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12 U.S.C. § 1820a (BANKS AND BANKING)
§ 1820a. Examination of investment companies
(a) Exclusive Commission authority
Except as provided in subsection (c), a Federal banking agency may not inspect or examine any registered investment company that is not a bank holding company or a savings and loan holding company.
(b) Examination results and other information
The Commission shall provide to any Federal banking agency, upon request, the results of any examination, reports, records, or other information with respect to any registered investment company to the extent necessary for the agency to carry out its statutory responsibilities.
(c) Certain examinations authorized
Nothing in this section shall prevent the Corporation, if the Corporation finds it necessary to determine the condition of an insured depository institution for insurance purposes, from examining an affiliate of any insured depository institution, pursuant to its authority under section 1820(b)(4) of this title, as may be necessary to disclose fully the relationship between the insured depository institution and the affiliate, and the effect of such relationship on the insured depository institution.
(d) Definitions
For purposes of this section, the following definitions shall apply:
(1) Bank holding company
The term “bank holding company” has the meaning given the term in section 1841 of this title.
(2) Commission
The term “Commission” means the Securities and Exchange Commission.
(3) Corporation
The term “Corporation” means the Federal Deposit Insurance Corporation.
(4) Federal banking agency
The term “Federal banking agency” has the meaning given the term in section 1813(z) of this title.
(5) Insured depository institution
The term “insured depository institution” has the meaning given the term in section 1813(c) of this title.
(6) Registered investment company
The term “registered investment company” means an investment company that is registered with the Commission under the Investment Company Act of 1940 [15 U.S.C. 80a–1 et seq.].
(7) Savings and loan holding company
The term “savings and loan holding company” has the meaning given the term in section 1467a(a)(1)(D) of this title.
(Pub. L. 106–102, title I, § 115, Nov. 12, 1999, 113 Stat. 1371.)
heading: Editorial Notes
heading: References in Text
text: The Investment Company Act of 1940, referred to in subsec. (d)(6), is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789, as amended, which is classified generally to subchapter I (§ 80a–1 et seq.) of chapter 2D of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 80a–51 of Title 15 and Tables.
heading: Codification
text: Section was enacted as part of the Gramm-Leach-Bliley Act, and not as part of the Federal Deposit Insurance Act which comprises this chapter.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective 120 days after Nov. 12, 1999, see section 161 of Pub. L. 106–102, set out as an Effective Date of 1999 Amendment note under section 24 of this title.
12 U.S.C. § 1826 (BANKS AND BANKING)
§ 1826. Forms of obligations; preparation by Secretary of the Treasury
In order that the Corporation may be supplied with such forms of notes, debentures, bonds, or other such obligations as it may need for issuance under this chapter, the Secretary of the Treasury is authorized to prepare such forms as shall be suitable and approved by the Corporation, to be held in the Treasury subject to delivery, upon order of the Corporation. The engraved plates, dies, bed pieces, and other material executed in connection therewith shall remain in the custody of the Secretary of the Treasury. The Corporation shall reimburse the Secretary of the Treasury for any expenses incurred in the preparation, custody, and delivery of such notes, debentures, bonds, or other such obligations.
(Sept. 21, 1950, ch. 967, § 2[16], 64 Stat. 890.)
heading: Editorial Notes
heading: Prior Provisions
text: Section is derived from subsec. (q) of former section 264 of this title. See Codification note set out under section 1811 of this title.
12 U.S.C. § 1830 (BANKS AND BANKING)
§ 1830. Nondiscrimination
It is not the purpose of this chapter to discriminate in any manner against State nonmember banks or State savings associations and in favor of national or member banks or Federal savings associations, respectively. It is the purpose of this chapter to provide all banks and savings associations with the same opportunity to obtain and enjoy the benefits of this chapter.
(Sept. 21, 1950, ch. 967, § 2[22], formerly § 2[20], 64 Stat. 893; renumbered § 2[21], Pub. L. 90–203, § 3, Dec. 15, 1967, 81 Stat. 610; renumbered § 2[22], Pub. L. 91–508, title I, § 101, Oct. 26, 1970, 84 Stat. 1114; amended Pub. L. 101–73, title II, § 223, Aug. 9, 1989, 103 Stat. 273.)
heading: Editorial Notes
heading: Prior Provisions
text: Section is derived from subsec. (y) of former section 264 of this title. See Codification note set out under section 1811 of this title.
heading: Amendments
text: 1989—Pub. L. 101–73 amended section generally. Prior to amendment, section read as follows: “It is not the purpose of this chapter to discriminate in any manner against State nonmember banks and in favor of national or member banks; but the purpose is to provide all banks with the same opportunity to obtain and enjoy the benefits of this chapter. No bank shall be discriminated against because its capital stock is less than the amount required for eligibility for admission into the Federal Reserve System.”
