2010 US Code
Title 12 - BANKS AND BANKING
CHAPTER 11 - FEDERAL HOME LOAN BANKS
Sec. 1441a - Thrift Depositor Protection Oversight Board and Resolution Trust Corporation

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§1441a. Thrift Depositor Protection Oversight Board and Resolution Trust Corporation (a) Thrift Depositor Protection Oversight Board established (1) In general

There is hereby established the Thrift Depositor Protection Oversight Board as an instrumentality of the United States with the powers and authorities herein provided.

(2) Status

The Thrift Depositor Protection Oversight Board shall oversee and monitor the operations of the Resolution Trust Corporation (hereinafter referred to in this section as the “Corporation”) and shall be accountable for the duties assigned to the Thrift Depositor Protection Oversight Board by this chapter. The Thrift Depositor Protection Oversight Board shall be an “agency” of the United States for purposes of subchapter II of chapter 5 and chapter 7 of title 5.

(3) Membership (A) In general

The Thrift Depositor Protection Oversight Board shall consist of 7 members—

(i) the Secretary of the Treasury;

(ii) the Chairman of the Board 1 of Governors of the Federal Reserve System;

(iii) the Director of the Office of Thrift Supervision;

(iv) the Chairperson of the Board 1 of Directors of the Federal Deposit Insurance Corporation;

(v) the chief executive officer of the Corporation; and

(vi) two independent members appointed by the President, with the advice and consent of the Senate. Such nominations shall be referred to the Committee on Banking, Housing, and Urban Affairs of the Senate.

(B) Political affiliation

The independent members shall not be members of the same political party. No independent member of the Thrift Depositor Protection Oversight Board shall hold any other appointed office during his or her term as a member.

(C) Chairperson

The Chairperson of the Thrift Depositor Protection Oversight Board shall be the Secretary of the Treasury.

(D) Term of office

The term of each member (other than the independent members) of the Thrift Depositor Protection Oversight Board shall expire when such member has fulfilled all of his or her responsibilities under this section and section 1441b of this title. The term of each independent member shall be 3 years.

(E) Quorum required

A quorum shall consist of 4 members of the Thrift Depositor Protection Oversight Board and all decisions of the Board 1 shall require an affirmative vote of at least a majority of the members voting.

(4) Compensation and expenses (A) Expenses

Members of the Thrift Depositor Protection Oversight Board shall receive allowances in accordance with subchapter I of chapter 57 of title 5 for necessary expenses of travel, lodging, and subsistence incurred in attending meetings and other activities of the Thrift Depositor Protection Oversight Board, as set forth in the bylaws issued by the Thrift Depositor Protection Oversight Board.

(B) No additional compensation for United States officers or employees

Members of the Thrift Depositor Protection Oversight Board (other than independent members) shall receive no additional pay by reason of service on such Board.

(C) Compensation for independent members

The independent members of the Thrift Depositor Protection Oversight Board shall be paid at a rate equal to the daily equivalent of the rate of basic pay for level II of the Executive Schedule for each day (including travel time) during which such member is engaged in the actual performance of duties of the Thrift Depositor Protection Oversight Board.

(5) Powers

The Thrift Depositor Protection Oversight Board shall be a body corporate that shall have the power to—

(A) adopt, alter, and use a corporate seal;

(B) provide for a principal or executive officer and such other officers and employees as may be necessary to perform the functions of the Thrift Depositor Protection Oversight Board, define their duties, and require surety bonds or make other provisions against losses occasioned by acts of such persons;

(C) fix the compensation and number of, and appoint, employees for any position established by the Thrift Depositor Protection Oversight Board;

(D) set and adjust rates of basic pay for employees of the Thrift Depositor Protection Oversight Board without regard to the provisions of chapter 51 or subchapter III of chapter 53 of title 5;

