par Barry Daemi Il y a 9 années
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Even though I do not agree with John Lydon ideological view point, I understand that he truely has a brain, and an intellectual understanding of politics far beyond Russel Brand's embryonic ignorance, belligerence ill conceived notion of Nirvana and perverted nobility that he prides an fancy upon. Ill brought unschoolly wretched bastard that he is!!!
These SEC. were left out because the lack of necessity to include them in the mind map for the reason they are not necessary for the whole cohesive representation of this legislation as a whole.
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Current Statistic upon Unemployment by the Department of Labor- Bureau of Labor Statistics
(c) Not For Use In Inflation Adjustments.- The temporary increase in the standard maximum deposit insurance amount made under this section shall not be used to amke any inflation adjustment under section 11(a)(1)(F) of the Federal Deposit Insurance Act (12 U.S.C. 1812(a)(1)(F)) for purposes of that Act or the Federal Credit Union Act.
Title 12 > Chapter 52 > Subchapter 1 > § 5241
12 U.S. Code § 5241- Temporary increase in deposit and share insurance coverage
(a)
Federal Deposit Insurance Act; temporary increase in deposit insurance
(1)
Increased amount
Effective only during the period beginning on October 3, 2008, and ending on December 31, 2013, section 11(a)(1)(E) of the Federal Deposit Insurance Act (12 U.S.C. 1821 (a)(1)(E)) shall apply with “$250,000” substituted for “$100,000”.
(2)
Borrowing limits temporarily lifted
During the period beginning on October 3, 2008, and ending on December 31, 2013, the Board of Directors of the Corporation may request from the Secretary, and the Secretary shall approve, a loan or loans in an amount or amounts necessary to carry out this subsection, without regard to the limitations on such borrowing under section 14(a) and 15(c) of the Federal Deposit Insurance Act (12 U.S.C. 1824 (a), 1825(c)).
(b)
Federal Credit Union Act; temporary increase in share insurance
(1)
Increased amount
Effective only during the period beginning on October 3, 2008, and ending on December 31, 2013, section 207(k)(5) of the Federal Credit Union Act (12 U.S.C. 1787 (k)(5)) shall apply with “$250,000” substituted for “$100,000”.
(2)
Borrowing limits temporarily lifted
During the period beginning on October 3, 2008, and ending on December 31, 2013, the National Credit Union Administration Board may request from the Secretary, and the Secretary shall approve, a loan or loans in an amount or amounts necessary to carry out this subsection, without regard to the limitations on such borrowing under section 203(d)(1) of the Federal Credit Union Act (12 U.S.C. 1783 (d)(1)).
(c)
Not for use in inflation adjustments
The temporary increase in the standard maximum deposit insurance amount made under this section shall not be used to make any inflation adjustment under section 11(a)(1)(F) of the Federal Deposit Insurance Act (12 U.S.C. 1821 (a)(1)(F)) for purposes of that Act [12 U.S.C. 1811 et seq.] or the Federal Credit Union Act [12 U.S.C. 1751 et seq.].
http://www.law.cornell.edu/uscode/text/12/5241?qt-us_code_temp_noupdates=0#qt-us_code_temp_noupdates
Title 12 > Chapter 16 > § 1821
12 U.S. Code § 1821- Insurance Funds
(a)(1)(E)
(E)
Standard maximum deposit insurance amount defined
For purposes of this chapter, the term “standard maximum deposit insurance amount” means $250,000, adjusted as provided under subparagraph (F) after March 31, 2010. Notwithstanding any other provision of law, the increase in the standard maximum deposit insurance amount to $250,000 shall apply to depositors in any institution for which the Corporation was appointed as receiver or conservator on or after January 1, 2008, and before October 3, 2008. The Corporation shall take such actions as are necessary to carry out the requirements of this section with respect to such depositors, without regard to any time limitations under this chapter. In implementing this and the preceding 2 sentences, any payment on a deposit claim made by the Corporation as receiver or conservator to a depositor above the standard maximum deposit insurance amount in effect at the time of the appointment of the Corporation as receiver or conservator shall be deemed to be part of the net amount due to the depositor under subparagraph (B).
http://www.law.cornell.edu/uscode/text/12/1821
(b) Federal Credit Union Act; Temporary Increase In Share Insurance.-
(3) Borrowing Limits Temporarily Lifted.- During the period beginning on the date of enactment of this Act and ending on December 31, 2009, the National Credit Union Administration Board may request from the Secretary, and the Secretary shall approve, a loan or loans in an amount or amounts necessary to carry out this subsection, without regard to the limitations on such borrowing under section 203(d)(1) of Federal Credit Union Act (12 U.S.C. 1783(d)(1)).
(b) Temporary Increase Not To Be Considered for Setting Insurance Premium Charges and Insurance Deposit Adjustments.- The Temporary increase in the standard maximum share insurance amount made under paragraph (1) shall not be taken into account by the National Credit Union Administration Board for purposes of setting insurance premium charges and share insurance deposit adjustments under section 202(c)(2) of Federal Credit Union Act (12 U.S.C. 1782(c)(2)).
(1) Increased Amount.- Effective only during the period beginning on the date of enactment of Act and ending on December 31, 2009, section 207(k)(5) of the Federal Union Act (12 U.S.C. 1787(k)(5)) shall apply with '$250,000" substituted for "$100,000".
(a) Federal Deposit Insurance Act; Temporary Increase In Deposit Insurance.-
(3) Borrowing Limits Temporarily Lifted.- During the period beginning on the date of enactment of this Act and ending on December 31, 2009, the Board of Directors of the Corporation may request from the Secretary, and the Secretary shall approve, a loan or loans in an amount or amounts necessary to carry out this substection, without regard to the limitations on such borrowing under section 14(a) and 15(c) of the Federal Deposit Insurance Act (12 U.S.C. 1824(a), 1825(c)).
Title 12 > Chapter 16 > § 1817
12 U.S. Code § 1817- Assessments
(a)
Reports of condition; access to reports
(1) Each insured State nonmember bank and each foreign bank having an insured branch which is not a Federal branch shall make to the Corporation reports of condition which shall be in such form and shall contain such information as the Board of Directors may require. Such reports shall be made to the Corporation on the dates selected as provided in paragraph (3) of this subsection and the deposit liabilities shall be reported therein in accordance with and pursuant to paragraphs (4) and (5) of this subsection. The Board of Directors may call for additional reports of condition on dates to be fixed by it and may call for such other reports as the Board may from time to time require. Any such bank which
(A) maintains procedures reasonably adapted to avoid any inadvertent error and, unintentionally and as a result of such an error, fails to make or publish any report required under this paragraph, within the period of time specified by the Corporation, or submits or publishes any false or misleading report or information, or
(B) inadvertently transmits or publishes any report which is minimally late, shall be subject to a penalty of not more than $2,000 for each day during which such failure continues or such false or misleading information is not corrected. Such bank shall have the burden of proving that an error was inadvertent and that a report was inadvertently transmitted or published late. Any such bank which fails to make or publish any report required under this paragraph, within the period of time specified by the Corporation, or submits or publishes any false or misleading report or information, in a manner not described in the 2nd preceding sentence shall be subject to a penalty of not more than $20,000 for each day during which such failure continues or such false or misleading information is not corrected. Notwithstanding the preceding sentence, if any such bank knowingly or with reckless disregard for the accuracy of any information or report described in such sentence submits or publishes any false or misleading report or information, the Corporation may assess a penalty of not more than $1,000,000 or 1 percent of total assets of such bank, whichever is less, per day for each day during which such failure continues or such false or misleading information is not corrected. Any penalty imposed under any of the 4 preceding sentences shall be assessed and collected by the Corporation in the manner provided in subparagraphs (E), (F), (G), and (I) of section1818 (i)(2) of this title (for penalties imposed under such section) and any such assessment (including the determination of the amount of the penalty) shall be subject to the provisions of such section. Any such bank against which any penalty is assessed under this subsection shall be afforded an agency hearing if such bank submits a request for such hearing within 20 days after the issuance of the notice of assessment. Section 1818 (h) of this title shall apply to any proceeding under this paragraph.
(2)
(A) The Corporation and, with respect to any State depository institution, any appropriate State bank supervisor for such institution, shall have access to reports of examination made by, and reports of condition made to, the Comptroller of the Currency, the Federal Housing Finance Agency, any Federal home loan bank, or any Federal Reserve bank and to all revisions of reports of condition made to any of them, and they shall promptly advise the Corporation of any revisions or changes in respect to deposit liabilities made or required to be made in any report of condition. The Corporation may accept any report made by or to any commission, board, or authority having supervision of a depository institution, and may furnish to the Comptroller of the Currency, to the Federal Housing Finance Agency, to any Federal home loan bank, to any Federal Reserve bank, and to any such commission, board, or authority, reports of examinations made on behalf of, and reports of condition made to, the Corporation.
(B)
Additional reports.— The Board of Directors may from time to time require any insured depository institution to file such additional reports as the Corporation, after consultation with the Comptroller of the Currency and the Board of Governors of the Federal Reserve System, as appropriate, may deem advisable for insurance purposes.
(C)
Data sharing with other agencies and persons.—In addition to reports of examination, reports of condition, and other reports required to be regularly provided to the Corporation (with respect to all insured depository institutions, including a depository institution for which the Corporation has been appointed conservator or receiver) or an appropriate State bank supervisor (with respect to a State depository institution) under subparagraph (A) or (B), a Federal banking agency may, in the discretion of the agency, furnish any report of examination or other confidential supervisory information concerning any depository institution or other entity examined by such agency under authority of any Federal law, to—
(i) any other Federal or State agency or authority with supervisory or regulatory authority over the depository institution or other entity;
(ii) any officer, director, or receiver of such depository institution or entity; and
(iii) any other person that the Federal banking agency determines to be appropriate.
(3) Each insured depository institution shall make to the appropriate Federal banking agency 4 reports of condition annually upon dates which shall be selected by the Chairman of the Board of Directors, the Comptroller of the Currency, and the Chairman of the Board of Governors of the Federal Reserve System. The dates selected shall be the same for all insured depository institutions, except that when any of said reporting dates is a nonbusiness day for any depository institution, the preceding business day shall be its reporting date. Such reports of condition shall be the basis for the certified statements to be filed pursuant to subsection (c). The deposit liabilities shall be reported in said reports of conditions in accordance with and pursuant to paragraphs (4) and (5) of this subsection, and such other information shall be reported therein as may be required by the respective agencies. Each said report of condition shall contain a declaration by the president, a vice president, the cashier or the treasurer, or by any other officer designated by the board of directors or trustees of the reporting depository institution to make such declaration, that the report is true and correct to the best of his knowledge and belief. The correctness of said report of condition shall be attested by the signatures of at least two directors or trustees of the reporting depository institution other than the officer making such declaration, with a declaration that the report has been examined by them and to the best of their knowledge and belief is true and correct. At the time of making said reports of condition each insured depository institution shall furnish to the Corporation a copy thereof containing such signed declaration and attestations. Nothing herein shall preclude any of the foregoing agencies from requiring the banks or savings associations under its jurisdiction to make additional reports of condition at any time.
(4) In the reports of condition required to be made by paragraph (3) of this subsection, each insured depository institution shall report the total amount of the liability of the depository institution for deposits in the main office and in any branch located in 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, or the Virgin Islands, according to the definition of the term “deposit” in and pursuant to subsection (l) ofsection 1813 of this title without any deduction for indebtedness of depositors or creditors or any deduction for cash items in the process of collection drawn on others than the reporting depository institution: Provided, That the depository institution in reporting such deposits may
(i) subtract from the deposit balance due to any depository institution the deposit balance due from the same depository institution (other than trust funds deposited by either depository institution) and any cash items in the process of collection due from or due to such depository institutions shall be included in determining such net balance, except that balances of time deposits of any depository institution and any balances standing to the credit of private depository institutions, of depository institutions in foreign countries, of foreign branches of other American depository institutions, and of American branches of foreign banks shall be reported gross without any such subtraction, and
(ii) exclude any deposits received in any office of the depository institution for deposit in any other office of the depository institution: And provided further, That outstanding drafts (including advices and authorizations to charge depository institution’s balance in another depository institution) drawn in the regular course of business by the reporting depository institution on depository institutions need not be reported as deposit liabilities. The amount of trust funds held in the depository institution’s own trust department, which the reporting depository institution keeps segregated and apart from its general assets and does not use in the conduct of its business, shall not be included in the total deposits in such reports, but shall be separately stated in such reports. Deposits which are accumulated for the payment of personal loans and are assigned or pledged to assure payment of loans at maturity shall not be included in the total deposits in such reports, but shall be deducted from the loans for which such deposits are assigned or pledged to assure repayment.
(5) The deposits to be reported on such reports of condition shall be segregated between
(i) time and savings deposits and
(ii) demand deposits. For this purpose, the time and savings deposits shall consist of time certificates of deposit, time deposits-open account, and savings deposits; and demand deposits shall consist of all deposits other than time and savings deposits.
(6)
Lifeline account deposits.— In the reports of condition required to be reported under this subsection, the deposits in lifeline accounts (as defined in section 1834 (a)(3)(D) of this title) shall be reported separately.
(7) The Board of Directors, after consultation with the Comptroller of the Currency and the Board of Governors of the Federal Reserve System, may by regulation define the terms “cash items” and “process of collection”, and shall classify deposits as “time”, “savings”, and “demand” deposits, for the purposes of this section.
(8) In respect of any report required or authorized to be supplied or published pursuant to this subsection or any other provision of law, the Board of Directors or the Comptroller of the Currency, as the case may be, may differentiate between domestic banks and foreign banks to such extent as, in their judgment, may be reasonably required to avoid hardship and can be done without substantial compromise of insurance risk or supervisory and regulatory effectiveness.
(9)
Data collections.— In addition to or in connection with any other report required under this subsection, the Corporation shall take such action as may be necessary to ensure that—
(A) each insured depository institution maintains; and
(B) the Corporation receives on a regular basis from such institution,
information on the total amount of all insured deposits, preferred deposits, and uninsured deposits at the institution. In prescribing reporting and other requirements for the collection of actual and accurate information pursuant to this paragraph, the Corporation shall minimize the regulatory burden imposed upon insured depository institutions that are well capitalized (as defined in section 1831o of this title) while taking into account the benefit of the information to the Corporation, including the use of the information to enable the Corporation to more accurately determine the total amount of insured deposits in each insured depository institution for purposes of compliance with this chapter.
(10) A Federal banking agency may not, by regulation or otherwise, designate, or require an insured institution or an affiliate to designate, a corporation as highly leveraged or a transaction with a corporation as a highly leveraged transaction solely because such corporation is or has been a debtor or bankrupt under title 11, if, after confirmation of a plan of reorganization, such corporation would not otherwise be highly leveraged.
(11)
Streamlining reports of condition.—
(A)
Review of information and schedules.— Before the end of the 1-year period beginning on October 13, 2006, and before the end of each 5-year period thereafter, each Federal banking agency shall, in conjunction with the other relevant Federal banking agencies, review the information and schedules that are required to be filed by an insured depository institution in a report of condition required under paragraph (3).
