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United States Code (Last Updated: May 24, 2014) |
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Title 12. BANKS AND BANKING |
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Chapter 16. FEDERAL DEPOSIT INSURANCE CORPORATION |
§ 1813. Definitions
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As used in this chapter— (a) Definitions of bank and related terms (1) Bank The term “bank”— (A) means any national bank and State bank, and any Federal branch and insured branch; (B) includes any former savings association. (2) State bank The term “State bank” means any bank, banking association, trust company, savings bank, industrial bank (or similar depository institution which the Board of Directors finds to be operating substantially in the same manner as an industrial bank), or other banking institution which— (A) is engaged in the business of receiving deposits, other than trust funds (as defined in this section); and (B) is incorporated under the laws of any State or which is operating under the Code of Law for the District of Columbia, including any cooperative bank or other unincorporated bank the deposits of which were insured by the Corporation on the day before August 9, 1989 .(3) State The term “State” means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands.
(b) Definition of savings associations and related terms (1) Savings association The term “savings association” means— (A) any Federal savings association; (B) any State savings association; and (C) any corporation (other than a bank) that the Board of Directors and the Comptroller of the Currency jointly determine to be operating in substantially the same manner as a savings association. (2) Federal savings association The term “Federal savings association” means any Federal savings association or Federal savings bank which is chartered under section 1464 of this title.
(3) State savings association The term “State savings association” means— (A) any building and loan association, savings and loan association, or homestead association; or (B) any cooperative bank (other than a cooperative bank which is a State bank as defined in subsection (a)(2) of this section), which is organized and operating according to the laws of the State (as defined in subsection (a)(3) of this section) in which it is chartered or organized. (c) Definitions relating to depository institutions (1) Depository institution The term “depository institution” means any bank or savings association.
(2) Insured depository institution The term “insured depository institution” means any bank or savings association the deposits of which are insured by the Corporation pursuant to this chapter.
(3) Institutions included for certain purposes The term “insured depository institution” includes any uninsured branch or agency of a foreign bank or a commercial lending company owned or controlled by a foreign bank for purposes of section 1818 of this title.
(4) Federal depository institution The term “Federal depository institution” means any national bank, any Federal savings association, and any Federal branch.
(5) State depository institution The term “State depository institution” means any State bank, any State savings association, and any insured branch which is not a Federal branch.
(d) Definitions relating to member banks (1) National member bank The term “national member bank” means any national bank which is a member of the Federal Reserve System.
(2) State member bank The term “State member bank” means any State bank which is a member of the Federal Reserve System.
(e) Definitions relating to nonmember banks (1) National nonmember bank The term “national nonmember bank” means any national bank which— (A) is located in any territory of the United States, Puerto Rico, Guam, American Samoa, the Virgin Islands, or the Northern Mariana Islands; and (B) is not a member of the Federal Reserve System. (2) State nonmember bank The term “State nonmember bank” means any State bank which is not a member of the Federal Reserve System.
(f) Mutual savings bank The term “mutual savings bank” means a bank without capital stock transacting a savings bank business, the net earnings of which inure wholly to the benefit of its depositors after payment of obligations for any advances by its organizers.
(g) Savings bank The term “savings bank” means a bank (including a mutual savings bank) which transacts its ordinary banking business strictly as a savings bank under State laws imposing special requirements on such banks governing the manner of investing their funds and of conducting their business.
(h) Insured bank The term “insured bank” means any bank (including a foreign bank having an insured branch) the deposits of which are insured in accordance with the provisions of this chapter; and the term “noninsured bank” means any bank the deposits of which are not so insured.
(i) New depository institution and bridge depository institution defined (1) New depository institution The term “new depository institution” means a new national bank or Federal savings association, other than a bridge depository institution, organized by the Corporation in accordance with section 1821(m) of this title.
(2) Bridge depository institution The term “bridge depository institution” means a new national bank or Federal savings association organized by the Corporation in accordance with section 1821(n) of this title.
