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12 U.S.C. § 4221 (BANKS AND BANKING)
§ 4221. Filing of confidential declarations by private persons identifying specific assets
(a) In general
After the United States obtains a final judgment or settlement in any action referred to in section 4201 of this title, any person may file a declaration identifying specific assets which might be recovered by the United States in satisfaction of that judgment or settlement.
(b) Place of filing
A declaration under subsection (a) of this section shall be filed with the Attorney General of the United States or with an agent designated by him for receiving declarations under this section.
(Pub. L. 101–647, title XXV, § 2576, Nov. 29, 1990, 104 Stat. 4899.)
12 U.S.C. § 4222 (BANKS AND BANKING)
§ 4222. Contents of declarations
A declaration filed pursuant to section 4221 of this title shall—
(1) set forth the name and address of the declarant and the basis for the declarant’s knowledge of the facts alleged;
(2) allege under oath or affirmation specific facts indicating the nature, location, and approximate dollar value of the asset or assets and the names of all persons known to the declarant to have possession, custody, or control of the asset or assets; and
(3) allege under oath or affirmation specific facts that establish a prima facie case showing that the asset is legally subject to attachment, garnishment, sequestration, or other proceeding in satisfaction of the judgment referred to in section 4221 of this title.
(Pub. L. 101–647, title XXV, § 2577, Nov. 29, 1990, 104 Stat. 4900.)
12 U.S.C. § 4223 (BANKS AND BANKING)
§ 4223. Confidentiality of declarations
(a) Period of confidentiality
A declarant and the declarant’s agents shall not disclose the existence or filing of a declaration filed pursuant to section 4221 of this title until:
(1) the declarant receives notice that the Attorney General has concluded that an action should not be pursued under section 4226(b) of this title;
(2) the declarant receives notice of an award pursuant to section 4226(c) of this title; or
(3) the declarant is granted a contract to pursue an action under section 4225(b) or 4227 of this title.
(b) Maintenance of confidentiality to prevent prejudice
(1) Notwithstanding any other law, the contents of a declaration shall not be disclosed by the declarant if the disclosure would prejudice or compromise in any way the completion of any government investigation or any criminal or civil case that may arise out of, or make use of, information contained in a declaration, but information contained in a declaration may be disclosed as required by duly issued and authorized legal process.
(2) The Attorney General may in a circumstance described in paragraph (1) notify a declarant that continued confidentiality is required under this subsection notwithstanding paragraph (1) or (2) of subsection (a) of this section.
(c) Loss of rights
A declarant who discloses, except as provided by this subchapter, the existence or filing of a declaration or the contents thereof to anyone other than a duly authorized Federal or State investigator or the declarant’s attorney shall immediately lose all rights under this subchapter.
(Pub. L. 101–647, title XXV, § 2578, Nov. 29, 1990, 104 Stat. 4900.)
12 U.S.C. § 4224 (BANKS AND BANKING)
§ 4224. Ineligibility to file valid declarations
(a) In general
A declaration filed pursuant to section 4221 of this title and in accordance with sections 4222 and 4223 of this title is valid unless—
(1) the declaration is filed by a current or former officer or employee of a Federal or State government agency or instrumentality who discovered or gathered the information in the declaration, in whole or in part, while acting within the course of the declarant’s government employment;
(2) the declaration is filed by a person who knowingly participated in the violation of section 1517 of title 18 or any of the sections of title 18 referred to in section 4201 1 of this title, or any other fraudulent conduct with respect to which the declaration is made;
(3) the declaration is filed by an institution-affiliated party (as defined in section 1813(u) of this title) who withheld information during the course of any bank examination or investigation authorized pursuant to section 1820 of this title which such party owed a fiduciary duty to disclose;
(4) the declaration is filed by a member of the immediate family of the individual whose activities are the subject of the declaration or where, in the discretion of the Attorney General, it appears the individual could benefit from the award; or
(5) the declaration identifies an asset or assets the nature, location, or possible recovery of which has been disclosed to a member of the public in a criminal, civil, or administrative proceeding, in a congressional, administrative, or Government Accountability Office report, hearing, audit or investigation, by any other government source, or by the news media, unless the person providing the declaration is the original source of the information.