(B)
Reduction or elimination of information found to be unnecessary.— After completing the review required by subparagraph (A), a Federal banking agency, in conjunction with the other relevant Federal banking agencies, shall reduce or eliminate any requirement to file information or schedules under paragraph (3) (other than information or schedules that are otherwise required by law) if the agency determines that the continued collection of such information or schedules is no longer necessary or appropriate.
(b)
Assessments
(1)
Risk-based assessment system
(A)
Risk-based assessment system required
The Board of Directors shall, by regulation, establish a risk-based assessment system for insured depository institutions.(B)
Private reinsurance authorizedIn carrying out this paragraph, the Corporation may—(i) obtain private reinsurance covering not more than 10 percent of any loss the Corporation incurs with respect to an insured depository institution; and(ii) base that institution’s assessment (in whole or in part) on the cost of the reinsurance.(C)
“Risk-based assessment system” definedFor purposes of this paragraph, the term “risk-based assessment system” means a system for calculating a depository institution’s assessment based on—(i) the probability that the Deposit Insurance Fund will incur a loss with respect to the institution, taking into consideration the risks attributable to—(I) different categories and concentrations of assets;(II) different categories and concentrations of liabilities, both insured and uninsured, contingent and noncontingent; and(III) any other factors the Corporation determines are relevant to assessing such probability;(ii) the likely amount of any such loss; and(iii) the revenue needs of the Deposit Insurance Fund.(D)
Separate assessment systemsThe Board of Directors may establish separate risk-based assessment systems for large and small members of the Deposit Insurance Fund.(E)
Information concerning risk of loss and economic conditions(i) Sources of information For purposes of determining risk of losses at insured depository institutions and economic conditions generally affecting depository institutions, the Corporation shall collect information, as appropriate, from all sources the Board of Directors considers appropriate, including reports of condition, inspection reports, and other information from all Federal banking agencies, any information available from State bank supervisors, State insurance and securities regulators, the Securities and Exchange Commission (including information described in section 1831l of this title), the Secretary of the Treasury, the Commodity Futures Trading Commission, the Farm Credit Administration, the Federal Trade Commission, any Federal reserve bank or Federal home loan bank, and other regulators of financial institutions, and any information available from private economic, credit, or business analysts.(ii) Consultation with Federal banking agencies(I) In general Except as provided in subclause (II), in assessing the risk of loss to the Deposit Insurance Fund with respect to any insured depository institution, the Corporation shall consult with the appropriate Federal banking agency of such institution.(II) Treatment on aggregate basis In the case of insured depository institutions that are well capitalized (as defined in section 1831o of this title) and, in the most recent examination, were found to be well managed, the consultation under subclause (I) concerning the assessment of the risk of loss posed by such institutions may be made on an aggregate basis.(iii) Rule of construction No provision of this paragraph shall be construed as providing any new authority for the Corporation to require submission of information by insured depository institutions to the Corporation, except as provided in subsection (a)(2)(B).(F)
Modifications to the risk-based assessment system allowed only after notice and commentIn revising or modifying the risk-based assessment system at any time after February 8, 2006, the Board of Directors may implement such revisions or modification in final form only after notice and opportunity for comment.(2)
Setting assessments(A)
In generalThe Board of Directors shall set assessments for insured depository institutions in such amounts as the Board of Directors may determine to be necessary or appropriate, subject to subparagraph (D). [1](B)
Factors to be consideredIn setting assessments under subparagraph (A), the Board of Directors shall consider the following factors:(i) The estimated operating expenses of the Deposit Insurance Fund.(ii) The estimated case resolution expenses and income of the Deposit Insurance Fund.(iii) The projected effects of the payment of assessments on the capital and earnings of insured depository institutions.(iv) The risk factors and other factors taken into account pursuant to paragraph (1) under the risk-based assessment system, including the requirement under such paragraph to maintain a risk-based system.(v) Any other factors the Board of Directors may determine to be appropriate.(D)
2 Notice of assessmentsThe Corporation shall notify each insured depository institution of that institution’s assessment.(E)
Bank Enterprise Act requirementThe Corporation shall design the risk-based assessment system so that, insofar as the system bases assessments, directly or indirectly, on deposits, the portion of the deposits of any insured depository institution which are attributable to lifeline accounts established in accordance with the Bank Enterprise Act of 1991 shall be subject to assessment at a rate determined in accordance with such Act.(3)
Designated reserve ratio(A)
Establishment(i) In general Before the beginning of each calendar year, the Board of Directors shall designate the reserve ratio applicable with respect to the Deposit Insurance Fund and publish the reserve ratio so designated.(ii) Rulemaking requirement Any change to the designated reserve ratio shall be made by the Board of Directors by regulation after notice and opportunity for comment.(B)
Minimum reserve ratioThe reserve ratio designated by the Board of Directors for any year may not be less than 1.35 percent of estimated insured deposits, or the comparable percentage of the assessment base set forth in paragraph (2)(C). [2](C)
FactorsIn designating a reserve ratio for any year, the Board of Directors shall—(i) take into account the risk of losses to the Deposit Insurance Fund in such year and future years, including historic experience and potential and estimated losses from insured depository institutions;(ii) take into account economic conditions generally affecting insured depository institutions so as to allow the designated reserve ratio to increase during more favorable economic conditions and to decrease during less favorable economic conditions, notwithstanding the increased risks of loss that may exist during such less favorable conditions, as determined to be appropriate by the Board of Directors;(iii) seek to prevent sharp swings in the assessment rates for insured depository institutions; and(iv) take into account such other factors as the Board of Directors may determine to be appropriate, consistent with the requirements of this subparagraph.(D)
Publication of proposed change in ratioIn soliciting comment on any proposed change in the designated reserve ratio in accordance with subparagraph (A), the Board of Directors shall include in the published proposal a thorough analysis of the data and projections on which the proposal is based.(E)
DIF restoration plans(i) In general Whenever—(I) the Corporation projects that the reserve ratio of the Deposit Insurance Fund will, within 6 months of such determination, fall below the minimum amount specified in subparagraph (B)(ii) for the designated reserve ratio; or(II) the reserve ratio of the Deposit Insurance Fund actually falls below the minimum amount specified in subparagraph (B)(ii) for the designated reserve ratio without any determination under subclause (I) having been made, the Corporation shall establish and implement a Deposit Insurance Fund restoration plan within 90 days that meets the requirements of clause (ii) and such other conditions as the Corporation determines to be appropriate.(ii) Requirements of restoration plan A Deposit Insurance Fund restoration plan meets the requirements of this clause if the plan provides that the reserve ratio of the Fund will meet or exceed the minimum amount specified in subparagraph (B)(ii) for the designated reserve ratio before the end of the 8-year period beginning upon the implementation of the plan (or such longer period as the Corporation may determine to be necessary due to extraordinary circumstances).(iii) Restriction on assessment credits As part of any restoration plan under this subparagraph, the Corporation may elect to restrict the application of assessment credits provided under subsection (e)(3) for any period that the plan is in effect.(iv) Limitation on restriction Notwithstanding clause (iii), while any restoration plan under this subparagraph is in effect, the Corporation shall apply credits provided to an insured depository institution under subsection (e)(3) against any assessment imposed on the institution for any assessment period in an amount equal to the lesser of—(I) the amount of the assessment; or(II) the amount equal to 3 basis points of the institution’s assessment base.(v) Transparency Not more than 30 days after the Corporation establishes and implements a restoration plan under clause (i), the Corporation shall publish in the Federal Register a detailed analysis of the factors considered and the basis for the actions taken with regard to the plan.(4)
Depository institution required to maintain assessment-related recordsEach insured depository institution shall maintain all records that the Corporation may require for verifying the correctness of any assessment on the insured depository institution under this subsection until the later of—(A) the end of the 3-year period beginning on the due date of the assessment; or(B) in the case of a dispute between the insured depository institution and the Corporation with respect to such assessment, the date of a final determination of any such dispute.(5)
Emergency special assessmentsIn addition to the other assessments imposed on insured depository institutions under this subsection, the Corporation may impose 1 or more special assessments on insured depository institutions in an amount determined by the Corporation if the amount of any such assessment is necessary—(A) to provide sufficient assessment income to repay amounts borrowed from the Secretary of the Treasury under section 1824 (a) of this title in accordance with the repayment schedule in effect under section 1824 (c) of this title during the period with respect to which such assessment is imposed;(B) to provide sufficient assessment income to repay obligations issued to and other amounts borrowed from insured depository institutions under section 1824 (d) of this title; or(C) for any other purpose that the Corporation may deem necessary.(6)
Community enterprise creditsThe Corporation shall allow a credit against any semiannual assessment to any insured depository institution which satisfies the requirements of the Community Enterprise Assessment Credit Board under section 233(a)(1) of the Bank Enterprise Act of 1991 [12 U.S.C. 1834a (a)(1)] in the amount determined by such Board by regulation.(c)
Certified statements; payments(1)
Certified statements required(A)
In generalEach insured depository institution shall file with the Corporation a certified statement containing such information as the Corporation may require for determining the institution’s assessment.(B)
Form of certificationThe certified statement required under subparagraph (A) shall—(i) be in such form and set forth such supporting information as the Board of Directors shall prescribe; and(ii) be certified by the president of the depository institution or any other officer designated by its board of directors or trustees that to the best of his or her knowledge and belief, the statement is true, correct and complete, and in accordance with this chapter and regulations issued hereunder.(2)
Payments required(A)
In generalEach insured depository institution shall pay to the Corporation the assessment imposed under subsection (b) of this section.(B)
Form of paymentThe payments required under subparagraph (A) shall be made in such manner and at such time or times as the Board of Directors shall prescribe by regulation.(3)
Newly insured institutionsTo facilitate the administration of this section, the Board of Directors may waive the requirements of paragraphs (1) and (2) for the initial assessment period in which a depository institution becomes insured.(4)
Penalty for failure to make accurate certified statement(A)
First tierAny insured depository institution which—(i) maintains procedures reasonably adapted to avoid any inadvertent error and, unintentionally and as a result of such an error, fails to submit the certified statement under paragraph (1) within the period of time required under paragraph (1) or submits a false or misleading certified statement; or(ii) submits the statement at a time which is minimally after the time required in such paragraph,shall be subject to a penalty of not more than $2,000 for each day during which such failure continues or such false and misleading information is not corrected. The institution shall have the burden of proving that an error was inadvertent or that a statement was inadvertently submitted late.(B)
Second tierAny insured depository institution which fails to submit the certified statement under paragraph (1) within the period of time required under paragraph (1) or submits a false or misleading certified statement in a manner not described in subparagraph (A) shall be subject to a penalty of not more than $20,000 for each day during which such failure continues or such false and misleading information is not corrected.(C)
Third tierNotwithstanding subparagraphs (A) and (B), if any insured depository institution knowingly or with reckless disregard for the accuracy of any certified statement described in paragraph (1) submits a false or misleading certified statement under paragraph (1), the Corporation may assess a penalty of not more than $1,000,000 or not more than 1 percent of the total assets of the institution, whichever is less, per day for each day during which the failure continues or the false or misleading information in such statement is not corrected.(D)
Assessment procedureAny penalty imposed under this paragraph shall be assessed and collected by the Corporation in the manner provided in subparagraphs (E), (F), (G), and (I) of section1818 (i)(2) of this title (for penalties imposed under such section) and any such assessment (including the determination of the amount of the penalty) shall be subject to the provisions of such section.(E)
HearingAny insured depository institution against which any penalty is assessed under this paragraph shall be afforded an agency hearing if the institution submits a request for such hearing within 20 days after the issuance of the notice of the assessment. Section 1818 (h) of this title shall apply to any proceeding under this subparagraph.(d)
Corporation exempt from apportionmentNotwithstanding any other provision of law, amounts received pursuant to any assessment under this section and any other amounts received by the Corporation shall not be subject to apportionment for the purposes of chapter 15 of title 31 or under any other authority.(e)
Refunds, dividends, and credits(1)
Refunds of overpaymentsIn the case of any payment of an assessment by an insured depository institution in excess of the amount due to the Corporation, the Corporation may—(A) refund the amount of the excess payment to the insured depository institution; or(B) credit such excess amount toward the payment of subsequent assessments until such credit is exhausted.(2)
Dividends from excess amounts in Deposit Insurance Fund(A)
Reserve ratio in excess of 1.5 percent of estimated insured depositsIf, at the end of a calendar year, the reserve ratio of the Deposit Insurance Fund exceeds 1.5 percent of estimated insured deposits, the Corporation shall declare the amount in the Fund in excess of the amount required to maintain the reserve ratio at 1.5 percent of estimated insured deposits, as dividends to be paid to insured depository institutions.(B)
LimitationThe Board of Directors may, in its sole discretion, suspend or limit the declaration of payment of dividends under subparagraph (A).(C)
Notice and opportunity for commentThe Corporation shall prescribe, by regulation, after notice and opportunity for comment, the method for the declaration, calculation, distribution, and payment of dividends under this paragraph [3](3)
One-time credit based on total assessment base at year-end 1996(A)
In generalBefore the end of the 270-day period beginning on February 8, 2006, the Board of Directors shall, by regulation after notice and opportunity for comment, provide for a credit to each eligible insured depository institution (or a successor insured depository institution), based on the assessment base of the institution on December 31, 1996, as compared to the combined aggregate assessment base of all eligible insured depository institutions, taking into account such factors as the Board of Directors may determine to be appropriate.(B)
Credit limitThe aggregate amount of credits available under subparagraph (A) to all eligible insured depository institutions shall equal the amount that the Corporation could collect if the Corporation imposed an assessment of 10.5 basis points on the combined assessment base of the Bank Insurance Fund and the Savings Association Insurance Fund as of December 31, 2001.(C)
Eligible insured depository institution definedFor purposes of this paragraph, the term “eligible insured depository institution” means any insured depository institution that—(i) was in existence on December 31, 1996, and paid a deposit insurance assessment prior to that date; or(ii) is a successor to any insured depository institution described in clause (i).(D)
Application of credits(i) In general Subject to clause (ii), the amount of a credit to any eligible insured depository institution under this paragraph shall be applied by the Corporation, subject to subsection (b)(3)(E), to the assessments imposed on such institution under subsection (b) that become due for assessment periods beginning after the effective date of regulations prescribed under subparagraph (A).(ii) Temporary restriction on use of credits The amount of a credit to any eligible insured depository institution under this paragraph may not be applied to more than 90 percent of the assessments imposed on such institution under subsection (b) that become due for assessment periods beginning in fiscal years 2008, 2009, and 2010.(iii) Regulations The regulations prescribed under subparagraph (A) shall establish the qualifications and procedures governing the application of assessment credits pursuant to clause (i).(E)
Limitation on amount of credit for certain depository institutionsIn the case of an insured depository institution that exhibits financial, operational, or compliance weaknesses ranging from moderately severe to unsatisfactory, or is not adequately capitalized (as defined in section 1831o of this title) at the beginning of an assessment period, the amount of any credit allowed under this paragraph against the assessment on that depository institution for such period may not exceed the amount calculated by applying to that depository institution the average assessment rate on all insured depository institutions for such assessment period.(F)