(j) Receiver The term “receiver” includes a receiver, liquidating agent, conservator, commission, person, or other agency charged by law with the duty of winding up the affairs of a bank or savings association or of a branch of a foreign bank.
(k) Board of Directors The term “Board of Directors” means the Board of Directors of the Corporation.
(l) Deposit The term “deposit” means— (1) the unpaid balance of money or its equivalent received or held by a bank or savings association in the usual course of business and for which it has given or is obligated to give credit, either conditionally or unconditionally, to a commercial, checking, savings, time, or thrift account, or which is evidenced by its certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar name, or a check or draft drawn against a deposit account and certified by the bank or savings association, or a letter of credit or a traveler’s check on which the bank or savings association is primarily liable: Provided, That, without limiting the generality of the term “money or its equivalent”, any such account or instrument must be regarded as evidencing the receipt of the equivalent of money when credited or issued in exchange for checks or drafts or for a promissory note upon which the person obtaining any such credit or instrument is primarily or secondarily liable, or for a charge against a deposit account, or in settlement of checks, drafts, or other instruments forwarded to such bank or savings association for collection. (2) trust funds as defined in this chapter received or held by such bank or savings association, whether held in the trust department or held or deposited in any other department of such bank or savings association. (3) money received or held by a bank or savings association, or the credit given for money or its equivalent received or held by a bank or savings association, in the usual course of business for a special or specific purpose, regardless of the legal relationship thereby established, including without being limited to, escrow funds, funds held as security for an obligation due to the bank or savings association or others (including funds held as dealers reserves) or for securities loaned by the bank or savings association, funds deposited by a debtor to meet maturing obligations, funds deposited as advance payment on subscriptions to United States Government securities, funds held for distribution or purchase of securities, funds held to meet its acceptances or letters of credit, and withheld taxes: Provided, That there shall not be included funds which are received by the bank or savings association for immediate application to the reduction of an indebtedness to the receiving bank or savings association, or under condition that the receipt thereof immediately reduces or extinguishes such an indebtedness. (4) outstanding draft (including advice or authorization to charge a bank’s or a savings association’s balance in another bank or savings association), cashier’s check, money order, or other officer’s check issued in the usual course of business for any purpose, including without being limited to those issued in payment for services, dividends, or purchases, and (5) such other obligations of a bank or savings association as the Board of Directors, after consultation with the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System, shall find and prescribe by regulation to be deposit liabilities by general usage, except that the following shall not be a deposit for any of the purposes of this chapter or be included as part of the total deposits or of an insured deposit: (A) any obligation of a depository institution which is carried on the books and records of an office of such bank or savings association located outside of any State, unless— (i) such obligation would be a deposit if it were carried on the books and records of the depository institution, and would be payable at, an office located in any State; and (ii) the contract evidencing the obligation provides by express terms, and not by implication, for payment at an office of the depository institution located in any State; (B) any international banking facility deposit, including an international banking facility time deposit, as such term is from time to time defined by the Board of Governors of the Federal Reserve System in regulation D or any successor regulation issued by the Board of Governors of the Federal Reserve System; and (C) any liability of an insured depository institution that arises under an annuity contract, the income of which is tax deferred under section 72 of title 26. (m) Insured deposit (1) In general.— Subject to paragraph (2), the term “insured deposit” means the net amount due to any depositor for deposits in an insured depository institution as determined under sections 1817(i) and 1821(a) of this title. (2) In the case of any deposit in a branch of a foreign bank, the term “insured deposit” means an insured deposit as defined in paragraph (1) of this subsection which— (A) is payable in the United States to— (i) an individual who is a citizen or resident of the United States, (ii) a partnership, corporation, trust, or other legally cognizable entity created under the laws of the United States or any State and having its principal place of business within the United States or any State, or (iii) an individual, partnership, corporation, trust, or other legally cognizable entity which is determined by the Board of Directors in accordance with its regulations to have such business or financial relationships in the United States as to make the insurance of such deposit consistent with the purposes of this chapter; and (B) meets any other criteria prescribed by the Board of Directors by regulation as necessary or appropriate in its judgment to carry out the purposes of this chapter or to facilitate the administration thereof. (3) Uninsured deposits.— The term “uninsured deposit” means the amount of any deposit of any depositor at any insured depository institution in excess of the amount of the insured deposits of such depositor (if any) at such depository institution. (4) Preferred deposits.— The term “preferred deposits” means deposits of any public unit (as defined in paragraph (1)) at any insured depository institution which are secured or collateralized as required under State law. (n) Transferred deposit The term “transferred deposit” means a deposit in a new bank or other insured depository institution made available to a depositor by the Corporation as payment of the insured deposit of such depositor in a closed bank, and assumed by such new bank or other insured depository institution.
