insured depository institution's director, officer, employee, agent, attorney, accountant, or appraiser or any other person employed by or providing services to an insured depository institution shall be filed not later than 30 days after the date of entry of the order. The hearing of the appeal shall be held not later than 120 days after the date of the notice of appeal. The appeal shall be decided not later than 180 days after the date of the notice of appeal.

(2)  SCHEDULING.--Consistent with section 1657 of title 18,1 United States Code, a court of the United States shall expedite the consideration of any case brought by the Corporation against an insured depository institution's director, officer, employee, agent, attorney, accountant, or appraiser or any other person employed by or providing services to an insured depository institution. As far as practicable the court shall give such case priority on its docket.

(3)   JUDICIAL DISCRETION.--The court may modify the schedule and limitations stated in paragraphs (1) and (2) in a particular case, based on a specific finding that the ends of justice that would be served by making such a modification would outweigh the best interest of the public in having the case resolved expeditiously.

[Codified to 12 U.S.C. 1821(q)]

[Source:  Section 2[11(q)] of the Act of September 1, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 2527(a) of title XXV of the Act of November 29, 1990 (Pub. L. No. 101--647; 104 Stat. 4877), effective November 29, 1990; section 602(a)(32) of title VI of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2289), effective September 23, 1994]


(r)  FOREIGN INVESTIGATIONS.--The Corporation, as conservator or receiver of any insured depository institution and for purposes of carrying out any power, authority, or duty with respect to an insured depository institution--

(1)  may request the assistance of any foreign banking authority and provide assistance to any foreign banking authority in accordance with section 8(v); and

(2)  may each maintain an office to coordinate foreign investigations or investigations on behalf of foreign banking authorities.

[Codified to 12 U.S.C. 1821(r)]

Source:  Section 2[11(r)] of the Act of September 1, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 2532(b) of title XXV of the Act of November 29, 1990 (Pub. L. No. 101--647; 104 Stat. 4880), effective November 29, 1990; section 363(5)(F) of title III of the Act of July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 1553), effective July 21, 2010 ]

(s)  PROHIBITION ON ENTERING SECRECY AGREEMENTS AND PROTECTIVE ORDERS.--The Corporation may not enter into any agreement or approve any protective order which prohibits the Corporation from disclosing the terms of any settlement of an administrative or other action for damages or restitution brought by the Corporation in its capacity as conservator or receiver for an insured depository institution.

[Codified to 12 U.S.C. 1821(s)]

[Source:  Section 2[11(s)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 446 of title IV of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2382), effective December 19, 1991]

(t)  AGENCIES MAY SHARE INFORMATION WITHOUT WAIVING PRIVILEGE.--

(1)  IN GENERAL.--A covered agency, in any capacity, shall not be deemed to have waived any privilege applicable to any information by transferring that information to or permitting that information to be used by--

(A)  any other covered agency, in any capacity; or

(B)  any other agency of the Federal Government (as defined in section 6 of title 18, United States Code).

(2)  DEFINITIONS.--For purposes of this subsection:

(A)  COVERED AGENCY.--The term "covered agency" means any of the following:

(i)  Any Federal banking agency.

(ii)  The Farm Credit Administration.

(iii)  The Farm Credit System Insurance Corporation.

(iv)  The National Credit Union Administration.

(v)  The Government Accountability Office.

(vi)  The Bureau of Consumer Financial Protection.

(vii)  1 Federal Housing Finance Agency.

(B)  PRIVILEGE.--The term "privilege" includes any work-product, attorney-client, or other privilege recognized under Federal or State law.

(3)  RULE OF CONSTRUCTION.--Paragraph (1) shall not be construed as implying that any person waives any privilege applicable to any information because paragraph (1) does not apply to the transfer or use of that information.

[Codified to 12 U.S.C. 1821(t)]

[Source:  Section 2[11(t)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 1544 of title XV of the Act of October 28, 1992 (Pub. L. No. 102--550; 106 Stat. 4069), effective October 28, 1992; section 106(i) of title I of the Act of October 19, 1996 (Pub. L. No. 104-316; 110 Stat. 3831), effective October 19, 1996; section 724 of title VII of the Act of October 13, 2006 (Pub. L. No. 109--351; 120 Stat. 2001), effective October 13, 2006; section 8(b) of the Act of July 7, 2004 (Pub. L. No. 108--271; 118 Stat. 814), effective July 7, 2004; section 1161(i) of title I of the Act of July 30, 2008 (Pub. L. No. 110--289; 122 Stat. 2781), effective July 30, 2008; section 1(1) of the Act of December 20, 2012 (Pub. L. No. 112--215; 126 Stat. 1589), effective December 20, 2012]

(u)  PURCHASE RIGHTS OF TENANTS.--

(1)  NOTICE.--Except as provided in paragraph (3), the Corporation may make available for sale a 1- to 4-family residence (including a manufactured home) to which the Corporation acquires title only after the Corporation has provided the household residing in the property notice (in writing and mailed to the property) of the availability of such property and the preference afforded such household under paragraph (2).