Successor definedThe Corporation shall define the term “successor” for purposes of this paragraph, by regulation, and may consider any factors as the Board may deem appropriate.(4)
Administrative review(A)
In generalThe regulations prescribed under paragraphs (2) and (3) shall include provisions allowing an insured depository institution a reasonable opportunity to challenge administratively the amount of the credit or dividend determined under paragraph (2) or (3) for such institution.(B)
Administrative reviewAny review under subparagraph (A) of any determination of the Corporation under paragraph (2) or (3) shall be final and not subject to judicial review.(f)
Action against depository institutions failing to file certified statementsAny insured depository institution which fails to make any report of condition under subsection (a) of this section or to file any certified statement required to be filed by it in connection with determining the amount of any assessment payable by the depository institution to the Corporation may be compelled to make such report or file such statement by mandatory injunction or other appropriate remedy in a suit brought for such purpose by the Corporation against the depository institution and any officer or officers thereof in any court of the United States of competent jurisdiction in the District or Territory in which such depository institution is located.(g)
Assessment actions(1)
In generalThe Corporation, in any court of competent jurisdiction, shall be entitled to recover from any insured depository institution the amount of any unpaid assessment lawfully payable by such insured depository institution.(2)
Statute of limitationsThe following provisions shall apply to actions relating to assessments, notwithstanding any other provision in Federal law, or the law of any State:(A) Any action by an insured depository institution to recover from the Corporation the overpaid amount of any assessment shall be brought within 3 years after the date the assessment payment was due, subject to the exception in subparagraph (E).(B) Any action by the Corporation to recover from an insured depository institution the underpaid amount of any assessment shall be brought within 3 years after the date the assessment payment was due, subject to the exceptions in subparagraphs (C) and (E).(C) If an insured depository institution has made a false or fraudulent statement with intent to evade any or all of its assessment, the Corporation shall have until 3 years after the date of discovery of the false or fraudulent statement in which to bring an action to recover the underpaid amount.(D) Except as provided in subparagraph (C), assessment deposit information contained in records no longer required to be maintained pursuant to subsection (b)(4) shall be considered conclusive and not subject to change.(E) Any action for the underpaid or overpaid amount of any assessment that became due before January 1, 2007, shall be subject to the statute of limitations for assessments in effect at the time the assessment became due.(h)
Forfeiture of rights for failure to comply with lawShould any national member bank or any insured national nonmember bank fail to make any report of condition under subsection (a) of this section or to file any certified statement required to be filed by such bank under any provision of this section, or fail to pay any assessment required to be paid by such bank under any provision of this chapter, and should the bank not correct such failure within thirty days after written notice has been given by the Corporation to an officer of the bank, citing this subsection, and stating that the bank has failed to make any report of condition under subsection (a) of this section or to file or pay as required by law, all the rights, privileges, and franchises of the bank granted to it under the National Bank Act, as amended [12 U.S.C. 21 et seq.], the Federal Reserve Act, as amended [12 U.S.C. 221 et seq.], or this chapter, shall be thereby forfeited. Whether or not the penalty provided in this subsection has been incurred shall be determined and adjudged in the manner provided in the sixth paragraph of section 2 of the Federal Reserve Act, as amended [12 U.S.C. 501a]. The remedies provided in this subsection and in subsections (f) and (g) of this section shall not be construed as limiting any other remedies against any insured depository institution, but shall be in addition thereto.(i)
Insurance of trust funds(1)
In generalTrust funds held on deposit by an insured depository institution in a fiduciary capacity as trustee pursuant to any irrevocable trust established pursuant to any statute or written trust agreement shall be insured in an amount not to exceed the standard maximum deposit insurance amount (as determined under section 1821 (a)(1) of this title) for each trust estate.(2)
Interbank depositsTrust funds described in paragraph (1) which are deposited by the fiduciary depository institution in another insured depository institution shall be similarly insured to the fiduciary depository institution according to the trust estates represented.(3)
Bank deposit financial assistance programNotwithstanding paragraph (1), funds deposited by an insured depository institution pursuant to the Bank Deposit Financial Assistance Program of the Department of Energy shall be separately insured in an amount not to exceed the standard maximum deposit insurance amount (as determined under section 1821 (a)(1) of this title) for each insured depository institution depositing such funds.(4)
RegulationsThe Board of Directors may prescribe such regulations as may be necessary to clarify the insurance coverage under this subsection and to prescribe the manner of reporting and depositing such trust funds.(j)
Change in control of insured depository institutions(1) No person, acting directly or indirectly or through or in concert with one or more other persons, shall acquire control of any insured depository institution through a purchase, assignment, transfer, pledge, or other disposition of voting stock of such insured depository institution unless the appropriate Federal banking agency has been given sixty days’ prior written notice of such proposed acquisition and within that time period the agency has not issued a notice disapproving the proposed acquisition or, in the discretion of the agency, extending for an additional 30 days the period during which such a disapproval may issue. The period for disapproval under the preceding sentence may be extended not to exceed 2 additional times for not more than 45 days each time if—(A) the agency determines that any acquiring party has not furnished all the information required under paragraph (6);(B) in the agency’s judgment, any material information submitted is substantially inaccurate;(C) the agency has been unable to complete the investigation of an acquiring party under paragraph (2)(B) because of any delay caused by, or the inadequate cooperation of, such acquiring party; or(D) the agency determines that additional time is needed—(i) to investigate and determine that no acquiring party has a record of failing to comply with the requirements of subchapter II of chapter 53 of title 31; or(ii) to analyze the safety and soundness of any plans or proposals described in paragraph (6)(E) or the future prospects of the institution.An acquisition may be made prior to expiration of the disapproval period if the agency issues written notice of its intent not to disapprove the action.(2)(A)
Notice to State Agency.— Upon receiving any notice under this subsection, the appropriate Federal banking agency shall forward a copy thereof to the appropriate State depository institution supervisory agency if the depository institution the voting shares of which are sought to be acquired is a State depository institution, and shall allow thirty days within which the views and recommendations of such State depository institution supervisory agency may be submitted. The appropriate Federal banking agency shall give due consideration to the views and recommendations of such State agency in determining whether to disapprove any proposed acquisition. Notwithstanding the provisions of this paragraph, if the appropriate Federal banking agency determines that it must act immediately upon any notice of a proposed acquisition in order to prevent the probable default of the depository institution involved in the proposed acquisition, such Federal banking agency may dispense with the requirements of this paragraph or, if a copy of the notice is forwarded to the State depository institution supervisory agency, such Federal banking agency may request that the views and recommendations of such State depository institution supervisory agency be submitted immediately in any form or by any means acceptable to such Federal banking agency.(B)
Investigation of Principals Required.— Upon receiving any notice under this subsection, the appropriate Federal banking agency shall—(i) conduct an investigation of the competence, experience, integrity, and financial ability of each person named in a notice of a proposed acquisition as a person by whom or for whom such acquisition is to be made; and(ii) make an independent determination of the accuracy and completeness of any information described in paragraph (6) with respect to such person.(C)
Report.— The appropriate Federal banking agency shall prepare a written report of any investigation under subparagraph (B) which shall contain, at a minimum, a summary of the results of such investigation. The agency shall retain such written report as a record of the agency.(D)
Public Comment.— Upon receiving notice of a proposed acquisition, the appropriate Federal banking agency shall, unless such agency determines that an emergency exists, within a reasonable period of time—(i) publish the name of the insured depository institution proposed to be acquired and the name of each person identified in such notice as a person by whom or for whom such acquisition is to be made; and(ii) solicit public comment on such proposed acquisition, particularly from persons in the geographic area where the bank [4] proposed to be acquired is located, before final consideration of such notice by the agency,unless the agency determines in writing that such disclosure or solicitation would seriously threaten the safety or soundness of such bank. [4](3) Within three days after its decision to disapprove any proposed acquisition, the appropriate Federal banking agency shall notify the acquiring party in writing of the disapproval. Such notice shall provide a statement of the basis for the disapproval.(4) Within ten days of receipt of such notice of disapproval, the acquiring party may request an agency hearing on the proposed acquisition. In such hearing all issues shall be determined on the record pursuant to section 554 of title 5. The length of the hearing shall be determined by the appropriate Federal banking agency. At the conclusion thereof, the appropriate Federal banking agency shall by order approve or disapprove the proposed acquisition on the basis of the record made at such hearing.(5) Any person whose proposed acquisition is disapproved after agency hearings under this subsection may obtain review by the United States court of appeals for the circuit in which the home office of the bank [4] to be acquired is located, or the United States Court of Appeals for the District of Columbia Circuit, by filing a notice of appeal in such court within ten days from the date of such order, and simultaneously sending a copy of such notice by registered or certified mail to the appropriate Federal banking agency. The appropriate Federal banking agency shall promptly certify and file in such court the record upon which the disapproval was based. The findings of the appropriate Federal banking agency shall be set aside if found to be arbitrary or capricious or if found to violate procedures established by this subsection.(6) Except as otherwise provided by regulation of the appropriate Federal banking agency, a notice filed pursuant to this subsection shall contain the following information:(A) The identity, personal history, business background and experience of each person by whom or on whose behalf the acquisition is to be made, including his material business activities and affiliations during the past five years, and a description of any material pending legal or administrative proceedings in which he is a party and any criminal indictment or conviction of such person by a State or Federal court.(B) A statement of the assets and liabilities of each person by whom or on whose behalf the acquisition is to be made, as of the end of the fiscal year for each of the five fiscal years immediately preceding the date of the notice, together with related statements of income and source and application of funds for each of the fiscal years then concluded, all prepared in accordance with generally accepted accounting principles consistently applied, and an interim statement of the assets and liabilities for each such person, together with related statements of income and source and application of funds, as of a date not more than ninety days prior to the date of the filing of the notice.(C) The terms and conditions of the proposed acquisition and the manner in which the acquisition is to be made.(D) The identity, source and amount of the funds or other consideration used or to be used in making the acquisition, and if any part of these funds or other consideration has been or is to be borrowed or otherwise obtained for the purpose of making the acquisition, a description of the transaction, the names of the parties, and any arrangements, agreements, or understandings with such persons.(E) Any plans or proposals which any acquiring party making the acquisition may have to liquidate the bank, [4]to sell its assets or merge it with any company or to make any other major change in its business or corporate structure or management.(F) The identification of any person employed, retained, or to be compensated by the acquiring party, or by any person on his behalf, to make solicitations or recommendations to stockholders for the purpose of assisting in the acquisition, and a brief description of the terms of such employment, retainer, or arrangement for compensation.(G) Copies of all invitations or tenders or advertisements making a tender offer to stockholders for purchase of their stock to be used in connection with the proposed acquisition.(H) Any additional relevant information in such form as the appropriate Federal banking agency may require by regulation or by specific request in connection with any particular notice.(7) The appropriate Federal banking agency may disapprove any proposed acquisition if—(A) the proposed acquisition of control would result in a monopoly or would be in furtherance of any combination or conspiracy to monopolize or to attempt to monopolize the business of banking in any part of the United States;(B) the effect of the proposed acquisition of control in any section of the country may be substantially to lessen competition or to tend to create a monopoly or the proposed acquisition of control would in any other manner be in restraint of trade, and the anticompetitive effects of the proposed acquisition of control are not clearly outweighed in the public interest by the probable effect of the transaction in meeting the convenience and needs of the community to be served;(C) either the financial condition of any acquiring person or the future prospects of the institution is such as might jeopardize the financial stability of the bank [4] or prejudice the interests of the depositors of the bank; [4](D) the competence, experience, or integrity of any acquiring person or of any of the proposed management personnel indicates that it would not be in the interest of the depositors of the bank, or in the interest of the public to permit such person to control the bank; [4](E) any acquiring person neglects, fails, or refuses to furnish the appropriate Federal banking agency all the information required by the appropriate Federal banking agency; or(F) the appropriate Federal banking agency determines that the proposed transaction would result in an adverse effect on the Deposit Insurance Fund.(8) For the purposes of this subsection, the term—(A) “person” means an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization, or any other form of entity not specifically listed herein; and(B) “control” means the power, directly or indirectly, to direct the management or policies of an insured depository institution or to vote 25 per centum or more of any class of voting securities of an insured depository institution.(9)
Reporting of stock loans.—(A)
Report required.— Any foreign bank, or any affiliate thereof, that has credit outstanding to any person or group of persons which is secured, directly or indirectly, by shares of an insured depository institution shall file a consolidated report with the appropriate Federal banking agency for such insured depository institution if the extensions of credit by the foreign bank or any affiliate thereof, in the aggregate, are secured, directly or indirectly, by 25 percent or more of any class of shares of the same insured depository institution.(B)
Definitions.— For purposes of this paragraph, the following definitions shall apply:(i)
Foreign bank.— The terms “foreign bank” and “affiliate” have the same meanings as in section 3101 of this title.(ii)
Credit outstanding.— The term “credit outstanding” includes—(I) any loan or extension of credit,(II) the issuance of a guarantee, acceptance, or letter of credit, including an endorsement or standby letter of credit, and(III) any other type of transaction that extends credit or financing to the person or group of persons.(iii)
Group of persons.— The term “group of persons” includes any number of persons that the foreign bank or any affiliate thereof reasonably believes—(I) are acting together, in concert, or with one another to acquire or control shares of the same insured depository institution, including an acquisition of shares of the same insured depository institution at approximately the same time under substantially the same terms; or(II) have made, or propose to make, a joint filing under section 78m of title 15 regarding ownership of the shares of the same insured depository institution.(C)
Inclusion of shares held by the financial institution.— Any shares of the insured depository institution held by the foreign bank or any affiliate thereof as principal shall be included in the calculation of the number of shares in which the foreign bank or any affiliate thereof has a security interest for purposes of subparagraph (A).(D)
Report requirements.—(i)
Timing of report.— The report required under this paragraph shall be a consolidated report on behalf of the foreign bank and all affiliates thereof, and shall be filed in writing within 30 days of the date on which the foreign bank or affiliate thereof first believes that the security for any outstanding credit consists of 25 percent or more of any class of shares of an insured depository institution.(ii)
Content of report.— The report under this paragraph shall indicate the number and percentage of shares securing each applicable extension of credit, the identity of the borrower, and the number of shares held as principal by the foreign bank and any affiliate thereof.(iii)
