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12 U.S.C. § 204 (BANKS AND BANKING)
§ 204. Examinations
The Comptroller of the Currency (in consultation with the Board of Directors of the Federal Deposit Insurance Corporation when the Corporation is appointed conservator) is authorized to examine and supervise the bank in conservatorship as long as the bank continues to operate as a going concern. The Comptroller may use reports and other information provided by the Federal Deposit Insurance Corporation for this purpose.
(Mar. 9, 1933, ch. 1, title II, § 204, 48 Stat. 3; Pub. L. 101–73, title VIII, § 803, Aug. 9, 1989, 103 Stat. 443.)
heading: Editorial Notes
heading: Amendments
text: 1989—Pub. L. 101–73 amended section generally. Prior to amendment, section read as follows: “The Comptroller of the Currency shall cause to be made such examinations of the affairs of such bank as shall be necessary to inform him as to the financial condition of such bank, and the examiner shall make a report thereon to the Comptroller of the Currency at the earliest practicable date.”
heading: Statutory Notes and Related Subsidiaries
heading: Exception as to Transfer of Functions
text: Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under section 1 of this title.
12 U.S.C. § 209 (BANKS AND BANKING)
§ 209. Liability protection
(a) Federal agency and employees
In any case in which the conservator is a Federal agency or an employee of the Government, the provisions of chapters 161 and 171 of title 28 shall apply with respect to such conservator’s liability for acts or omissions performed pursuant to and in the course of the duties and responsibilities of the conservatorship.
(b) Other conservators
In any case where the conservator is not a conservator described in subsection (a), the conservator shall not be liable for damages in tort or otherwise for acts or omissions performed pursuant to and in the course of the duties and responsibilities of the conservatorship, unless such acts or omissions constitute gross negligence, including any similar conduct or any form of intentional tortious conduct, as determined by a court.
(c) Indemnification
The Comptroller 1 shall have authority to indemnify the conservator on such terms as the Comptroller deems proper.
(Mar. 9, 1933, ch. 1, title II, § 209, 48 Stat. 5; Sept. 3, 1954, ch. 1263, § 23, 68 Stat. 1234; Pub. L. 101–73, title VIII, § 806, Aug. 9, 1989, 103 Stat. 445.)
heading: Editorial Notes
heading: Amendments
text: 1989—Pub. L. 101–73 amended section generally. Prior to amendment, section read as follows: “Conservators appointed pursuant to the provisions of this subchapter shall be subject to the provisions of and to the penalties prescribed by sections 334, 656, and 1005 of title 18; and sections 202, 216, 281, 431, 432, and 433 of title 18, in so far as applicable, are extended to apply to contracts, agreements, proceedings, dealings, claims and controversies by or with any such conservator or the Comptroller of the Currency under the provisions of this subchapter.”
1954—Act Sept. 3, 1954, corrected references to title 18.
heading: Statutory Notes and Related Subsidiaries
heading: Exception as to Transfer of Functions
text: Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under section 1 of this title.
12 U.S.C. § 210 (BANKS AND BANKING)
§ 210. Governmental powers unimpaired
Nothing in this subchapter shall be construed to impair in any manner any powers of the President, the Secretary of the Treasury, the Comptroller of the Currency, or the Board of Governors of the Federal Reserve System.
(Mar. 9, 1933, ch. 1, title II, § 210, 48 Stat. 5; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)
heading: Statutory Notes and Related Subsidiaries
heading: Change of Name
text: Act Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704, changed the name of the Federal Reserve Board to Board of Governors of the Federal Reserve System.
heading: Exception as to Transfer of Functions
text: Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under section 1 of this title.
12 U.S.C. § 211 (BANKS AND BANKING)
§ 211. Rules and regulations
(a) In general
The Comptroller of the Currency may prescribe such rules and regulations as the Comptroller may deem necessary to carry out the provisions of this Act.
(b) F.D.I.C. as conservator
In any case in which the Federal Deposit Insurance Corporation is the conservator, any rules or regulations prescribed by the Comptroller shall be consistent with any rules and regulations prescribed by the Federal Deposit Insurance Corporation pursuant to the Federal Deposit Insurance Act [12 U.S.C. 1811 et seq.].
