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The Federal Deposit Insurance Corporation

K Reward For Information Leading To Recoveries Or Civil Penalties

FDIC Quarterly Banking Profile

In general

An appropriate Federal banking agency, with the concurrence of the Attorney General, may pay a reward to a person who provides original information which leads to

recovery of a criminal fine, restitution, or civil penalty

under

the Federal Credit Union Act

section 93, 164, or 481 to 485 of this title

the Federal Reserve Act

the Bank Holding Company Act Amendments of 1970

the Bank Holding Company Act of 1956

the Home Owners’ Loan Act or

section 3663 of title 18 pursuant to a conviction for an offense referred to in subparagraph of this paragraph,

pursuant to a conviction for an offense under section 215, 656, 657, 1005, 1006, 1007, 1014, 1341, 1343, or 1344 of title 18 affecting a depository institution insured by the Federal Deposit Insurance Corporation, or for a conspiracy to commit such an offense or

under section 1833a of this title or

section 981 or 982 of title 18 that arises in connection with a depository institution insured by the Federal Deposit Insurance Corporation.

Percentage limitation

An appropriate Federal banking agency may not pay a reward under subsection of more than 25 percent of the amount of the fine, penalty, restitution, or forfeiture or $100,000, whichever is less.

Officials and persons ineligible

An appropriate Federal banking agency may not pay a reward under subsection to

a person who

deliberately causes or participates in the alleged violation of law or regulation, or

Nonreviewability

” exceeds $50,000.”

Regulations Governing Insured Depository Institutions

Representations of deposit insurance

Insured depository institutions

In general

Each insured depository institution shall display at each place of business maintained by that institution a sign or signs relating to the insurance of the deposits of the institution, in accordance with regulations to be prescribed by the Corporation.

Statement to be included

Each sign required under subparagraph shall include a statement that insured deposits are backed by the full faith and credit of the United States Government.

Regulations

The Corporation shall prescribe regulations to carry out this subsection, including regulations governing the substance of signs required by paragraph and the manner of display or use of such signs.

Penalties

For each day that an insured depository institution continues to violate paragraph or any regulation issued under paragraph , it shall be subject to a penalty of not more than $100, which the Corporation may recover for its use.

False advertising, misuse of FDIC names, and misrepresentation to indicate insured status

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

Prohibition on misrepresentations of insured status

No person may knowingly misrepresent

Recommendation

Agency response

Records Of The Federal Deposit Insurance Corporation

  • 34.2.1 Records of the Office of the Chairman
  • 34.2.2 Records of the Office of the Executive Secretary
  • 34.3 Records of Operating Divisions 1920-88
  • 34.3.1 Records of the Legal Division
  • 34.3.2 Records of the Division of Research and Strategic Planning
  • 34.3.3 Records of the Division of Accounting and CorporateServices
  • 34.3.4 Records of the Division of Bank Supervision andits predecessor, the Division of Examination
  • 34.1 Administrative History

    Established: As an independent agency by the Federal Reserve Act, June 16, 1933.

    Functions: Insures bank deposits, pays depositors of insolventbanks, and acts as receiver. Regulates banking industry.

    Finding Aids: Preliminary inventory in National Archivesmicrofiche edition of preliminary inventories.

    Related Records:

    Subject Access Terms: Temporary Federal Deposit Insurance Fund.

    34.2 General Records 1933-67

    34.2.1 Records of the Office of the Chairman

    Textual Records: Letters and memorandums of Leo T. Crowley,Chairman of the Board of Directors, 1934-45.

    Subject Access Terms: Reconstruction Finance Corporation Standard Gas and Electric Company.

    34.2.2 Records of the Office of the Executive Secretary

    34.2.3 Miscellaneous records

    Textual Records: Lists of national banks, 1941. Records relatingto changes among operating banks and FDIC actions on bank cases,1936-67. Records relating to the construction of the FDICbuilding, 1939-62.

