ARTICLE I

ARTICLE II

ARTICLE III

ARTICLE IV 

ADOPTED BY THE BOARD OF DIRECTORS ON OCTOBER 18, 2022 

BYLAWS 

OF THE 

FEDERAL DEPOSIT INSURANCE CORPORATION 

 NAME 

The name of the Corporation shall be the Federal Deposit 

Insurance Corporation (hereinafter called the “Corporation”). 

 OFFICES 

The principal office of the Corporation shall be in the 

City of Washington, District of Columbia. The Corporation may 

have additional offices at such other places as the Board of 

Directors may from time to time determine. 

 CORPORATE SEAL 

There is impressed below the official seal of the 

Corporation, which is hereby adopted for its use. 

BOARD OF DIRECTORS 
Section 1. Number and Qualification. The number of 

Directors of the Corporation shall be five, three of whom shall 

be citizens of the United States appointed by the President of 

the United States by and with the advice and consent of the 

United States Senate (hereinafter individually called “Appointive 

Director”), one of whom shall be the Comptroller of the Currency 

(hereinafter called the “Comptroller”), and one of whom shall be 

the Director of the Consumer Financial Protection Bureau 

(hereinafter called the “CFPB Director”). In the event of a 

vacancy in the office of the Comptroller or the office of the 

CFPB Director, and pending the appointment of his or her 

successor, or during the absence or disability of the Comptroller 

or the CFPB Director, the Acting Comptroller or the Acting CFPB 

Director, as the case may be, shall be a member of the Board of 

Directors in the place and stead of the Comptroller or the CFPB 

Director. Not more than three of the members of the Board of 

Directors shall be members of the same political party. 

Section 2. Terms of Office.--(a) General Provisions for 

Appointive Directors. The term of office of each Appointive 

Director shall be six years, commencing with the date of issuance 

by the President of his or her commission. Each Appointive 

Director, however, may continue to serve after the expiration of 

his or her term until a successor has been appointed and 

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qualified. Any Appointive Director appointed to fill a vacancy 

occurring before the expiration of the term for which his or her 

predecessor was appointed shall serve only for the remainder of 

the predecessor’s term. 

(b) Ex Officio Members. The Comptroller or the Acting 

Comptroller in the place and stead of the Comptroller and the 

CFPB Director or the Acting CFPB Director in the place and stead 

of the CFPB Director shall each hold office as a member of the 

Board of Directors during his or her tenure as Comptroller or 

Acting Comptroller and CFPB Director or Acting CFPB Director, as 

the case may be. 

Section 3. Chairperson. The Chairperson 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 

of the Corporation for a term of five years. In the event of a 

vacancy in the position of the Chairperson or during his or her 

absence or disability, the Vice Chairperson shall act as 

Chairperson. In the event of vacancies in the positions of 

Chairperson and Vice Chairperson, or in their absence or 

disability, the Appointive Director who is neither the 

Chairperson nor the Vice Chairperson shall act as Chairperson. 

3 
Section 4. Vice Chairperson. The Vice Chairperson 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. 

Section 5. Powers of the Board of Directors. The management 

of the Corporation shall be vested in the Board of Directors, 

which shall have all powers specifically granted by the 

provisions of the Federal Deposit Insurance Act and other laws of 

the United States and such incidental powers as shall be 

necessary to carry out the powers so granted. Within the 

limitations of the law, the Board of Directors may delegate any 

of its specific or incidental powers to any standing or special 

committee of the Corporation or to any officer or agent of the 

Corporation upon such terms and conditions as it shall prescribe, 

except the power to amend these Bylaws or to adopt new bylaws. 

In addition, the Board of Directors may provide for emergency 

succession and delegation of emergency authority to ensure the 

Corporation’s ability to continue essential functions in the 

event a sudden and usually unforeseen situation poses an 

immediate threat to life, causes serious damage to property, or 

adversely affects a Corporate mission and renders the Board 

temporarily unable to perform its normal management function. 

4 
Section 6. Meetings of the Board of Directors.--(a) 

Regular Meetings. Regular meetings of the Board of Directors 

shall be held at such times as the Chairperson shall direct, 

after reasonable notice is given to each member of the Board of 

Directors by the Executive Secretary in such manner as the 

Chairperson shall direct. Such meetings shall consider such 

item(s) of business that the Chairperson shall direct, or such 

item(s) that another member of the Board of Directors may request 

not later than ten days prior to the date of such meeting to 

facilitate compliance with the Government in the Sunshine Act. 

