§ 5613. Additional related matters

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. 2010

   Dodd-Frank Wall Street Reform and Consumer Protection Act

   Pub. L. 111–203 title XI § 1106 · 124 Stat. 1376

   Enacted · 12 U.S.C. § 5613

   (Pub. L. 111–203, title XI, § 1106, July 21, 2010, 124 Stat. 2125.)

   Source evidence

   Code source credit
   (Pub. L. 111–203, title XI, § 1106, July 21, 2010, 124 Stat. 2125.)

   Enacted provision · exact public law section
   SEC. 1106. ADDITIONAL RELATED AMENDMENTS. (a) Suspension of Parallel Federal Deposit Insurance Act Authority.— Effective Effective date. upon the date of enactment of this section, the Corporation may not exercise its authority under section 13(c)(4)(G)(i) of the Federal Deposit Insurance Act (12 U.S.C. 1823(c)(4)(G)(i)) to establish any widely available debt guarantee program for which section 1105 would provide authority. (b) Federal Deposit Insurance Act.— Section 13(c)(4)(G) of the Federal Deposit Insurance Act (12 U.S.C. 1823(c)(4)(G)) is amended— (1) in clause (i)— (A) in subclause (I), by inserting “for which the Corporation has been appointed receiver” before “would have serious”; and (B) in the undesignated matter following subclause (II), by inserting “for the purpose of winding up the insured depository institution for which the Corporation has been appointed receiver” after “provide assistance under this section”; and (2) in clause (v)(I), by striking “The” and inserting “Not later than 3 days after making a determination under clause (i), the”. (c) Effect of Default on an FDIC Guarantee.— If an insured depository institution or depository institution holding company (as those terms are defined in section 3 of the Federal Deposit Insurance Act) participating in a program under section 1105, or any participant in a debt guarantee program established pursuant to section 13(c)(4)(G)(i) of the Federal Deposit Insurance Act defaults on any obligation guaranteed by the Corporation after the date of enactment of this Act, the Corporation shall— (1) appoint itself as receiver for the insured depository institution that defaults; and (2) with respect to any other participating company that is not an insured depository institution that defaults— (A) require— (i) consideration of whether a determination shall be made, as provided in section 203 to resolve the company under section 202; and (ii) Deadline. the company to file a petition for bankruptcy under section 301 of title 11, United States Code, if the Corporation is not appointed receiver pursuant to section 202 within 30 days of the date of default; or (B) file a petition for involuntary bankruptcy on behalf of the company under section 303 of title 11, United States Code.

1 of 1 references resolved to an enrolled provision