    34.3 Records of Operating Divisions 1920-88

    34.3.1 Records of the Legal Division

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    What The Fdic Covers

    Checking accounts, savings accounts, CDs, and money market accounts are generally 100% covered by the FDIC. Coverage extends to individual retirement accounts , but only the parts that fit the type of accounts listed previously. Joint accounts, revocable and irrevocable trust accounts, and employee benefit plans are covered, as are corporate, partnership, and unincorporated association accounts.

    FDIC insurance does not cover products such as mutual funds, annuities, life insurance policies, stocks, or bonds. The contents of safe-deposit boxes are also not included in FDIC coverage. Cashier’s checks and money orders issued by the failed bank remain fully covered by the FDIC.

    Eligible business accounts from a corporation, partnership, LLC, or unincorporated organization at a bank are also FDIC-covered.

    A Activities Of Insured State Banks

    US History: FDR and the New Deal

    Permissible activities

    In general

    After the end of the 1-year period beginning on December 19, 1991, an insured State bank may not engage as principal in any type of activity that is not permissible for a national bank unless

    the Corporation has determined that the activity would pose no significant risk to the Deposit Insurance Fund and

    the State bank is, and continues to be, in compliance with applicable capital standards prescribed by the appropriate Federal banking agency.

    Processing period

    In general

    The Corporation shall make a determination under paragraph not later than 60 days after receipt of a completed application that may be required under this subsection.

    Extension of time period

    The Corporation may extend the 60-day period referred to in subparagraph for not more than 30 additional days, and shall notify the applicant of any such extension.

    Insurance underwriting

    In general

    Notwithstanding subsection , an insured State bank may not engage in insurance underwriting except to the extent that activity is permissible for national banks.

    Exception for certain federally reinsured crop insurance

    Notwithstanding any other provision of law, an insured State bank or any of its subsidiaries that provided insurance on or before September 30, 1991, which was reinsured in whole or in part by the Federal Crop Insurance Corporation may continue to provide such insurance.

    Equity investments by insured State banks

    In general

    Exception for certain subsidiaries

    Exception

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    Bb Capital Requirements For Certain Acquisition Development Or Construction Loans

    In general

    The appropriate Federal banking agencies may only require a depository institution to assign a heightened risk weight to a high volatility commercial real estate exposure under any risk-based capital requirement if such exposure is an HVCRE ADC loan.

    HVCRE ADC loan defined

    For purposes of this section and with respect to a depository institution, the term “HVCRE ADC loan”

    means a credit facility secured by land or improved real property that, prior to being reclassified by the depository institution as a non-HVCRE ADC loan pursuant to subsection

    primarily finances, has financed, or refinances the acquisition, development, or construction of real property

    has the purpose of providing financing to acquire, develop, or improve such real property into income-producing real property and

    is dependent upon future income or sales proceeds from, or refinancing of, such real property for the repayment of such credit facility

    does not include a credit facility financing

    the acquisition, development, or construction of properties that are

    one- to four-family residential properties

    real property that would qualify as an investment in community development or

    agricultural land

    commercial real property projects in which

    the loan-to-value ratio is less than or equal to the applicable maximum supervisory loan-to-value ratio as determined by the appropriate Federal banking agency

    cash

    unencumbered readily marketable assets

    paid development expenses out-of-pocket or

    Insured Depository Institution Capital Requirements For Transfers Of Small Business Obligations

    Accounting principles

    The accounting principles applicable to the transfer of a small business loan or a lease of personal property with recourse contained in reports or statements required to be filed with Federal banking agencies by a qualified insured depository institution shall be consistent with generally accepted accounting principles.

    Capital and reserve requirements

    With respect to the transfer of a small business loan or lease of personal property with recourse that is a sale under generally accepted accounting principles, each qualified insured depository institution shall

    establish and maintain a reserve equal to an amount sufficient to meet the reasonable estimated liability of the institution under the recourse arrangement and

    include, for purposes of applicable capital standards and other capital measures, only the amount of the retained recourse in the risk-weighted assets of the institution.

    Qualified institutions criteria

    An insured depository institution is a qualified insured depository institution for purposes of this section if, without regard to the accounting principles or capital requirements referred to in subsections and , the institution is

    well capitalized or

    with the approval, by regulation or order, of the appropriate Federal banking agency, adequately capitalized.