(b) Special Meetings. Special meetings of the Board of 

Directors may be called by the Chairperson or, upon the written 

request of any two members of the Board of Directors, by the 

Executive Secretary. The Executive Secretary will give 

reasonable notice of any such special meeting to all members of 

the Board of Directors who can be contacted after a reasonable 

effort and in sufficient time to permit their attendance or 

participation. Such meetings shall consider such item(s) of 

business that the Chairperson shall direct, or such item(s) that 

another member of the Board of Directors may request not later 

than ten days prior to the date of such meeting to facilitate 

compliance with the Government in the Sunshine Act. 

5 
(c) Place of Meetings. The Board of Directors shall hold 

its meetings at the principal office of the Corporation in the 

city of Washington, District of Columbia, unless otherwise 

determined by the Chairperson, in consultation with the members 

of the Board of Directors. 

(d) Quorum. A majority of the members of the Board of 

Directors in office shall constitute a quorum for the transaction 

of business. In the event there are only three members in 

office, those members shall constitute a quorum. In the event 

there are only two members in office, those members shall 

constitute a quorum. In the event there is only one member in 

office, that member shall constitute a quorum. Present and 

nonvoting members of the Board of Directors shall be counted for 

the purpose of determining whether there is a quorum for the 

transaction of business. The vote of the majority of the members 

present and voting at a meeting at which a quorum is present 

shall be the act of the Board of Directors. If there is a quorum 

present at a meeting and only one of the members of the Board of 

Directors present is voting, then the vote of that member shall 

be the act of the Board of Directors. 

(e) Presiding Officer. The Chairperson shall preside at 

all meetings of the Board of Directors except that, in the 

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absence of the Chairperson or in the event of his or her 

inability to attend or participate in meetings, the Vice 

Chairperson shall preside at meetings of the Board of Directors. 

In the event of vacancies in the positions of Chairperson and 

Vice Chairperson, or in their absence or in the event of their 

inability to attend or participate in meetings, the Appointive 

Director who is neither the Chairperson nor the Vice Chairperson 

shall preside at meetings of the Board of Directors. 

(f) Use of Conference Call Communications Equipment. Any 

meeting of the Board of Directors may be conducted through the 

use of conference-call telephone or similar communications 

equipment, by means of which all persons participating in any 

such meeting can simultaneously speak to and hear each other. 

Any member of the Board of Directors who participates in a 

meeting conducted through the use of such equipment shall be 

deemed present for all purposes. Actions taken by the Board of 

Directors at meetings conducted through the use of such 

equipment, including the vote of each member with respect to each 

item of business, shall be recorded in the minutes of the 

proceedings of the Board of Directors. 

(g) Transaction of Business Without a Meeting. The Board 

of Directors may transact business through circulation of written 

7 
 ARTICLE V

items, by the Executive Secretary, to all members of the Board of 

Directors who can be contacted after a reasonable effort and in 

sufficient time to permit action where a majority of the members 

participate, in writing, in the disposition of each item of 

business. The Executive Secretary shall circulate such item(s) 

of business upon the request of the Chairperson, or a member of 

the Board, and shall record the disposition of any such item(s), 

including the vote of each member with respect to each item of 

business, in the minutes of the proceedings of the Board of 

Directors. The vote of the majority of the members voting in the 

notational vote on each item of business shall be the act of the 

Board of Directors with regard to such item of business, provided 

a majority of members of the Board of Directors then in office 

deliver votes or indications of abstention on such item. 

Notwithstanding the foregoing, any one member of the Board of 

Directors may provide written notice to the Executive Secretary 

of his or her request to transact said business at a meeting of 

the Board of Directors, and such business shall be considered at 

the next regular meeting unless a special meeting is requested. 

 COMMITTEES 

Section 1. Standing or Special Committees. The Board of 

Directors may from time to time establish such standing or 

8 
special committees as it shall see fit. Any such committee so 

established shall perform such duties and exercise such powers as 

may be directed or delegated by the Board of Directors from time 

to time. Any such standing or special committee shall 

periodically report its actions to the Board of Directors at such 

times as the Board of Directors shall determine. 

Section 2. Meetings. Any committee established by the 

Board of Directors may meet at stated times or at such times as 

the chairperson of the committee or the Chairperson shall direct 

through notice given by the Executive Secretary to all members of 

the committee who can be contacted after a reasonable effort and 

in sufficient time to permit their attendance. 

