§ 3104. Insurance of deposits

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. 1978

   International Banking Act of 1978

   Pub. L. 95–369 § 6 · 92 Stat. 607

   Enacted · 12 U.S.C. § 3104

   Pub. L. 95–369, § 6, Sept. 17, 1978, 92 Stat. 614

   Source evidence

   Code source credit
   Pub. L. 95–369, § 6, Sept. 17, 1978, 92 Stat. 614

   Enacted provision · exact public law section
   Sec. 6. insurance of deposits (a) No foreign bank may establish or operate a Federal 12 USC 3104. branch which receives deposits of less than $100,000 unless the branch is an insured branch as defined in section 3(s) of the Federal Deposit Insurance Act, or unless the Comptroller determines by order or 12 USC 1813. regulation that the branch is not engaged in domestic retail deposit activities requiring deposit insurance protection, taking account of the size and nature of depositors and deposit accounts. (b) After the date of enactment of this Act no foreign bank may establish a branch, and after one year following such date no foreign bank may operate a branch, in any State in which the deposits of a bank organized and existing under the laws of that State would be required to be insured, unless the branch is an insured branch as defined in section 3(s) of the Federal Deposit Insurance Act, or unless the branch will not thereafter accept deposits of less than $100,000, or unless the Federal Deposit Insurance Corporation determines by order or regulation that the branch is not engaged in domestic retail deposit activities requiring deposit insurance protection, taking account of the size and nature of depositors and deposit accounts. (c) (1) The Federal Deposit Insurance Act (12 U.S.C. 1811–1832) is amended as set forth hereinafter in this subsection, in which section numbers not otherwise identified refer to sections of that Act. (2) Section 3(h) is amended by inserting “(including a foreign bank having an insured branch)” immediately after “(h) The term ‘insured bank’ means any bank”. (3) Section 3(j) is amended by inserting “or of a branch of a foreign bank” immediately before the period at the end thereof. (4) Section 3(m) is amended (A) by changing “(m) The” to read “(m)(1) Subject to the provisions of paragraph (2) of this subsection, the”, and (B) by adding at the end thereof the following new paragraph: “(2) In the case of any deposit in a branch of a foreign bank, the term ‘insured deposit’ means an insured deposit as defined in paragraph (1) of this subsection which— “(A) is payable in the United States to— “(i) an individual who is a citizen or resident of the United States, “(ii) a partnership, corporation, trust, or other legally cognizable entity created under the laws of the United States or any State and having its principal place of business within the United States or any State, or “(iii) an individual, partnership, corporation, trust, or other legally cognizable entity which is determined by the Board of Directors in accordance with its regulations to have such business or financial relationships in the United States as to make the insurance of such deposit consistent with the purposes of this Act; and “(B) meets any other criteria prescribed by the Board of Directors by regulation as necessary or appropriate in its judgment to carry out the purposes of this Act or to facilitate the administration thereof.”. (5) Section 3 (q) is amended to read as follows: 12 USC 1813. “(q) The term ‘appropriate Federal banking agency’ shall mean— “(1) the Comptroller of the Currency in the case of a national banking association, a District bank, or a Federal branch or agency of a foreign bank; “(2) the Board of Governors of the Federal Reserve System— “(A) in the case of a State member insured bank (except a District bank), “(B) in the case of any branch or agency of a foreign bank with respect to any provision of the Federal Reserve Act which is made applicable under the International Banking Act of 1978, “(C) in the case of any foreign bank which does not operate an insured branch, “(D) in the case of any agency or commercial lending company other than a Federal agency, and “(E) in the case of supervisory or regulatory proceedings arising from the authority given to the Board of Governors under section 7(c)(1) of the International Banking Act of 1978, including such proceedings under the Financial Institutions Supervisory Act, and “(3) the Federal Deposit Insurance Corporation in the case of a State nonmember insured Bank (except a District bank) or a foreign bank having an insured branch. Under the rule set forth in this subsection, more than one agency may be an appropriate Federal banking agency with respect to any given institution. For the purposes of subsections (b) through (n) of Insured bank. section 8 of this Act, the term ‘insured bank’ shall be deemed to include any uninsured branch or agency of a foreign bank or any commercial lending company owned or controlled by a foreign bank.”. (6) Section 3 is amended by adding at the end thereof the following Definitions. new subsections: “(r) The terms ‘foreign bank’ and ‘Federal branch’ shall be construed consistently with the usage of such terms in the International Banking Act of 1978. “(s) The term ‘insured branch’ means a branch of a foreign bank any deposits in which are insured in accordance with the provisions of this Act.”. (7) Section 5 is amended (A) by changing “Sec. 5.” to read “Sec. 5. 12 USC 1815. (a)” and (B) by adding at the end thereof the following new subsections: “(b) Subject to the provisions of this Act and to such terms and conditions as the Board of Directors may impose, any branch of a foreign bank, upon application by the bank to the Corporation, and examination by the Corporation of the branch, and approval by the Board of Directors, may become an insured branch. Before approving any such application, the Board of Directors shall give consideration to— “(1) the financial history and condition of the bank, “(2) the adequacy of its capital structure, “(3) its future earnings prospects, “(4) the general character of its management, including but not limited to the management of the branch proposed to be insured, “(5) the convenience and needs of the community to be served by the branch, “(6) whether or not its corporate powers, insofar as they will be exercised through the proposed insured branch, are consistent with the purposes of this Act, and “(7) the probable adequacy and reliability of information supplied and to be supplied by the bank to the Corporation to enable it to carry out its functions under this Act.” “(c) (1) Before any branch of a foreign bank becomes an insured branch, the bank shall deliver to the Corporation or as the Corporation may direct