12 U.S.C. § 1831 (BANKS AND BANKING)
§ 1831. Separability of certain provisions of this chapter
The provisions of this chapter limiting the insurance of the deposits of any depositor to a maximum less than the full amount shall be independent and separable from each and all of the provisions of this chapter.
(Sept. 21, 1950, ch. 967, § 2[23], formerly § 2[21], 64 Stat. 894; renumbered § 2[22], Pub. L. 90–203, § 3, Dec. 15, 1967, 81 Stat. 610; renumbered § 2[23], Pub. L. 91–508, title I, § 101, Oct. 26, 1970, 84 Stat. 1114.)
heading: Editorial Notes
heading: Prior Provisions
text: Section is derived from subsec. (z) of former section 264 of this title. See Codification note set out under section 1811 of this title.
12 U.S.C. § 1831b (BANKS AND BANKING)
§ 1831b. Disclosures with respect to certain federally related mortgage loans
(a) Identity of beneficiary interest as condition for a loan; report to Corporation
No insured depository institution, insured branch of a foreign bank, or mutual savings or cooperative bank which is not an insured depository institution, shall make any federally related mortgage loan to any agent, trustee, nominee, or other person acting in a fiduciary capacity without the prior condition that the identity of the person receiving the beneficial interest of such loan shall at all times be revealed to the insured depository institution, insured branch, or bank. At the request of the Corporation, the insured depository institution, insured branch, or bank shall report to the Corporation on the identity of such person and the nature and amount of the loan, discount, or other extension of credit.
(b) Enforcement; bank status
In addition to other available remedies, this section may be enforced with respect to mutual savings and cooperative banks which are not insured depository institutions in accordance with section 1818 of this title, and for such purpose such mutual savings and cooperative banks shall be held and considered to be State nonmember insured banks and the appropriate Federal agency with respect to such mutual savings and cooperative banks shall be the Federal Deposit Insurance Corporation.
(Sept. 21, 1950, ch. 967, § 2[25], as added Pub. L. 93–533, § 11(a), Dec. 22, 1974, 88 Stat. 1729; amended Pub. L. 95–369, § 6(c)(30), Sept. 17, 1978, 92 Stat. 620; Pub. L. 101–73, title II, § 201(a), Aug. 9, 1989, 103 Stat. 187; Pub. L. 103–325, title VI, § 602(a)(55), Sept. 23, 1994, 108 Stat. 2290.)
heading: Editorial Notes
heading: Amendments
text: 1994—Subsec. (a). Pub. L. 103–325 substituted “the insured depository institution, insured branch, or bank” for “the bank” in two places.
1989—Pub. L. 101–73 substituted references to insured depository institutions for references to insured banks wherever appearing in this section.
1978—Subsec. (a). Pub. L. 95–369 inserted “insured branch of a foreign bank” after “No insured bank”.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective 180 days after Dec. 22, 1974, see section 20 of Pub. L. 93–533, set out as a note under section 2601 of this title.
heading: Exemptions; Regulations
text: Pub. L. 93–533, § 11(c), Dec. 22, 1974, 88 Stat. 1729, provided that: “The Federal Deposit Insurance Corporation or the Federal Home Loan Bank Board as appropriate may by regulation exempt classes or types of transactions from the provisions added by this section [enacting this section and section 1730f of this title] if the Corporation or the Board determines that the purposes of such provisions would not be advanced materially by their application to such transactions.”
12 U.S.C. § 1831g (BANKS AND BANKING)
§ 1831g. Contracts between depository institutions and persons providing goods, products, or services
(a) In general
An insured depository institution may not enter into a written or oral contract with any person to provide goods, products, or services to or for the benefit of such depository institution if the performance of such contract would adversely affect the safety or soundness of the institution.
(b) Rulemaking
The Corporation shall prescribe such regulations and issue such orders, including definitions consistent with this section, as may be necessary to administer and carry out the purposes of, and prevent evasions of, this section.