Section 3. Quorum. A majority of the members of a 

committee shall constitute a quorum for the transaction of 

business and in every case the affirmative vote of a majority of 

all of the members present at a duly convened meeting of a 

committee shall be necessary for any action to be taken by the 

committee. 

Section 4. Transaction of Business Without a Meeting. A 

committee may transact business by the circulation of written 

items to all members of the committee who can be contacted after 

9 
ARTICLE VI

a reasonable effort and in sufficient time to permit action where 

a majority of the members participate either by written vote or 

by telephone vote in the disposition of each item of business. 

 OFFICERS 

Section 1. Titles. The officers of the Corporation shall be 

the Chairperson, the Vice Chairperson, the Deputy to the 

Chairperson and Chief of Staff, the Deputy to the Chairperson and 

Chief Operating Officer, the Deputy to the Chairperson and Chief 

Financial Officer, the Deputy to the Chairperson for External 

Affairs, the Deputy to the Chairperson for Policy, the Deputy to 

the Chairperson for Financial Stability, the Chief Information 

Officer, the General Counsel, the Director of the Division of 

Risk Management Supervision, the Director of the Division of 

Insurance and Research, the Director of the Division of 

Resolutions and Receiverships, the Director of the Division of 

Depositor and Consumer Protection, the Director of the Division 

of Complex Institution Supervision and Resolution, the Ombudsman, 

the Director of the Office of Minority and Women Inclusion, the 

Director of the Division of Administration, the Director of the 

Division of Finance, the Executive Secretary, the Inspector 

General, and such additional officers as the Board of Directors 

may from time to time determine. 

10 
Section 2. Appointment, Tenure, Compensation, and Duties. 

The Chairperson and the Vice Chairperson shall be appointed and 

shall hold office as prescribed by Article IV of these Bylaws. 

The Inspector General shall be appointed and shall hold office 

pursuant to the Inspector General Act of 1978, as amended. All 

other officers shall be appointed by the Board of Directors, upon 

the recommendation of the Chairperson, and shall hold their 

respective offices for such terms as the Board of Directors shall 

determine. The compensation of such officers (except the 

compensation of the Chairperson, the Vice Chairperson, and the 

Inspector General, each of whose compensation is determined by 

reference to Federal statutes) shall be determined by the 

Chairperson. In addition to the powers and duties hereinafter 

specifically enumerated in this Article VI of these Bylaws, the 

officers of the Corporation shall have such powers and shall 

perform such duties as the Chairperson or the Board of Directors 

may from time to time prescribe, and shall provide advice, 

counsel, and assistance to the Chairperson and to the members of 

the Board of Directors on matters within the officers’ individual 

responsibilities. 

Section 3. Holding More than One Office. More than one 

office may be held by the same person, except that the same 

person shall not hold any two or more of the following offices: 

Chairperson, Vice Chairperson, Deputy to the Chairperson and

11 
Chief Operating Officer, General Counsel, Inspector General, and 

Ombudsman. In no case shall the same person act on the same 

matter in two official capacities or sign any document in two 

capacities where the signatures of two officers are required by 

law or otherwise. 

Section 4. Specific Powers and Duties of Officers.--(a) 

Chairperson. Within the limitations of the Federal Deposit 

Insurance Act and other laws of the United States, the 

Chairperson shall manage and direct the daily executive and 

administrative functions and operations of the Corporation and 

shall otherwise have the general powers and duties usually vested 

in the office of the chief executive officer of a corporation. 

He or she shall also be responsible for providing oversight over 

the direction and operations of each of the Corporation’s various 

divisions and offices but may from time to time, as appropriate 

and in accordance with applicable law, designate other officers 

of the Corporation to be responsible for providing such oversight 

with respect to one or more divisions or offices of the 

Corporation. 

(b) Vice Chairperson. The Vice Chairperson, in addition 

to acting as Acting Chairperson in the event of a vacancy in the 

position of Chairperson or during the absence or disability of 

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the Chairperson, shall perform such additional duties as the 

Board of Directors shall from time to time prescribe. 

(c) Deputy to the Chairperson and Chief of Staff. The 

Deputy to the Chairperson and Chief of Staff will participate 

with the Chairperson in the management and direction of the daily 

executive and administrative functions and operations of the 

Corporation, and will coordinate with the other Deputies to the 

Chairperson, the Corporation’s division and office directors, and 

other Corporation staff to ensure consistency of Corporation 

operations, strategic plans, initiatives, and communications with 

the priorities of the Chairperson and directives of the Board. 

