FDIC Law, Regulations, Related Acts
8000 - Miscellaneous Statutes and Regulations
SEC. 5A. ELECTION TO OPERATE AS A COVERED SAVINGS ASSOCIATION.
(a) DEFINITION.--In this section, the term "covered savings association" means a Federal savings association that makes an election that is approved under subsection (b).
(1) IN GENERAL.--In accordance with the rules issued under subsection (f), a Federal savings association with total consolidated assets equal to or less than $20,000,000,000, as reported by the association to the Comptroller as of December 31, 2017, may elect to operate as a covered savings association by submitting a notice to the Comptroller of that election.
(2) APPROVAL.--A Federal savings association shall be deemed to be approved to operate as a covered savings association beginning on the date that is 60 days after the date on which the Comptroller receives the notice submitted under paragraph (1), unless the Comptroller notifies the Federal savings association that the Federal savings association is not eligible.
(c) RIGHTS AND DUTIES.--Notwithstanding any other provision of law, and except as otherwise provided in this section, a covered savings association shall--
(1) have the same rights and privileges as a national bank that has the main office of the national bank situated in the same location as the home office of the covered savings association; and
(2) be subject to the same duties, restrictions, penalties, liabilities, conditions, and limitations that would apply to a national bank described in paragraph (1).
(d) TREATMENT OF COVERED SAVINGS ASSOCIATIONS.--A covered savings association shall be treated as a Federal savings association for the purposes--
(1) of governance of the covered savings association, including incorporation, bylaws, boards of directors, shareholders, and distribution of dividends;
(2) of consolidation, merger, dissolution, conversion (including conversion to a stock bank or to another charter), conservatorship, and receivership; and
(3) determined by regulation of the Comptroller.
(e) EXISTING BRANCHES.--A covered savings association may continue to operate any branch or agency that the covered savings association operated on the date on which an election under subsection (b) is approved.
(f) RULEMAKING.--The Comptroller shall issue rules to carry out this section--
(1) that establish streamlined standards and procedures that clearly identify required documentation and timelines for an election under subsection (b);
(2) that require a Federal savings association that makes an election under subsection (b) to identify specific assets and subsidiaries that--
(A) do not conform to the requirements for assets and subsidiaries of a national bank; and
(B) are held by the Federal savings association on the date on which the Federal savings association submits a notice of the election;
(3) that establish--
(B) procedures for allowing the Federal savings association to submit to the Comptroller an application to continue to hold assets and subsidiaries described in paragraph (2) after electing to operate as a covered savings association;
(4) that establish standards and procedures to allow a covered savings association to--
(A) terminate an election under subsection (b) after an appropriate period of time; and
(B) make a subsequent election under subsection (b) after terminating an election under subparagraph (A);
(5) that clarify requirements for the treatment of covered savings associations, including the provisions of law that apply to covered savings associations; and
(6) as the Comptroller determines necessary in the interests of safety and soundness.
(g) GRANDFATHERED COVERED SAVINGS ASSOCIATIONS.--Subject to the rules issued under subsection (f), a covered savings association may continue to operate as a covered savings association if, after the date on which the election is made under subsection (b), the covered savings association has total consolidated assets greater than $20,000,000,000.
SEC. 6. STATE LAW PREEMPTION STANDARDS FOR FEDERAL SAVINGS ASSOCIATIONS CLARIFIED.
(a) IN GENERAL.--Any determination by a court or by the Director or any successor officer or agency regarding the relation of State law to a provision of this Act or any regulation or order prescribed under this Act shall be made in accordance with the laws and legal standards applicable to national banks regarding the preemption of State law.
(b) PRINCIPLES OF CONFLICT PREEMPTION APPLICABLE.--Notwithstanding the authorities granted under sections 4 and 5, this Act does not occupy the field in any area of State law.
(c) VISITORIAL POWERS.--The provisions of sections 5136C(i) of Revised Statutes of the United States shall apply to Federal savings associations, and any subsidiary thereof, to the same extent and in the same manner as if such savings associations, or subsidiaries thereof, were national banks or subsidiaries of national banks, respectively.