(2)  PREFERENCE.--In selling such a property, the Corporation shall give preference to any bona fide offer made by the household residing in the property, if--

(A)  such offer is substantially similar in amount to other offers made within such period (or expected by the Corporation to be made within such period);

(B)  such offer is made during the period beginning upon the Corporation making such property available and of a reasonable duration, as determined by the Corporation based on the normal period for sale of such properties; and

(C)  the household making the offer complies with any other requirements applicable to purchasers of such property, including any downpayment and credit requirements,

(3)  EXCEPTIONS.--Paragraphs (1) and (2) shall not apply to--

(A)  any residence transferred in connection with the transfer of substantially all of the assets of an insured depository institution for which the Corporation has been appointed conservator or receiver;

(B)  any eligible single family property (as such term is defined in section 40(p)); or

(C)  any residence for which the household occupying the residence was the mortgagor under a mortgage on such residence and to which the Corporation acquired title pursuant to default on such mortgage.

[Codified to 12 U.S.C. 1821(u)]

[Source:  Section 2[11(u)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 15(b) of the Act of December 17, 1993 (Pub. L. No. 103--204; 107 Stat. 2399), effective December 17, 1993; section 602(a)(33) of title VI of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2289), effective September 23, 1994]

(v)  PREFERENCE FOR SALES FOR HOMELESS FAMILIES.--Subject to subsection (u), in selling any real property other than eligible residential property and eligible condominium property, as such terms are defined in section 40(p)) to which the Corporation acquires title, the Corporation shall give preference among offers to purchase the property that will result in the same net present value proceeds, to any offer that would provide for the property to be used, during the remaining useful life of the property, to provide housing or shelter for homeless persons (as such term is defined in section 103 of the Stewart B. McKinney Homeless Assistance Act) or homeless families.

[Codified to 12 U.S.C. 1821(v)]

[Source:  Section 2[11(v)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 16(b) of the Act of December 17, 1993 (Pub. L. No. 103--204; 107 Stat. 2400), effective December 17, 1993]

(w)  PREFERENCES FOR SALES OF CERTAIN COMMERCIAL REAL PROPERTIES.--

(1)  AUTHORITY.--In selling any eligible commercial real properties of the Corporation, the Corporation shall give preference, among offers to purchase the property that will result in the same net present value proceeds, to any offer--

(A)  that is made by a public agency or nonprofit organization; and

(B)  under which the purchaser agrees that the property shall be used, during the remaining useful life of the property, for offices and administrative purposes of the purchaser to carry out a program to acquire residential properties to provide (i) homeownership and rental housing opportunities for very-low-, low-, and moderate-income families, or (ii) housing or shelter for homeless persons (as such term is defined in section 103 of the Stewart B. McKinney Homeless Assistance Act) or homeless families.

(2)  DEFINITIONS.--For purposes of this subsection, the following definitions shall apply:

(A)  ELIGIBLE COMMERCIAL REAL PROPERTY.--The term "eligible commercial real property" means any property (i) to which the Corporation acquires title, and (ii) that the Corporation, in the discretion of the Corporation, determines is suitable for use for the location of offices or other administrative functions involved with carrying out a program referred to in paragraph (1)(B).

(B)  NONPROFIT ORGANIZATION AND PUBLIC AGENCY.--The terms "nonprofit organization" and "public agency" have the same meanings as in section 40(p).

[Codified to 12 U.S.C. 1821(w)]

[Source:  Section 2[11(w)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 882), effective September 21, 1950, as added by section 17(b) of the Act of December 17, 1993 (Pub. L. No. 103--204; 107 Stat. 2401), effective December 17, 1993]

NOTES

Derivation.  Section 11 derives from section 12B(l) of the Federal Reserve Act, as added by section 8 of the Act of June 16, 1933 (Pub. L. No. 66; 48 Stat. 172), effective June 16, 1933. Section 12B(l) of the Federal Reserve Act was amended by paragraphs (1) and (8) of the Act of June 16, 1934 (Pub. L. No. 362; 48 Stat. 969, 970), effective June 16, 1934; the Act of June 28, 1935 (Pub. L. No. 38; 49 Stat. 435), effective June 28, 1935; section 101[12B(l)] of title I of the Act of August 23, 1935 (Pub. L. No. 305; 49 Stat. 694), effective August 23, 1935; and the Act of May 25, 1938 (Pub. L. No. 544; 52 Stat. 442), effective May 25, 1938. By section 1 of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 873), effective September 21, 1950, section 12B of the Federal Reserve Act was withdrawn as a part of that Act and was made a separate act known as the "Federal Deposit Insurance Act."

Sections 11(i) and (j) derive from sections 503(a)(3) and 507 of the Act of August 10, 1987 (Pub. L. No. 100--86; 101 Stat. 629 and 634, respectively), effective August 10, 1987.

Sections 11(k)-(o) were enacted by sections 212(a), 213, 214, and 901 of the Act of August 9, 1989, known as the "FIRRE Act", (Pub. L. No. 101--73; 103 Stat. 222, 243, 246, and 477), effective August 9, 1989.

Implementing Regulations.  FDIC regulations implementing and applying section 11 of the Federal Deposit Insurance Act, entitled "Part 307--"Notification of Changes of Insured Status," appear under the "FDIC Rules and Regulations" tabcard.

1So in original. Probably should be "title 28". Go back to Text

1So in original. Probably should be preceded by "The". Go back to Text


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Last updated September 16, 2013 regs@fdic.gov