Copy to other agencies.— A copy of any report under this paragraph shall be filed with the appropriate Federal banking agency for the foreign bank or any affiliate thereof (if other than the agency receiving the report under this paragraph).(iv)
Other information.— Each appropriate Federal banking agency may require any additional information necessary to carry out the agency’s supervisory responsibilities.(E)
Exceptions.—(i)
Exception where information provided by borrower.— Notwithstanding subparagraph (A), a foreign bank or any affiliate thereof shall not be required to report a transaction under this paragraph if the person or group of persons referred to in such subparagraph has disclosed the amount borrowed from such foreign bank or any affiliate thereof and the security interest of the foreign bank or any affiliate thereof to the appropriate Federal banking agency for the insured depository institution in connection with a notice filed under this subsection, an application filed under the Bank Holding Company Act of 1956 [12 U.S.C. 1841 et seq.], section1467a of this title, or any other application filed with the appropriate Federal banking agency for the insured depository institution as a substitute for a notice under this subsection, such as an application for deposit insurance, membership in the Federal Reserve System, or a national bank charter.(ii)
Exception for shares owned for more than 1 year.— Notwithstanding subparagraph (A), a foreign bank and any affiliate thereof shall not be required to report a transaction involving—(I) a person or group of persons that has been the owner or owners of record of the stock for a period of 1 year or more; or(II) stock issued by a newly chartered bank before the bank’s opening.(10) The reports required by paragraph (9) of this subsection shall contain such of the information referred to in paragraph (6) of this subsection, and such other relevant information, as the appropriate Federal banking agency may require by regulation or by specific request in connection with any particular report.(11) The Federal banking agency receiving a notice or report filed pursuant to paragraph (1) or (9) shall immediately furnish to the other Federal banking agencies a copy of such notice or report.(12) Whenever such a change in control occurs, each insured depository institution shall report promptly to the appropriate Federal banking agency any changes or replacement of its chief executive officer or of any director occurring in the next twelve-month period, including in its report a statement of the past and current business and professional affiliations of the new chief executive officer or directors.(13) The appropriate Federal banking agencies are authorized to issue rules and regulations to carry out this subsection.(14) Within two years after the effective date of the Change in Bank Control Act of 1978, and each year thereafter in each appropriate Federal banking agency’s annual report to the Congress, the appropriate Federal banking agency shall report to the Congress the results of the administration of this subsection, and make any recommendations as to changes in the law which in the opinion of the appropriate Federal banking agency would be desirable.(15)
Investigative and Enforcement Authority.—(A)
Investigations.— The appropriate Federal banking agency may exercise any authority vested in such agency under section 1818 (n) of this title in the course of conducting any investigation under paragraph (2)(B) or any other investigation which the agency, in its discretion, determines is necessary to determine whether any person has filed inaccurate, incomplete, or misleading information under this subsection or otherwise is violating, has violated, or is about to violate any provision of this subsection or any regulation prescribed under this subsection.(B)
Enforcement.— Whenever it appears to the appropriate Federal banking agency that any person is violating, has violated, or is about to violate any provision of this subsection or any regulation prescribed under this subsection, the agency may, in its discretion, apply to the appropriate district court of the United States or the United States court of any territory for—(i) a temporary or permanent injunction or restraining order enjoining such person from violating this subsection or any regulation prescribed under this subsection; or(ii) such other equitable relief as may be necessary to prevent any such violation (including divestiture).(C)
Jurisdiction.—(i) The district courts of the United States and the United States courts in any territory shall have the same jurisdiction and power in connection with any exercise of any authority by the appropriate Federal banking agency under subparagraph (A) as such courts have under section 1818 (n) of this title.(ii) The district courts of the United States and the United States courts of any territory shall have jurisdiction and power to issue any injunction or restraining order or grant any equitable relief described in subparagraph (B). When appropriate, any injunction, order, or other equitable relief granted under this paragraph shall be granted without requiring the posting of any bond.The resignation, termination of employment or participation, divestiture of control, or separation of or by an institution-affiliated party (including a separation caused by the closing of a depository institution) shall not affect the jurisdiction and authority of the appropriate Federal banking agency to issue any notice and proceed under this subsection against any such party, if such notice is served before the end of the 6-year period beginning on the date such party ceased to be such a party with respect to such depository institution (whether such date occurs before, on, or after August 9, 1989).(16)
Civil money penalty.—(A)
First tier.— Any person who violates any provision of this subsection, or any regulation or order issued by the appropriate Federal banking agency under this subsection, shall forfeit and pay a civil penalty of not more than $5,000 for each day during which such violation continues.(B)
Second tier.— Notwithstanding subparagraph (A), any person who—(i)(I) commits any violation described in any clause of subparagraph (A);(II) recklessly engages in an unsafe or unsound practice in conducting the affairs of a depository institution; or(III) breaches any fiduciary duty;(ii) which violation, practice, or breach—(I) is part of a pattern of misconduct;(II) causes or is likely to cause more than a minimal loss to such institution; or(III) results in pecuniary gain or other benefit to such person,shall forfeit and pay a civil penalty of not more than $25,000 for each day during which such violation, practice, or breach continues.(C)
Third tier.— Notwithstanding subparagraphs (A) and (B), any person who—(i) knowingly—(I) commits any violation described in any clause of subparagraph (A);(II) engages in any unsafe or unsound practice in conducting the affairs of a depository institution; or(III) breaches any fiduciary duty; and(ii) knowingly or recklessly causes a substantial loss to such institution or a substantial pecuniary gain or other benefit to such person by reason of such violation, practice, or breach,shall forfeit and pay a civil penalty in an amount not to exceed the applicable maximum amount determined under subparagraph (D) for each day during which such violation, practice, or breach continues.(D) Maximum amounts of penalties for any violation described in subparagraph (c).—The maximum daily amount of any civil penalty which may be assessed pursuant to subparagraph (C) for any violation, practice, or breach described in such subparagraph is—(i) in the case of any person other than a depository institution, an amount to not exceed $1,000,000; and(ii) in the case of a depository institution, an amount not to exceed the lesser of—(I) $1,000,000; or(II) 1 percent of the total assets of such institution.(E)
Assessment; etc.— Any penalty imposed under subparagraph (A), (B), or (C) shall be assessed and collected by the appropriate Federal banking agency in the manner provided in subparagraphs (E), (F), (G), and (I) of section 1818 (i)(2) of this title for penalties imposed (under such section) and any such assessment shall be subject to the provisions of such section.(F)
Hearing.— The depository institution or other person against whom any penalty is assessed under this paragraph shall be afforded an agency hearing if such institution or other person submits a request for such hearing within 20 days after the issuance of the notice of assessment. Section 1818 (h) of this title shall apply to any proceeding under this paragraph.(G)
Disbursement.— All penalties collected under authority of this paragraph shall be deposited into the Treasury.(17)
Exceptions.— This subsection shall not apply with respect to a transaction which is subject to—(A) section 1842 of this title;(B) section 1828 (c) of this title; or(C) section 1467a of this title.(18)
Applicability of change in control provisions to other institutions.— For purposes of this subsection, the term “insured depository institution” includes—(A) any depository institution holding company; and(B) any other company which controls an insured depository institution and is not a depository institution holding company.(k)
Federal banking agency rules and regulations for reports and public disclosure by banks of extension of credit to executive officers or principal shareholders or the related interests of such personsThe appropriate Federal banking agencies are authorized to issue rules and regulations, including definitions of terms, to require the reporting and public disclosure of information by a bank or any executive officer or principal shareholder thereof concerning extensions of credit by the bank to any of its executive officers or principal shareholders, or the related interests of such persons.(l)
Designation of fund membership for newly insured depository institutions; definitionsFor purposes of this section:(1)
Bank Insurance FundAny institution which—(A) becomes an insured depository institution; and(B) does not become a Savings Association Insurance Fund member pursuant to paragraph (2),shall be a Bank Insurance Fund member.(2)
Savings Association Insurance FundAny savings association, other than any Federal savings bank chartered pursuant to section 1464 (o) of this title, which becomes an insured depository institution shall be a Savings Association Insurance Fund member.(3)
Transition provision(A)
Bank Insurance FundAny depository institution the deposits of which were insured by the Federal Deposit Insurance Corporation on the day before August 9, 1989, including—(i) any Federal savings bank chartered pursuant to section 1464 (o) of this title; and(ii) any cooperative bank,shall be a Bank Insurance Fund member as of August 9, 1989.(B)
Savings Association Insurance FundAny savings association which is an insured depository institution by operation of section 1814 (a)(2) of this title shall be a Savings Association Insurance Fund member as of August 9, 1989.(4)
Bank Insurance Fund memberThe term “Bank Insurance Fund member” means any depository institution the deposits of which are insured by the Bank Insurance Fund.(5)
Savings Association Insurance Fund memberThe term “Savings Association Insurance Fund member” means any depository institution the deposits of which are insured by the Savings Association Insurance Fund.(6)
Bank Insurance Fund reserve ratioThe term “Bank Insurance Fund reserve ratio” means the ratio of the net worth of the Bank Insurance Fund to the value of the aggregate estimated insured deposits held in all Bank Insurance Fund members.(7)
Savings Association Insurance Fund reserve ratioThe term “Savings Association Insurance Fund reserve ratio” means the ratio of the net worth of the Savings Association Insurance Fund to the value of the aggregate estimated insured deposits held in all Savings Association Insurance Fund members.(m)
Secondary reserve offsets against premiums(1)
Offsets in calendar years beginning before 1993Subject to the maximum amount limitation contained in paragraph (2) and notwithstanding any other provision of law, any insured savings association may offset such association’s pro rata share of the statutorily prescribed amount against any premium assessed against such association under subsection (b) of this section for any calendar year beginning before 1993.(2)
Annual maximum amount limitationThe amount of any offset allowed for any savings association under paragraph (1) for any calendar year beginning before 1993 shall not exceed an amount which is equal to 20 percent of such association’s pro rata share of the statutorily prescribed amount (as computed for such calendar year).(3)
Offsets in calendar years beginning after 1992Notwithstanding any other provision of law, a savings association may offset such association’s pro rata share of the statutorily prescribed amount against any premium assessed against such association under subsection (b) of this section for any calendar year beginning after 1992.(4)
TransferabilityNo right, title, or interest of any insured depository institution in or with respect to its pro rata share of the secondary reserve shall be assignable or transferable whether by operation of law or otherwise, except to the extent that the Corporation may provide for transfer of such pro rata share in cases of merger or consolidation, transfer of bulk assets or assumption of liabilities, and similar transactions, as defined by the Corporation for purposes of this paragraph.(5)
Pro rata distribution on termination of insured statusIf—(A) the status of any savings association as an insured depository institution is terminated pursuant to any provision of section 1818 of this title or the insurance of accounts of any such institution is otherwise terminated;(B) a receiver or other legal custodian is appointed for the purpose of liquidation or winding up the affairs of any savings association; or(C) the Corporation makes a determination that for the purposes of this subsection any savings association has otherwise gone into liquidation,the Corporation shall pay in cash to such institution its pro rata share of the secondary reserve, in accordance with such terms and conditions as the Corporation may prescribe, or, at the option of the Corporation, the Corporation may apply the whole or any part of the amount which would otherwise be paid in cash toward the payment of any indebtedness or obligation, whether matured or not, of such institution to the Corporation, existing or arising before such payment in cash. Such payment or such application need not be made to the extent that the provisions of the exception in paragraph (4) are applicable.(6)
“Statutorily prescribed amount” definedFor purposes of this subsection, the term “statutorily prescribed amount” means, with respect to any calendar year which ends after August 9, 1989—(A) $823,705,000, minus
(B)
the sum of—
(i)
the aggregate amount of offsets made before August 9, 1989, by all insured institutions under section 404(e)(2) [1] of the National Housing Act [12 U.S.C. 1727 (e)(2)] (as in effect before August 9, 1989); and
(ii)
the aggregate amount of offsets made by all savings associations under this subsection before the beginning of such calendar year.
(7)
Savings association’s pro rata amountFor purposes of this subsection, any savings association’s pro rata share of the statutorily prescribed amount is the percentage which is equal to such association’s share of the secondary reserve as determined under section 404(e) [1] of the National Housing Act on the day before the date on which the Federal Savings and Loan Insurance Corporation ceased to recognize the secondary reserve (as such Act [12U.S.C. 1701 et seq.] was in effect on the day before such date).
(8)
Year of enactment ruleWith respect to the calendar year in which the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 is enacted, the Corporation shall make such adjustments as may be necessary—
(A)
in the computation of the statutorily prescribed amount which shall be applicable for the remainder of such calendar year after taking into account the aggregate amount of offsets by all insured institutions under section 404(e)(2) [1] of the National Housing Act [12 U.S.C. 1727(e)(2)] (as in effect before August 9, 1989) after the beginning of such calendar year and before August 9, 1989; and
(B)
in the computation of the maximum amount of any savings association’s offset for such calendar year under paragraph (1) after taking into account—
(i)
the amount of any offset by such savings association under section 404(e)(2) [1] of the National Housing Act (as in effect before August 9, 1989) after the beginning of such calendar year and before August 9, 1989; and
(ii)
the change of such association’s premium year from the 1-year period applicable under section 404(b) [1] of the National Housing Act (as in effect before August 9, 1989) to a calendar year basis.
(n)
Collections on behalf of the Comptroller of the Currency
When requested by the Comptroller of the Currency, the Corporation shall collect on behalf of the Comptroller assessments on Federal savings associations levied by the Comptroller under section 1467 of this title. The Corporation shall be reimbursed for its actual costs for the collection of such assessments. Any such assessments by the Comptroller shall be in addition to any amounts assessed by the Corporation.
http://www.law.cornell.edu/uscode/text/12/1817
(2) Temporary Increase Not To Be Considered For Setting Assessments.- The Temporary increase in the standard maximum deposit insurance amount made under paragraph (1) shall not be taken into account by the Board of Directors of the Corporation for purposes of setting assessments under section 7(b)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1817(b)(2)).
(1) Increased Amount.- Effective only during the period beginning on the date of enactment of this Act and ending on December 31, 2009, section 11(a)(1)(E) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(1)(E)) shall apply with "$250,000" substituted for "100,000".
With the exception of section 131, nothing in this Act may be construed to limit the authority of the Secretary or the Board under any other provision of law.
Upon the expiration of the 5-year period beginning upon the date of the enactment of this Act, the Director of the Office of Management and Budget, in consultation with the Director of the Congressional Budget Office, shall submit a report to the Congress on the net amount within the Troubled Asset Relief Program under this Act. In any case where there is a shortfall, the President shall submit a legislative proposal that recoups from the financial industry an amount equal to the shortfall in order to ensure that the Troubled Asset Relief Program does not ass to the deficit or national debt.
(b) Report.- The securities and Exchange Commission shall submit to Congress a report of such study before the end of the 90-day period beginning on the date of the enactment of this Act containing the findings and determinations of the Commission, including such administrative and legislative recommendations as the Commission determines appropriate.
(a) Study.- The securities and Exchange Commission, in consultation with the Board and the Secretary, shall conduct a study on mark-to-market accounting standards as provided in Statement Number 157 of the Financial Accounting Standards Board, as such standards are applicable to financial institutions, including depository institutions. Such a study shall consider at a minimum-
(6) alternative accounting standards to those provided in such Statement Number 157.