(o) Domestic branch The term “domestic branch” includes any branch bank, branch office, branch agency, additional office, or any branch place of business located in any State of the United States or in any Territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, or the Virgin Islands at which deposits are received or checks paid or money lent. The term “domestic branch” does not include an automated teller machine or a remote service unit. The term “foreign branch” means any office or place of business located outside the United States, its territories, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, or the Virgin Islands, at which banking operations are conducted.
(p) Trust funds The term “trust funds” means funds held by an insured depository institution in a fiduciary capacity and includes, without being limited to, funds held as trustee, executor, administrator, guardian, or agent.
(q) Appropriate Federal banking agency The term “appropriate Federal banking agency” means— (1) the Office of the Comptroller of the Currency, in the case of— (A) any national banking association; (B) any Federal branch or agency of a foreign bank; and (C) any Federal savings association; (2) the Federal Deposit Insurance Corporation, in the case of— (A) any State nonmember insured bank; (B) any foreign bank having an insured branch; and (C) any State savings association; of this title. (z) Federal banking agency The term “Federal banking agency” means the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, or the Federal Deposit Insurance Corporation.
References In Text
The Federal Reserve Act, referred to in subsec. (q)(3)(B), is act Dec. 23, 1913, ch. 6, 38 Stat. 251, 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.
The International Banking Act of 1978, referred to in subsec. (q)(3)(B), is Pub. L. 95–369,
The Financial Institutions Supervisory Act of 1966, referred to in subsec. (q)(3)(E), is Pub. L. 89–695,
Section 1817(b)(2)(C) of this title, referred to in subsec. (y)(3), was redesignated section 1817(b)(2)(D) of this title by Pub. L. 111–203, title III, § 331(a)(2),
Prior Provisions
Section is derived from subsec. (c) of former section 264 of this title. See Codification note set out under section 1811 of this title.
Amendments
2010—Subsec. (b)(1)(C). Pub. L. 111–203, § 363(1)(A), substituted “Comptroller of the Currency” for “Director of the Office of Thrift Supervision”.
Subsec. (l)(5). Pub. L. 111–203, § 363(1)(B), struck out “Director of the Office of Thrift Supervision,” before “and the Board” in introductory provisions.
Subsec. (q)(1) to (4). Pub. L. 111–203, § 312(c)(1), added pars. (1) to (3) and struck out former pars. (1) to (4) which listed the circumstances under which “appropriate Federal banking agency” meant, respectively, the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Director of the Office of Thrift Supervision.
Subsec. (u)(1), (3). Pub. L. 111–203, § 312(c)(2), substituted “(other than a bank holding company or savings and loan holding company” for “(other than a bank holding company”.
Subsec. (y)(3). Pub. L. 111–203, § 334(b), inserted “, or such comparable percentage of the assessment base set forth in section 1817(b)(2)(C) of this title” before the period.
Subsec. (z). Pub. L. 111–203, § 363(1)(C), struck out “the Director of the Office of Thrift Supervision,” before “the Board”.
