FDIC Law, Regulations, Related Acts
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1000 - Federal Deposit Insurance Act
SEC. 2. MANAGEMENT.
(a) Board of Directors.--
(1) IN GENERAL.--The management of the Corporation
shall be vested in a Board of Directors consisting of 5 members--
(A) 1 of whom shall be the Comptroller of the Currency;
(B) 1 of whom shall be the Director of the Consumer Financial
Protection Bureau; and
(C) 3 of whom shall be appointed by the President, by and with
the advice and consent of the Senate, from among individuals who are
citizens of the United States, 1 of whom shall have State bank
supervisory experience.
(2) POLITICAL AFFILIATION.--After February 28, 1993,
not more than 3 of the members of the Board of Directors may be members
of the same political party.
[Codified to 12 U.S.C. 1812(a)]
[Source: Section 2[2(a)] of the Act of September 21, 1950 (Pub.
L. No. 797; 64 Stat. 873), effective September 21, 1950, as amended by
section 19 of the Act of September 8, 1959 (Pub. L. No. 86--230; 73
Stat. 460), effective September 8, 1959; section 702(a) of title VII of
the Act of November 30, 1983 (Pub. L. No. 98--181; 97 Stat. 1267),
effective November 30, 1983; sections 201(a) and 203(a) of title II of
the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 187 and 188),
effective August 9, 1989; section 2243 of title II of the Act of
September 30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--419),
effective September 30, 1996]
(b) Chairperson and Vice Chairperson.--
(1) CHAIRPERSON.--1 of the appointed members shall be
designated by the President, by and with the advice and consent of the
Senate, to serve as Chairperson of the Board of Directors for a term of
5 years.
(2) VICE CHAIRPERSON.--1 of the appointed members shall
be designated by the President, by and with the advice and consent of
the Senate, to serve as Vice Chairperson of the Board of Directors.
(3) ACTING CHAIRPERSON.--In the event of a vacancy in
the position of Chairperson of the Board of Directors or during the
absence or disability of the Chairperson, the Vice Chairperson shall
act as Chairperson.
[Codified to 12 U.S.C. 1812(b)]
[Source: Section 2[2(b)] of the Act of September 21, 1950 (Pub.
L. No. 797; 64 Stat. 873), effective September 21, 1950, as amended by
section 19 of the Act of September 8, 1959 (Pub. L. No. 86--230; 73
Stat. 460), effective September 8, 1959; section 702(a) of title VII of
the Act of November 30, 1983 (Pub. L. No. 98--181; 97 Stat. 1267),
effective November 30, 1983; sections 201(a) and 203(a) of title II of
the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 187 and 188),
effective August 9, 1989]
(c) Terms.--
(1) APPOINTED MEMBERS.--Each appointed member shall be
appointed for a term of 6 years.
(2) INTERIM APPOINTMENTS.--Any member appointed to fill
a vacancy occurring before the expiration of the term for which such
member's predecessor was appointed shall be appointed only for the
remainder of such term.
(3) CONTINUATION OF SERVICE.--The Chairperson, Vice
Chairperson, and each appointed member may continue to serve after the
expiration of the term of office to which such member was appointed
until a successor has been appointed and qualified.
[Codified to 12 U.S.C. 1812(c)]
[Source: Section 2[2(c)] of the Act of September 21, 1950
(Pub. L. No. 797; 64 Stat. 873), effective September 21, 1950, as
amended by section 19 of the Act of September 8, 1959 (Pub. L. No.
86--230; 73 Stat. 460), effective September 8, 1959; section 702(a) of
title VII of the Act of November 30, 1983 (Pub. L. No. 98--181; 97
Stat. 1267), effective November 30,
1983; sections 201(a) and 203(a) of title II of
the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 187 and 188),
effective August 9, 1989]
(d) Vacancy.--
(1) IN GENERAL.--Any vacancy on the Board of Directors
shall be filled in the manner in which the original appointment was
made.
(2) ACTING OFFICIALS MAY SERVE.--In the event of a
vacancy in the office of the Comptroller of the Currency or the office
of Director of the Consumer Financial Protection Bureau and pending the
appointment of a successor, or during the absence or disability of the
Comptroller of the Currency or the Director of the Consumer Financial
Protection Bureau, the acting Comptroller of the Currency or the acting
Director of the Consumer Financial Protection Bureau, as the case may
be, shall be a member of the Board of Directors in the place of the
Comptroller or Director.
[Codified to 12 U.S.C. 1812(d)]
[Source: Section 2[2(d)] of the Act of September 21, 1950 (Pub.