(c) Enforcement
Any action taken by any appropriate Federal banking agency under section 1818 of this title to enforce compliance on the part of any insured depository institution with the requirements of this section may include a requirement that such institution properly reflect the transaction on its books and records.
(d) No private right of action
This section may not be construed as creating any private right of action.
(e) Study
(1) In general
The Attorney General and the Comptroller General of the United States shall jointly conduct a study on the extent to which—
(A) insured depository institutions are entering into contracts with vendors under which the vendors agree to purchase stock or assets from insured depository institutions or to invest capital in or make deposits in such institutions; and
(B) if such practices occur, the extent to which such practices are having an anticompetitive effect and should be prohibited.
(2) Report to Congress
Before the end of the 1-year period beginning on August 9, 1989, the Attorney General and the Comptroller General shall submit a report to the Congress on the results of the study conducted pursuant to paragraph (1).
(Sept. 21, 1950, ch. 967, § 2[30], as added Pub. L. 101–73, title II, § 225, Aug. 9, 1989, 103 Stat. 275; amended Pub. L. 103–325, title VI, § 602(a)(59), Sept. 23, 1994, 108 Stat. 2291.)
heading: Editorial Notes
heading: Amendments
text: 1994—Subsec. (e)(1)(A). Pub. L. 103–325 substituted “the vendors” for “venders”.
12 U.S.C. § 1831h (BANKS AND BANKING)
§ 1831h. Repealed. Pub. L. 109–173, § 8(a)(33), Feb. 15, 2006, 119 Stat. 3615
text: Section, act Sept. 21, 1950, ch. 967, § 2[31], as added Pub. L. 101–73, title II, § 226, Aug. 9, 1989, 103 Stat. 276; amended Pub. L. 103–325, title VI, § 602(a)(60), Sept. 23, 1994, 108 Stat. 2291; Pub. L. 104–208, div. A, title II, § 2704(d)(14)(Y), Sept. 30, 1996, 110 Stat. 3009–494; Pub. L. 109–171, title II, § 2102(b), Feb. 8, 2006, 120 Stat. 9, related to the Savings Association Insurance Fund Industry Advisory Committee.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of Repeal
text: Repeal effective Mar. 31, 2006, see section 8(b) of Pub. L. 109–173, set out as an Effective Date of 2006 Amendment note under section 1813 of this title.
12 U.S.C. § 1831p (BANKS AND BANKING)
§ 1831p. Transferred
heading: Editorial Notes
heading: Codification
text: Section, act Sept. 21, 1950, ch. 967, § 2[39], as added Dec. 19, 1991, Pub. L. 102–242, title II, § 228, 105 Stat. 2308, which related to notice of branch closure, was renumbered section 2[42] of act Sept. 21, 1950, by Pub. L. 102–550, title XI, § 1602(a), Oct. 28, 1992, 106 Stat. 4079, and transferred to section 1831r–1 of this title.
12 U.S.C. § 1831r (BANKS AND BANKING)
§ 1831r. Payments on foreign deposits prohibited
(a) In general
Notwithstanding any other provision of law, the Corporation, the Board of Governors of the Federal Reserve System, the Resolution Trust Corporation, any other agency, department, and instrumentality of the United States, and any corporation owned or controlled by the United States may not, directly or indirectly, make any payment or provide any assistance, guarantee, or transfer under this chapter or any other provision of law in connection with any insured depository institution which would have the direct or indirect effect of satisfying, in whole or in part, any claim against the institution for obligations of the institution which would constitute deposits as defined in section 1813(l) of this title but for subparagraphs (A) and (B) of section 1813(l)(5) of this title.
(b) Exception
Subsection (a) shall not apply to any payment, assistance, guarantee, or transfer made or provided by the Corporation if the Board of Directors determines in writing that such action is not inconsistent with any requirement of section 1823(c) of this title.
(c) Discount window lending
No provision of this section shall be construed as prohibiting any Federal Reserve bank from making advances or otherwise extending credit pursuant to the Federal Reserve Act [12 U.S.C. 221 et seq.] to any insured depository institution to the extent that such advance or extension of credit is consistent with the conditions and limitations imposed under section 10B of such Act [12 U.S.C. 347b].