(b) “Original source” defined
For the purposes of subsection (a)(5) of this section, the term “original source” means a person who has direct and independent knowledge of the information contained in the declaration and who voluntarily provided the information to the government prior to the disclosure.
(c) Notice of invalidity
If the Attorney General determines at any time that a declaration is invalid under this section, that a declaration fails to meet the requirements of section 4222 of this title, or that a declaration has been disclosed in violation of section 4223 of this title, the Attorney General shall notify the person who filed the declaration in writing that the declaration is invalid, and the declarant shall not enjoy any of the rights of the declarant listed in section 4225 or 4226 of this title.
(Pub. L. 101–647, title XXV, § 2579, Nov. 29, 1990, 104 Stat. 4900; Pub. L. 108–271, § 8(b), July 7, 2004, 118 Stat. 814.)
heading: Amendments
text: 2004—Subsec. (a)(5). Pub. L. 108–271 substituted “Government Accountability Office” for “General Accounting Office”.
12 U.S.C. § 4225 (BANKS AND BANKING)
§ 4225. Rights of declarants; participation in actions, awards
(a) In general
A person who has filed a declaration that meets the requirements of sections 4221 through 4224 of this title shall have the rights stated in this section.
(b) Civil action
If the Attorney General determines that a proceeding to recover the asset or assets identified in the declaration should be referred to private counsel pursuant to subchapter III of this chapter, the declarant, after consultation with the Attorney General, shall have the right to select counsel to prosecute the action, and the declarant and the declarant’s counsel shall act in accordance with subchapter III of this chapter.
(c) Share of assets
When the United States recovers any asset or assets specifically identified in a valid declaration filed under section 4221 of this title and the Attorney General determines that the asset or assets would not have been recovered if the declaration had not been filed, the declarant shall have the right to share in the recovery in the amount of 20 percent to 30 percent of any recovery up to the first $1,000,000 recovered, 10 percent to 20 percent of the next $4,000,000 recovered, and 5 percent to 10 percent of the next $5,000,000 recovered.
(d) Prohibition of double awards
(1) No person shall receive both an award under this section and a reward under either section 1831k of this title or section 3509A 1 of title 18 for providing the same or substantially similar information.
(2) When a person qualifies for both an award under this section and a reward under either section 1831k of this title or section 3509A 1 of title 18 for providing the same or substantially similar information, the person may notify the Attorney General in writing of the person’s election to seek an award under this section or a reward under such other section.
(e) Appropriate Federal banking agency exception
For purposes of this section, funds or assets acquired by the United States shall not include any funds or assets acquired by any appropriate Federal banking agency acting in any capacity or the Resolution Trust Corporation acting in any capacity, except for any civil money penalties recovered by a Federal banking agency through a final judgement, order, or settlement.
(Pub. L. 101–647, title XXV, § 2580, Nov. 29, 1990, 104 Stat. 4901.)
heading: References in Text
text: Section 3509A of title 18, referred to in subsec. (d)(1), probably is a reference to former section 3059A of title 18, which was repealed by Pub. L. 107–273, div. A, title III, § 301(c)(2), Nov. 2, 2002, 116 Stat. 1781.
12 U.S.C. § 4226 (BANKS AND BANKING)
§ 4226. Rights of declarants; notifications; Government accountability
(a) In general
A person who has filed a declaration that meets the requirements of sections 4221 through 4224 of this title shall have the rights stated in this section.
(b) Notice of decision not to pursue
If, after review, the Attorney General concludes that the information contained in a declaration should not be pursued in a proceeding to recover the asset or assets, the Attorney General shall so notify the declarant in writing and shall provide a brief statement of the reasons that the declaration will not be pursued.
(c) Judgment, order, or settlement
(1) When the United States obtains a final judgment, order, or settlement transferring to the United States title to an asset or assets identified in a valid declaration filed under section 4221 1 of this title, the Attorney General shall notify the declarant in writing of the entry of the judgment, order, or settlement.
(2) A notice described in paragraph (1) shall contain—
(A) the Attorney General’s determination of the amount of the award due the declarant under section 4225(c) of this title upon recovery by the United States; and
(B) a short statement of reasons for the amount of the award.