(Mar. 9, 1933, ch. 1, title II, § 211, 48 Stat. 5; Pub. L. 101–73, title VIII, § 807, Aug. 9, 1989, 103 Stat. 446.)
heading: Editorial Notes
heading: References in Text
text: This Act, referred to in subsec. (a), is act Mar. 9, 1933, ch. 1, 48 Stat. 1, popularly known as the Emergency Banking and Bank Conservation Act, which is classified to sections 51a, 51b, 51c, 51d, 95, 201 to 212, 248, 347b, 347c, 347d, and 445 of this title and section 4305 of Title 50, War and National Defense, and classified as a note under section 4305 of Title 50.
Section 51d of this title was repealed by act June 30, 1947, ch. 166, title II, § 206(b), (o), 61 Stat. 208. For effect of the repeal on outstanding debentures held by banks, see References in Text note set out under section 51b–1 of this title.
The Federal Deposit Insurance Act, referred to in subsec. (b), is act Sept. 21, 1950, ch. 967, § 2, 64 Stat. 873, as amended, which is classified generally to chapter 16 (§ 1811 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1811 of this title and Tables.
heading: Amendments
text: 1989—Pub. L. 101–73 amended section generally. Prior to amendment, section read as follows: “The Comptroller of the Currency is authorized and empowered, with the approval of the Secretary of the Treasury, to prescribe such rules and regulations as he may deem necessary in order to carry out the provisions of this subchapter. Whoever violates any rule or regulation made pursuant to this section shall be deemed guilty of a misdemeanor and, upon conviction thereof, shall be fined not more than $5,000, or imprisoned not more than one year, or both.”
heading: Statutory Notes and Related Subsidiaries
heading: Exception as to Transfer of Functions
text: Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under section 1 of this title.
12 U.S.C. § 212 (BANKS AND BANKING)
§ 212. Right to amend; separability
The right to alter, amend, or repeal this Act is expressly reserved. If any provision of this Act, or the application there of to any person or circumstances, is held invalid, the remainder of the Act, and the application of such provision to other persons or circumstances, shall not be affected thereby.
(Mar. 9, 1933, ch. 1, title V, § 502, 48 Stat. 7.)
heading: Editorial Notes
heading: References in Text
text: This Act, referred to in text, is act Mar. 9, 1933, ch. 1, 48 Stat. 1, popularly known as the Emergency Banking and Bank Conservation Act, which is classified to sections 51a, 51b, 51c, 51d, 95, 201 to 212, 248, 347b, 347c, 347d, and 445 of this title and section 4305 of Title 50, War and National Defense, and classified as a note under section 4305 of Title 50.
Section 51d of this title was repealed by act June 30, 1947, ch. 166, title II, § 206(b), (o), 61 Stat. 208. For effect of the repeal on outstanding debentures held by banks, see References in Text note set out under section 51b–1 of this title.
heading: Codification
text: This section was not enacted as part of title II of act Mar. 9, 1933, ch. 1, 48 Stat. 2, which comprises this subchapter.
12 U.S.C. § 213 (BANKS AND BANKING)
§ 213. Transferred
heading: Editorial Notes
heading: Codification
text: Section, act Jan. 30, 1934, ch. 6, § 13, 48 Stat. 343, relating to ratification of acts of the President and Secretary of the Treasury, was transferred to section 824 of former Title 31, and subsequently repealed by Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 1068, the first section of which enacted Title 31, Money and Finance.
12 U.S.C. § 214 (BANKS AND BANKING)
§ 214. Definitions
(a) As used in this subchapter and section 321 of this title the term “State bank” means any bank, banking association, trust company, savings bank (other than a mutual savings bank), or other banking institution which is engaged in the business of receiving deposits and which is incorporated under the laws of any State, any Territory of the United States, Puerto Rico, or the Virgin Islands, or which is operating under the Code of Law for the District of Columbia.
(b) For purposes of merger or consolidation under this subchapter and section 321 of this title the term “national banking association” means one or more national banking associations, and the term “State bank” means one or more State banks.
(Aug. 17, 1950, ch. 729, § 1, 64 Stat. 455; Sept. 3, 1954, ch. 1263, § 24, 68 Stat. 1234; Pub. L. 109–351, title VII, § 725(f), Oct. 13, 2006, 120 Stat. 2002; Pub. L. 109–356, title I, § 123(f), Oct. 16, 2006, 120 Stat. 2029.)
heading: Editorial Notes
heading: Amendments
text: 2006—Subsec. (a). Pub. L. 109–351 and 109–356 amended subsec. (a) identically, striking out “(except a national banking association)” before period at end.