    Aggregate amount of recourse

    15 percent of the risk-based capital of the institution or

    Institutions that cease to be qualified or exceed aggregate limits

    Regulations required

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    R Payments On Foreign Deposits Prohibited

    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 chapter 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 1813 of this title but for subparagraphs and of section 1813 of this title .

    Exception

    Subsection 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 1823 of this title .

    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 [ 12 U.S.C. 347b

    How Much Deposit Insurance Does Fdic Provide

    What is the FDIC?

    The FDIC coverage provides deposit insurance of up to $250,000 per ownership category, as long as the institution is a member. Initially, the agency provided an insurance limit up to $2,500 until the passage of the Dodd-Frank Wall Street Reform recommended raising the insurance limit. The FDIC only insures banks. Insurance for deposit accounts at credit unions falls under the National Credit Union Administration. The agency gets funding from the premiums paid by banks for insurance coverage and earnings from its investments in US Treasury bonds.

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    M1 Reports Of Information Regarding Safety And Soundness Of Depository Institutions

    Reports to appropriate Federal banking agencies

    In general

    The Attorney General, the Secretary of the Treasury, and the head of any other agency or instrumentality of the United States shall, unless otherwise prohibited by law, disclose to the appropriate Federal banking agency any information that the Attorney General, the Secretary of the Treasury, or such agency head believes raises significant concerns regarding the safety or soundness of any depository institution doing business in the United States.

    Exceptions

    Intelligence information

    In general

    The Director of Central Intelligence shall disclose to the Attorney General or the Secretary of the Treasury any intelligence information that would otherwise be reported to an appropriate Federal banking agency pursuant to paragraph . After consultation with the Director of Central Intelligence, the Attorney General or the Secretary of the Treasury, shall disclose the intelligence information to the appropriate Federal banking agency.

    Procedures for receipt of intelligence information

    Each appropriate Federal banking agency, in consultation with the Director of Central Intelligence, shall establish procedures for receipt of intelligence information that are adequate to protect the intelligence information.

    Criminal investigations, safety of Government investigators, informants, and witnesses

    Grand jury investigations criminal procedure

    Paragraph shall not

    Procedures for receipt of disclosure reports

    In general

    Definitions

    A Participation By State Nonmember Insured Banks In Lotteries And Related Activities

    Prohibited activities

    A State nonmember insured bank may not

    deal in lottery tickets

    deal in bets used as a means or substitute for participation in a lottery

    announce, advertise, or publicize the existence of any lottery or

    announce, advertise, or publicize the existence or identity of any participant or winner, as such, in a lottery.

    Use of banking premises prohibited

    A State nonmember insured bank may not permit

    the use of any part of any of its banking offices by any person for any purpose forbidden to the bank under subsection , or

    direct access by the public from any of its banking offices to any premises used by any person for any purpose forbidden to the bank under subsection .

    Definitions

    As used in this section

    The term “deal in” includes making, taking, buying, selling, redeeming, or collecting.

    The term “lottery” includes any arrangement, other than a savings promotion raffle, whereby three or more persons advance money or credit to another in exchange for the possibility or expectation that one or more but not all of the participants will receive by reason of their advances more than the amounts they have advanced, the identity of the winners being determined by any means which includes

    a random selection

    a game, race, or contest or

    any record or tabulation of the result of one or more events in which any participant has no interest except for its bearing upon the possibility that he may become a winner.

    Regulations enforcement

    Effective Date

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    Resolution Of Insolvent Banks

    Upon a determination that a bank is insolvent, its chartering authorityeither a state banking department or the U.S. Office of the Comptroller of the Currencycloses it and appoints the FDIC as receiver. In its role as a receiver the FDIC is tasked with protecting the depositors and maximizing the recoveries for the creditors of the failed institution. The FDIC as receiver is functionally and legally separate from the FDIC acting in its corporate role as deposit insurer. Courts have long recognized these dual and separate capacities as having distinct rights, duties and obligations.

