Each bank, which is an insured depository institution on September 21, 1950, shall be and continue to be, without application or approval, an insured depository institution and shall be subject to the provisions of this chapter.
(2) Savings associations
Each savings association the accounts of which were insured by the Federal Savings and Loan Insurance Corporation on the day before August 9, 1989, shall be, without application or approval, an insured depository institution.
(b) Continuation of insurance upon becoming a member bank
In the case of an insured bank which is admitted to membership in the Federal Reserve System or an insured State bank which is converted into a national member bank, the bank shall continue as an insured bank.
(1)any State depository institution which results from the conversion of any insured Federal depository institution; and
(2)any Federal depository institution which results from the conversion of any insured State or Federal depository institution,
shall continue as an insured depository institution.
(d) Continuation of insurance after merger or consolidation
Any State depository institution or any Federal depository institution which results from the merger or consolidation of insured depository institutions, or from the merger or consolidation of a noninsured depository institution with an insured depository institution, shall continue as an insured depository institution.
Section is derived from subsec. (e) of former section
264 of this title. See Codification note set out under section
1811 of this title.
2006—Subsec. (c). Pub. L. 109–351, § 608(b)(1), inserted “and section
1464(i)(5) of this title” after “section
1815(d) of this title” in introductory provisions.
Subsec. (c)(2). Pub. L. 109–351, § 608(b)(2), which directed insertion of “or Federal” after “insured State,”, was executed by making the insertion after “insured State”, to reflect the probable intent of Congress.
1991—Subsec. (b). Pub. L. 102–242, § 115(b), as amended by Pub. L. 102–550, § 1603(b)(6), amended subsec. (b) generally, substituting present provisions for provisions which related to certification by other banking agencies.
1989—Pub. L. 101–73, § 201(a), substituted references to insured depository institutions for references to insured banks wherever appearing.
Subsec. (a). Pub. L. 101–73, § 205(1), inserted heading, designated existing provisions as par. (1), inserted par. (1) heading, and substituted “Each bank” for “Every bank”, and added par. (2).
Subsec. (b). Pub. L. 101–73, § 205(2)(A), (B), inserted after first sentence “Any application or notice for membership or to commence or resume business shall be promptly provided by the appropriate Federal banking agency to the Corporation and the Corporation shall have a reasonable period of time to provide comments on such application or notice. Any comments submitted by the Corporation to the appropriate Federal banking agency shall be considered by such agency.” and struck out at end “A State bank, resulting from the conversion of an insured national bank, shall continue as an insured bank. A State bank, resulting from the merger or consolidation of insured banks, or from the merger or consolidation of a noninsured bank or institution with an insured State bank, shall continue as an insured bank.”
Pub. L. 101–73, § 205(2)(C), which directed the amendment of subsec. (b) by substituting “(b) Certification by Other Banking Agencies.—Every national bank” for “(b) Every national bank” could not be executed literally because the original read “(b) Every national member bank”, but was executed by inserting the heading without changing the text to reflect the probable intent of Congress.
Subsec. (c). Pub. L. 101–73, § 205(3), amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: “Every Federal savings bank which is chartered pursuant to section
1464(o) of this title, and which is engaged in the business of receiving deposits other than trust funds, shall be an insured bank from the time it is authorized to commence business, until such time as its accounts are insured by the Federal Savings and Loan Insurance Corporation.”
Amendment by Pub. L. 102–558deemed to have become effective Mar. 1, 1992, see section 304 ofPub. L. 102–558, set out as a note under section
2062 of Title
50, Appendix, War and National Defense.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.