§ 1831r. Payments on foreign deposits prohibited

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1991

   Federal Deposit Insurance Corporation Improvement Act of 1991

   Pub. L. 102–242 title III § 312 · 105 Stat. 2236

   Enacted · 12 U.S.C. § 1831r

   (Sept. 21, 1950, ch. 967, § 2[41], as added Pub. L. 102–242, title III, § 312, Dec. 19, 1991, 105 Stat. 2367.)

   Source evidence

   Code source credit
   (Sept. 21, 1950, ch. 967, § 2[41], as added Pub. L. 102–242, title III, § 312, Dec. 19, 1991, 105 Stat. 2367.)

   Enacted provision · exact public law section
   SEC. 312. FOREIGN DEPOSITS. The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended by inserting after section 40 (as added by preceding provisions of this Act) the following new section: “SEC. 41. PAYMENTS ON FOREIGN DEPOSITS PROHIBITED. “(a) In General.— Notwithstanding any other provision of law, the Corporation, the Board of Governors of the Federal Reserve System, the Resolution Trust Corporation, any other agency, department, and instrumentality of the United States, and any corporation owned or controlled by the United States may not, directly or indirectly, make any payment or provide any assistance, guarantee, or transfer under this Act or any other provision of law in connection with any insured depository institution which would have the direct or indirect effect of satisfying, in whole or in part, any claim against the institution for obligations of the institution which would constitute deposits as defined in section 3(1) but for subparagraphs (A) and (B) of section 3(l)(5).”. “(b) Exception.— Subsection (a) shall not apply to any payment, assistance, guarantee, or transfer made or provided by the Corporation if the Board of Directors determines in writing that such action is not inconsistent with any requirement of section 13(c). “(c) Discount Window Lending.— No provision of this section shall be construed as prohibiting any Federal Reserve bank from making advances or otherwise extending credit pursuant to the Federal Reserve Act to any insured depository institution to the extent that such advance or extension of credit is consistent with the conditions and limitations imposed under section 10B of such Act.”.

1 of 1 references resolved to an enrolled provision