(5) the advisability and feasibility of modifications to such standards; and
(4) the process used by the Federal Accounting Standards Board in developing accounting standards;
(3) the impact of such standards on the quality of financial information available to investors;
(2) the impacts of such accounting on bank failures in 2008;
(1) the effects of such accounting standards on a financial institution's balance sheet;
(b) Savings Provision.- Nothing in subsection (a) shall be construed to restrict or limit any authority of the Securities and Exchange Commission under securities laws as in effect on the date of enactment of this Act.
(a) Authority.- The Securities and Exchange Commission shall have the authority under the securities laws (as such term is defined in section 3(a)(47) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(47)) to suspend, by rule, regulation, or order, the application of Statement Number 157 of the Financial Accounting Standard Board for any issuer (as such term defined in section 3(a)(8) of such Act) or with respect to any class or category or appropriate in the public interest and is consistent with the protection of inventors.
(b) Limits On Use Of Exchange Stabilization Fund.- The Secretary is prohibited from using the Exchange Stabilization Fund for the establishment of any future guaranty program for the establishment of any future guaranty programs for the United States money market mutual fund industry.
(a) Reimbursement.- The Secretary shall reimburse the Exchange Stabilization Fund established under section 5302 of title 31, United States Code, for any funds that are used for the Treasury Money Market Funds Guaranty Program for the United States money market mutual fund industry, from funds under this Act.
SEC. 130. Technical Corrections
(b) Effective Date.- The amendments made by subsection (a) shall take effect take effect as if included in the amendments made by section 2505 of the Mortgage Disclosure Improvement Act of 2008 (Public Law 110-289).
Title 15 > Chapter 41 > Subchapter 1 > Part B > § 1638
(a) In General.- Section 128(b)(2) of Truth in Lending Act (15 U.S.C. 1638(b)(2)), as amended by section 2505 of the Mortgage Disclosure Improvement Act of 2008 (Public Law 110-289), is amended-
Title 15 > Chapter 41 > Subchapter 1 > Part B > § 1638
15 U.S. Code § 1638- Transactions other than under an open end credit plan
(2) By amending subparagraph (G) to read as follows: "(G)(i) In the case of an extension of credit relating to a plan described in section 101(53D) of title 11, United States Code-
Title 11 > Chapter 1 > § 101
11 U.S. Code § 101- Definitions
(53D) The term “timeshare plan” means and shall include that interest purchased in any arrangement, plan, scheme, or similar device, but not including exchange programs, whether by membership, agreement, tenancy in common, sale, lease, deed, rental agreement, license, right to use agreement, or by any other means, whereby a purchaser, in exchange for consideration, receives a right to use accommodations, facilities, or recreational sites, whether improved or unimproved, for a specific period of time less than a full year during any given year, but not necessarily for consecutive years, and which extends for a period of more than three years. A “timeshare interest” is that interest purchased in a timeshare plan which grants the purchaser the right to use and occupy accommodations, facilities, or recreational sites, whether improved or unimproved, pursuant to a timeshare plan.
"(II) a good faith estimate of the disclosures required under subsection (a) be made in accordance with regulations of the Board under section 121(c) before such credit is extended, or shall be delivered or placed in the mail not later than 3 business days after the date on which the creditor receives the written application of the consumer for such credit, whichever is earlier .
'(ii) If a disclosure statement furnished within 3 business days of the written application (as provided under clause (i)(II)) contains an annual percentage rate which is subsequently rendered inaccurate, within the meaning of section 107(c), the creditor shall furnish another disclosure statement at the time of settlement or consummation of the Transaction.".
15 Title U.S. Code Section 1638
'(I) the requirements of subparagraphs (A) through (E) shall not apply; and
(1) In subparagraph (A), by striking "In the Case" and inserting "Except as provided in subparagraph (G), in the case'; and
SEC. 129. Disclosure On Exercise Of Loan Authority
(e) Sharing Of Information.- Any reports required under this section shall also be submitted to Congressional Oversight Panel established under section 125.
(d) Applicability.- The provisions of this section shall be in force for all uses of the authority provided under section 13 of the Federal Reserve Act occurring during the period beginning on March 1, 2008 and ending on the after the date of enactment of this Act, and reports described in subsection (a) shall be required beginning not later than 30 days after that date of enactment, with respect to any such exercise of authority.
(c) Confidentiality.- The information submitted to the Congress under this section shall be kept confidential, upon the written request of the Chairman of the Board, in which case it shall be made available only to the Chairpersons and Ranking Members of the Committees described in subsection (a).
(b) Periodic Updates.- The Board shall provide updates to the Committees specified in subsection (a) not less is outstanding, including-
(3) The projected cost to the taxpayer of loan
(2) The value of the collateral held by the Federal reserve bank which initiated the loan; and
(1) The status of Loan
(a) In General.- Not later than 7 days after the date on which the Board exercises its authority under the third paragraph of section 13 of the Federal Reserve Act (12 U.S.C.; relating to discounts for individuals, partnerships, and corporations) the Board shall provide to the Committee on Banking, Housing, Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives report which includes-
Title 12 > Chapter 3 > Subchapter IX > § 343
12 U.S. Code § 343- Discount of Obligations arising out of actual commercial transactions
Upon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice and protest by such bank as to its own indorsement exclusively, any Federal reserve bank may discount notes, drafts, and bills of exchange arising out of actual commercial transactions; that is, notes, drafts, and bills of exchange issued or drawn for agricultural, industrial, or commercial purposes, or the proceeds of which have been used, or are to be used, for such purposes, the Board of Governors of the Federal Reserve System to have the right to determine or define the character of the paper thus eligible for discount, within the meaning of this chapter. Nothing in this chapter contained shall be construed to prohibit such notes, drafts, and bills of exchange, secured by staple agricultural products, or other goods, wares, or merchandise from being eligible for such discount, and the notes, drafts, and bills of exchange of factors issued as such making advances exclusively to producers of staple agricultural products in their raw state shall be eligible for such discount; but such definition shall not include notes, drafts, or bills covering merely investments or issued or drawn for the purpose of carrying or trading in stocks, bonds, or other investment securities, except bonds and notes of the Government of the United States. Notes, drafts, and bills admitted to discount under the terms of this paragraph must have a maturity at the time of discount of not more than ninety days, exclusive of grace.
(3)
(A) [1] In unusual and exigent circumstances, the Board of Governors of the Federal Reserve System, by the affirmative vote of not less than five members, may authorize any Federal reserve bank, during such periods as the said board may determine, at rates established in accordance with the provisions of section 357 of this title, to discount for any participant in any program or facility with broad-based eligibility, notes, drafts, and bills of exchange when such notes, drafts, and bills of exchange are indorsed or otherwise secured to the satisfaction of the Federal reserve bank: Provided, That before discounting any such note, draft, or bill of exchange, the Federal reserve bank shall obtain evidence that such participant in any program or facility with broad based eligibility is unable to secure adequate credit accommodations from other banking institutions. All such discounts for any participant in any program or facility with broad-based eligibility shall be subject to such limitations, restrictions, and regulations as the Board of Governors of the Federal Reserve System may prescribe.
(B)
(i) As soon as is practicable after July 21, 2010, the Board shall establish, by regulation, in consultation with the Secretary of the Treasury, the policies and procedures governing emergency lending under this paragraph. Such policies and procedures shall be designed to ensure that any emergency lending program or facility is for the purpose of providing liquidity to the financial system, and not to aid a failing financial company, and that the security for emergency loans is sufficient to protect taxpayers from losses and that any such program is terminated in a timely and orderly fashion. The policies and procedures established by the Board shall require that a Federal reserve bank assign, consistent with sound risk management practices and to ensure protection for the taxpayer, a lendable value to all collateral for a loan executed by a Federal reserve bank under this paragraph in determining whether the loan is secured satisfactorily for purposes of this paragraph.(ii) The Board shall establish procedures to prohibit borrowing from programs and facilities by borrowers that are insolvent. Such procedures may include a certification from the chief executive officer (or other authorized officer) of the borrower, at the time the borrower initially borrows under the program or facility (with a duty by the borrower to update the certification if the information in the certification materially changes), that the borrower is not insolvent. A borrower shall be considered insolvent for purposes of this subparagraph, if the borrower is in bankruptcy, resolution under title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act [12 U.S.C. 5381 et seq.], or any other Federal or State insolvency proceeding.(iii) A program or facility that is structured to remove assets from the balance sheet of a single and specific company, or that is established for the purpose of assisting a single and specific company avoid bankruptcy, resolution under title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or any other Federal or State insolvency proceeding, shall not be considered a program or facility with broad-based eligibility.(iv) The Board may not establish any program or facility under this paragraph without the prior approval of the Secretary of the Treasury.
(C) The Board shall provide to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives—
(i) not later than 7 days after the Board authorizes any loan or other financial assistance under this paragraph, a report that includes—
(I) the justification for the exercise of authority to provide such assistance;(
II) the identity of the recipients of such assistance;
(III) the date and amount of the assistance, and form in which the assistance was provided; and
(IV) the material terms of the assistance, including—
(aa) duration;
(bb) collateral pledged and the value thereof;
(cc) all interest, fees, and other revenue or items of value to be received in exchange for the assistance;
(dd) any requirements imposed on the recipient with respect to employee compensation, distribution of dividends, or any other corporate decision in exchange for the assistance; and
(ee) the expected costs to the taxpayers of such assistance; and
(ii) once every 30 days, with respect to any outstanding loan or other financial assistance under this paragraph, written updates on—(I) the value of collateral;
(II) the amount of interest, fees, and other revenue or items of value received in exchange for the assistance; and
(III) the expected or final cost to the taxpayers of such assistance.
(D) The information required to be submitted to Congress under subparagraph (C) related to—
(i) the identity of the participants in an emergency lending program or facility commenced under this paragraph;
(ii) the amounts borrowed by each participant in any such program or facility;
(iii) identifying details concerning the assets or collateral held by, under, or in connection with such a program or facility,
shall be kept confidential, upon the written request of the Chairman of the Board, in which case such information shall be made available only to the Chairpersons or Ranking Members of the Committees described in subparagraph (C).
(E) If an entity to which a Federal reserve bank has provided a loan under this paragraph becomes a covered financial company, as defined in section 201 of the Dodd-Frank Wall Street Reform and Consumer Protection Act [12 U.S.C. 5381], at any time while such loan is outstanding, and the Federal reserve bank incurs a realized net loss on the loan, then the Federal reserve bank shall have a claim equal to the amount of the net realized loss against the covered entity, with the same priority as an obligation to the Secretary of the Treasury under section 210(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act [12 U.S.C. 5390 (b)].
(2) The specific terms of the actions of the Board, including the size and duration of the lending, available information concerning the value of any collateral held with respect to such loan, the recipient of warrants or any other potential equity in exchange for the loan, and any expected cost to the taxpayers for such exercise.
(1) The justification for exercising the authority; and
SEC. 128. Acceleration Of Effective Date
Section 203 of the Financial Services Regulatory Relief Act of 2006 (12 U.S.C. 461 note) is amended by striking "October 1, 2011" and inserting "October 1, 2008".
SEC. 126. FDIC Authority
(d) Technical And Conforming Amendments.- Section 18 of the Federal Deposit Insurance Act (12 U.S.C. 1828) is amended-
Title 12 > Chapter 16 > § 1828
12 U.S. Code § 1828- Regulations governing insured depository institutions\
adopted action to amended in subsection (a)(3)
by implying the provisions of subsection(d)(1) of subparagraph (B)
(1) in subsection (a)(3)-
(B) by striking "this subsection" the second place that term appears and inserting "paragraph (2)"; and (2) in the heading for subsection (a), by striking "Insurance Logo.-" and inserting "Representations Of Deposit Insurance.-".
(A) by striking "this subsection" the first place that term appears and inserting " paragraph (1)'; and
(c) Unenforceability Of Certain Agreements.- Section 13 13(c) of the Federal Deposit Insurance Act (12 U.S.C. 1823(c)) is amended by adding at the end the following new paragraph:
Title 12 > Chapter III > Subchapter B > Part 360 > Section 360.1
12 CFR 360.1- Least-cost resolution
§ 360.1 Least-cost resolution.
(a) General rule. Except as provided in section 13(c)(4)(G) ofthe FDI Act (12 U.S.C. 1823 (c)(4)(G)), the FDIC shall not take any action, directly or indirectly, under sections 13(c), 13(d), 13(f), 13(h) or 13(k) of the FDI Act (12 U.S.C. 1823(c), (d), (f), (h) or (k)) with respect to any insured depository institution that would have the effect of increasing losses to any insurance fund by protecting:
(1) Depositors for more than the insured portion of their deposits (determined without regard to whether such institution is liquidated); or
(2) Creditors other than depositors.
(b) Purchase and assumption transactions. Subject to the requirement of section 13(c)(4)(A) of the FDI Act (12 U.S.C. 1823(c)(4)(A)), paragraph (a) of this section shall not be construed as prohibiting the FDIC from allowing any person who acquires any assets or assumes any liabilities of any insured depository institution, for which the FDIC has been appointed conservator or receiver, to acquire uninsured deposit liabilities of such institution as long as the applicable insurance fund does not incur any loss with respect to such uninsured deposit liabilities in an amount greater than the loss which would have been incurred with respect to such liabilities if the institution had been liquidated.
[58 FR 67664, Dec. 22, 1993, as amended at 63 FR 37761, July 14, 1998]
http://www.law.cornell.edu/cfr/text/12/360.1
"(11) Unenforceability Of Certain Agreements.- No provision contained in any existing or future standshill, confidentiality, or other agreement that, directly or indirectly-
"(C) prohibits any person from using any previously disclosed information in connection with any such offer to acquire or acquisition of, all or part of any insured depository institution, including any liabilities, assets, or interest therein, in connection with any transaction in which the Corporation exercises its authority under section 11 or 13, shall be enforceable against or impose any liability on such person, as such enforcement or liability shall be contrary to public policy.".
"(B) prohibits any person from offering to acquire or acquiring, or
"(A) affects, restricts, or limits the ability of any person to offer to acquire or acquire,
(b) Enforcement Orders.- Section 8(c) of the Federal Deposit Insurance Act (12 U.S.C. 1818(c)) is amended by adding at the end the following new Paragraph:
Title 12 > Chapter 16 > § 1818
12 U.S. Code § 1818- Termination of status as insured depository institution
(C) Effective period of temporary order
Any Order issued subparagraph (A) shall become effective not earlier than 10 days from the date of service upon the institution and, unless set aside, limited, or suspended by a court in proceedings authorized here under, such temporary order shall remain effective and enforceable until an order of the Board under paragraph (3) becomes final or until the Corporation dismisses the proceeding under paragraph (3).
section 8(c) is amended by adding new paragraph, from 12 USC 5233 SEC. 126. SubSEC.(b)
"(4) False Advertising Or Misuse Of Names To Indicate Insured Status.-
"(C) Civil Money Penalties.- Any violation of section 18(a)(4) shall be subject to civil money penalties, as set forth in subsection (i), except that for any person other than an insured depository institution or an institution-affiliated party that is found to have violated this paragraph, the Corporation or other appropriate Federal banking agency shall not be required to demonstrate any loss to an uninsured depository institution.".