(d) ENFORCEMENT ACTIONS.--The ability of the Comptroller of the Currency to bring an enforcement action under this chapter or section 5 of the Federal Trade Commission Act does not preclude any private party from enforcing rights granted under Federal or State law in the courts.
[Codified to 12 U.S.C. 1465]
SEC. 7. APPLICABILITY.
The provisions of this Act shall apply to the United States and to Puerto Rico, Guam, and the Virgin Islands.
[Codified to 12 U.S.C. 1466]
SEC. 8. DISTRICT ASSOCIATIONS.
(a) IN GENERAL.--The Comptroller shall, with respect to all incorporated or unincorporated building, building or loan, building and loan, or homestead associations, and similar institutions, of or transacting or doing business in the District of Columbia, or maintaining any office in the District of Columbia (other than Federal savings associations), have the same powers and functions as to examination, operation, and regulation as the Comptroller has with respect to Federal savings associations.
(b) ADDITIONAL POWERS.--Any such association or institution incorporated under the laws of, or organized in, the District of Columbia shall have in addition to any existing statutory authority such statutory authority as is vested in Federal savings associations.
(c) CHARTER AMENDMENTS.--Charters, certificates of incorporation, articles of incorporation, constitutions, bylaws, or other organic documents of associations or institutions referred to in subsection (b) of this section may, without regard to anything contained therein or otherwise, be amended in such manner and to such extent and upon such votes if any as the Comptroller may by regulation or otherwise provide.
(d) LIMITATION.--Nothing in this section shall cause, or permit the Comptroller to cause, District of Columbia associations to be or become Federal savings associations, or require the Comptroller to impose on District of Columbia associations the same regulations as are imposed on Federal savings associations.
[Codified to 12 U.S.C. 1466a]
[Source: Section 301 of title III of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 315), effective August 9, 1989; as amended by section 369(6) of title III of the Act of July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 1563), effective July 21, 2010]
SEC. 9. EXAMINATION FEES.
(a) EXAMINATION OF SAVINGS ASSOCIATIONS.--The cost of conducting examinations of savings associations pursuant to section 5(d) shall be assessed by--
(1) the Comptroller, against each such Federal savings association, as the Comptroller deems necessary or appropriate; and
(2) the Corporation, against each such State savings association, as the Corporation deems necessary or appropriate.
(b) EXAMINATION OF AFFILIATES.--The cost of conducting examinations of affiliates of savings associations pursuant to this Act may be assessed by the Comptroller or Corporation, as appropriate, against each affiliate that is examined as the Comptroller or Corporation, as appropriate, deems necessary or appropriate.
(c) ASSESSMENT AGAINST ASSOCIATION IN CASE OF AFFILIATE'S REFUSAL TO PAY.--
(1) IN GENERAL.--Subject to paragraph (2), if any affiliate of any savings association--
(A) refuses to pay any assessment under subsection (b) of this section; or
(B) fails to pay any such assessment before the end of the 60-day period beginning on the date of the assessment,
the appropriate Federal banking agency may assess such cost against, and collect such cost from, such savings association.
(2) AFFILIATE OF MORE THAN 1 SAVINGS ASSOCIATION.--If any affiliate referred to in paragraph (1) is an affiliate of more than 1 savings association, the assessment with respect to the affiliate against, and collected from, any affiliated savings association in such proportions as the appropriate Federal banking agency may prescribe.
(d) CIVIL MONEY PENALTY FOR AFFILIATE'S REFUSAL TO COOPERATE.--
(1) PENALTY IMPOSED.--If any affiliate of any savings association--
(A) refuses to permit any examiner appointed by the appropriate Federal banking agency to make an examination; or
(B) refuses to provide any information required to be disclosed in the course of any examination, the savings association shall forfeit and pay a civil penalty of not more than $5,000 for each day that any such refusal continues.
(2) ASSESSMENT AND COLLECTION.--Any penalty imposed under paragraph (1) shall be assessed and collected by the appropriate Federal banking agency, in the manner provided in section 8(i)(2) of the Federal Deposit Insurance Act.