    The two most common ways for the FDIC to resolve a closed institution and fulfill its role as a receiver are:

    In 1991, to comply with legislation, the FDIC amended its failure resolution procedures to decrease the costs to the deposit insurance funds. The procedures require the FDIC to choose the resolution alternative that is least costly to the deposit insurance fund of all possible methods for resolving the failed institution. Bids are submitted to the FDIC where they are reviewed and the least cost determination is made.

    C Assuring Consistent Oversight Of Subsidiaries Of Holding Companies

    Federal Deposit Insurance Corp. (FDIC) Headquarters (Main Building ...

    Definitions

    For purposes of this section:

    Board

    The term “Board” means the Board of Governors of the Federal Reserve System.

    Functionally regulated subsidiary

    The term “functionally regulated subsidiary” has the same meaning as in section 1844 1 of this title.

    Lead insured depository institution

    The term “lead insured depository institution” has the same meaning as in section 1841 1 of this title.

    Examination requirements

    Subject to subtitle B of the Consumer Financial Protection Act of 2010 , the Board shall examine the activities of a nondepository institution subsidiary of a depository institution holding company that are permissible for the insured depository institution subsidiaries of the depository institution holding company in the same manner, subject to the same standards, and with the same frequency as would be required if such activities were conducted in the lead insured depository institution of the depository institution holding company.

    State coordination

    Consultation and coordination

    If a nondepository institution subsidiary is supervised by a State bank supervisor or other State regulatory authority, the Board, in conducting the examinations required in subsection , shall consult and coordinate with such State regulator.

    Alternating examinations permitted

    Appropriate Federal banking agency backup examination authority

    In general

    Examination by an appropriate Federal banking agency

    are conducted in accordance with applicable Federal law and

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    Penalty For Unauthorized Participation By Convicted Individual

    Prohibition

    In general

    Except with the prior written consent of the Corporation

    any person who has been convicted of any criminal offense involving dishonesty or a breach of trust or money laundering, or has agreed to enter into a pretrial diversion or similar program in connection with a prosecution for such offense, may not

    become, or continue as, an institution-affiliated party with respect to any insured depository institution

    own or control, directly or indirectly, any insured depository institution or

    otherwise participate, directly or indirectly, in the conduct of the affairs of any insured depository institution and

    any insured depository institution may not permit any person referred to in subparagraph to engage in any conduct or continue any relationship prohibited under such subparagraph.

    Minimum 10-year prohibition period for certain offenses

    In general

    If the offense referred to in paragraph in connection with any person referred to in such paragraph is

    an offense under

    section 215, 656, 657, 1005, 1006, 1007, 1008,1 1014, 1032, 1344, 1517, 1956, or 1957 of title 18 or

    section 1341 or 1343 of such title which affects any financial institution or

    the offense of conspiring to commit any such offense,

    the Corporation may not consent to any exception to the application of paragraph to such person during the 10-year period beginning on the date the conviction or the agreement of the person becomes final.

    Exception by order of sentencing court

    In general

    S& l And Bank Crisis Of The 1980s

    Federal deposit insurance received its first large-scale test since the Great Depression in the late 1980s and early 1990s during the savings and loan crisis .

    The Federal Savings and Loan Insurance Corporation had been created to insure deposits held by savings and loan institutions . Because of a confluence of events, much of the S& L industry was insolvent, and many large banks were in trouble as well. FSLIC’s reserves were insufficient to pay off the depositors of all of the failing thrifts, and fell into insolvency. FSLIC was abolished in August 1989 and replaced by the Resolution Trust Corporation . On December 31, 1995, the RTC was merged into the FDIC, and the FDIC became responsible for resolving failed thrifts. Supervision of thrifts became the responsibility of a new agency, the Office of Thrift Supervision . The primary legislative responses to the crisis were the Financial Institutions Reform, Recovery and Enforcement Act of 1989 , and the Federal Deposit Insurance Corporation Improvement Act of 1991 . Federally chartered thrifts are now regulated by the Office of the Comptroller of the Currency , and state-chartered thrifts by the FDIC.

    Final combined total for all direct and indirect losses of FSLIC and RTC resolutions was an estimated $152.9 billion. Of this total amount, U.S. taxpayer losses amounted to approximately $123.8 billion

    No taxpayer money was used to resolve FDIC-insured institutions.

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