(a) Suspension of parallel Federal Deposit Insurance Act authority
Effective upon July 21, 2010, the Corporation may not exercise its authority under section
1823(c)(4)(G)(i) of this title to establish any widely available debt guarantee program for which section
5612 of this title would provide authority.
(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
1813 of this title) participating in a program under section
5612 of this title, or any participant in a debt guarantee program established pursuant to section
1823(c)(4)(G)(i) of this title defaults on any obligation guaranteed by the Corporation after July 21, 2010, 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—
(i)consideration of whether a determination shall be made, as provided in section
5383 of this title to resolve the company under section
5382 of this title; and
(ii)the company to file a petition for bankruptcy under section
301 of title
11 if the Corporation is not appointed receiver pursuant to section
5382 of this title 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
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.
Description of Change
Statutes at Large
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