2008—Subsec. (i). Pub. L. 110–289 added subsec. (i) and struck out former subsec. (i). Prior to amendment, text read as follows:
“(1) New bank.—The term ‘new bank’ means a new national bank, other than a bridge bank, organized by the Corporation in accordance with section 1821(m) of this title.
“(2) Bridge bank.—The term ‘bridge bank’ means a new national bank organized by the Corporation in accordance with section 1821(n) of this title.”
2006—Subsec. (a)(1)(B). Pub. L. 109–173, § 8(a)(1)(A), added subpar. (B) and struck out former subpar. (B) which read as follows: “includes any former savings association that—
“(i) has converted from a savings association charter; and
“(ii) is a Savings Association Insurance Fund member.”
Pub. L. 109–171, § 2102(b), repealed Pub. L. 104–208, § 2704(d)(14)(A). See 1996 Amendment note below.
Subsec. (a)(2)(B). Pub. L. 109–351 and 109–356 amended subpar. (B) identically, striking out “(except a national bank)” after “District of Columbia”.
Subsec. (y). Pub. L. 109–173, § 4(a), inserted subsec. heading and par. (1) designation and heading and added par. (2).
Pub. L. 109–171, § 2102(b), repealed Pub. L. 104–208, § 2704(d)(6)(A). See 1996 Amendment note below.
Subsec. (y)(1). Pub. L. 109–173, § 8(a)(1)(B), added par. (1) and struck out heading and text of former par. (1). Text read as follows: “The term ‘deposit insurance fund’ means the Bank Insurance Fund or the Savings Association Insurance Fund, as appropriate.”
Subsec. (y)(3). Pub. L. 109–171, § 2107(b), added par. (3).
2004—Subsec. (a)(1)(A). Pub. L. 108–386, § 8(a)(1)(A), substituted “and State bank” for “, State bank, and District bank”.
Subsec. (a)(4). Pub. L. 108–386, § 8(a)(1)(B), struck out heading and text of par. (4). Text read as follows: “The term ‘District bank’ means any State bank operating under the Code of Law of the District of Columbia.”
Subsec. (q)(1). Pub. L. 108–386, § 8(a)(1)(C), struck out “, any District bank,” after “national banking association”.
Subsec. (q)(2)(A). Pub. L. 108–386, § 8(a)(1)(D), struck out “(except a District bank)” after “State member insured bank”.
Subsec. (q)(3). Pub. L. 108–386, § 8(a)(1)(E), struck out “(except a District bank),” after “State nonmember insured bank”.
1996—Subsec. (a)(1)(B). Pub. L. 104–208, § 2704(d)(14)(A), which directed striking out subpar. (B) and adding a new subpar. (B), was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.
Subsec. (l)(5)(C). Pub. L. 104–208, § 2614(a), added subpar. (C).
Subsec. (o). Pub. L. 104–208, § 2205(b), substituted “lent. The term ‘domestic branch’ does not include an automated teller machine or a remote service unit. The” for “lent; and the”.
Subsec. (y). Pub. L. 104–208, § 2704(d)(6)(A), which directed the general amendment of subsec. (y), was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.
1994—Subsec. (i)(1). Pub. L. 103–325, § 602(a)(1)(A), substituted “section 1821(m) of this title” for “section 1821(h) of this title”.
Subsec. (l)(4). Pub. L. 103–325, § 602(a)(1)(B), substituted “a bank’s or a” for “bank’s or” before “savings association’s balance”.
Subsec. (l)(5)(A). Pub. L. 103–325, § 326(b)(2), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “any obligation of a bank or savings association which is payable only at an office of such bank or savings association located outside of the States of the United States, the District of Columbia, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands; and”.
Subsec. (q)(2)(E). Pub. L. 103–325, § 602(a)(1)(C), substituted “Financial Institutions Supervisory Act of 1966” for “Depository Institutions Supervisory Act”.
1993—Subsec. (w)(7). Pub. L. 103–204, § 19(b)(2), added par. (7).