"(B) Effective Period Of Temporary Order.- A temporary order issued under subparagraph (A) shall remain effective and enforceable, pending the completion of an administrative proceeding pursuant to subsection (b)(1) in connection with the notice of charges-
"(ii) if a cease-and-desist order is issued against such person, until the effective date of such order.
"(i) until such time as the Corporation or other appropriate Federal banking agency dismisses the charges specified in such notice; or
"(A) Temporary Order.-
"(ii) Effect Of Order.- Any temporary order issued under this subparagraph shall take effect upon service.
"(i) In General.- If a notice of charges served under subsection (b)(1) specifies on the basis of particular facts that any person engaged or is engaging in conduct described in section 18(a)(4), the Corporation or other appropriate Federal banking agency may issue a temporary order requiring-
"(II) affirmative action to prevent any further, or to remedy any existing, violation.
"(I) the immediate cessation of any activity or practice described, which gave rise to the notice of charges; and
(a) In General.- Section 18(a) of the Federal Deposit Insurance Act (12 U.S.C. 1828(a)) is amended by adding at the end the following new paragraph:
"(4) False Advertising, Misuse Of FDIC Names, and Misrepresentation To Indicate Insured Status.-
"(F) Other Action Preserved. No provision of this paragraph shall be construed as barring any action otherwise available, under the laws of the United States or any State,, to any Federal or State agency or individual.".
"(E) Additional Authority.- In addition to its authority under subparagraphs (C) and (D), for purposes of this paragraph, the Corporation shall have, in the same manner and to the same extent as with respect to a state nonmember insured bank-
"(ii) for purpose of enforcing the requirements of this paragraph, the authority of the Corporation under-
"(II) subsections (b), (c), (d) and (i) of section 8 to conduct enforcement actions.
"(I) section 10(c) to conduct investigations; and
"(i) jurisdiction over-
"(II) any person that aids or abets a violation of this paragraph by a person described in sub clause (I); and
"(I) any person other than a person for which another agency is the appropriate Federal banking agency or any institution-affiliated party thereof; and
"(D) Corporation Authority If The Appropriate Federal Banking Agency Fails To Fails To Follow Recommendation.-
"(ii) Agency Response.- If the appropriate Federal banking agency does not, within 30 days of the date of receipt of a recommendation under clause (i), take the enforcement action with respect to this paragraph recommended by the Corporation for responding to the situation presented, the Corporation may take the recommended enforcement action against such person or institution-affiliated party.
"(i) Recommendation.- The corporation may recommend in writing to the appropriate Federal banking agency that the agency take any enforcement action authorized under section 8 for purposes of enforcement of this paragraph with respect to any person for which the agency is the appropriate Federal banking agency or any institution-affiliated party thereof.
"(C) Authority Of The Appropriate Federal Banking Agency.- The appropriate Federal banking agency shall have enforcement authority in the case of a violation of this paragraph by any person for which the agency is the appropriate Federal banking agency, or any institution-affiliated party thereof.
"(B) Prohibition On Misrepresentations Of Insured Status.- No person may knowingly misrepresent-
"(ii) the extent to which or manner in which any deposit liability, obligation, certificate, or share is insured under this Act, if such deposit liability, obligation, certificate, or share is not so insured, to the extent or in the manner represented.
"(i) that any deposit liability, obligation, certificate, or share is insured, under this Act, if such deposit liability, certificate, or share is not so insured; or
(A) Prohibition On False Advertising and Misuse Of FDIC names.- No person may represent or imply that any deposit liability, obligation, certificate, or share is insured or guaranteed by the Corporation, if such deposit liability, obligation, certificate, or share is not insured or guaranteed by the Corporation-
"(ii) by using such terms or any other terms, sign, or symbol as part of an advertisement, solicitation, or other document.
"(i) by using the term 'Federal Deposit', 'Federal Deposit Insurance', Federal Deposit Insurance Corporation', any combination such terms, or the abbreviation "FDIC" as part of the business name or firm name of any person, including any corporation, partnership, business trust, association, or other business entity; or
SEC. 125. Congressional Oversight Panel
(g) Funding For Expenses.-
(2) Reimbursement of Amounts.- An amount equal to the expenses of the Oversight Panel shall be promptly transferred by the Secretary, from time to time upon the presentment of a statement of such expenses by the Chairperson of the Oversight Panel, from funds made available to the Secretary under this Act to the applicable fund of the House of Representatives and the contingent fund of Senate, as appropriate, as reimbursement for amounts expended from such account and fund under paragraph (1).
(1) Authorization Of Appropriations.- There is authorized to be appropriate to the Oversight Panel such sums as may be necessary for any fiscal year, half of which shall be derived from the applicable amount of the House of Representatives, and half of which shall be derived from the contingent fund of the Senate.
(f) Termination.- The Oversight Panel shall terminate 6 months after the termination date specified in section 120.
(e) Powers.-
(4) Reports.- The Oversight Panel shall and consider all reports required to be submitted to the Oversight Panel under this Act.
(3) Obtaining Official Data.- The Oversight Panel may secure directly from any department or agency of the United States information necessary to enable it to carry out this section. Upon request of the Chairperson of the Oversight Panel, the head of that department or agency shall furnish that information to the Oversight Panel.
(2) Powers Of Members and Agents.- Any member or agent of the Oversight Panel may, if authorized by the Oversight Panel, take any action which the Oversight Panel is authorized to take by this section.
(1) Hearing and Sessions.- The Oversight Panel may, for the purpose of carrying out this section, hold hearings, sit and act at times and places, take testimony, and receive evidence as the Panel considers appropriate and may administer oaths or affirmations to witnesses appearing before it.
(d) Staff.-
(3) Staff Of Agencies.- Upon request of the Oversight Panel, the head of any Federal department or agency may detail, on a reimbursable basis, any of the personnel of that department or agency to the Oversight Panel to assist it in carrying out its duties under this Act.
(@) Experts and consultants.- The Oversight Panel may procure temporary and intermittent services under section 3109(b) of title 5, United States Code.
(1) In General.- The Oversight Panel may appoint and fix the pay of any personnel as the Commission considers appropriate.
(c) Membership.-
(7) Meetings.-A Oversight Panel shall meet at the call of the Chairperson or a majority of its members.
(6) Vacancies.- A vacancy on the Oversight Panel shall be filled in the manner in which the original appointment was made.
(5) Quorum.- Four members of the Oversight Panel shall constitute a quorum but a lesser number may hold hearings.
(4) Travel Expenses.- Each shall receive travel expenses, including per diem in lieu of subsistence, in accordance with applicable provisions under subchapter I of chapter 57 of title 5, United States Code.
Second adopted action reference
Adopted action to insert both
Titled 5 > Part III > Subpart D > Chapter 57
5 U.S. Code Chapter 57- Travel, Transportation, and Subsistence
and
Title 5 > Part III > Subpart D > Chapter 57 > Subchapter I
5 U.S. Code Chapter 57, Subchapter I- Travel and Subsistence Expenses; Mileage allowances
In Sec. 125. Congressional Oversight Panel(c)(4)
(3) Prohibition Of Compensation Of Federal Employees.- Members of the Oversight Panel who are full-time officers or employees o the United States or Members of Congress may not receive additional pay, allowances, or benefits by reason of their service on the Oversight Panel.
(2) Pay.- Each member of the Oversight Panel shall each be paid at a rate equal to the daily equivalent of the annual rate of basic pay for level I of the Executive Schedule for each day (including travel time) during which such member is engaged in the actual performance of duties vested in the Commission.
(1) In General.- The Oversight Shall consist of 5 members, as follows:
(E) 1 member appointed by the Speaker of the House of Representatives and the majority leader of the Senate after consultation with the minority leader of the Senate and the minority leader of the House of Representatives
(D) 1 Member appoint by the minority leader of the Senate
As mention before the Pro Temporary for the Vice President Dick Cheney, was an a Democrat name Robert Byrd "longest serving U.S. Senator" from West Virginia.
(C) 1 member appointed by the majority leader of the Senate
Technically having an technical split of 49 democrats and 49 Republicans seats in the Upper house (Senate), the stalemate was met with a two alone independence Senator caucus with the Senate democrats for a 1 seat majority over the Upper house (Senate) Republic. But nevertheless less Vice President Dick Cheney was still the President of the Senate, but his Pro Temporary was a Democrat named Robert Byrd
(B) 1 member appointed by the minority leader of the House Representatives
(A) 1 member appointed by the Speaker of the House of Representative
With a 231 democratic majority in the Lower House (House of Representative) the Speaker of the house/majority leader of the Lower House (House of Representative) was Nancy Pelosi who was a democrat.
(b) Duties.- The Oversight Panel shall review the current state of the financial markets and the regulatory system and submit the following reports to congress:
(2) Special Report On Regulatory Reform.- The Oversight Panel shall submit a special report on regulatory reform not later than January 20, 2009, analyzing the current state of the regulatory system and its effectiveness at overseeing the participants in the financial system and protecting consumers, and providing recommendations for improvement, including recommendations regarding whether any participants in the financial markets that are currently outside the regulatory system should become subject to the regulatory system, the rationale underlying such recommendation, and whether there are any gaps in existing consumer protections.
(1) Regular Reports.-
(B) Timing.- The reports required under this paragraph shall be submitted not later than 30 days after the first exercise by the Secretary of the authority under section 101(a) or 102, and every 30 days thereafter.
(A) In General.- Regular reports of the Oversight Panel shall include the following:
(iv) The effectiveness of foreclosure mitigation efforts, and the effectiveness of the program from the standpoint of minimizing long-term costs to the taxpayers and maximizing the benefits for taxpayers.
(iii) The extent to which the information made available on transactions under the program has contributed to market transparency.
(ii) The impact of purchases made under the Act on the financial markets and financial institutions.
(i) The use by the Secretary of authority under this Act, including with respect to the use of contracting authority and administration of the program.
(a) Establishment.- There is hereby established the Congressional Oversight Panel (hereby in this section referred to as the "Oversight Panel") as an establishment in the legislative branch.
(c) Joint Resolution of Disapproval.-
(b) Aggregation Of Purchase Prices.- The amount of troubled assets purchased by the Secretary outstanding at any one time shall be determined for purposes of the dollar amount limitations under subsection (a) by aggregating the purchase prices of all troubled assets held.
(a) Authority.- The authority of the Secretary to purchase troubled assets under this Act shall be limited as follows:
(3) If, at any time after the certification in paragraph (2) has been made, the President transmits to the Congress a written report detailing the plan of the Secretary to exercise the authority under this paragraph, unless there is enacted, within 15 calender days of such transmission, a joint resolution described in subsection (c), effective upon the expiration of such 15-day period, such authority shall be limited to $700,000,000,000 outstanding at any one time.
(2) If at any time, the President submits to the Congress a written certification that the Secretary needs to exercise the authority under this paragraph, effective upon such submission, such authority shall be limited to $350,000,000,000 outstanding at any one time.
(1) Effective upon the date of this Act, such authority shall be limited to $250,000,000,000 outstanding at any one time.
(b) Disclosure.- For each type of financial institution that sells troubled assets to the Secretary under this Act, the Secretary shall determine whether the public disclosure required for such financial institutions with respect to off-balance sheet transactions, derivatives instruments, contingent liabilities, and similar sources of potential exposure is adequate to provide to the public sufficient information as to the true financial position of the institutions. If such disclosure is not adequate for that purpose, the Secretary shall make recommendations for additional disclosure requirements to the relevant regulators.
(a) Pricing.- To Facilitate market transparency, the Secretary shall make available to the public, in electronic form, a description, amounts, and pricing of assets acquired under this Act, within 2 business days of purchase, trade, or other disposition.
(d) Conditions On Purchase Authority For Warrants And Debt Instruments.-
(3) Exceptions.-
(B) Other Exceptions.- The Secretary shall establish an exception to alternative requirements for any participating financial institution that is legally prohibited from issuing securities and debt instruments, so as not to allow circumvention of the requirements of this section.
(A) De Minimis.- The Secretary shall establish de minimis exceptions to the requirements of this subsection, based on the size of the cumulative transactions of troubled assets purchased from any one financial institution for the duration of the progarm, at not more than $100,000,000.
(2) Terms And Conditions.- The terms and conditions of any warrant or senior debt instrument required under paragraph (1) shall meet the following requirements:
(F) Sufficiency.- The financial institution shall guarantee to the Secretary that it has authorized shares of nonvoting stock available to fulfill its obligations under this subsection. Should the financial institution not have sufficient authorized shares, including preferred shares that may carry dividend rights equal to a multiple number of common shares, the Secretary may, to the extent necessary, accept a senior debt note in an amount, and on such terms as will compensate the Secretary with equivalent value, in the event that a sufficient shareholder vote to authorize the necessary additional shares cannot be obtained.
(E) Exchange Price.- The exercise price for any warrant issued pursuant to this subsection shall be set by the Secretary, in the interest of the taxpayers.
(D) Protections.- Any warrant representing securities to be received by the Secretary under this subsection shall contain anti-dilution provisions of the type employed in capital market transactions, as determined by the Secretary. Such provisions shall protect the value of the securities from market transactions such as stock splits, stock distributions, dividends, and other distributions, merges, and other forms of reorganization or recapitalization.
(C) Conversion.- The warrant shall provide that if, after the warrant is received by the Secretary under this subsection, the financial institution that issued the warrant is no longer listed or traded on a national securities exchange or securities association, as described in paragraph (1)(A), such warrants shall convert to senior debt, or contain appropriate protections for the Secretary to ensure that the Treasury is appropriately compensated for the value of the warrant, in an amount determined by the Secretary.
(B) Authority To Sell, Exercise, Or Surrender.- The Secretary may may sell, exercise, or surrender a warrant or any senior debt instrument received under this subsection, based on the conditions established under subparagraph (A).
(A) Purchase.- Such terms and conditions shall, at a minimum, be designed-
(ii) to provided additional protection for the taxpayer against losses from sale of assets by the Secretary under this Act and the administrative expenses of the TARP.
(i) to provide for reasonable participation by the Secretary, for the benefit of taxpayers, in equity appreciation in the case of a warrant or other equity security, or a reasonable interest rate premium premium, in the case of a debt instrument; and
(1) In General.- The Secretary may not purchase, or make any commitment to purchase, any troubled asset under the authority of this Act, unless the Secretary receives from the financial institution from which such assets are to be purchased-
(B) in the case of any financial institution other than one described in subparagraph (A), a warrant for common or preferred stock, or a senior debt instrument from such financial institution, as described in paragraph (2)(C).
(A) in the case of a financial institution, the securities of which are traded on a national securities exchange, a warrant giving the right to the Secretary to receive nonvoting common stock or preferred stock in such financial institution, or voting stock with respect to which, the Secretary determines appropriate; or
(c) Direct Purchases.- If the Secretary determines that use of a market mechanism under subsection (b) is not feasible or appropriate, and the purpose of the Act are best met through direct purchase from an individual financial institution, the Secretary shall pursue additional measures to ensure that prices paid for assets are reasonable and reflect the underlying value of the asset.
