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izing upon any asset of any person in 
the course of collecting money due the 
regulated entity), exercise any power 
established under section 1348. 
‘‘(II) APPLICABILITY OF LAW.— 
The provisions of section 1348 shall 
apply with respect to the exercise of 
any power exercised under this sub-
paragraph in the same manner as 
such provisions apply under that sec-
tion. 
‘‘(ii) AUTHORITY
OF
DIRECTOR.—A 
subpoena or subpoena duces tecum may be 
issued under clause (i) only by, or with the 
written approval of, the Director, or the 
designee of the Director. 
‘‘(iii) RULE OF CONSTRUCTION.—This 
subsection shall not be construed to limit 
any rights that the Agency, in any capac-
ity, might otherwise have under section 
1317 or 1379D. 
‘‘(J) CONTRACTING
FOR
SERVICES.—The 
Agency may, as conservator or receiver, provide 
by contract for the carrying out of any of its 
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functions, activities, actions, or duties as con-
servator or receiver. 
‘‘(K) INCIDENTAL POWERS.—The Agency 
may, as conservator or receiver— 
‘‘(i) exercise all powers and authori-
ties specifically granted to conservators or 
receivers, respectively, under this section, 
and such incidental powers as shall be nec-
essary to carry out such powers; and 
‘‘(ii) take any action authorized by 
this section, which the Agency determines 
is in the best interests of the regulated en-
tity or the Agency. 
‘‘(3) AUTHORITY OF RECEIVER TO DETERMINE 
CLAIMS.— 
‘‘(A) IN GENERAL.—The Agency may, as 
receiver, determine claims in accordance with 
the requirements of this subsection and any 
regulations prescribed under paragraph (4). 
‘‘(B) NOTICE
REQUIREMENTS.—The re-
ceiver, in any case involving the liquidation or 
winding up of the affairs of a closed regulated 
entity, shall— 
‘‘(i) promptly publish a notice to the 
creditors of the regulated entity to present 
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their claims, together with proof, to the re-
ceiver by a date specified in the notice 
which shall be not less than 90 days after 
the publication of such notice; and 
‘‘(ii) republish such notice approxi-
mately 1 month and 2 months, respec-
tively, after the publication under clause 
(i). 
‘‘(C) MAILING
REQUIRED.—The receiver 
shall mail a notice similar to the notice pub-
lished under subparagraph (B)(i) at the time of 
such publication to any creditor shown on the 
books of the regulated entity— 
‘‘(i) at the last address of the creditor 
appearing in such books; or 
‘‘(ii) upon discovery of the name and 
address of a claimant not appearing on the 
books of the regulated entity within 30 
days after the discovery of such name and 
address. 
‘‘(4) RULEMAKING
AUTHORITY
RELATING
TO 
DETERMINATION OF CLAIMS.—Subject to subsection 
(c), the Director may prescribe regulations regarding 
the allowance or disallowance of claims by the re-
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ceiver and providing for administrative determina-
tion of claims and review of such determination. 
‘‘(5) PROCEDURES
FOR
DETERMINATION
OF 
CLAIMS.— 
‘‘(A) DETERMINATION PERIOD.— 
‘‘(i) IN GENERAL.—Before the end of 
the 180-day period beginning on the date 
on which any claim against a regulated en-
tity is filed with the Agency as receiver, 
the Agency shall determine whether to 
allow or disallow the claim and shall notify 
the claimant of any determination with re-
spect to such claim. 
‘‘(ii) EXTENSION OF TIME.—The pe-
riod described in clause (i) may be ex-
tended by a written agreement between the 
claimant and the Agency. 
‘‘(iii) MAILING
OF
NOTICE
SUFFI-
CIENT.—The notification requirements of 
clause (i) shall be deemed to be satisfied if 
the notice of any determination with re-
spect to any claim is mailed to the last ad-
dress of the claimant which appears— 
‘‘(I) on the books of the regu-
lated entity; 
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‘‘(II) in the claim filed by the 
claimant; or 
‘‘(III) in documents submitted in 
proof of the claim. 