(Sept. 21, 1950, ch. 967, § 2[41], as added Pub. L. 102–242, title III, § 312, Dec. 19, 1991, 105 Stat. 2367.)
heading: Editorial Notes
heading: References in Text
text: The Federal Reserve Act, referred to in subsec. (c), is act Dec. 23, 1913, ch. 6, 38 Stat. 251, as amended, which is classified principally to chapter 3 (§ 221 et seq.) of this title. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables.
12 U.S.C. § 1831s (BANKS AND BANKING)
§ 1831s. Transferred
heading: Editorial Notes
heading: Codification
text: Section, act Sept. 21, 1950, ch. 967, § 2[39], as added Dec. 19, 1991, Pub. L. 102–242, title I, § 132(a), 105 Stat. 2267, as amended, which related to standards for safety and soundness, was transferred to section 1831p–1 of this title.
12 U.S.C. § 1831v (BANKS AND BANKING)
§ 1831v. Authority of State insurance regulator and Securities and Exchange Commission
(a) In general
Notwithstanding any other provision of law, the provisions of—
(1) section 1844(c) of this title that limit the authority of the Board of Governors of the Federal Reserve System to require reports from, to make examinations of, or to impose capital requirements on holding companies and their functionally regulated subsidiaries or that require deference to other regulators;
(2) section 1844(g) of this title that limit the authority of the Board to require a functionally regulated subsidiary of a holding company to provide capital or other funds or assets to a depository institution subsidiary of the holding company and to take certain actions including requiring divestiture of the depository institution; and
(3) section 1848a 1 of this title that limit whatever authority the Board might otherwise have to take direct or indirect action with respect to holding companies and their functionally regulated subsidiaries;
shall also limit whatever authority that a Federal banking agency might otherwise have under any statute or regulation to require reports, make examinations, impose capital requirements, or take any other direct or indirect action with respect to any functionally regulated affiliate of a depository institution, subject to the same standards and requirements as are applicable to the Board under those provisions.
(b) Certain exemption authorized
No provision of this section shall be construed as preventing the Corporation, if the Corporation finds it necessary to determine the condition of a depository institution for insurance purposes, from examining an affiliate of any depository institution, pursuant to section 1820(b)(4) of this title, as may be necessary to disclose fully the relationship between the depository institution and the affiliate, and the effect of such relationship on the depository institution.
(c) Definitions
For purposes of this section, the following definitions shall apply:
(1) Functionally regulated subsidiary
The term “functionally regulated subsidiary” has the meaning given the term in section 1844(c)(5) of this title.
(2) Functionally regulated affiliate
The term “functionally regulated affiliate” means, with respect to any depository institution, any affiliate of such depository institution that is—
(A) not a depository institution holding company; and
(B) a company described in any clause of section 1844(c)(5)(B) of this title.
(Sept. 21, 1950, ch. 967, § 2[45], as added Pub. L. 106–102, title I, § 112(b), Nov. 12, 1999, 113 Stat. 1367.)
heading: Editorial Notes
heading: References in Text
text: Section 1848a of this title, referred to in subsec. (a)(3), was repealed by Pub. L. 111–203, title VI, § 604(c)(2), July 21, 2010, 124 Stat. 1601.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective 120 days after Nov. 12, 1999, see section 161 of Pub. L. 106–102, set out as an Effective Date of 1999 Amendment note under section 24 of this title.
12 U.S.C. § 1831w (BANKS AND BANKING)
§ 1831w. Safety and soundness firewalls applicable to financial subsidiaries of banks
(a) In general
An insured State bank may control or hold an interest in a subsidiary that engages in activities as principal that would only be permissible for a national bank to conduct through a financial subsidiary if—
(1) the State bank and each insured depository institution affiliate of the State bank are well capitalized (after the capital deduction required by paragraph (2));
(2) the State bank complies with the capital deduction and financial statement disclosure requirements in section 24a(c) of this title;
(3) the State bank complies with the financial and operational safeguards required by section 24a(d) of this title; and
(4) the State bank complies with the amendments to sections 23A and 23B of the Federal Reserve Act [12 U.S.C. 371c and 371c–1] made by section 121(b) of the Gramm-Leach-Bliley Act.
(b) Preservation of existing subsidiaries
Notwithstanding subsection (a), an insured State bank may retain control of a subsidiary, or retain an interest in a subsidiary, that the State bank lawfully controlled or acquired before November 12, 1999, and conduct through such subsidiary any activities lawfully conducted in such subsidiary as of such date.
