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1000 - Federal Deposit Insurance Act


SEC. 11A.  FSLIC RESOLUTION FUND.

(a)  Established--

(1)  IN GENERAL.--There is established a separate fund to be designated as the FSLIC Resolution Fund which shall be managed by the Corporation and separately maintained and not commingled.

(2)  TRANSFER OF FSLIC ASSETS AND LIABILITIES.--Except as provided in section 21A of the Federal Home Loan Bank Act, all assets and liabilities of the Federal Savings and Loan Insurance Corporation on the day before [August 9, 1989], the date of the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 shall be transferred to the FSLIC Resolution Fund.

(3)  SEPARATE HOLDING.--Assets and liabilities transferred to the FSLIC Resolution Fund shall be the assets and liabilities of the Fund and not of the Corporation and shall not be consolidated with the assets and liabilities of the Deposit Insurance Fund or the Corporation for accounting, reporting, or any other purpose.

(4)  RIGHTS, POWERS, AND DUTIES.--Effective August 10, 1989, the Corporation shall have all rights, powers, and duties to carry out the Corporation's duties with respect to the assets and liabilities of the FSLIC Resolution Fund that the Corporation otherwise has under this Act.

(5)  CORPORATION AS CONSERVATOR OR RECEIVER.--

(A)  IN GENERAL.--Effective August 10, 1989, the Corporation shall succeed the Federal Savings and Loan Insurance Corporation as conservator or receiver with respect to any depository institution--

(i)  the accounts of which were insured before August 10, 1989 by the Federal Savings and Loan Insurance Corporation; and

(ii)  for which a conservator or receiver was appointed before January 1, 1989.

(B)  RIGHTS, POWERS, AND DUTIES.--When acting as conservator or receiver with respect to any depository institution described in subparagraph (A), the Corporation shall have all rights, powers, and duties that the Corporation otherwise has as conservator or receiver under this Act.

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

[Source:  Section 2[11A(a)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 215 of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 252), effective August 9, 1989; as amended by section 202(c) of title II of the Act of December 12, 1991 (Pub. L. No. 102--233; 105 Stat. 1767), effective December 12, 1991; section 161(b) of title I of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2286), effective December 19, 1991; section 8(a)(15) of the Act of February 15, 2006 (Pub. L. No. 109--173; 119 Stat. 3612 and 3613), effective date shall take effect the day of the merger of the bank Insurance Fund and the Savings Association Insurance Fund pursuant to the Federal Deposit Insurance Reform Act of 2005]

(b)  Source of Funds.--The FSLIC Resolution Fund shall be funded from the following sources to the extent funds are needed in the listed priority:

(1)  Income earned on assets of the FSLIC Resolution Fund.

(2)  Liquidating dividends and payments made on claims received by the FSLIC Resolution Fund from receiverships to the extent such funds are not required by the Resolution Funding Corporation pursuant to section 21B of the Federal Home Loan Bank Act or the Financing Corporation pursuant to section 21 of such Act.

(3)  Amounts borrowed by the Financing Corporation pursuant to section 21 of the Federal Home Loan Bank Act.

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

[Source:  Section 2[11A(b)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 215 of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 252), effective August 9, 1989; as amended by section 202(d) of title II of the Act of December 12, 1991 (Pub. L. No. 102--233; 105 Stat. 1767), effective December 12, 1991; section 8(a)(16) of the Act of February 15, 2006 (Pub. L. No. 109--173; 119 Stat. 3613), effective date shall take effect the day of the merger of the bank Insurance Fund and the Savings Association Insurance Fund pursuant to the Federal Deposit Insurance Reform Act of 2005]

(c)  Treasury Backup.--

(1)  IN GENERAL.--If the funds described in subsections (a) and (b) are insufficient to satisfy the liabilities of the FSLIC Resolution Fund, the Secretary of the Treasury shall pay to the Fund such amounts as may be necessary, as determined by the Corporation and the Secretary, for FSLIC Resolution Fund purposes.

(2)  AUTHORIZATION OF APPROPRIATIONS.--There are authorized to be appropriated to the Secretary of the Treasury, without fiscal year limitation, such sums as may be necessary to carry out this section.

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

[Source:  Section 2[11A(c)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 215 of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 252), effective August 9, 1989]

(d)  Legal Proceedings.--Any judgment resulting from a proceeding to which the Federal Savings and Loan Insurance Corporation was a party prior to its dissolution or which is initiated against the Corporation with respect to the Federal Savings and Loan Insurance Corporation or with respect to the FSLIC Resolution Fund shall be limited to the assets of the FSLIC Resolution Fund.

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

[Source:  Section 2[11A(d)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 215 of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 252), effective August 9, 1989]

(e)  Transfer of Net Proceeds From Sale of RTC Assets.--The FSLIC Resolution Fund shall transfer to the Resolution Funding Corporation any net proceeds from the sale of assets acquired from the Resolution Trust Corporation upon the termination of such Corporation pursuant to section 21A of the Federal Home Loan Bank Act.

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

[Source:  Section 2[11A(e)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 215 of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 252), effective August 9, 1989]

(f)  Dissolution.--The FSLIC Resolution Fund shall be dissolved upon satisfaction of all debts and liabilities and sale of all assets. Upon dissolution any remaining funds shall be paid into the Treasury. Any administrative facilities and supplies, including offices and office supplies, shall be transferred to the Corporation for use by and to be held as assets of the Deposit Insurance Fund.

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

[Source:  Section 2[11A(f)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 215 of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 252), effective August 9, 1989; section 8(a)(17) of the Act of February 15, 2006 (Pub. L. No. 109--173; 119 Stat. 3613), effective date shall take effect the day of the merger of the bank Insurance Fund and the Savings Association Insurance Fund pursuant to the Federal Deposit Insurance Reform Act of 2005]

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Last Updated August 31, 2021
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