(b) Use Of Market Mechanisms.- In making purchases under this Act, the Secretary Shall-
(2) maximize the efficiency of the use of Taxpayer resources by using market mechanisms, including auctions or reverse auctions, where appropriate.
(1) make such purchases at the lowest prices that the Secretary determines to be consistent with auctions or reverse auctions, where appropriate.
(a) Long-Term Costs And Benefits.-
(3) Private Sector Participation.- The Secretary shall encourage the private sector to participate in purchases of troubled assets, and to invest in financial institutions, consistent with the provisions of this section.
(2) Authority.- In carrying out paragraph (1), the Secretary shall-
(b) sell such assets at a price that the Secretary determines, based on available financial analysis, will maximize return on investment for the Federal Government.
(A) hold the assets to maturity or for resale for and until such time as the Secretary determines that the market is optimal for selling such assets, in order to maximize the value for taxpayers; and
(1) Minimizing Negative Impact.- The Secretary shall use the authority under this Act in a manner that will minimize any potential long-term negative impact on the taxpayers, taking into account the direct outlays, potential long-term returns on assets purchased, and the overall economic benefits of the program, including economic benefits due to improvements in economic activity and availability of credit, the impact on the savings pensions of individuals, and on the savings and passions of individuals, and reductions in losses to Federal Government.
The Secretary shall coordinate, as appropriate, with foreign financial authorities and central banks to work toward the establishment of similar programs by such authorities and central banks, To the extent that such foreign authorities or banks hold troubled assets as result of extending financing to financial institutions that have failed or defaulted on such financing, such troubled assets qualify for purchase under section 101.
Advance Industrialized nations putatively in the post time period of Financial Crisis of 2008, had received prestigious privileges by lender’s towards nations cheaply borrowing equity. But this deregulation had also occur in the private sectors in the United States, where this deregulation of minimum requirement for obtaining mortgages and or loans, were relax to allow increased domestic capital investments in the Housing sector and other sectors. But this method of market stimulation was not effective, whether then each individual Mortgage lender inspecting the creditability of the individual consumers who fail in the category of a first time home buyer, those financial institution sight provision of providing those applicants with subprime Mortgages through the acquisition of inadequate and inappropriate securities checks to determinate the recipient capacity pay back those Mortgages or long term loans through the subsequently relatively fix disposable incomes accessibility. Those Mortgages lenders such as CountryWide Financial and other subversive Mortgage providers utilized the methods of securitization complex to appropriate measures to create those subprime Mortgages, as if they were represented secured liabilities that those Financial institutions needed the larger Mortgage Back providers such as Fannie and Freddie to package those subprime mortgages into securities(Usually as GSE which are additionally back by MBS by those larger Mortgages back providers,toward investors); and so that Investment banks could purchase securities through normal channels to sells to investors in the asset market, through process of falsified credit ratings by the Credit Agencies. these bad/troubled equity was able to spread throughout the asset markets of the United States and those of the European Asset Market accessible as well. But face with the calamity of the housing sector of the United States, when the housing market bubble erupted (Add info for equity of Toxic assets by Bear Stearns and others) Bear Stearns(Investment Bank) falling out and that of the dispersion of toxic equity through Co-insurances owned back securities between the world largest companies, as such as Bear Stearns(Sold to JP Morgan), AIG (American International Group-Insurance lender), Fannie Mae(Mortgage lender), Freddie Mac(Mortgage lender), Goldman Sachs(Investment Bank), JP Morgan Chase Bank(Limited involvement), Merrill Lynch Bank of American(Minimum involvement),Wells Fargo(Bank not involved), et cetera companies in European and Asia had invested additionally into this financial bubble, and with the putative concern of the entire world economy on the verge of collapse. The Federal Reserve Board of the United Sates and Department of the Treasury taking existential actions in that of limiting the spread of toxic equity through purchasing of toxic equity (assets of stocks, bonds, et cetera),TARP(Trouble Asset Relief Program) stimulus packaging such as ARRA(American Recovery and Reinvestment Act of 2009). The fruitful action took by the Federal Reserve and the Department of the Treasury has allowed the destabilization of the World Economy to find a sense of equilibrium, to finally stop contracting in sight of the Great recession which a sued the Financial Crisis of 2008. In addition the Federal Reserve’s assets holdings grow to 2.8 Trillion USD sense the start of fiscal easing by FED, and has raised over 200 Billion USD for the Department of the Treasury to Utilize in the Payment of the United States national debt.
In addition the Financial Crisis of 2008 had fundamental challenges and consequences the United States and the rest of the world has ever seen in a Financial meltdown.
By Behrooz G Daemi
(h) Termination.- The Financial Stability Oversight Board, and its authority under this section, shall terminate on the expiration of the 15-day period beginning upon the latest of-
(2) the date of expiration of the last insurance contract issued 102.
(1) the date that the last troubled asset acquired by the Secretary under section 101 has been or transferred out of the ownership or control of the Federal Government; or
(g) Reports.- The Financial Stability Oversight Board Shall report to the appropriate committees of Congress and the Congressional Oversight Panel established under section 125, not less frequently than quarterly, on the matters described under subsection (a)(1).
(f) Credit Review Committee.- The Financial Stability Oversight Board may appoint a credit review committee for the purpose of evaluating the exercise of the purchase authority provided under this Act and assets acquired through the exercise of such authority, as the Financial Stability Oversight Board determines appropriate.
(e) Additional Authorities.- In addition to the responsibilities described in subsection (a), the Financial Stability Oversight Board shall have the authority to ensure that the policie implemented by the Secretary are-
(3) consistent with protesting taxpayers, in accordance with section 113(a)
(2) in the economic interests of the United States; and
(1) in accordance with the purpose of this Act;
(d) Meetings.- The Financial Stability Oversight Board shall meet 2 weeks after the first exercise of the purchase authority of the Secretary under this Act, and monthly thereafter.
(c) Chairman.- The chairperson of the Financial Stability Oversight Board shall be elected by the members of the Board from among the members other than the Secretary.
(b) Membership.- The Financial Stability Oversight Board shall be composed of-
(5) the Secretary of Housing and Urban Development.
(4) the Chairman of Securities Exchange Commission; and
(3) the Director of the Federal Housing Finance Agency;
(2) the Secretary
(1) the Chairman of the Board of Governors of the Federal Reserve System;
(a) Establishment.- There is established the Financial stability Oversight Board, which shall be responsible for-
(3) reporting any suspected fraud, misrepresentation, or malfeasance to the Special Inspector General for the Troubled Assets Relief Program or the Attorney General of the United States, consistent with section 535(b) of title 28, United States Code.
Title 28 > Part II > Chapter 33 > § 535
28 U.S. Code § 535- Investigation of crimes involving Government officers and employees;limitations
(a) The Attorney General and the Federal Bureau of Investigation may investigate any violation of Federal criminal law involving Government officers and employees—
(1) notwithstanding any other provision of law; and
(2) without limiting the authority to investigate any matter which is conferred on them or on a department or agency of the Government.
(b) Any information, allegation, matter, or complaint witnessed, discovered, or received in a department or agency of the executive branch of the Government relating to violations of Federal criminal law involving Government officers and employees shall be expeditiously reported to the Attorney General by the head of the department or agency, or the witness, discoverer, or recipient, as appropriate, unless—
(1) the responsibility to perform an investigation with respect thereto is specifically assigned otherwise by another provision of law; or
(2) as to any department or agency of the Government, the Attorney General directs otherwise with respect to a specified class of information, allegation, or complaint.
(c) This section does not limit—
(1) the authority of the military departments to investigate persons or offenses over which the armed forces have jurisdiction under the Uniform Code of Military Justice (chapter47 of title 10); or
(2) the primary authority of the Postmaster General to investigate postal offenses.
http://www.law.cornell.edu/uscode/text/28/535
Derivation U.S. Code Revised Status and
Statutes at Large
5 U.S.C. 311a. Aug. 31, 1954, ch.
1143, § 1, 68 Stat.
998.
The section is reorganized for clarity and continuity.In subsection (a), the word “may” is substituted for “shall have authority”. The word “is” is substituted for “may have been or may hereafter be”.In subsection (c), the words “This section does not limit” are substituted for “that the provisions of this section shall not limit, in any way”. The words “(chapter 47 of title 10)” are added after “Uniform Code of Military Justice” to reflect the codification of that Code in title 10, United States Code.
http://www.law.cornell.edu/uscode/text/28/535?qt-us_code_temp_noupdates=1#qt-us_code_temp_noupdates
(2) making recommendations, as appropriate, to the Secretary regarding use of the authority under this Act; and
(1) reviewing the exercise of authority under a program developed in accordance with this Act, including-
(B) the effect of such actions in assisting American families in preserving home ownership, stabilizing financial markets, and protecting taxpayers;
(A) policies implement by the Secretary and the Office of Financial Stability created under sections 101 and 102, including the appointment of financial agents, the designation of asset classes to be purchased, and plans for the structure of vehicles used to purchase troubled assets; and
In exercising the authorities granted in this Act, the Secretary shall take into consideration.-
(9) The utility purchasing other real estates owned and instruments backed by mortgages on multifamily properties.
(8) Protecting the retirement security of Americans by purchasing troubled assets held by or on behalf of an eligible retirement plan described in clause (iii), (iv), (v), or (Vi) of section 402(c)(8)(b) of the Internal Revenue Code of 1986, except that such authority shall not extend to any compensation arrangements subject to section 409A of such Code; and
Make not of the Internal Revenue Code of 1986- needed addition
(7) The need to ensure stability for United States public instrumentalities, such as counties and cities, that may have suffered significant increased costs or losses in the current market turmoil;
(6) Providing financial assistance to financial institutions, including those serving low- and moderate-income populations and other underserved communities, and that have assets less than $1,000,000,000, that were well or adequately capitalized as of June 30, 2008, and that as a result of the devaluation of the preferred government-sponsored enterprises stock will drop one or more capital levels, in a manner sufficient to restore the financial institutions to at least an adequately capitalized level;
(5) Ensuring that all financial institutions are eligible to participate in the program in the program, without discrimination based on size, geography, from of organization, or the size, type, and number of assets eligible for purchase under this act;
(4) In determining whether to engage in a direct purchase from an individual financial institution, the long-term viability of the financial institution in determining whether the purchase represents the most efficient use of funds under this act;
(3) The need to help families keep their homes and to stabilize communities;
(2) Providing stability and preventing disruption to financial markets in order to limit the impact on the economy and protect American jobs, savings, and retirement security;
(1) Protecting the interests of taxpayers by maximizing overall returns and minimizing the impact on the national debt;
(d) Troubled Assets Insurance Financing Fund.-
(3) Payment from fund.- The Secretary shall make payments from amounts deposited in the Fund to fullfill obligations of the guarantees provided to financial institutions under subsection (a).
(2) Establishment.- There is established a Troubled Assets Insurance Financing Fund that shall consist of the amounts collected pursuant to paragraph (1), and any balance in such fund shall be invest by the Secretary in United States Treasury securities, or kept securities, or kept in cash in cash on hand or on deposit, as necessary.
(1) Deposits.- The Secretary shall deposit fees collected under this section into the Fund established under paragraph (2).
(c) Premiums.-
(4) Adjustment To Purchase Authority.- The purchase authority limit in section 115 shall be reduced by an amount equal to the difference between the total of the outstanding guaranteed obligations and the balance in the Troubled Assets Insurance Financing Fund.
(3) Minimum Level.- The Premium referred to in paragraph (1) shall beset by the Secretary at a level necessary to create reserves sufficient to meet anticipated claims, based on an actuarial analysis, and to ensure that taxpayers are fully protected
(2) Authority To Base Premium On Product Risk.- In establishing any premium under paragraph (1), the Secretary may provide for variations in such rates according to the credit risk associated with the particular troubled asset that is being guaranteed. The Secretary shall publish the methodology for setting the premium for a class of troubled assets together with an explanation of the appropriateness of the class of assets for participation in the program established under this section. The methodology shall ensure that the premium is consistent with paragraph (3).
(1) In General.- The Secretary shall collect premiums from any financial institution participating in the program established under subsection (a). Such premiums shall be in an amount that the Secretary determines necessary to meet the purpose of this Act and to provide sufficient reserves pursuant to paragraph (3).
(b) Reports.- Not later than 90 days after the date of enactment of this Act, the Secretary shall report to the appropriate committees of Congress on the program established under subsection (a).
(a) Authority
(3) Extent Of Guarantee.- Upon request of a financial institution, the Secretary may guarantee the timely payments of principal of, and interest on, troubled assets in amounts not to exceed 100 percent of such payments.Such guarantee may be on such terms and conditions as are determined by the Secretary, provided that such terms and conditions are consistent with the purpose of this Act.
(2) Guarantees.- In establishing any program under this subsection, the Secretary may develop guarantees of troubled assets and the associated premiums for such guarantees. Such guarantees and premiums may be determined by category or class of the troubled assets to be guaranteed.
(1) In General.- If the Secretary establishes the program authorized under section 101, then the Secretary shall establish a program to guarantee troubled assets originated or issued prior to March 14, 2008, including mortgage-backed securities.
(e) Preventing Unjust Enrichment.- In making purchases under the authority of this Act, the Secretary shall take such steps as may be necessary to prevent unjust enrichment of financial institutions participating in a program established under this section, including by preventing the sale of a troubled asset to the Secretary at a higher price than what the seller paid to purchase the asset. This subsection does not apply to troubled assets acquired in merger or acquisition, or a purchase of assets from financial institution in conservatorship or receivership, or that has initiated bankruptcy proceedings under title 11, United States Code
U.S. Code: Title 11- Bankruptcy
English Regulators refused the necessary consent for the acquirement of Lehman Brothers by General Electric, and at the same time the news reach American that the English Regulators denied the acquirement deal proposed by General Electric to acquire Lehman Brother, the calamity of Lehman Brother's forced by their surmounting obligations, debts and financial shambles force them to file Title 11 of United States Code- Bankruptcy. Defaulting upon there obligations and sending a serious blow to the U.S. Financial Sector-which was seen in the earlier morning 700 point drop in the DOW Jones Industrial Index (Component of the top 30 Stocks in the NYSE) on September 15, 2008
Lehman Brother's filed U.S. Code: Title 11- Bankruptcy on September 15, 2008
(d) Program Guidelines- Before the earlier of the end of the 2-business-day period beginning on the date of the first purchase of troubled assets pursuant to the authority under this section or the end of the 45-day period beginning on the date of entactment of this Act, the Secretary shall publish program guidelines, including the following:
(4) Criteria for identifying troubled assets for purchase.
(3) Procedures for selecting asset managers
(2) Methods for pricing and valuing troubled assets
(1) Mechanism for purchasing troubled assets
(C) Necessary Actions.- The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation, the following:
(5) Issuing such regulations and other guidiance as may be necessary or appropriate to define terms or carry out the authorities or purposes of this Act.