(e) REGULATIONS.--The Comptroller, may prescribe regulations with respect to--
(1) the computation of, and the assessment for, the cost of conducting examinations pursuant to this section; and
(2) the collection and use of such assessments and any fees under this section.
Such regulations may establish formulas to determine a fee or schedule of fees to cover the costs of examinations and also to cover the cost of processing applications, filings, notices, and requests for approvals by the appropriate Federal banking agency or the designee of the Comptroller.
(g) COSTS OF OTHER EXAMINATIONS.--
(1) EXAMINATION OF FIDUCIARY ACTIVITIES.--In addition to any assessment imposed pursuant to subsection (a) of this section, the cost of conducting examinations of fiduciary activities of savings associations which exercise fiduciary powers (including savings associations or similar institutions in the District of Columbia) shall be assessed by the appropriate Federal banking agency against such savings associations (or similar institutions).
(2) EXAMINATIONS IN EXCESS OF 2 PER CALENDAR YEAR.--If any savings association or affiliate of a savings association is examined by the appropriate Federal banking agency for the savings association more than 2 times in any calendar year, the cost of conducting such additional examinations shall be assessed, in addition to any assessment imposed pursuant to subsection (a) of this section, by the appropriate Federal banking agency or the Corporation, as the case may be, against such savings association or affiliate.
(h) ADDITIONAL INFORMATION.--Any savings association and any affiliate of any savings association shall provide the appropriate Federal banking agency with access to any information or report with respect to any examination made by any public regulatory authority and furnish any additional information with respect thereto as the appropriate Federal banking agency may require.
(i) TREATMENT OF EXAMINATION ASSESSMENTS.
(1) DEPOSITS.--Amounts received by the appropriate Federal banking agency from assessments under this section (other than an assessment under subsection (d)(2)) of this section or section 10(b)(4) may be deposited in the manner provided in section 5234 of the Revised Statutes with respect to assessments by the Comptroller of the Currency.
(2) ASSESSMENTS ARE NOT GOVERNMENT FUNDS.--The amounts received by the appropriate Federal banking agency from any assessment under this section shall not be construed to be Government or public funds or appropriated money.
(3) ASSESSMENTS ARE NOT SUBJECT TO APPORTIONMENT OF FUNDS.--Notwithstanding any other provision of law, the amounts received by the appropriate Federal banking agency from any assessment under this section shall not be subject to apportionment for the purpose of chapter 15 of title 31, United States Code, or under any other authority.
(j) PROCESSING FEE.--The appropriate Federal banking agency may, in the sole discretion of the appropriate Federal banking agency, assess against any person that submits to the appropriate Federal banking agency an application, filing, notice, or request a fee to cover the cost of processing such submission.
(k) FEES FOR EXAMINATIONS AND SUPERVISORY ACTIVITIES.--The appropriate Federal banking agency may assess against an institution, fees to fund the direct and indirect expenses of the Office as the appropriate Federal banking agency deems necessary or appropriate. The fees may be imposed more frequently than annually at the discretion of the appropriate Federal banking agency.
(l) WORKING CAPITAL.--The appropriate Federal banking agency is authorized to impose fees and assessments pursuant to subsections (a), (b), (e), and (k) of this section, in excess of actual expenses for any given year, to permit the appropriate Federal banking agency to maintain a working capital fund. The appropriate Federal banking agency shall remit to the payors of such fees and assessments any funds collected in excess of what he deems necessary to maintain such working capital fund.
(m) USE OF FUNDS.--The appropriate Federal banking agency is authorized to use the combined resources retained through fees and assessments imposed pursuant to this section to pay all direct and indirect salary and administrative expenses of the Office, including contracts and purchases of property and services, and the direct and indirect expenses of the examinations and supervisory activities of the Office.
[Codified to 12 U.S.C. 1467]
[Source: Section 301 of title III of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 316), effective August 9, 1989; as amended by section 114(c) of title I of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2248), effective December 19, 1993; as amended by section 369(7) of title III of the Act of July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 1563 and 1564), effective July 21, 2010]