a surety bond, a pledge of assets, or both, in such amounts and of such types as the Corporation may require or approve, for the purpose set forth in paragraph (4) of this subsection. “(2) After any branch of a foreign bank becomes an insured branch, Regulations. the bank shall maintain on deposit with the Corporation, or as the Corporation may direct, surety bonds or assets or both, in such amounts and of such types as shall be determined from time to time in accordance with such regulations as the Board of Directors may prescribe. Such regulations may impose differing requirements on the basis of any factors which in the judgment of the Board of Directors are reasonably related to the purpose set forth in paragraph (4). “(3) The Corporation may require of any given bank larger deposits of bonds and assets than required under paragraph (2) of this subsection if, in the judgment of the Corporation, the situation of that bank or any branch thereof is or becomes such that the deposits of bonds and assets otherwise required under this section would not adequately fulfill the purpose set forth in paragraph (4). The imposition of any such additional requirements may be without notice or opportunity for hearing, but the Corporation shall afford an opportunity to any such bank to apply for a reduction or removal of any such additional requirements so imposed. “(4) The purpose of the surety bonds and pledges of assets required under this subsection is to provide protection to the deposit insurance fund against the risks entailed in insuring the domestic deposits of a foreign bank whose activities, assets, and personnel are in large part outside the jurisdiction of the United States. In the implementation of its authority under this subsection, however, the Corporation shall endeavor to avoid imposing requirements on such banks which would unnecessarily place them at a competitive disadvantage in relation to domestically incorporated banks. “(5) In the case of any failure or threatened failure of a foreign Injunction. bank to comply with any requirement imposed under this subsection (c), the Corporation, in addition to all other administrative and judicial remedies, may apply to any United States district court, or United States court of any territory, within the jurisdiction of which any branch of the bank is located, for an injunction to compel such bank and any officer, employee, or agent thereof, or any other person having custody or control of any of its assets, to deliver to the Corporation such assets as may be necessary to meet such requirement, and to take any other action necessary to vest the Corporation with control of assets so delivered. If the court shall determine that there has been any such failure or threatened failure to comply with any such requirement, it shall be the duty of the court to issue such injunction. The propriety of the requirement may be litigated only as provided in chapter 7 of title 5 of the United States Code, and may not be made an issue in an action for an injunction under this paragraph.”. (8) The first sentence of section 7(a)(1) is amended by inserting 12 USC 1817. “and each foreign bank having an insured branch which is not a Federal branch” immediately before “shall make to the Corporation”. (9) The first sentence of section 7(a)(3) is amended (A) by inserting “and each foreign bank having an insured branch (other than a Federal branch)” immediately before “shall make to the Corporation” and (B) by inserting “, each foreign bank having an insured branch which is a Federal branch,” immediately before “and each insured district”. (10) Section 7(a) is amended by adding at the end thereof the following new paragraph: “(7) 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.”. (11) Section 7(b) is amended (A) by changing “(4) A bank’s assessment base” to read “(4)(A) Except as provided in subparagraph (B) of this paragraph, a bank’s assessment base” and (B) by adding at the end thereof the following new subparagraph: “(B) In determining the assessment base and assessment base Regulations. additions and deductions of a foreign bank having an insured branch, such adjustments shall be made as the Board of Directors may by regulation prescribe in order to provide equitable treatment for domestic and foreign banks.”. (12) Section (7)(j)(1) is amended (A) by changing “(j)(1) Whenever” to read “(j)(1)(A) Except as provided in subparagraph (B) of this paragraph, whenever”, and (B) by adding at the end thereof the following new subparagraph: “(B) The Board of Directors may by regulation exempt from the Regulations. reporting requirements of subparagraph (A) of this paragraph any transaction in the stock of a foreign bank to the extent that the making of any such report would be prohibited by the laws of the country of domicile of the foreign bank in effect at the time such bank makes its application under section 5(b) of this Act, or rendered impracticable 12 USC 1815. by the customs and usages of such country, but the Board of Directors shall weigh the existence of any such prohibition or impracticability in connection with its consideration of the factors enumerated in sections 5(b)(4) and 5(b)(7).”. (13) Section 7(j)(2) is amended by changing “(2) Whenever” 12 USC 1817. to read “(2)(A) Except as provided in subparagraph (B) of this paragraph, whenever” and by adding at the end thereof the following new subparagraphs: “(B) The requirements of subparagraph (A) of this paragraph shall not apply in the case of a loan secured by the stock of a foreign bank if the lending bank is a foreign bank under the laws of whose domicile the report otherwise required by subparagraph (A) would be prohibited. “(C) No foreign bank under the laws of whose domicile a report in compliance with subparagraph (A) of this paragraph would be prohibited in the case of a loan to acquire the stock of an insured bank which is not a foreign bank may make, acquire, or retain any such loan. Each report of condition filed under subsection (a) by any foreign bank to which this subparagraph applies shall contain either a statement of the amount of each loan made, retained, or acquired by the foreign bank in violation of this subparagraph during the period from the date it became an insured bank or the date of its last report of condition, whichever is later, to the date of the report of condition, or a statement that no such loans were made and no such loans were outstanding during such period.”