USC - Corporation as receiver

View all text of Chapter 16 [§ 1811 - § 1835a]

§ 1822. Corporation as receiver

(a) Bond not required; agents; fee

(b) Payment of insured deposit as discharge from liability

(d) Withholding payments to meet liability to depository institution

(e) Disposition of unclaimed deposits

(1) Notices

(A) First notice

(B) Second notice

(2) Transfer to appropriate State

If an insured depositor fails to make a claim for his, her, or its insured or transferred deposit within 18 months after the Corporation initiates the payment of insured deposits under section 1821(f) of this title—

(A) any transferee institution shall refund the deposit to the Corporation, and all rights of the depositor against the transferee institution shall be barred; and

(B) with the exception of United States deposits, the Corporation shall deliver the deposit to the custody of the appropriate State as unclaimed property, unless the appropriate State declines to accept custody. Upon delivery to the appropriate State, all rights of the depositor against the Corporation with respect to the deposit shall be barred and the Corporation shall be deemed to have made payment to the depositor for purposes of section 1821(g)(1) of this title.

(3) Refusal of appropriate State to accept custody

(4) Treatment of United States deposits

(5) Reversion

(6) Definitions

For purposes of this subsection—

(A) the term “transferee institution” means the insured depository institution in which the Corporation has made available a transferred deposit pursuant to section 1821(f)(1) of this title;

(B) the term “appropriate State” means the State to which notice was mailed under paragraph (1)(C), except that if the notice was not mailed to an address that is within a State it shall mean the State in which the depository institution in default has its main office; and

(C) the term “United States deposit” means an insured or transferred deposit for which the deposit records of the depository institution in default disclose that title to the deposit is held by the United States, any department, agency, or instrumentality of the Federal Government, or any officer or employee thereof in such person’s official capacity.

(f) Conflict of interest

(1) Applicability of other provisions

(A) Clarification of status of Corporation

(B) Treatment of contractors

(2) Regulations concerning employee conduct

(3) Regulations concerning independent contractors

(4) Disapproval of contractors

(A) In general

(B) Prohibition from service on behalf of Corporation

The procedures established under subparagraph (A) shall provide that the Corporation shall prohibit any person who does not meet the minimum standards of competence, experience, integrity, and fitness from—

(i) entering into any contract with the Corporation; or

(ii) becoming employed by the Corporation or otherwise performing any service for or on behalf of the Corporation.

The procedures established under subparagraph (A) shall require that any offer submitted to the Corporation by any person under this section and any employment application submitted to the Corporation by any person shall include—

(i) a list and description of any instance during the 5 years preceding the submission of such application in which the person or a company under such person’s control defaulted on a material obligation to an insured depository institution; and

(ii) such other information as the Board may prescribe by regulation.

(D) Subsequent submissions

(i) In general

No offer submitted to the Corporation may be accepted unless the offeror agrees that no person will be employed, directly or indirectly, by the offeror under any contract with the Corporation unless—

(I) all applicable information described in subparagraph (C) with respect to any such person is submitted to the Corporation; and(II) the Corporation does not disapprove of the direct or indirect employment of such person.

(ii) Finality of determination

(E) Prohibition required in certain cases

The standards established under subparagraph (A) shall require the Corporation to prohibit any person who has—

(i) been convicted of any felony;

(ii) been removed from, or prohibited from participating in the affairs of, any insured depository institution pursuant to any final enforcement action by any appropriate Federal banking agency;

(iii) demonstrated a pattern or practice of defalcation regarding obligations to insured depository institutions; or

(iv) caused a substantial loss to the Deposit Insurance Fund (or any predecessor deposit insurance fund);

from performing any service on behalf of the Corporation.

(5) Abrogation of contracts

The Corporation may rescind any contract with a person who—

(A) fails to disclose a material fact to the Corporation;

(B) would be prohibited under paragraph (6) from providing services to, receiving fees from, or contracting with the Corporation; or

(6) Priority of FDIC rules

(Sept. 21, 1950, ch. 967, § 2[12], 64 Stat. 887; Pub. L. 95–369, § 6(c)(23), Sept. 17, 1978, 92 Stat. 619; Pub. L. 97–320, title I, § 113(l), Oct. 15, 1982, 96 Stat. 1474; Pub. L. 101–73, title II, §§ 201(a), 216, Aug. 9, 1989, 103 Stat. 187, 254; Pub. L. 103–44, § 1, June 28, 1993, 107 Stat. 220; Pub. L. 103–204, § 19(a), Dec. 17, 1993, 107 Stat. 2402; Pub. L. 104–179, § 4(b)(1), Aug. 6, 1996, 110 Stat. 1567; Pub. L. 109–173, § 8(a)(18), Feb. 15, 2006, 119 Stat. 3613; Pub. L. 110–289, div. A, title VI, § 1604(b)(1)(C), July 30, 2008, 122 Stat. 2829.)