1954—Act Sept. 3, 1954, substituted “this subchapter and section 321 of this title” for “sections 214 to 214c, 264(e)(2), (i)(2), (v)(4), and 321 of this title” wherever appearing.
heading: Statutory Notes and Related Subsidiaries
heading: Separability
text: Act Aug. 17, 1950, ch. 729, § 9, 64 Stat. 458, provided that: “If any provision of this Act [enacting this subchapter and amending of sections 264 and 321 of this title], or the application thereof to any person or circumstance, is held invalid, the remainder of the Act and the application of such provision to other persons or circumstances shall not be affected thereby.”
12 U.S.C. § 214c (BANKS AND BANKING)
§ 214c. Conversions in contravention of State law
No conversion of a national banking association into a State bank or its merger or consolidation with a State bank shall take place under this subchapter and section 321 of this title in contravention of the law of the State in which the national banking association is located; and no such conversion, merger, or consolidation shall take place under said sections unless under the law of the State in which such national banking association is located State banks may without approval by any State authority convert into and merge or consolidate with national banking associations under limitations or conditions no more restrictive than those contained in section 214a of this title with respect to the conversion of a national bank into, or merger or consolidation of a national bank with, a State bank under State charter.
(Aug. 17, 1950, ch. 729, § 4, 64 Stat. 456; July 12, 1952, ch. 696, 66 Stat. 590; Sept. 3, 1954, ch. 1263, § 25, 68 Stat. 1235.)
heading: Editorial Notes
heading: Amendments
text: 1954—Act Sept. 3, 1954, substituted “this subchapter and section 321 of this title” for “sections 214 to 214c, 264(e)(2), (i)(2), (v)(4), and 321 of this title”.
1952—Act July 12, 1952, amended section so that the limitation of this section beyond which State law cannot go will be measured by the standard set out in section 214a of this title for National-to-State conversions.
12 U.S.C. § 214d (BANKS AND BANKING)
§ 214d. Prohibition on conversion
A national banking association may not convert to a State bank or State savings association during any period in which the national banking association is subject to a cease and desist order (or other formal enforcement order) issued by, or a memorandum of understanding entered into with, the Comptroller of the Currency with respect to a significant supervisory matter.
(Aug. 17, 1950, ch. 729, § 10, as added Pub. L. 111–203, title VI, § 612(a), July 21, 2010, 124 Stat. 1612.)
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.
12 U.S.C. § 215a–1 (BANKS AND BANKING)
§ 215a–1. Interstate consolidations and mergers
(a) In general
A national bank may engage in a consolidation or merger under this subchapter with an out-of-State bank if the consolidation or merger is approved pursuant to section 1831u of this title.
(b) Scope of application
Subsection (a) shall not apply with respect to any consolidation or merger before June 1, 1997, unless the home State of each bank involved in the transaction has in effect a law described in section 1831u(a)(3) of this title.
(c) Definitions
The terms “home State” and “out-of-State bank” have the same meaning as in section 1831u(f) 1 of this title.
(Nov. 7, 1918, ch. 209, § 4, as added Pub. L. 103–328, title I, § 102(b)(4)(D), Sept. 29, 1994, 108 Stat. 2351.)
heading: Editorial Notes
heading: References in Text
text: Section 1831u of this title, referred to in subsec. (c), was subsequently amended, and subsec. (f) of section 1831u no longer defines the terms “home State” and “out-of-State bank”. However, such terms are defined elsewhere in that section.
12 U.S.C. § 215a–2 (BANKS AND BANKING)
§ 215a–2. Expedited procedures for certain reorganizations
(a) In general
A national bank may, with the approval of the Comptroller, pursuant to rules and regulations promulgated by the Comptroller, and upon the affirmative vote of the shareholders of such bank owning at least two-thirds of its capital stock outstanding, reorganize so as to become a subsidiary of a bank holding company or of a company that will, upon consummation of such reorganization, become a bank holding company.