‘‘(iv) CONTENTS OF NOTICE OF DIS-
ALLOWANCE.—If any claim filed under 
clause (i) is disallowed, the notice to the 
claimant shall contain— 
‘‘(I) a statement of each reason 
for the disallowance; and 
‘‘(II) the procedures available for 
obtaining agency review of the deter-
mination to disallow the claim or judi-
cial determination of the claim. 
‘‘(B) ALLOWANCE
OF
PROVEN
CLAIM.— 
The receiver shall allow any claim received on 
or before the date specified in the notice pub-
lished under paragraph (3)(B)(i), or the date 
specified in the notice required under paragraph 
(3)(C), which is proved to the satisfaction of 
the receiver. 
‘‘(C) DISALLOWANCE
OF
CLAIMS
FILED 
AFTER END OF FILING PERIOD.—Claims filed 
after the date specified in the notice published 
under paragraph (3)(B)(i), or the date specified 
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under paragraph (3)(C), shall be disallowed and 
such disallowance shall be final. 
‘‘(D) AUTHORITY TO DISALLOW CLAIMS.— 
‘‘(i) IN GENERAL.—The receiver may 
disallow any portion of any claim by a 
creditor or claim of security, preference, or 
priority which is not proved to the satisfac-
tion of the receiver. 
‘‘(ii) 
PAYMENTS
TO
LESS
THAN 
FULLY SECURED CREDITORS.—In the case 
of a claim of a creditor against a regulated 
entity which is secured by any property or 
other asset of such regulated entity, the re-
ceiver— 
‘‘(I) may treat the portion of 
such claim which exceeds an amount 
equal to the fair market value of such 
property or other asset as an unse-
cured claim against the regulated en-
tity; and 
‘‘(II) may not make any payment 
with respect to such unsecured por-
tion of the claim other than in connec-
tion with the disposition of all claims 
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of unsecured creditors of the regu-
lated entity. 
‘‘(iii) EXCEPTIONS.—No provision of 
this paragraph shall apply with respect to 
any extension of credit from any Federal 
Reserve Bank, Federal home loan bank, or 
the Treasury of the United States. 
‘‘(E) NO
JUDICIAL
REVIEW
OF
DETER-
MINATION
PURSUANT
TO
SUBPARAGRAPH 
(D).—No court may review the determination 
of the Agency under subparagraph (D) to dis-
allow a claim. This subparagraph shall not af-
fect the authority of a claimant to obtain de 
novo judicial review of a claim pursuant to 
paragraph (6). 
‘‘(F) LEGAL EFFECT OF FILING.— 
‘‘(i) 
STATUTE
OF
LIMITATION 
TOLLED.—For purposes of any applicable 
statute of limitations, the filing of a claim 
with the receiver shall constitute a com-
mencement of an action. 
‘‘(ii) NO PREJUDICE TO OTHER AC-
TIONS.—Subject to paragraph (10), the fil-
ing of a claim with the receiver shall not 
prejudice any right of the claimant to con-
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tinue any action which was filed before the 
date of the appointment of the receiver, 
subject to the determination of claims by 
the receiver. 
‘‘(6) PROVISION FOR JUDICIAL DETERMINATION 
OF CLAIMS.— 
‘‘(A) IN GENERAL.—The claimant may file 
suit on a claim (or continue an action com-
menced before the appointment of the receiver) 
in the district or territorial court of the United 
States for the district within which the prin-
cipal place of business of the regulated entity is 
located or the United States District Court for 
the District of Columbia (and such court shall 
have jurisdiction to hear such claim), before the 
end of the 60-day period beginning on the ear-
lier of— 
‘‘(i) the end of the period described in 
paragraph (5)(A)(i) with respect to any 
claim against a regulated entity for which 
the Agency is receiver; or 
‘‘(ii) the date of any notice of dis-
allowance of such claim pursuant to para-
graph (5)(A)(i). 
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