. (14) The first sentence of section 8(a) is amended by inserting “, a 12 USC 1818. foreign bank having an insured branch which is a Federal branch, a foreign bank having an insured branch which is required to be insured under section 6 (a) or (b) of the International Banking Act of 1978,” immediately after “(except a national member bank”. (15) Section 8 is amended by adding at the end thereof the following new subsection: “(r) (1) Except as otherwise specifically provided in this section, the provisions of this section shall be applied to foreign banks in accordance with this subsection. “(2) An act or practice outside the United States on the part of a foreign bank or any officer, director, employee, or agent thereof may not constitute the basis for any action by any officer or agency of the United States under this section, unless— “(A) such officer or agency alleges a belief that such act or practice has been, is, or is likely to be a cause of or carried on in connection with or in furtherance of an act or practice within any one or more States which, in and of itself, would constitute an appropriate basis for action by a Federal officer or agency under this section; or “(B) the alleged act or practice is one which, if proven, would, in the judgment of the Board of Directors, adversely affect the insurance risk assumed by the Corporation. “(3) In any case in which any action or proceeding is brought pursuant to an allegation under paragraph (2) of this subsection for the suspension or removal of any officer, director, or other person associated with a foreign bank, and such person fails to appear promptly as a party to such action or proceeding and to comply with any effective order or judgment therein, any failure by the foreign bank to secure his removal from any office he holds in such bank and from any further participation in its affairs shall, in and of itself, constitute grounds for termination of the insurance of the deposits in any branch of the bank. “(4) Where the venue of any judicial or administrative proceeding under this section is to be determined by reference to the location of the home office of a bank, the venue of such a proceeding with respect to a foreign bank having one or more branches or agencies in not more than one judicial district or other relevant jurisdiction shall be within such jurisdiction. Where such a bank has branches or agencies in more than one such jurisdiction, the venue shall be in the jurisdiction within which the branch or branches or agency or agencies involved in the proceeding are located, and if there is more than one such jurisdiction, the venue shall be proper in any such jurisdiction in which the proceeding is brought or to which it may appropriately be transferred. “(5) Any service required or authorized to be made on a foreign bank may be made on any branch or agency located within any State, but if such service is in connection with an action or proceeding involving one or more branches or one or more agencies located in any State, service shall be made on at least one branch or agency so involved.”. (16) (A) The first sentence of section 10(b) is amended (i) by 12 USC 1820. inserting “any insured State branch of a foreign bank, any State branch of a foreign bank making application to become an insured bank,” immediately after “(except a District bank)”, and (ii) by inserting “or branch” before the comma after “any closed insured bank”. (B) The second sentence of section 10(b) is amended by inserting “, insured Federal branch of a foreign bank,” between the words “national bank” and “or District bank”. (C) The third sentence of section 10(b) is amended by inserting “, and in the case of a foreign bank, a binding commitment by such bank to permit such examination to the extent determined by the Board of Directors to be necessary to carry out the purposes of this Act shall be required as a condition to the insurance of any deposits” immediately before the period at the end thereof. (17) Section 11(c) is amended by inserting “, insured Federal 12 USC 1821. branch of a foreign bank,” immediately before “or insured District bank,”. (18) The first sentence of section 11(e) is amended by inserting “or any insured branch (other than a Federal branch) of a foreign bank” immediately before “shall have been closed”. (19) The second sentence of section 11(e) is amended by changing “such insured State bank,” to read “such insured State bank or insured branch of a foreign bank,”. (20) Section 11(f) is amended by inserting “or insured branch of a foreign bank” immediately before “shall have been closed”. (21) The first sentence of section 11(g) is amended by inserting “, insured branch of a foreign bank,” immediately before “or District bank,”. (22) The third sentence of section 11(g) is amended by changing “In the case of any closed insured bank,” to read “In the case of any closed insured bank or closed insured branch of a foreign bank,”. (23) Section 12(a) is amended by inserting “, branch of a foreign 12 USC 1822. bank,” immediately after “a closed national bank”. (24) Section 13 is amended by adding at the end thereof the following 12 USC 1823. new subsection: “(g) The powers conferred on the Board of Directors and the Corporation by this section to take action to reopen a closed insured bank or to avert the closing of an insured bank may be used with respect to an insured branch of a foreign bank if, in the judgment of the Board of Directors, the public interest in avoiding the closing of such branch substantially outweighs any additional risk of loss to the insurance fund which the exercise of such powers would entail.”. (25) Section 18(c) is amended by adding at the end thereof the 12 USC 1828. following new paragraph: “(11) The provisions of this subsection do not apply to any merger transaction involving a foreign bank if no party to the transaction is principally engaged in business in the United States.”. (26) Section 18(d) is amended by inserting the following new sentence immediately after the first sentence thereof: “No foreign bank may move any insured branch from one location to another without such consent.”. (27) The first sentence of section 18(g) is amended by inserting “and in insured branches of foreign banks” immediately after “in insured nonmember banks”. (28) Section 18(j) is amended by adding at the end thereof the following new sentence: “The provisions of this subsection shall not apply to any foreign bank having an insured branch with respect to dealings between such bank and any affiliate thereof.”. (29) Section 21 is amended by adding at the end thereof the 12 USC 1829b. following new subsection: “(i) The provisions of this section shall not apply to any foreign bank except with respect to the transactions and records of any insured branch of such a bank.”. (30) The first sentence of section 25(a) is amended by inserting 12 USC 1831b. “insured branch of a foreign bank,” immediately after “No insured bank,”.