The Deputy to the Chairperson and Chief of Staff may oversee or 

coordinate special projects for the Chairperson. 

(d) Deputy to the Chairperson and Chief Operating Officer. 

The Deputy to the Chairperson and Chief Operating Officer shall 

provide advice and assistance to the Board of Directors and the 

officers and employees of the Corporation on matters pertaining 

to the Corporation’s administrative and resource management 

activities, including management of human resources, diversity 

and inclusion, acquisition of goods, services, and systems 

necessary to support operations, regional resource coordination, 

and corporate-wide learning and employee development. 

13 
 (e) Deputy to the Chairperson and Chief Financial 

Officer. The Deputy to the Chairperson and Chief Financial 

Officer shall be the chief financial, accounting, budget, and 

corporate planning officer of the Corporation. The Deputy to the 

Chairperson and Chief Financial Officer shall implement programs 

consistent with the Chief Financial Officers Act of 1990, 

including establishing and maintaining sound financial management 

systems, accounting systems, corporate budgeting procedures, and 

cash management and insurance assessment systems. The Deputy to 

the Chairperson and Chief Financial Officer shall oversee the 

Corporation’s Enterprise Risk Management and Internal Control 

Programs and ensure conformance with requirements of the 

Government Performance Results Act. The Deputy to the 

Chairperson and Chief Financial Officer shall oversee and 

coordinate the work of the Division of Finance and ensure that 

the Corporation’s financial statements and reports are accurate 

and timely; and the payment of assessments by insured depository 

institutions are in accordance with the provisions of the Federal 

Deposit Insurance Act. 

(f) Deputy to the Chairperson for External Affairs. The 

Deputy to the Chairperson for External Affairs shall be 

responsible for advising the Board of Directors and the officers 

14 
of the Corporation, and for developing strategies, regarding all 

aspects of the Corporation’s external outreach. The Deputy to 

the Chairperson for External Affairs shall also be responsible 

for effectively communicating the mission and goals of the 

Corporation to the public. 

(g) Deputy to the Chairperson for Policy. The Deputy to 

the Chairperson for Policy will be responsible for advising the 

Chairperson and senior executive managers on regulatory and 

policy matters related to the Corporation’s activities. The 

Deputy to the Chairperson for Policy will also coordinate and 

oversee regulatory and policy initiatives with the divisions and 

other corporate offices, Federal regulators, and other entities. 

(h) Deputy to the Chairperson for Financial Stability. 

The Deputy to the Chairperson for Financial Stability shall be 

the chief adviser to the Chairperson, other members of the Board, 

and senior executive managers on strategic matters relating to 

the Corporation’s role in ensuring financial stability, including 

administering the deposit insurance system, resolving failing 

financial institutions, and conducting research and analysis 

relating to financial stability. The Deputy to the Chairperson 

for Financial Stability will further the Corporation’s 

international efforts by engaging with foreign authorities, both 

15 
bilaterally and multilaterally, on these matters. In this role, 

the Deputy to the Chairperson for Financial Stability will 

coordinate, as appropriate, the work of the Division of 

Resolutions and Receiverships, the Division of Insurance and 

Research, and the Division of Complex Institution Supervision and 

Resolution. 

(i) Chief Information Officer. The Chief Information 

Officer shall be the chief adviser to the Chairperson, other 

members of the Board, and senior executive managers on all 

strategic issues relating to information technology pertaining to 

the Corporation, including planning, development, and security, 

and shall fill the role of Chief Information Officer consistent 

with various federal statutes. The Chief Information Officer 

shall, among other things: have broad responsibility for 

information technology governance, investments, program 

management, information security and privacy; maintain a broad, 

strategic orientation focused on enterprise issues and concerns; 

be responsible for overseeing and reporting on the effectiveness 

of the Corporation’s information technology governance, security, 

and privacy programs and complying with appropriate information 

security standards; and ensure that information technology 

governance and security management processes are integrated with 

the Corporation’s strategic planning. 

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(j) General Counsel. The General Counsel shall be the 

chief legal officer of the Corporation and legal adviser to the 

Board of Directors and the officers of the Corporation; render 

all legal services necessary to enable the Board of Directors and 

the Corporation’s various organizational units to discharge their 

respective duties and responsibilities; and otherwise have the 

powers and perform the duties usually vested in the general 

counsel of a corporation. 