Subsec. (z). Pub. L. 103–204, § 19(b)(1), amended subsec. (z) generally. Prior to amendment, subsec. (z) read as follows: “Federal Banking Agencies.—The term ‘Federal banking agencies’ means the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation.”
1992—Subsec. (i)(2). Pub. L. 102–550, § 1606(g)(2), substituted “1821(n)” for “1821(i)”.
Subsec. (r). Pub. L. 102–550, § 1603(b)(2)(B), which directed the amendment of section 112 of the “Federal Deposit Insurance Corporation Improvement Act of 1992”, was executed by amending section 112 of Pub. L. 102–242, which is the Federal Deposit Insurance Corporation Improvement Act of 1991, to reflect the probable intent of Congress. See 1991 Amendment note below.
Subsec. (y). Pub. L. 102–550, § 1603(d)(5), amended directory language of Pub. L. 102–242, § 131(c)(3). See 1991 Amendment note below.
1991—Subsec. (m). Pub. L. 102–242, § 311(b)(5)(A), inserted heading.
Subsec. (m)(1). Pub. L. 102–242, § 311(b)(5)(A), added par. (1) and struck out former par. (1) which read as follows: “Subject to the provisions of paragraph (2) of this subsection, the term ‘insured deposit’ means the net amount due to any depositor (other than a depositor referred to in the third sentence of this subsection) for deposits in an insured depository institution (after deducting offsets) less any part thereof which is in excess of $100,000. Such net amount shall be determined according to such regulations as the Board of Directors may prescribe, and in determining the amount due to any depositor there shall be added together all deposits in the depository institution maintained in the same capacity and the same right for his benefit either in his own name or in the names of others except trust funds which shall be insured as provided in subsection (i) of section 1817 of this title. Each officer, employee, or agent of the United States, of any State of the United States, of the District of Columbia, of any Territory of the United States, of Puerto Rico, of Guam, of American Samoa, of the Trust Territory of the Pacific Islands, of the Virgin Islands, of the Northern Mariana Islands, of any county, of any municipality, or of any political subdivision thereof, herein called ‘public unit’, having official custody of public funds and lawfully depositing the same in an insured depository institution shall, for the purpose of determining the amount of the insured deposits, be deemed a depositor in such custodial capacity separate and distinct from any other officer, employee, or agent of the same or any public unit having official custody of public funds and lawfully depositing the same in the same insured depository institution in custodial capacity. For the purpose of clarifying and defining the insurance coverage under this subsection and subsection (i) of section 1817 of this title, the Corporation is authorized to define, with such classifications and exceptions as it may prescribe, terms used in those subsections, in subsection (p) of this section, and in subsections (a) and (i) of section 1821 of this title and the extent of the insurance coverage resulting therefrom.”
Subsec. (m)(3), (4). Pub. L. 102–242, § 141(f), added pars. (3) and (4).
Subsec. (r). Pub. L. 102–242, § 112(b), as added by Pub. L. 102–550, § 1603(b)(2)(B), amended subsec. (r) generally. Prior to amendment, subsec. (r) read as follows: “The terms ‘foreign bank’ and ‘Federal branch’ shall be construed consistently with the usage of such terms in the International Banking Act of 1978.”
Subsec. (s). Pub. L. 102–242, § 111(e), amended subsec. (s) generally. Prior to amendment, subsec. (s) read as follows: “The term ‘insured branch’ means a branch of a foreign bank any deposits in which are insured in accordance with the provisions of this chapter.”
Subsec. (w). Pub. L. 102–242, § 161(c), substituted “Affiliates of Depository Institutions” for “Holding Companies” in heading.
Subsec. (y). Pub. L. 102–242, § 131(c)(3), as amended by Pub. L. 102–550, § 1603(d)(5), added subsec. (y).
Subsec. (z). Pub. L. 102–242, § 305(c), added subsec. (z).
1989—Subsec. (a). Pub. L. 101–73, § 204(a), amended subsec. (a) generally, substituting provisions defining “bank”, “State bank”, “State”, and “District bank” for provisions defining “State bank” and “State”.
