View all text of Chapter 32 [§ 3101 - § 3111]
§ 3104. Insurance of deposits
(a) Objective
(b) Deposits of less than amount equal to the standard maximum deposit insurance amount
(c) Deposits required to be insured under State law
(1) After September 17, 1978, no foreign bank may establish a branch, and after one year following such date no foreign bank may operate a branch, in any State in which the deposits of a bank organized and existing under the laws of that State would be required to be insured, unless the branch is an insured branch as defined in section 3(s) of the Federal Deposit Insurance Act [12 U.S.C. 1813(s)], or unless the branch will not thereafter accept deposits of less than an amount equal to the standard maximum deposit insurance amount, or unless the Federal Deposit Insurance Corporation determines by order or regulation that the branch is not engaged in domestic retail deposit activities requiring deposit insurance protection, taking account of the size and nature of depositors and deposit accounts.
(2) Notwithstanding the previous paragraph, a branch of a foreign bank in operation on September 17, 1978, which has applied for Federal deposit insurance pursuant to section 5 of the Federal Deposit Insurance Act [12 U.S.C. 1815] by September 17, 1979, and has not had such application denied, may continue to accept domestic retail deposits until January 31, 1980.
(d) Retail deposit-taking by foreign banks
(1) In general
After December 19, 1991, notwithstanding any other provision of this chapter or any provision of the Federal Deposit Insurance Act [12 U.S.C. 1811 et seq.], in order to accept or maintain domestic retail deposit accounts having balances of less than an amount equal to the standard maximum deposit insurance amount, and requiring deposit insurance protection, a foreign bank shall—
(A) establish 1 or more banking subsidiaries in the United States for that purpose; and
(B) obtain Federal deposit insurance for any such subsidiary in accordance with the Federal Deposit Insurance Act.
(2) Exception
(3) Insured banks in U.S. territories
(e) Standard maximum deposit insurance amount defined
(Pub. L. 95–369, § 6, Sept. 17, 1978, 92 Stat. 614; Pub. L. 96–64, Sept. 14, 1979, 93 Stat. 412; Pub. L. 102–242, title II, § 214(a), Dec. 19, 1991, 105 Stat. 2303; Pub. L. 102–550, title XVI, § 1604(a)(10), (11), Oct. 28, 1992, 106 Stat. 4082, 4083; Pub. L. 102–558, title III, §§ 302(a), 305, Oct. 28, 1992, 106 Stat. 4224, 4226; Pub. L. 103–328, title I, § 107(a), (d), Sept. 29, 1994, 108 Stat. 2358, 2360; Pub. L. 109–173, § 2(c)(4), Feb. 15, 2006, 119 Stat. 3602.)