(k) Director of the Division of Risk Management 

Supervision. The Director of the Division of Risk Management 

Supervision shall generally oversee the supervision and 

examination of safety and soundness for insured depository 

institutions that the Corporation has the authority to examine or 

supervise; determine trends in the operation of insured 

depository institutions and bring adverse trends to the attention 

of the Chairperson, Deputies to the Chairperson, and the 

Corporation’s other division and office directors; review and 

process applications from insured depository institutions that 

require the Corporation’s consent or nonobjection; and initiate 

administrative enforcement proceedings relating to safety and 

soundness matters against insured depository institutions and 

institution affiliated parties. 

17 
 (l) Director of the Division of Insurance and Research. 

The Director of the Division of Insurance and Research shall be 

responsible for maintaining the adequacy of the Deposit Insurance 

Fund and an effective and fair risk-based premium system; 

identifying and assessing existing and emerging risks to the 

Deposit Insurance Fund and to insured depository institutions; 

conducting research that is important to the Corporation’s role 

as deposit insurer, bank supervisor, and resolution authority; 

conducting analysis for Corporation rulemaking; collecting, 

managing, and publishing regulatory and other data for the 

Corporation’s statistical publications; and coordinating the 

Corporation’s enterprise-wide international activities. 

(m) Director of the Division of Resolutions and 

Receiverships. The Director of the Division of Resolutions and 

Receiverships shall exercise general supervision and control over 

the performance of the Corporation’s functions with respect to 

resolving failing insured depository institutions and managing 

failed insured depository institution receiverships. 

(n) Director of the Division of Depositor and Consumer 

Protection. The Director of the Division of Depositor and 

18 
Consumer Protection shall supervise the Corporation’s 

examination, supervision, and enforcement programs for promoting 

compliance with consumer protection, fair lending, community 

reinvestment, and other related laws. The Director shall also 

supervise the Corporation’s efforts to promote economic inclusion 

and participation in the banking system; conduct consumer 

financial research and analyses, including the unbanked and 

underbanked survey; develop educational resources and 

publications for the general public, depositors, consumers, and 

insured institutions; manage the Corporation’s consumer and 

consumer affairs program; and manage consumer and depositor 

inquiries and complaints. 

(o) Director of the Division of Complex Institution 

Supervision and Resolution. The Director of the Division of 

Complex Institution Supervision and Resolution shall oversee the 

supervision and resolution preparedness and execution for large 

complex financial institutions for which the Corporation is not 

the primary federal regulator; identify, monitor and mitigate 

risks posed by large complex financial Institutions; review plans 

submitted by these firms for resolution under the Bankruptcy 

Code; and ensure the readiness of the Corporation to conduct 

orderly resolutions of these firms, if necessary. 

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(p) Ombudsman. The Ombudsman shall act as a liaison between 

the Corporation and any affected person with respect to any 

problem such party may have in dealing with the Corporation 

resulting from the Corporation’s regulatory, resolution, 

receivership, or asset disposition activities; and ensure that 

safeguards exist to encourage complainants to come forward while 

preserving their confidentiality. 

(q) Director of the Office of Minority and Women Inclusion. 

The Director of the Office of Minority and Women Inclusion shall 

be responsible for all matters of the Corporation relating to 

diversity in management, employment, and business activities. In 

particular, the Director shall develop standards for (1) equal 

employment opportunity and the racial, ethnic, and gender 

diversity of the workforce and senior management of the 

Corporation; (2) increased participation of minority-owned and 

women-owned businesses in the Corporation’s programs and 

contracts, including standards for coordinating technical 

assistance to such businesses; and (3) assessing the diversity 

policies and practices of entities regulated by the Corporation. 

The Director of the Office of Minority and Women Inclusion shall 

also advise the Chairperson on the impact of the Corporation’s 

policies and regulations on minority-owned and women-owned 

businesses. The Director shall develop and implement standards 

20 
and procedures to ensure, to the maximum extent possible, the 

fair inclusion and utilization of minorities, women, and 

minority-owned and women-owned businesses in all business and 

activities of the Corporation at all levels, including in 

procurement, insurance, and all types of contracts. 

Additionally, the Director of the Office of Minority and Women 

Inclusion shall coordinate with the Chairperson or designee 

regarding the design and implementation of any remedies resulting 

from violations of statutes, regulations, or executive orders 

pertaining to civil rights. 