(b) Reorganization plan
A reorganization authorized under subsection (a) shall be carried out in accordance with a reorganization plan that—
(1) specifies the manner in which the reorganization shall be carried out;
(2) is approved by a majority of the entire board of directors of the national bank;
(3) specifies—
(A) the amount of cash or securities of the bank holding company, or both, or other consideration to be paid to the shareholders of the reorganizing bank in exchange for their shares of stock of the bank;
(B) the date as of which the rights of each shareholder to participate in such exchange will be determined; and
(C) the manner in which the exchange will be carried out; and
(4) is submitted to the shareholders of the reorganizing bank at a meeting to be held on the call of the directors in accordance with the procedures prescribed in connection with a merger of a national bank under section 215a of this title.
(c) Rights of dissenting shareholders
If, pursuant to this section, a reorganization plan has been approved by the shareholders and the Comptroller, any shareholder of the bank who has voted against the reorganization at the meeting referred to in subsection (b)(4), or has given notice in writing at or prior to that meeting to the presiding officer that the shareholder dissents from the reorganization plan, shall be entitled to receive the value of his or her shares, as provided by section 215a of this title for the merger of a national bank.
(d) Effect of reorganization
The corporate existence of a national bank that reorganizes in accordance with this section shall not be deemed to have been affected in any way by reason of such reorganization.
(e) Approval under the Bank Holding Company Act
This section does not affect in any way the applicability of the Bank Holding Company Act of 1956 [12 U.S.C. 1841 et seq.] to a transaction described in subsection (a).
(Nov. 7, 1918, ch. 209, § 5, as added Pub. L. 106–569, title XII, § 1204(2), Dec. 27, 2000, 114 Stat. 3033.)
heading: Editorial Notes
heading: References in Text
text: The Bank Holding Company Act of 1956, referred to in subsec. (e), is act May 9, 1956, ch. 240, 70 Stat. 133, as amended, which is classified principally to chapter 17 (§ 1841 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1841 of this title and Tables.
12 U.S.C. § 215b (BANKS AND BANKING)
§ 215b. Definitions
As used in this subchapter, the term—
(1) “State bank” means any bank, banking association, trust company, savings bank (other than a mutual savings bank), or other banking institution which is engaged in the business of receiving deposits and which is incorporated under the laws of any State, or which is operating under the Code of Law for the District of Columbia;
(2) “State” means the several States and Territories, the Commonwealth of Puerto Rico, the Virgin Islands, and the District of Columbia;
(3) “Comptroller” means the Comptroller of the Currency; and
(4) “Receiving association” means the national banking association into which one or more national banking associations or one or more State banks, located within the same State, merge.
(Nov. 7, 1918, ch. 209, § 7, formerly § 3, as added Pub. L. 86–230, § 20, Sept. 8, 1959, 73 Stat. 465; renumbered § 5, Pub. L. 103–328, title I, § 102(b)(4)(B), Sept. 29, 1994, 108 Stat. 2351; renumbered § 7, Pub. L. 106–569, title XII, § 1204(1), Dec. 27, 2000, 114 Stat. 3033; amended Pub. L. 109–351, title VII, § 725(e), Oct. 13, 2006, 120 Stat. 2002; Pub. L. 109–356, title I, § 123(e), Oct. 16, 2006, 120 Stat. 2029.)
heading: Editorial Notes
heading: Codification
text: Provisions similar to those comprising this section were contained in section 5 of act Nov. 7, 1918, ch. 209, as added July 14, 1952, ch. 722, § 1, 66 Stat. 601 (formerly classified to section 34c of this title), prior to the complete amendment and renumbering of act Nov. 7, 1918, by Pub. L. 86–230.
heading: Amendments
text: 2006—Par. (1). Pub. L. 109–351 and 109–356 amended par. (1) identically, striking out “(except a national banking association located in the District of Columbia)” before semicolon at end.
12 U.S.C. § 215c (BANKS AND BANKING)
§ 215c. Mergers, consolidations, and other acquisitions authorized
(a) In general
Subject to sections 1815(d)(3) 1 and 1828(c) of this title and all other applicable laws, any national bank may acquire or be acquired by any insured depository institution.
(b) Expedited approval of acquisitions
(1) In general
Any application by a national bank to acquire or be acquired by another insured depository institution which is required to be filed with the Comptroller of the Currency under any applicable law or regulation shall be approved or disapproved in writing by the agency before the end of the 60-day period beginning on the date such application is filed with the agency.
(2) Extensions of period
The period for approval or disapproval referred to in paragraph (1) may be extended for an additional 30-day period if the Comptroller of the Currency determines that—
(A) an applicant has not furnished all of the information required to be submitted; or
(B) in the Comptroller’s judgment, any material information submitted is substantially inaccurate or incomplete.