2. 1979

   Pub. L. 96–64 · 93 Stat. 412

   Inserted · 12 U.S.C. § 3104(b)

   Pub. L. 96–64 inserted second par. which extended time for foreign banks to obtain required deposit insurance with respect to domestic existing branches

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 96–64 inserted second par. which extended time for foreign banks to obtain required deposit insurance with respect to domestic existing branches.

3. 1991

   Foreign Bank Supervision Enhancement Act of 1991

   Pub. L. 102–242 § 214(a)(1) · 105 Stat. 2236

   1. Redesignated · 12 U.S.C. § 3104(b)

      Pub. L. 102–242, § 214(a)(1), (2), redesignated subsec. (b) as (b)(1)

   2. Amended · 12 U.S.C. § 3104(b)

      Pub. L. 102–242, § 214(a)(1), (2), designated last undesignated par. as par. (2)

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 102–242, § 214(a)(1), (2), redesignated subsec. (b) as (b)(1) and designated last undesignated par. as par. (2).

   Enacted provision · exact public law section
   (1) by redesignating subsection (b) as subsection (b)(1);

4. 1991

   Foreign Bank Supervision Enhancement Act of 1991

   Pub. L. 102–242 § 214(a)(3) · 105 Stat. 2236

   Added · 12 U.S.C. § 3104(c)

   Pub. L. 102–242, § 214(a)(3), added subsec. (c)

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 102–242, § 214(a)(3), added subsec. (c).