Subsec. (b). Pub. L. 101–73, § 204(b), amended subsec. (b) generally, substituting provisions defining “savings association”, “Federal savings association”, and “State savings association” for provisions defining “State member bank” and “State nonmember bank”.
Subsec. (c). Pub. L. 101–73, § 204(c), amended subsec. (c) generally, substituting definitions relating to depository institutions for definition of “District bank”.
Subsec. (d). Pub. L. 101–73, § 204(d), amended subsec. (d) generally, substituting provisions defining “national member bank” and “State member bank” for provisions defining “national member bank”.
Subsec. (e). Pub. L. 101–73, § 204(e), amended subsec. (e) generally, substituting provisions defining “national nonmember bank” and “State nonmember bank” for provisions defining “national nonmember bank”.
Subsec. (j). Pub. L. 101–73, § 204(f)(1), inserted “or savings association” after “of a bank”.
Subsec. (l)(1) to (3). Pub. L. 101–73, § 204(f)(2)(A), inserted “or savings association” after “a bank”, “the bank”, “receiving bank”, and “such bank” wherever appearing.
Subsec. (l)(4). Pub. L. 101–73, § 204(f)(2)(A), (B), inserted “or savings association” after “another bank”, and “or savings association’s” after “bank’s”.
Subsec. (l)(5). Pub. L. 101–73, § 204(f)(2)(A), (C), inserted “or savings association” after “a bank”, and “, Director of the Office of Thrift Supervision,” after “Comptroller of the Currency”.
Subsec. (l)(5)(A). Pub. L. 101–73, § 204(f)(2)(A), (D), inserted “or savings association” after “a bank” and after “such bank”, and substituted “the Virgin Islands, and the Northern Mariana Islands” for “and the Virgin Islands”.
Subsec. (m)(1). Pub. L. 101–73, § 204(f)(3)(A), substituted “deposits in the depository institution maintained” for “deposits in the bank maintained” and inserted reference to the Northern Mariana Islands.
Pub. L. 101–73, § 201(a), substituted “insured depository institution” for “insured bank” wherever appearing.
Subsec. (m)(2). Pub. L. 101–73, § 204(f)(3)(B), substituted “term” for “ther”.
Subsec. (n). Pub. L. 101–73, § 201(a), substituted “insured depository institution” for “insured bank” wherever appearing.
Subsec. (p). Pub. L. 101–73, § 201(a), substituted “insured depository institution” for “insured bank”.
Subsec. (q). Pub. L. 101–73, § 204(f)(4), amended subsec. (q) generally. Prior to amendment, subsec. (q) read as follows: “The term ‘appropriate Federal banking agency’ shall mean—
“(1) the Comptroller of the Currency in the case of a national banking association, a District bank, or a Federal branch or agency of a foreign bank;
“(2) the Board of Governors of the Federal Reserve System—
“(A) in the case of a State member insured bank (except a District bank),
“(B) in the case of any branch or agency of a foreign bank with respect to any provision of the Federal Reserve Act which is made applicable under the International Banking Act of 1978,
“(C) in the case of any foreign bank which does not operate an insured branch,
“(D) in the case of any agency or commercial lending company other than a Federal agency, and
“(E) in the case of supervisory or regulatory proceedings arising from the authority given to the Board of Governors under section 7(c)(1) of the International Banking Act of 1978, including such proceedings under the Financial Institutions Supervisory Act,
“(3) the Federal Deposit Insurance Corporation in the case of a State nonmember insured Bank (except a District bank) or a foreign bank having an insured branch; and
“(4) the Federal Home Loan Bank Board in the case of an insured Federal savings bank.
Under the rule set forth in this subsection, more than one agency may be an appropriate Federal banking agency with respect to any given institution. For the purposes of subsections (b) through (n) of section 1818 of this title, the term ‘insured bank’ shall be deemed to include any uninsured branch or agency of a foreign bank or any commercial lending company owned or controlled by a foreign bank.”