L. No. 797; 64 Stat. 873), effective September 21, 1950, as amended by
section 19 of the Act of September 8, 1959 (Pub. L. No. 86--230; 73
Stat. 460), effective September 8, 1959; section 702(a) of title VII of
the Act of November 30, 1983 (Pub. L. No. 98--181; 97 Stat. 1267),
effective November 30, 1983; sections 201(a) and 203(a) of title II of
the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 187 and 188),
effective August 9, 1989; section 336(a) of title III of the Act of
July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 1540), effective July
21, 2010]
(e) Ineligibility for Other Offices.--
(1) POSTSERVICE RESTRICTION.--
(A) IN GENERAL.--No member of the Board of Directors may
hold any office, position, or employment in any insured depository
institution or any depository institution holding company during--
(i) the time such member is in office; and
(ii) the 2-year period beginning on the date such member ceases
to serve on the Board of Directors.
(B) EXCEPTION FOR MEMBERS WHO SERVE FULL TERM.--The
limitation contained in subparagraph (A)(ii) shall not apply to any
member who has ceased to serve on the Board of Directors after serving
the full term for which such member was appointed.
(2) RESTRICTION DURING SERVICE.--No member of the Board
of Directors may--
(A) be an officer or director of any insured depository
institution, depository institution holding company, Federal Reserve
bank, or Federal home loan bank; or
(B) hold stock in any insured depository institution or
depository institution holding company.
(3) CERTIFICATION.--Upon taking office, each member of
the Board of Directors shall certify under oath that such member has
complied with this subsection and such certification shall be filed
with the secretary of the Board of Directors.
[Codified to 12 U.S.C. 1812(e)]
[Source: Section 2[2(e)] of the Act of September 21, 1950 (Pub.
L. No. 797; 64 Stat. 873), effective September 21, 1950, as amended by
section 19 of the Act of September 8, 1959 (Pub. L. No. 86--230; 73
Stat. 460), effective September 8, 1959; section 702(a) of title VII of
the Act of November 30, 1983 (Pub. L. No. 98--181; 97 Stat. 1267),
effective November 30, 1983; sections 201(a) and 203(a) of title II of
the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 188),
effective August 9, 1989]
(f) Status of Employees.—
(1) IN GENERAL.—A director, member, officer, or
employee of the Corporation has no liability under the Securities Act
of 1933 with respect to any claim arising out of or resulting from any
act or omission by such person within the scope of such person's
employment in connection with any transaction involving the disposition
of assets (or any interests in any assets or any obligations backed by
any assets) by the Corporation. This subsection shall not be construed
to limit personal liability for criminal acts or
omissions,
willful or malicious misconduct, acts or
omissions for private gain, or any other acts or omissions outside the
scope of such person's employment.
(2) "EMPLOYEE OF THE CORPORATION" DEFINED.—For
purposes of this subsection, the term "employee of the
Corporation" includes any employee of the Office of the Comptroller
of the Currency or of the Consumer Financial Protection Bureau who
serves as a deputy or assistant to a member of the Board of Directors
of the Corporation in connection with activities of the Corporation.
(3) EFFECT ON OTHER LAW.—This subsection does not
affect--
(A) any other immunities and protections that may be available to
such person under applicable law with respect to such transactions, or
(B) any other right or remedy against the Corporation, against
the United States under applicable law, or against any person other
than a person described in paragraph (1) participating in such
transactions.
This subsection shall not be construed to limit or alter in any way
the immunities that are available under applicable law for Federal
officials and employees not described in this subsection.
[Codified to 12 U.S.C. 1812(f)]
[Source: Section 2[2(f)] of the Act of September 21, 1950 (Pub.
L. No. 797; 64 Stat. 873), effective September 21, 1950, as added by
section 103(b) of title I of the Act of March 23, 1991 (Pub. L. No.
102--18; 105 Stat. 60), effective March 23, 1991; amended by Pub. L.
No. 111--203, effective July 21, 2011]
NOTES AND DECISIONS
Derivation. Section 2 derives from section 12B(b) of the
Federal Reserve Act, as added by section 8 of the Act of June 16, 1933
(Pub. L. No. 66; 48 Stat. 168), effective June 16, 1933. Section 12B(b)
of the Federal Reserve Act was amended by section 101[12B(b)] of
title I of the Act of August 23, 1935 (Pub. L. No. 305; 49 Stat. 684),
effective August 23, 1935 and section 3 of the Act of August 5, 1947
(Pub. L. No. 363; 61 Stat. 773), effective August 5, 1947. 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."
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