   Enacted provision · exact public law section
   (3) by adding at the end the following new subsection: “(c) Retail Deposit-Taking by Foreign Banks.— “(1) In general.— After the date of enactment of this subsection, notwithstanding any other provision of this Act or any provision of the Federal Deposit Insurance Act, in order to accept or maintain deposit accounts having balances of less than $100,000, a foreign bank shall— “(A) establish 1 or more banking subsidiaries in the United States for that purpose; and “(B) obtain Federal deposit insurance for any such subsidiary in accordance with the Federal Deposit Insurance Act. “(2) Exception.— Deposit accounts with balances of less than $100,000 may be accepted or maintained in a branch of a foreign bank only if such branch was an insured branch on the date of the enactment of this subsection.”.

5. 1992

   Housing and Community Development Act of 1992

   Pub. L. 102–550 § 1604(a)(10) · 106 Stat. 3672

   Struck · 12 U.S.C. § 3104(c)

   Pub. L. 102–550, § 1604(a)(10), struck out the subsec. (c) which was in effect before the subsec. (c) added by Pub. L. 102–242, § 214(a)(3), and which amended various other sections of this title

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 102–550, § 1604(a)(10), struck out the subsec. (c) which was in effect before the subsec. (c) added by Pub. L. 102–242, § 214(a)(3), and which amended various other sections of this title.

   Enacted provision · exact public law section
   (10) Section 6 of the International Banking Act of 1978 (12 U.S.C. 3104), as in effect on the day before the effective date of the amendment made by section 214(a)(3) of the Federal Deposit Insurance Corporation Improvement Act of 1991, is amended by striking subsection (c).

6. 1992

   Defense Production Act Amendments of 1992

   Pub. L. 102–558 § 302(a)(1) · 106 Stat. 4198

   Repealed · 12 U.S.C. § 3104(c)(1)

   Pub. L. 102–558, § 302(a)(1), inserted “domestic retail” before “deposit accounts” and “and requiring deposit insurance protection,” after “$100,000,” in introductory provisions. Pub. L. 102–550, § 1604(a)(11)(A), which made an identical amendment, was repealed, effective Oct. 28, 1992, by Pub. L. 102–558, § 305, set out as a Repeal of Duplicative Provisions note under section 1815 of this title

   Source evidence

   Code amendment note
   Subsec. (c)(1). Pub. L. 102–558, § 302(a)(1), inserted “domestic retail” before “deposit accounts” and “and requiring deposit insurance protection,” after “$100,000,” in introductory provisions. Pub. L. 102–550, § 1604(a)(11)(A), which made an identical amendment, was repealed, effective Oct. 28, 1992, by Pub. L. 102–558, § 305, set out as a Repeal of Duplicative Provisions note under section 1815 of this title.

   Enacted provision · exact public law section
   (1) in paragraph (1)— (A) by inserting “domestic retail” before “deposit accounts”; and (B) by inserting “and requiring deposit insurance protection,” after “$100,000,”; and

7. 1992

   Defense Production Act Amendments of 1992

   Pub. L. 102–558 § 302(a)(2) · 106 Stat. 4198

   1. Substituted · 12 U.S.C. § 3104(c)(2)

      Pub. L. 102–558, § 302(a)(2), substituted “Domestic retail deposit” for “Deposit”

   2. Repealed · 12 U.S.C. § 3104(c)(2)

      Pub. L. 102–558, § 302(a)(2), inserted “that require deposit insurance protection” after “$100,000”. Pub. L. 102–550, § 1604(a)(11)(B), which made an identical amendment, was repealed, effective Oct. 28, 1992, by Pub. L. 102–558, § 305, set out as a Repeal of Duplicative Provisions note under section 1815 of this title

   Source evidence

   Code amendment note
   Subsec. (c)(2). Pub. L. 102–558, § 302(a)(2), substituted “Domestic retail deposit” for “Deposit” and inserted “that require deposit insurance protection” after “$100,000”. Pub. L. 102–550, § 1604(a)(11)(B), which made an identical amendment, was repealed, effective Oct. 28, 1992, by Pub. L. 102–558, § 305, set out as a Repeal of Duplicative Provisions note under section 1815 of this title.

   Enacted provision · exact public law section
   (2) in paragraph (2)— (A) by striking “Deposit” and inserting “Domestic retail deposit”; and (B) by inserting “that require deposit insurance protection” after “$100,000”.