(r) Director of the Division of Administration. The Director 

of the Division of Administration shall provide advice and 

assistance to the Board of Directors and the officers and 

employees of the Corporation on personnel management programs and 

policies, and on employee development and employee benefit 

programs. The Director shall also manage, supervise, and direct 

the provision of a variety of administrative services to support 

the business activities of the Corporation. The services shall 

include the design, construction, operation, management, and 

furnishing of Corporation facilities, and space acquisition. The 

Director shall also direct, supervise, and perform contracting 

and supply functions including the procurement of goods, 

21 
services, and systems necessary to support the operations of the 

Corporation in both its corporate and receivership capacities. 

(s) Director of the Division of Finance. The Director of 

the Division of Finance shall integrate budget execution and 

accounting functions in order to monitor the financial execution 

of the Corporation’s budget in relation to actual expenditures 

and submit to the Board of Directors and the Chairperson of the 

Board of Directors timely performance reports thereon; receive, 

deposit, disburse, manage, safely keep, and account for all funds 

of the Corporation, including those funds payable to it in 

connection with its functions assigned to the Director of the 

Division of Resolutions and Receiverships; maintain all 

accounting records of the Corporation; prepare financial 

statements and reports therefrom; and administer regulations for 

the Corporation governing the payment of assessments by insured 

depository institutions in accordance with the provisions of the 

Federal Deposit Insurance Act. 

(t) Executive Secretary. The Executive Secretary shall be 

responsible for performing the duties of the secretary of the 

Board of Directors of the Corporation, such as giving proper 

notice of all meetings of the Board of Directors, circulating 

written items, attending such meetings and act as clerk thereof, 

22 
and recording all votes cast at such meetings and the minutes of 

the proceedings of the Board of Directors in records to be kept 

for that purpose; performing like duties for any standing or 

special committee established by the Board of Directors at the 

request of the committee; having custody of and safely keeping 

the official records of the Board of Directors and of any 

standing or special committee established by the Board of 

Directors at the request of the committee; and having custody of 

and safely keep the Seal of the Corporation, causing the Seal to 

be affixed to any instrument requiring it, and causing any such 

instrument to be attested. 

(u) Inspector General. The Inspector General is appointed 

by the President and is under the general supervision of the 

Chairperson. The Inspector General shall exercise the 

authorities and perform the duties set forth in the Inspector 

General Act of 1978, as amended, including, but not limited to, 

leading and managing an independent and objective unit to conduct 

and supervise audits and investigations relating to programs and 

operations of the Corporation; recommending policies for 

activities designed to promote economy and efficiency in the 

administration of, and to prevent and detect fraud and abuse in, 

Corporation programs and operations; and keeping the Chairperson, 

Board, and Congress fully and currently informed about problems 

23 
 

ARTICLE VII 

and deficiencies relating to the administration of Corporation 

programs and operations and the necessity for and progress of 

corrective action. 

DEPOSIT AND DISBURSEMENT OF FUNDS 

Section 1. Deposit of Funds. All uninvested funds of the 

Corporation, except those which the needs of the Corporation 

require to be deposited in other depositaries, shall be deposited 

with the Treasurer of the United States in accounts subject to 

withdrawal only upon the signature of the Chairperson or such 

persons as he or she may from time to time duly authorize by 

written designation. 

Section 2. Checking Accounts in Banks. Subject to 

applicable provisions of law, the Chairperson or such other 

persons as he or she may from time to time duly authorize by 

written designation shall establish such checking accounts in 

Federal Reserve banks and in insured banks as may from time to 

time be necessary. No other bank account shall be established on 

behalf of the Corporation without the prior approval of the 

Chairperson. All Corporation accounts with bank depositories 

shall be subject to check and withdrawal only upon the signature 

24 
ARTICLE VIII 

of the Chairperson or such persons as he or she may from time to 

time duly authorize by written designation. 

AMENDMENT OF BYLAWS 

These Bylaws may be amended or a new bylaw adopted at any 

meeting of the Board of Directors by a majority vote, provided 

that a copy of any such amendment or new bylaw shall have been 

delivered to each member of the Board of Directors at least seven 

days prior to such meeting. If a vote to amend the Bylaws or to 

adopt a new bylaw is unanimous, no prior notice of such amendment 

or new bylaw need have been given. 

25