(d) Notice of pendency of investigation or proceeding
(1) Subject to paragraph (2), if the Attorney General has not provided the declarant with notice under subsection (b) of this section or a notice of invalidity pursuant to section 4224 of this title within 1 year after the date of filing of the declaration, the Attorney General shall notify the declarant in writing that—
(A) there is a pending investigation or proceeding in the course of which the declarant’s allegations are being addressed; or
(B) the declarant’s allegations have not yet been addressed.
(2) If the Attorney General certifies that it is in the interest of the United States to give further consideration to the information provided in the declaration for an additional 90-day period, the Attorney General shall so notify the declarant in writing.
(e) Confidentiality of notices
All notices provided to a declarant under this section shall be kept confidential by the declarant in the same manner, and subject to the same penalties, as the declaration under section 4223 of this title.
(Pub. L. 101–647, title XXV, § 2581, Nov. 29, 1990, 104 Stat. 4902.)
heading: References in Text
text: Section 4221 of this title, referred to in subsec. (c)(1), was in the original “section 831”, and was translated as reading “section 2576”, meaning section 2576 of Pub. L. 101–647, as the probable intent of Congress, because Pub. L. 101–647 does not contain a section 831.
12 U.S.C. § 4227 (BANKS AND BANKING)
§ 4227. Unreviewed declarations; petition to pursue action as private contractor
(a) Notification
(1) If, pursuant to section 4226(d)(1)(B) of this title, the Attorney General notifies a declarant that the declarant’s allegations have not yet been addressed, the declarant may notify the Attorney General to award a contract pursuant to subchapter III of this chapter to pursue the case.
(2) A declarant’s notification under paragraph (1) shall be filed with the Attorney General not later than 30 days after the date of service of notice under section 4226(d)(1)(B) of this title, and the Attorney General shall respond to the notification not later than 30 days after receipt.
(b) Contents of response
In response to a notification under subsection (a)(1) of this section, the Attorney General shall—
(1) grant a contract pursuant to subchapter III of this chapter; or
(2) proceed with an action.
(c) Grant of contract
If the Attorney General decides to grant a contract, the declarant, after consultation with the Attorney General, shall have the right to select counsel to prosecute an action, and the declarant and the declarant’s counsel shall act in accordance with subchapter III of this chapter.
(Pub. L. 101–647, title XXV, § 2582, Nov. 29, 1990, 104 Stat. 4903.)
12 U.S.C. § 4228 (BANKS AND BANKING)
§ 4228. Nonreviewability of action by Attorney Gen­eral
Notwithstanding any other law, no court shall have jurisdiction over any claim based on any action taken by the Attorney General or any refusal to take action under this subchapter, except for failure to provide notification under section 4226 of this title.
(Pub. L. 101–647, title XXV, § 2583, Nov. 29, 1990, 104 Stat. 4903.)
12 U.S.C. § 4229 (BANKS AND BANKING)
§ 4229. Protection for declarants
A declarant under this subchapter shall enjoy the protections of section 3059A(e) 1 of title 18.
(Pub. L. 101–647, title XXV, § 2584, Nov. 29, 1990, 104 Stat. 4903.)
heading: References in Text
text: Section 3059A(e) of title 18, referred to in text, was repealed by Pub. L. 107–273, div. A, title III, § 301(c)(2), Nov. 2, 2002, 116 Stat. 1781.
12 U.S.C. § 4230 (BANKS AND BANKING)
§ 4230. Promulgation of regulations
The Attorney General may promulgate any rules, regulations, or guidelines that, in the Attorney General’s judgment, are necessary and appropriate to the effective administration of this subchapter.
(Pub. L. 101–647, title XXV, § 2585, Nov. 29, 1990, 104 Stat. 4903.)
12 U.S.C. § 4241 (BANKS AND BANKING)
§ 4241. Authority to enter into contracts for private counsel
(a) In general
The Attorney General may enter into contracts retaining private counsel to furnish legal services, including representation in investigation, negotiation, compromise, settlement, litigation, and execution of judgments in the case of any civil action referred to in section 4201 of this title or section 4225 of this title.
(b) Terms and conditions
Each contract under subsection (a) of this section shall include the provisions described in section 4244 of this title and such other terms and conditions as the Attorney General considers necessary and appropriate to protect the interests of the United States.