(c) Rule of construction
No provision of this section shall be construed as authorizing a national bank or a subsidiary of a national bank to engage in any activity not otherwise authorized under this Act 1 or any other law governing the powers of national banks.
(d) “Acquire” defined
For purposes of this section, the term “acquire” means to acquire, directly or indirectly, ownership or control through a merger or consolidation or an acquisition of assets or assumption of liabilities, provided that following such merger, consolidation, or acquisition, an acquiring insured depository institution may not own the shares of the acquired insured depository institution.
(R.S. § 5156A, as added Pub. L. 102–242, title V, § 502(b), Dec. 19, 1991, 105 Stat. 2393; amended Pub. L. 104–208, div. A, title II, § 2201(b)(1), Sept. 30, 1996, 110 Stat. 3009–403.)
heading: Editorial Notes
heading: References in Text
text: Section 1815(d)(3) of this title, referred to in subsec. (a), which related to optional conversions by insured depository institutions subject to special rules on deposit insurance payments, was struck out and former section 1815(d)(1)(C) redesignated section 1815(d)(3) by Pub. L. 109–173, § 8(a)(4), (5)(D), Feb. 15, 2006, 119 Stat. 3610, 3611.
This Act, referred to in subsec. (c), probably means the National Bank Act, act June 3, 1864, ch. 106, 13 Stat. 99, as amended, which is classified principally to chapter 2 (§ 21 et seq.) of this title. For complete classification of this Act to the Code, see References in Text note set out under section 38 of this title.
heading: Codification
text: Section was not enacted as part of act Nov. 7, 1918, ch. 209, as added Sept. 8, 1959, Pub. L. 86–230, § 20, 73 Stat. 460, which comprises this subchapter.
heading: Amendments
text: 1996—Subsec. (b)(1). Pub. L. 104–208 substituted “under any applicable law” for “by section 1815(d)(3) of this title or any other applicable law”.
12 U.S.C. § 216 (BANKS AND BANKING)
§ 216. Purpose
The purpose of this subchapter is to dispose of unclaimed property in the possession, custody, or control of the Comptroller of the Currency by—
(1) providing final notice of the availability of unclaimed property from closed national banks;
(2) barring rights of claimants to obtain such property from the Comptroller after a reasonable period of time following such notice; and
(3) authorizing the Comptroller to dispose of such property for which no claims have been filed and validated under this subchapter.
(Pub. L. 96–221, title VII, § 731, as added Pub. L. 97–320, title IV, § 408, Oct. 15, 1982, 96 Stat. 1513; amended Pub. L. 109–351, title VII, § 725(c)(1), Oct. 13, 2006, 120 Stat. 2001; Pub. L. 109–356, title I, § 123(c)(1), Oct. 16, 2006, 120 Stat. 2029.)
heading: Editorial Notes
heading: Amendments
text: 2006—Par. (1). Pub. L. 109–351 and 109–356 amended par. (1) identically, striking out “and closed banks in the District of Columbia” before semicolon at end.
12 U.S.C. § 216a (BANKS AND BANKING)
§ 216a. Definitions
For purposes of this subchapter—
(1) the term “Comptroller” means the Comptroller of the Currency;
(2) the term “unclaimed property” means any articles, items, assets, other property, or the proceeds thereof from safe deposit boxes or other safekeeping arrangements with closed national banks, which are in the possession, custody, or control of the Comptroller in its capacity as successor to receivers of those banks; and
(3) the term “claimant” means any person or entity, including a State under applicable statutory law, asserting a demonstrable legal interest in title to, or custody or possession of, unclaimed property.
(Pub. L. 96–221, title VII, § 732, as added Pub. L. 97–320, title IV, § 408, Oct. 15, 1982, 96 Stat. 1513; amended Pub. L. 109–351, title VII, § 725(c)(2), Oct. 13, 2006, 120 Stat. 2001; Pub. L. 109–356, title I, § 123(c)(2), Oct. 16, 2006, 120 Stat. 2029.)
heading: Editorial Notes
heading: Amendments
text: 2006—Par. (2). Pub. L. 109–351 and 109–356 amended par. (2) identically, striking out “or closed banks in the District of Columbia” after “closed national banks”.