Subsec. (t). Pub. L. 101–73, § 204(f)(5), amended subsec. (t) generally, substituting provisions relating to definition and construction of “includes” and “including” for provisions defining “insured Federal savings bank”.
Subsecs. (u) to (x). Pub. L. 101–73, § 204(f)(6), added subsecs. (u) to (x).
1987—Subsec. (g). Pub. L. 100–86, § 101(g)(1), amended subsec. (g) generally. Prior to amendment, subsec. (g) read as follows: “The term ‘savings bank’ means a bank (other than a mutual savings bank) which transacts its ordinary banking business strictly as a savings bank under State laws imposing special requirements on such banks governing the manner of investing their funds and of conducting their business: Provided, That the bank maintains, until maturity date or until withdrawn, all deposits made with it (other than funds held by it in a fiduciary capacity) as time savings deposits of the specific term type or of the type where the right is reserved to the bank to require written notice before permitting withdrawal: Provided further, That such bank to be considered a savings bank must elect to become subject to regulations of the Corporation with respect to the redeposit of maturing deposits and prohibiting withdrawal of deposits by checking except in cases where such withdrawal was permitted by law on
Subsec. (i). Pub. L. 100–86, § 503(b), amended subsec. (i) generally. Prior to amendment, subsec. (i) read as follows: “The term ‘new bank’ means a new national banking association organized by the Corporation to assume the insured deposits of an insured bank closed on account of inability to meet the demands of its depositors and otherwise to perform temporarily the functions prescribed in this chapter.”
1982—Subsec. (a). Pub. L. 97–320, § 703(a), inserted “industrial bank or similar financial institution which the Board of Directors finds to be operating substantially in the same manner as an industrial bank,” before “or other banking institution”.
Subsec. (l)(1). Pub. L. 97–320, § 703(b), inserted “thrift certificate, investment certificate, certificate of indebtedness, or other similar name,” before “or a check or draft drawn against a deposit account”.
Subsec. (q)(4). Pub. L. 97–320, § 113(a), added par. (4).
Subsec. (t). Pub. L. 97–320, § 113(b), added subsec. (t).
1981—Subsec. (a). Pub. L. 97–110, § 103(a)(1), inserted “the Trust Territory of the Pacific Islands,” after “American Samoa,” wherever appearing.
Subsec. (l)(5). Pub. L. 97–110, § 102, reenacted without change the provisions preceding subpar. (A), redesignated remaining existing provisions as subpar. (A), inserted reference to banks located outside of the Trust Territory of the Pacific Islands in subpar. (A) as thus redesignated, and added subpar. (B).
Subsec. (m)(1). Pub. L. 97–110, § 103(a)(2), inserted “of the Trust Territory of the Pacific Islands,” after “American Samoa,”.
Subsec. (o). Pub. L. 97–110, § 103(a)(3), inserted “the Trust Territory of the Pacific Islands,” after “American Samoa,” wherever appearing.
1980—Subsec. (m)(1). Pub. L. 96–221 substituted “$100,000” for “$40,000”.
1978—Subsec. (h). Pub. L. 95–369, § 6(c)(2), inserted “(including a foreign bank having an insured branch)” after “The term ‘insured bank’ means any bank”.
Subsec. (j). Pub. L. 95–369, § 6(c)(3), inserted “or of a branch of a foreign bank” after “affairs of a bank”.
Subsec. (m). Pub. L. 95–369, § 6(c)(4), designated existing provisions as par. (1), inserted “Subject to the provisions of paragraph (2) of this subsection”, and added par. (2).
Subsec. (o). Pub. L. 95–630 inserted “domestic” before “branch” the first time it appeared, and inserted a definition of “foreign branch” at end.
