12 CFR 303.245 - Waiver of liability for commonly controlled depository institutions.

§ 303.245 Waiver of liability for commonly controlled depository institutions.

(a)Scope. Section 5(e) of the FDI Act ( 12 U.S.C. 1815(e)) creates liability for commonly controlled insured depository institutions for losses incurred or anticipated to be incurred by the FDIC in connection with the default of a commonly controlled insured depository institution or any assistance provided by the FDIC to any commonly controlled insured depository institution in danger of default. In addition to certain statutory exceptions and exclusions contained in sections 5(e)(6), (7) and (8), the FDI Act also permits the FDIC, in its discretion, to exempt any insured depository institution from this liability if it determines that such exemption is in the best interests of the Deposit Insurance Fund. This section describes procedures to request a conditional waiver of liability pursuant to section 5 of the FDI Act ( 12 U.S.C. 1815(e)(5)(A)).

(b)Definition. Conditional waiver of liability means an exemption from liability pursuant to section 5(e) of the FDI Act ( 12 U.S.C. 1815(e)) subject to terms and conditions.

(c)Where to file. Applicants shall submit a letter application to the appropriate FDIC office.

(d)Content of filing. The application shall contain the following information:

(1) The basis for requesting a waiver;

(2) The existence of any significant events (e.g., change in control, capital injection, etc.) that may have an impact upon the applicant and/or any potentially liable institution;

(3) Current, and if applicable, pro forma financial information regarding the applicant and potentially liable institution(s); and

(4) The benefits to the appropriate FDIC insurance fund resulting from the waiver and any related events.

(e)Additional information. The FDIC may request additional information at any time during the processing of the filing.

(f)Processing. The FDIC will provide the applicant with written notification of the final action as soon as the decision is rendered.

(g)Failure to comply with terms of conditional waiver. In the event a conditional waiver of liability is issued, failure to comply with the terms specified therein may result in the termination of the conditional waiver of liability. The FDIC reserves the right to revoke the conditional waiver of liability after giving the applicant written notice of such revocation and a reasonable opportunity to be heard on the matter pursuant to § 303.10.

[ 67 FR 79247, Dec. 27, 2002, as amended at 71 FR 20526, Apr. 21, 2006]

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

United States Code

Title 12 published on 17-Jun-2017 04:33

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR Part 303 after this date.

  • 2015-10-28; vol. 80 # 208 - Wednesday, October 28, 2015
    1. 80 FR 65889 - Filing Requirements and Processing Procedures for Changes in Control With Respect to State Nonmember Banks and State Savings Associations
      GPO FDSys XML | Text
      Final rule.
      The final rule is effective January 1, 2016.
      12 CFR Parts 303 and 391