(c) Definitions
For purposes of this section, the following definitions shall apply:
(1) Subsidiary
The term “subsidiary” means any company that is a subsidiary (as defined in section 1813(w)(4) of this title) of 1 or more insured banks.
(2) Financial subsidiary
The term “financial subsidiary” has the meaning given the term in section 24a(g) of this title.
(d) Preservation of authority
(1) This chapter
No provision of this section shall be construed as superseding the authority of the Federal Deposit Insurance Corporation to review subsidiary activities under section 1831a of this title.
(2) Federal Reserve Act
No provision of this section shall be construed as affecting the applicability of the 20th undesignated paragraph of section 9 of the Federal Reserve Act [12 U.S.C. 335].
(Sept. 21, 1950, ch. 967, § 2[46], as added Pub. L. 106–102, title I, § 121(d)(1), Nov. 12, 1999, 113 Stat. 1380.)
heading: Editorial Notes
heading: References in Text
text: Section 121(b) of the Gramm-Leach-Bliley Act, referred to in subsec. (a)(4), is section 121(b) of Pub. L. 106–102, title I, Nov. 12, 1999, 113 Stat. 1378, which amended section 371c of this title.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective 120 days after Nov. 12, 1999, see section 161 of Pub. L. 106–102, set out as an Effective Date of 1999 Amendment note under section 24 of this title.
12 U.S.C. § 1846 (BANKS AND BANKING)
§ 1846. Reservation of rights to States
(a) In general
No provision of this chapter shall be construed as preventing any State from exercising such powers and jurisdiction which it now has or may hereafter have with respect to companies, banks, bank holding companies, and subsidiaries thereof.
(b) State taxation authority not affected
No provision of this chapter shall be construed as affecting the authority of any State or political subdivision of any State to adopt, apply, or administer any tax or method of taxation to any bank, bank holding company, or foreign bank, or any affiliate of any bank, bank holding company, or foreign bank, to the extent that such tax or tax method is otherwise permissible by or under the Constitution of the United States or other Federal law.
(May 9, 1956, ch. 240, § 7, 70 Stat. 138; Pub. L. 100–86, title I, § 101(f), Aug. 10, 1987, 101 Stat. 563; Pub. L. 103–328, title I, § 101(b), Sept. 29, 1994, 108 Stat. 2341.)
heading: Editorial Notes
heading: Amendments
text: 1994—Pub. L. 103–328 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).
1987—Pub. L. 100–86 substituted “No provision of this chapter shall” for “The enactment by the Congress of this chapter shall not” and inserted “companies,” before “banks,”.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of 1994 Amendment
text: Amendment by Pub. L. 103–328 effective at end of 1-year period beginning on Sept. 29, 1994, see section 101(e) of Pub. L. 103–328, set out as a note under section 1828 of this title.
12 U.S.C. § 1848 (BANKS AND BANKING)
§ 1848. Judicial review
Any party aggrieved by an order of the Board under this chapter may obtain a review of such order in the United States Court of Appeals within any circuit wherein such party has its principal place of business or in the Court of Appeals in the District of Columbia, by filing in the court, within thirty days after the entry of the Board’s order, a petition praying that the order of the Board be set aside. A copy of such petition shall be forthwith transmitted to the Board by the clerk of the court, and thereupon the Board shall file in the court the record made before the Board, as provided in section 2112 of title 28. Upon the filing of such petition the court shall have the jurisdiction to affirm, set aside, or modify the order of the Board and to require the Board to take such action with regard to the matter under review as the court deems proper. The findings of the Board as to the facts, if supported by substantial evidence, shall be conclusive.
(May 9, 1956, ch. 240, § 9, 70 Stat. 138; Pub. L. 85–791, § 34, Aug. 28, 1958, 72 Stat. 951; Pub. L. 89–485, § 10, July 1, 1966, 80 Stat. 240.)
heading: Editorial Notes
heading: Amendments
text: 1966—Pub. L. 89–485 reduced from 60 to 30 days the period allowed for the filing of a petition to obtain judicial review of a Board order.
1958—Pub. L. 85–791 substituted, in second sentence, “transmitted to the Board by the clerk of the court, and thereupon the Board shall file in the court the record made before the Board, as provided in section 2112 of title 28” for “served upon the Board, and thereupon the Board shall certify and file in the court a transcript of the record made before the Board”, and in third sentence, “such petition” for “the transcript”.