(c) Limitation of fee
The amount of the contingency fee payable for legal services furnished under a contract described in subsection (a) of this section shall not exceed the contingency fee that counsel engaged in the private practice of law in the jurisdiction wherein the legal services are furnished typically charge clients for furnishing the same or comparable legal services.
(d) Contingent fees
Notwithstanding section 3302(b) of title 31, a contract under this section shall provide that a fee that the United States pays private counsel for services is payable from the amount recovered and shall be based on a percentage of the civil penalties or assets recovered.
(Pub. L. 101–647, title XXV, § 2588, Nov. 29, 1990, 104 Stat. 4905.)
12 U.S.C. § 4242 (BANKS AND BANKING)
§ 4242. Contract decisions nonreviewable
Notwithstanding any other law, no court shall have jurisdiction over any claim based on the Attorney General’s decision to refuse to enter into a contract for legal services referred to in section 4241 of this title.
(Pub. L. 101–647, title XXV, § 2589, Nov. 29, 1990, 104 Stat. 4905.)
12 U.S.C. § 4243 (BANKS AND BANKING)
§ 4243. Representation
Notwithstanding sections 516, 518(b), 519, and 547(2) of title 28, private counsel retained under section 4241 of this title may represent the United States in litigation in connection with legal services furnished pursuant to the contract entered into with that counsel, subject to the requirements specified in section 4244 of this title.
(Pub. L. 101–647, title XXV, § 2590, Nov. 29, 1990, 104 Stat. 4906.)
12 U.S.C. § 4244 (BANKS AND BANKING)
§ 4244. Contract provisions
A contract made with a private counsel under section 4241 of this title shall include—
(1) a provision permitting the Attorney General to terminate either the contract or the private counsel’s representation of the United States in particular cases if the Attorney General finds that such action is in the best interests of the United States;
(2) a provision requiring private counsel to transmit monthly to the Attorney General a report on the services relating to matters handled pursuant to the contract during the preceding month and the progress made during that period; and
(3) a provision requiring that the initiation, settlement, dismissal, or compromise of a claim be approved by a duly appointed officer of the United States.
(Pub. L. 101–647, title XXV, § 2591, Nov. 29, 1990, 104 Stat. 4906.)
12 U.S.C. § 4245 (BANKS AND BANKING)
§ 4245. Counterclaims
Any counterclaim filed in any action brought on behalf of the United States by private counsel retained under section 4241 of this title may not be asserted unless the counterclaim has been served directly on the Attorney General and the United States Attorney for the judicial district in which, or embracing the place in which, the action is pending. Such service shall be made in accordance with the rules of procedure of the court in which the action on behalf of the United States is pending.
(Pub. L. 101–647, title XXV, § 2592, Nov. 29, 1990, 104 Stat. 4906.)
12 U.S.C. § 4246 (BANKS AND BANKING)
§ 4246. Awards of costs and fees to prevailing plaintiff
When the United States, through private counsel retained under this subchapter, prevails in any civil action, the court, in its discretion, may allow the United States reasonable attorney’s fees and other expenses of litigation as part of the costs.
(Pub. L. 101–647, title XXV, § 2593, Nov. 29, 1990, 104 Stat. 4906.)
12 U.S.C. § 4247 (BANKS AND BANKING)
§ 4247. Promulgation of regulations
The Attorney General may promulgate any rules, regulations, or guidelines that, in the Attorney General’s judgment, are necessary and appropriate to the effective administration of this subchapter.
(Pub. L. 101–647, title XXV, § 2594, Nov. 29, 1990, 104 Stat. 4906.)
12 U.S.C. § 4301 (BANKS AND BANKING)
§ 4301. Findings and purpose
(a) Findings
The Congress hereby finds that economic stability would be enhanced, competition between depository institutions would be improved, and the ability of the consumer to make informed decisions regarding deposit accounts, and to verify accounts, would be strengthened if there was uniformity in the disclosure of terms and conditions on which interest is paid and fees are assessed in connection with such accounts.