Subsec. (q). Pub. L. 95–369, § 6(c)(5), inserted reference to a Federal branch or agency of a foreign bank in par. (1), designated existing provisions of par. (2) as par. (2)(A) and added subpars. (B) to (E), inserted reference to a foreign bank having an insured branch in par. (3), and inserted closing provisions relating to the number of agencies which may be an appropriate Federal banking agency, and defining “insured bank” for purposes of section 1818(b) to (n) of this title.
Subsecs. (r), (s). Pub. L. 95–369, § 6(c)(6), added subsecs. (r) and (s).
1974—Subsec. (m). Pub. L. 93–495 inserted “(other than a depositor referred to in the third sentence of this subsection)” after “net amount due to any depositor”, and substituted “$40,000” for “$20,000”.
1970—Pub. L. 91–609 inserted reference to American Samoa in subsecs. (a), (d), (e), (l)(5), (m), and (o), respectively.
1969—Subsec. (m). Pub. L. 91–151 substituted $20,000 for $15,000 in first sentence.
1966—Subsec. (m). Pub. L. 89–695, §§ 301(a), 303(a), substituted “$15,000” for “$10,000” in first sentence and inserted sentence which, for purpose of clarifying and defining the insurance coverage under subsec. (m) of this section and section 1817(i) of this title, authorized the Corporation to define terms used in those provisions, subsec. (p) of this section, and section 1821(a) and (i) of this title and the extent of insurance coverage resulting therefrom, respectively.
Subsec. (q). Pub. L. 89–695, § 201, added subsec. (q).
1960—Subsec. (l). Pub. L. 86–671 amended subsec. (l) generally, and among other changes, inserted in par. (1) “or held”, “either conditionally or unconditionally”, “or a check or draft drawn against a deposit account and certified by the bank, or a letter of credit or a traveler’s check on which the bank is primarily liable”, and inserted the proviso, added pars. (3) and (4), inserted provisions in par. (5) requiring the Board of Directors to consult with the Comptroller of the Currency and the Board of Governors of the Federal Reserve System, and struck out provisions which permitted mainland banks to exclude from deposit insurance the deposits of any of its branches in the Virgin Islands.
1956—Subsec. (a). Act
Subsecs. (d), (e). Act
Subsec. (l). Act
Subsec. (m). Act
Subsec. (o). Act
1952—Subsec. (l). Act
Effective Date Of Amendment
Amendment by section 312(c) of Pub. L. 111–203 effective on the transfer date, see section 5412(a) of this title.
Amendment by section 334(b) of Pub. L. 111–203 effective 1 day after
Amendment by section 363(1) of Pub. L. 111–203 effective on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress.
Pub. L. 109–173, § 4(b),
Pub. L. 109–173, § 8(b),
Amendment by section 2102(b) of Pub. L. 109–171 effective no later than the first day of the first calendar quarter that begins after the end of the 90-day period beginning
Amendment by Pub. L. 108–386 effective
Pub. L. 104–208, div. A, title II, § 2614(b),
Amendment by section 2704(d)(6)(A), (14)(A) of Pub. L. 104–208 effective
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
Amendment by section 131(c)(3) of Pub. L. 102–242 effective 1 year after
Amendment by section 311(b)(5)(A) of Pub. L. 102–242 not applicable to any time deposit which was made before
Amendment by Pub. L. 96–221 effective
Miscellaneous
Pub. L. 96–221, title III, § 308(a)(2),
Effective Date Of Amendment
Amendment by Pub. L. 95–630 effective on expiration of 120 days after
Pub. L. 93–495, title I, § 101(g),
Pub. L. 93–495, title I, § 102(b), (c),
Pub. L. 91–151, § 7(b),
Pub. L. 89–695, title III, §§ 301(e),
Miscellaneous
Pub. L. 91–609, title IX, § 908,
Effective Date Of Amendment
Amendment by Pub. L. 86–671 effective
Miscellaneous
For termination of Trust Territory of the Pacific Islands, see note set out preceding section 1681 of Title 48, Territories and Insular Possessions.
Pub. L. 89–695, title II, § 206,