(4) In order to provide the Secretary with the flexibility to manage troubled assets in a manner designed to minimize cost to the taxplayers, establishing vechicles that are authorized subject to supervision by the Secretary, to purchase, hold, and sell troubled assets and issue obligations.
(3) Designating financial institutions as financial agents of the Federal Government, and such institutions shall perform all such reasonable duties related to this Act as financial agents of the Federal Government as may be required
Entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code.
Title 5 > Part III > Subpart B > Chapter 31 > Subchapter I > § 3109
5 U.S. Code § 3109- Employment of Experts and consultants; temporary or intermittent
5 U.S.C. .Aug. 2, 1946, ch. 744, § 15, 60 Stat.55a
55a 810.
In subsection (a), the definitions of “agency” and “appropriation” are added on authority of the Act of Aug. 2, 1946, ch. 744, § 18,60 Stat. 811.In subsection (b), the words “the provisions of this title governing appointment in the competitive service” are substituted for “the civil-service laws”. The words “chapter 51and subchapter III of chapter 53 of this title” are substituted for the reference to the classification laws which originally meant the Classification Act of 1923, as amended. Exception from the Classification Act of 1949 is based on sections 202(27) and 1106(a) of the Act of Oct. 28, 1949, ch. 782, 63 Stat. 956, 972.Standard changes are made to conform with the definitions applicable and the style of this title as outlined in the preface to the report.Amendments
2011—Subsec. (b)(3). Pub. L. 111–350substituted “section6101 (b) to (d) of title 41” for “section 5 of title 41”.1992—Subsecs. (d), (e). Pub. L. 102–378added subsecs. (d) and (e).1988—Subsec. (c). Pub. L. 100–325inserted reference to Federal Bureau of Investigation and Drug Enforcement Administration Senior Executive Service.1982—Subsec. (a)(2). Pub. L. 97–258substituted “section 9104” for “section 849”.1978—Subsec. (c). Pub. L. 95–454added subsec. (c).Effective Date of 1978 Amendment
Amendment by Pub. L. 95–454effective 9 months after Oct. 13, 1978, and congressional review of provisions of sections 401 through 412 ofPub. L. 95–454, see section 415 ofPub. L. 95–454, set out as an Effective Date note under section 3131 of this title.
http://www.law.cornell.edu/uscode/text/5/3109
(1) The Secretary shall have direct hiring authority with respect to the appointment of employees to administer this Act.
(b) Consultation.- In exercising the authority under this section, the secretary shall consult with Board, the Corporation, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Chairman of the National Credit Union Administration Board, and the Secretary of Housing and Urban Development.
(A) Offices; Authority
(3) Established Of Treasury Office.-
(B) Clerical Amendments.-
(ii) Title 31.-Section 301 (e) of title 31, United States Code, is amended by striking "9" and inserting "10".
Title 31 > Subtitle I > Chapter 3 > Subchapter I > § 3014
Striking the action below:
301(e) 31:1005a
(last sentence).
31:1009. May 10, 1934, ch. 277, § 512(a), (c), ---- 48 Stat.758,759. 301(2) 26:7801(b)(2)
(2) (1st, 2d sentences).
Inserting the action below instead, in Title 1 > Subtitle 3 > Clause (B) > Subclause (ii)
31:1010(related to seal).R.S. § 372(related to seal);May 10,
(301 (g) to seal) 1934,ch. 277, § 512(b), 48 Stat.759.
In subsection (a), the words “of the United States Government” are added for clarity.In subsection (b), the words “The Secretary is appointed by the President, by and with the advice and consent of the Senate” are added to conform with clause 2, section 2, of article II of the Constitution.In subsection (c), the words “carry out” and “duties and powers” are substituted for “perform” and “duties”, respectively, for consistency in the revised title and with other titles of the United States Code. In clause (1), the words “in the Office of the Secretary” in 31:1004 are omitted as unnecessary because of the restatement and for consistency. Clause (2) is substituted for 31:1005 to eliminate unnecessary words and for consistency with other titles of the Code.In subsection (d), the words “in accordance with the civil-service laws” in section 1(a)(7)(1st sentence) of Reorganization Plan No. 3 of 1940 (eff. June 30, 1940, 54 Stat. 1232) are omitted as unnecessary because of title 5. The words “and shall receive a salary at the rate of $15,000 per annum” are omitted as superseded by 5:5316. The words “carry out” and “duties and powers” are substituted for “perform” and “duties”, respectively, in 31:1004 and 1005a for consistency in the revised title and with other titles of the Code. The words “in the Office of the Secretary” in 31:1004 are omitted as unnecessary because of the restatement and for consistency. The words “of the Treasury” in 31:1005a are omitted for consistency with other titles of the Code and as being unnecessary.In subsection (e), the words “of the Treasury” in 31:1006 and 1007 are omitted for consistency with other titles of the Code and as being unnecessary. The words “examine letters, contracts, and warrants prepared for the signature of the Secretary of the Treasury” and “by law” in 31:1007 are omitted as superseded by the source provisions restated in section 321 of the revised title. The words “carry out” and “duties and powers” are substituted for “perform” and “duties”, respectively, for consistency in the revised title and with other titles of the Code.In subsection (f), the words “carry out” and “duties and powers” are substituted for “perform” and “duties”, respectively, for consistency in the revised title and with other titles of the Code. The text of 26:7801(b)(3) is omitted as unnecessary because of 5:3101. The words “is absent or unable to serve or when the office of General Counsel is vacant” are substituted for “during the absence of” for clarity and consistency. The text of 31:1009(less (a)(6th sentence)) is omitted as superseded by 26:7801(b) as restated in this subsection.In subsection (f)(1), the words “governing appointment in the competitive service” are substituted for “civil service laws” to conform to 5:2102.In subsection (g), the words “The General Counsel . . . shall have charge” are omitted as superseded by the source provisions restated in subsection (b) of this section and section 321(c) of the revised title.
http://www.law.cornell.edu/uscode/text/31/301
(i) Title 5.-Section 5315 of Title 5, United Sates Code, is Amended in the item relating to Assistant Secretary of the Treasury, by striking "(9)" and inserting "(10)'.
Pub. L. 110-49, § 11(b), July 26, 2007, 121 Stat. 260; Pub. L. 110-343, div. A, title I, § 101(a)(3)(B)
5 U.S. Code § 3515- Position at level IV
Pub. L. 110–343 substituted “(10)” for “(9)” in item relating to Assistant Secretaries of the Treasury.2007—Pub. L. 110–49 substituted “(9)” for “(8)” in item relating to Assistant Secretaries of the Treasury.
Both Action have direct reference toward amended action of Section of Title 3 > 5315 (12)- 5315(89)
http://www.law.cornell.edu/uscode/text/5/5315
(A) The Secretary shall implement any program under paragraph (1) through an Office of Financial Stability, established for such purpose within the Office of Domestic Finance of the Department of the Treasury, which office shall be headed by an Assistant Secretary of the Treasury, appointed by the President, by and with the advice and consent of the Senate, except that an interim
(2) Commencement of Program.- Established of the policies and procedures and other similar administrative requirements imposed on the Secretary by this Act are not intended to delay the commencement of the TARP.
(1) Authority.-The Secretary is authorized to establish the Troubled Asset Relief Program (Or "TARP") to purchase, troubled assets from any financial institution, on such terms and conditions as are determined by the Secretary, and in accordance with this Act and the policies and procedures developed and published by the Secretary.
This created the financial banking stress Test by the Federal Reserve in the subsequent years following the Financial Crisis and Great recession. All in effort to prevent frivolous behavior by Wall Street, and failure in the American Financial Sector.
The test is administrated by the Federal Reserve Board of Governors, and the most recent test
"CCAR results will be released on Wednesday, March 11, at 4:30 p.m. EDT"
This is probably do to the fact of my mix of gathered data, materials and information from all different division of sources throughout the Year, and I have quantified the Financial Crisis 2007 like general knowledge that most economists agreed upon was the cause (Except some how my stupid English Teacher- no clue why) which result in 2007-8 Great Recession which ended on the majority accepted time during 2010 of the First Fiscal Quarter. But as you see the disagreement is derived from the ambiguous starting date of the starting date of the Great Recession and the exact date of its end. I would implicate that it begin in 2008 and end in 2010 of the first Fiscal Quarter, Harvard would disagree with that and would implicate that it started directly soon after the Financial Crisis of 2007, in 2007, and end in 2010. But would probably bet on Harvard being right instead of myself, because the ambiguity of the total information I have gathered to conclude this might not be conclusive enough to actually confirm this implication.
(B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.
(A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and
The term "TARP" means the Troubled Assets Relief Program established under section 101.
The term "Secretary" means the Secretary of the Treasury
The Term "Fund" means the Troubled Assets Insurance Financing Fund established under section 102.
The term "Financial Institution" means any institution, including, but not limited to, any Bank, Savings Association, Credit Union, Security Broker or Dealer, Insurance Company, established and regulated under the Law of the United States or any State, Territory, or possession of the United States, the District of Columbia, Commonwealth of Puerto Rico, Commonwealth of Northern Mariana Islands, Guam, America Samoa, or the United States Virgin Islands, and having significant operations in the United States, but excluding any Central Bank of, or Institution owned by, a foreign government.
Federal Reserve used the Foreign Investment and National Security Acts and implied definition of this clause to help European Central Banks and European Corporations
The term "Corporation" means the Federal Deposit Insurance Corporation
The term "Congressional Support Agencies" means the Congressional Budget Offices and the Joint Committees on Taxation
The term "Board" means the Board of Governors of the Federal Reserve System
Lower House Committees (House of Representative Committees)
Committee On Appropriations Of The House Of Representatives
Committees On Budget
Committee On Way and Means
Committee of Financial Services
Upper House Committees (Senate Committees)
Committee On Appropriations Of The Senate
Committee On The Budget
Committee On Finance
Committee On Urban Affairs
Committee On Housing
Committee On Banking
(D) provides public accountability for the exercise of such authority.
(C) maximizes overall returns to the taxpayers of the United States;and
(B) preserves home ownership and promotes jobs and economic growth;
(A) protects home values, college funds, retirement accounts, and life savings;
Ocupp
Former Soviet Citizen Confronts Socialists at Occupy Wall Street (Part 2)
I don't understand what they are talking about.... The Central Bank is the major component for the regulation, stability, substation , flexibility and liquidity's solvency of our country currency; which therefor allowances it to be the world's dominate national currency in circulation today.. As well for wasteful government spending by the Troubled Assets Relief Program established under the provision of the Emergency Economic Stabilization Act October 3, 2008,in Title 12 U.S. Code Sect. 5211 Sec. 101.(c) inclusion (1-5) states fine provision rules for the Secretary to follow, in inclusion to (b) for additional consultion and oversight , and (d) Program Guidelines. In addition of 12 USC Sect. 5236 Sec. 129.(b)(3) reporting to the "Committees" upon the cost to taxpayers, direct reflect Congress concerns about the excess expenditures that maybe accumulate through wasteful management of this particular government program, providing the necessary regulatory provision in this Act to prevent wasteful government spending and or inefficiency in the utilization of the fund granted in this legislative action.
These kind of people make me angry beyond anything in the world.....!!! OMG.... OMG OMG I'M SO PISS THE F*** OFF RIGHT NOW... I CAN NOT EVEN INTERPRET IN COMMUTABLE MEANS OF ENGLISH RIGHT NOW....
People who desire the destruction of important Federal Institution for no reason!!!
Thinking the government has to pay for there living expenses
Smoke a tom of weed and complain about the U.S. Government waste their money and there lost of their job....
Over thrown the U.S. Goverment
Wants Federal Reserve to be destory because they think inflation is only caused by cost -push inflation. Which they interpret as the Board of Governors of the Federal Reserve system printing excess of hard currency to fund financial institution such as banks to provide subprime mortgages/loans to people, so they could default upon our debt and so they could seize the property that the individual purchased or thing the individual levied to receive such mortgage/loan to make the bank overall rich..... THIS MAKE NO SENSE AT ALLL............ F***.... STUPID M*&^%*f*** YOU ALL DON'T KNOW SHIT.....
These are the only videos that I know of that shows the Occupy Wall Street protectors themselves.
Former Soviet Citizen is Lectured on "Robin Hood Tax" by Occupy Wall Street
148 Nay votes
3
145
25 Nay Votes
Independent voted Nay
Democratic voted Nay
9
Republican voted Nay
15
Exposed: Fed Bailout of Big Banks Dwarfs TARP (What Occupy Wall Street is About)
Tea Party
7
6
Global Economic Stabilization
European Interests from International Company
Many European Companies and International subsidiaries held toxic assets from the United States subsidiaries who held, created or were accidental intermedaries where these toxic assets flowed through domestically in the United States through, and perhaps how they were transfer to European subsidiaries over sea
Humanity Future
Federal Reserve Bank Of New York
Board of the Federal Reserve
Federal Reserve Chairman- Ben S. Bernanke
The Monetary policy that Ben S. Bernanke took in response to the Great Recession as Federal Reserve Chairman, were indefinitely culpably influenced by his faithful colleague Janet Yellen
U.S. Department of the Treasury
Timothy Geithner
Timothy Geithner is the successor to Henry Paulson who at that time was the Secretary of the U.S. Department of the Treasury under the George W. Bush Administration through the time of the Financial Crisis of 2007 and throughout the time of the Great Recession of 2008. On January 26, 2009 Timothy Geithner would consequentially assume all the following role's of thereof the priors' Secretary helm of responsibilities of continuing the stabilization of the U.S. Economy and Government Finance's, solidification of the Financial Sector solvency, and reduction to liquidity volatility in the Intermediaries institution where there derived involvement is key to economic substation/development, as well trying to implement new Rules and Regulation to help improve these Intermediaries Institutions health and functionally. Along with the continue cooperative coordination with the Chairman of the Board of Governors of the Federal Reserve System Ben S. Bernanke with his afforded effort for is unimaginable quantitative easing Monetary Policy; which the the Federal Reserve has never seen before in such a scale in stature, action and form of implication of such a overbearing stature of Liquidity requirement- which eventually grow the Federal Reserve Balance to 3 Trillion USD in 2014, which is an increase by 2.2 Trillion USD by the beginning in 2008 to the end of the Program in October 31, 2014 under Janet Yellen the current Chairman of the Board of Governors of the Federal Reserve System.
Henry Paulson
Passed 268-148
Democratic voted Yea
221
Republican voted Yea
47
Passed 74-25
Independent voted Yea
1
Democrats voted Yea
40
Republicans voted Yea
33
Lower House (House of Representative)
Democratic Party Majoirity
House Speaker Nancy Pelosi
Upper House (Senate)
Democratic Party Majority (coalition)
In the 110th Congress, the Democratic Party held a disproportional House majority in the Upper House due to fact of a Coalition being created by two Independent Party House members. Whom desire to create this caucused party alliance, was solely base on organizational purposes alone.
Senate President Pro Temorary Robert Byrd
Senate President Dick Cheney
President George W. Bush
URL to website that names all cosponsors