(b) Purpose
It is the purpose of this chapter to require the clear and uniform disclosure of—
(1) the rates of interest which are payable on deposit accounts by depository institutions; and
(2) the fees that are assessable against deposit accounts,
so that consumers can make a meaningful comparison between the competing claims of depository institutions with regard to deposit accounts.
(Pub. L. 102–242, title II, § 262, Dec. 19, 1991, 105 Stat. 2334.)
heading: Short Title
text: Pub. L. 102–242, title II, § 261, Dec. 19, 1991, 105 Stat. 2334, provided that: “This subtitle [subtitle F (§§ 261–274) of title II of Pub. L. 102–242, enacting this chapter] may be cited as the ‘Truth in Savings Act’.”
heading: Separability
text: If any provision of Pub. L. 102–242 or any application of any provision thereof to any person or circumstance is held invalid, the remainder of Pub. L. 102–242 and the application of any remaining provision of such Act to any other person or circumstance not to be affected by such holding, see section 481 of Pub. L. 102–242, set out as a note under section 1811 of this title.
12 U.S.C. § 4304 (BANKS AND BANKING)
§ 4304. Disclosure requirements for certain accounts
The Bureau shall require, in regulations which the Bureau shall prescribe, such modification in the disclosure requirements under this chapter relating to annual percentage yield as may be necessary to carry out the purposes of this chapter in the case of—
(1) accounts with respect to which determination of annual percentage yield is based on an annual rate of interest that is guaranteed for a period of less than 1 year;
(2) variable rate accounts;
(3) accounts which, pursuant to law, do not guarantee payment of a stated rate;
(4) multiple rate accounts; and
(5) accounts with respect to which determination of annual percentage yield is based on an annual rate of interest that is guaranteed for a stated term.
(Pub. L. 102–242, title II, § 265, Dec. 19, 1991, 105 Stat. 2336; Pub. L. 102–550, title XVI, § 1604(e)(2)(A), Oct. 28, 1992, 106 Stat. 4084; Pub. L. 111–203, title X, § 1100B(1), July 21, 2010, 124 Stat. 2109.)
heading: Amendments
text: 2010—Pub. L. 111–203 substituted “Bureau” for “Board” in two places in introductory provisions.
1992—Pub. L. 102–550 made technical amendment to references to “this chapter” wherever appearing to reflect correction of corresponding provision of original act.
heading: Effective Date of 2010 Amendment
text: Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.
heading: Effective Date of 1992 Amendment
text: Amendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, see section 1609(a) of Pub. L. 102–550, set out as a note under section 191 of this title.
12 U.S.C. § 4306 (BANKS AND BANKING)
§ 4306. Payment of interest
(a) Calculated on full amount of principal
Interest on an interest-bearing account at any depository institution shall be calculated by such institution on the full amount of principal in the account for each day of the stated calculation period at the rate or rates of interest disclosed pursuant to this chapter.
(b) No particular method of compounding interest required
Subsection (a) of this section shall not be construed as prohibiting or requiring the use of any particular method of compounding or crediting of interest.
(c) Date by which interest must accrue
Interest on accounts that are subject to this chapter shall begin to accrue not later than the business day specified for interest-bearing accounts in section 4005 of this title, subject to subsections (b) and (c) of such section.
(Pub. L. 102–242, title II, § 267, Dec. 19, 1991, 105 Stat. 2338; Pub. L. 102–550, title XVI, § 1604(e)(2)(B), (C), Oct. 28, 1992, 106 Stat. 4084.)
heading: Amendments
text: 1992—Subsecs. (a), (c). Pub. L. 102–550 made technical amendment to references to “this chapter” to reflect correction of corresponding provision of original act.
heading: Effective Date of 1992 Amendment
text: Amendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, see section 1609(a) of Pub. L. 102–550, set out as a note under section 191 of this title.
12 U.S.C. § 4307 (BANKS AND BANKING)
§ 4307. Periodic statements
Each depository institution shall include on or with each periodic statement provided to each account holder at such institution a clear and conspicuous disclosure of the following information with respect to such account:
(1) The annual percentage yield earned.
(2) The amount of interest earned.
(3) The amount of any fees or charges imposed.
(4) The number of days in the reporting period.
(Pub. L. 102–242, title II, § 268, Dec. 19, 1991, 105 Stat. 2338.)