I 

115TH CONGRESS 

2D SESSION H. R. 7323 

To amend the Federal Deposit Insurance Act with respect to shareholder 

claims arising from the appointment of a conservator or receiver for 

certain depository institutions, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 17, 2018 

Ms. JENKINS of Kansas introduced the following bill; which was referred to 

the Committee on Financial Services 

A BILL 

To amend the Federal Deposit Insurance Act with respect 

to shareholder claims arising from the appointment of 

a conservator or receiver for certain depository institutions, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Independent and Com5 munity Bank Shareholders Protection Act’’. 


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1 SEC. 2. SHAREHOLDER CLAIMS. 

2 (a) IN GENERAL.—Section 11(d) of the Federal De3 posit Insurance Act (12 U.S.C. 1821(d)) is amended by 

4 adding at the end the following: 

5 ‘‘(21) SHAREHOLDER CLAIMS FOR JUST COM6 PENSATION.— 

7 ‘‘(A) CLAIMS AUTHORIZED.— 

8 ‘‘(i) IN GENERAL.—A shareholder of a 

9 covered institution may file a claim with 

10 the Corporation for just compensation to 

11 be paid by the Corporation to the share12 holder. 

13 ‘‘(ii) HOLDING COMPANIES.—A share14 holder of a depository institution holding 

15 company may file a claim authorized by 

16 this subparagraph on behalf of such com17 pany with respect to a covered institution. 

18 ‘‘(B) AMOUNT TO BE PAID.—Just com19 pensation shall be paid to a shareholder in an 

20 amount equal to the pro-rata share of the 

21 shareholder of the net worth of the covered in22 stitution according to generally accepted ac23 counting principles determined as of the date 

24 on which the covered institution enters con25 servatorship or receivership, whichever occurs 

26 first. 


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1 ‘‘(C) LIMITATION ON PAYMENT OF

2 CLAIMS.—The Corporation shall not pay a 

3 claim under subparagraph (A) if— 

4 ‘‘(i) the covered institution is deter5 mined by the final judgment of a court of 

6 competent jurisdiction to have been insol7 vent as of the date on which control of the 

8 covered institution passed from its share9 holders to the Corporation; or 

10 ‘‘(ii) the administrative expenses of 

11 the Corporation arising from the appoint12 ment of a conservator or receiver for the 

13 covered institution exceed available funds 

14 from the covered institution. 

15 ‘‘(D) STATUTE OF LIMITATIONS.—The ap16 plicable statute of limitations with regard to a 

17 claim brought by a shareholder under subpara18 graph (A) shall be 90 days beginning on the 

19 date that a conservator or receiver is appointed 

20 for the covered institution pursuant to this Act. 

21 ‘‘(E) COVERED INSTITUTION DEFINED.— 

22 In this paragraph, the term ‘covered institution’ 

23 means a depository institution— 

24 ‘‘(i) for which the Corporation has ap25 pointed a conservator or receiver; and 


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1 ‘‘(ii) that has total assets of less than 

2 $15,000,000,000 as of the date on which 

3 the institution enters conservatorship or 

4 receivership.’’. 

5 (b) SAVINGS ASSOCIATION SHAREHOLDERS.—The 

6 rights provided to a shareholder under section 11(d)(21) 

7 of the Federal Deposit Insurance Act, as added by this 

8 Act, shall apply in the same manner and to the same ex9 tent to— 

10 (1) a shareholder of a savings association for 

11 which the Office of Thrift Supervision appointed a 

12 conservator or receiver; and 

13 (2) a shareholder of a savings and loan holding 

14 company on behalf of such holding company with re15 spect to a savings association for which the Office 

16 appointed a conservator or receiver. 

17 (c) SPECIAL RULES.— 

18 (1) STATUTE OF LIMITATIONS FOR CLAIMS

19 ARISING FROM ACTIONS PRIOR TO THIS ACT.—The 

20 statute of limitations for a claim filed under this 

21 Act, or an amendment made by this Act, with re22 spect to the appointment of a conservator or receiver 

23 for a covered institution or savings association oc24 curring prior to the date of enactment of this Act 


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1 shall be 90 days beginning on such date of enact2 ment. 

3 (2) PRIOR CLAIMS.—A shareholder shall not be 

4 precluded from filing a claim under this Act, or an 

5 amendment made by this Act, if a claim with respect 

6 to the same conservatorship or receivership has been 

7 previously adjudicated before a court of competent 

8 jurisdiction. 

9 (3) UNITED STATES COURT OF FEDERAL

10 CLAIMS.—A shareholder may seek review of a denial 

11 by the Federal Deposit Insurance Corporation of a 

12 claim filed under this Act in the United States Court 

13 of Federal Claims. 

14 (d) DEFINITIONS.—In this section: 

15 (1) COVERED INSTITUTION.—The term ‘‘cov16 ered institution’’ has the meaning given that term in 

17 section 11(d)(21) of the Federal Deposit Insurance 

18 Act (as added by this Act). 

19 (2) SAVINGS ASSOCIATION.—The term ‘‘savings 

20 association’’ has the meaning given that term in sec21 tion 3 of the Federal Deposit Insurance Act (12 

22 U.S.C. 1813). 

23 (3) SAVINGS AND LOAN HOLDING COMPANY.— 

24 The term ‘‘savings and loan holding company’’ has 


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1 the meaning given that term in section 10 of the 

2 Home Owners’ Loan Act (12 U.S.C. 1467a). 

Æ 


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