8. 1994

   Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994

   Pub. L. 103–328 § 107(a) · 108 Stat. 2338

   1. Added · 12 U.S.C. § 3104(a)(d)

      Pub. L. 103–328, § 107(a), added subsec. (a)

   2. Redesignated · 12 U.S.C. § 3104(a)(d)

      Pub. L. 103–328, § 107(a), redesignated former subsecs. (a) to (c) as (b) to (d), respectively

   Source evidence

   Code amendment note
   Subsecs. (a) to (d). Pub. L. 103–328, § 107(a), added subsec. (a) and redesignated former subsecs. (a) to (c) as (b) to (d), respectively.

   Enacted provision · exact public law section
   (a) Regulatory Objectives.— Section 6 of the International Banking Act of 1978 (12 U.S.C. 3104) is amended— (1) by redesignating subsections (a) through (c) as subsections (b) through (d), respectively; and (2) by inserting after “sec. 6” the following new subsection: “(a) Objective.— In implementing this section, the Comptroller and the Federal Deposit Insurance Corporation shall each, by affording equal competitive opportunities to foreign and United States banking organizations in their United States operations, ensure that foreign banking organizations do not receive an unfair competitive advantage over United States banking organizations.”.

9. 1994

   Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994

   Pub. L. 103–328 § 107(d) · 108 Stat. 2338

   Added · 12 U.S.C. § 3104(d)(3)

   Pub. L. 103–328, § 107(d), added par. (3)

   Source evidence

   Code amendment note
   Subsec. (d)(3). Pub. L. 103–328, § 107(d), added par. (3).

   Enacted provision · exact public law section
   (d) Insured Banks in Territories Not Treated as Foreign Banks for Purposes of Retail Deposit-Taking Rule.— Section 6(d) of the International Banking Act of 1978 (12 U.S.C. 31O4(c)) (as so redesignated by subsection (a)(1) of this section) is amended by adding at the end the following new paragraph: “(3) Insured banks in u.s. territories.— For purposes of this subsection, the term ‘foreign bank’ does not include any bank organized under the laws of any territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands the deposits of which are insured by the Federal Deposit Insurance Corporation pursuant to the Federal Deposit Insurance Act.”.

10. 2006

    Federal Deposit Insurance Reform Conforming Amendments Act of 2005

    Pub. L. 109–173 § 2(c)(4)(A) · 119 Stat. 3601

    Substituted · 12 U.S.C. § 3104(b); 12 U.S.C. § 3104(c)(1); 12 U.S.C. § 3104(d)(1); 12 U.S.C. § 3104(2)

    Pub. L. 109–173, § 2(c)(4)(A), substituted “an amount equal to the standard maximum deposit insurance amount” for “$100,000”

    Source evidence

    Code amendment note
    Subsecs. (b), (c)(1), (d)(1), (2). Pub. L. 109–173, § 2(c)(4)(A), substituted “an amount equal to the standard maximum deposit insurance amount” for “$100,000”.

    Enacted provision · exact public law section
    (A) by striking “$100,000” each place such term appears and inserting “an amount equal to the standard maximum deposit insurance amount”; and

    Effective date note
    Amendment by Pub. L. 109–173 effective Apr. 1, 2006, see section 2(e) of Pub. L. 109–173, set out as a note under section 1785 of this title.

11. 2006

    Federal Deposit Insurance Reform Conforming Amendments Act of 2005

    Pub. L. 109–173 § 2(c)(4)(B) · 119 Stat. 3601

    Added · 12 U.S.C. § 3104(e)

    Pub. L. 109–173, § 2(c)(4)(B), added subsec. (e)

    Source evidence

    Code amendment note
    Subsec. (e). Pub. L. 109–173, § 2(c)(4)(B), added subsec. (e).

    Enacted provision · exact public law section
    (B) by adding at the end the following new subsection: “(e) Standard Maximum Deposit Insurance Amount Defined.— For purposes of this section, the term ‘standard maximum deposit insurance amount’ means the amount of the maximum amount of deposit insurance as determined under section 11(a)(1) of the Federal Deposit Insurance Act.” .

    Effective date note
    Amendment by Pub. L. 109–173 effective Apr. 1, 2006, see section 2(e) of Pub. L. 109–173, set out as a note under section 1785 of this title.

13 of 14 references resolved to an enrolled provision · 1 partial