(E) provide additional compensation and benefits to employees of the Thrift Depositor Protection Oversight Board if the same type of compensation or benefits are then being provided by any other Federal bank regulatory agency or, if not then being provided, could be provided by such an agency under applicable provisions of law, rule, or regulation; in setting and adjusting the total amount of compensation and benefits for employees of the Thrift Depositor Protection Oversight Board, the Thrift Depositor Protection Oversight Board shall consult with and seek to maintain comparability with the other Federal bank regulatory agencies, except that the Thrift Depositor Protection Oversight Board shall not in any event exceed the compensation and benefits provided by the Federal Deposit Insurance Corporation with respect to any comparable position;

(F) with the consent of any executive agency, department, or independent agency utilize the information, services, staff, and facilities of such department or agency, on a reimbursable (or other) basis, in carrying out this section;

(G) prescribe bylaws that are consistent with law to provide for the manner in which—

(i) its officers and employees are selected, and

(ii) its general operations are to be conducted;

(H) enter into contracts and modify or consent to the modification of any contract or agreement;

(I) indemnify, from funds made available to it by the Corporation, the members, officers, and employees of the Thrift Depositor Protection Oversight Board on such terms as the Thrift Depositor Protection Oversight Board deems proper against any liability under any civil suit pursuant to any statute or pursuant to common law with respect to any claim arising out of or resulting from any act or omission by such person within the scope of such person's employment in connection with any transaction entered into involving the disposition of assets (or any interests in any assets or any obligations backed by any assets) by the Corporation, and the indemnification authorized by this provision shall be in addition to and not in lieu of any immunities or other protections that may be available to such person under applicable law, and this provision does not affect any such immunities or other protections;

(J) sue and be sued in courts of competent jurisdiction; and

(K) exercise any and all powers established under this section and such incidental powers as are necessary to carry out its powers, duties, and functions under this chapter.

(6) Thrift Depositor Protection Oversight Board duties and authorities

The Thrift Depositor Protection Oversight Board shall have the following duties and authorities with respect to the Corporation:

(A) To review overall strategies, policies, and goals established by the Corporation for its activities, which shall include such items as the Thrift Depositor Protection Oversight Board deems likely to have a material effect upon the financial condition of the Corporation, the results of its operations, or its cash flows, and such items as the Thrift Depositor Protection Oversight Board deems to involve substantial issues of public policy. After consultation with the Corporation, the Thrift Depositor Protection Oversight Board may require the modification of any such overall strategies, policies, and goals and their implementation. Overall strategies, policies, and goals shall include such items as—

(i) overall strategies, policies, and goals for case resolutions, the management and disposition of assets, the use of private contractors;

(ii) the use of notes, guarantees, or other obligations by the Corporation;

(iii) financial goals, plans, and budgets; and

(iv) restructuring agreements described in subsection (b)(10)(B) of this section.

(B) To approve prior to implementation financial plans, budgets, and periodic financing requests developed by the Corporation.

(C) To review all rules, regulations, standards, principles, procedures, guidelines, and statements that may be adopted or announced by the Corporation. The provisions of this subparagraph shall not apply to internal administrative policies and procedures (including such matters as personnel practices, divisions and organization of staffing, delegations of authority, and practices respecting day-to-day administration of the Corporation's affairs) and determinations or actions described in paragraph (8) 2

(D) To review the overall performance of the Corporation on a periodic basis, including its work, management activities, and internal controls, and the performance of the Corporation relative to approved budget plans.

(E) To require from the Corporation any reports, documents, and records it deems necessary to carry out its oversight responsibilities.

(F) To establish a national advisory board and regional advisory boards.

(G) To authorize the use of proceeds from any funds provided by the Treasury to the Corporation and from any financing by the Resolution Funding Corporation established pursuant to section 1441b of this title consistent with the approved budget and financial plans of the Corporation and to oversee the collection of funds by the Resolution Funding Corporation.

(H) To evaluate audits by the Inspector General and other congressionally required audits.

(I) To have general oversight over the Resolution Funding Corporation as provided under section 1441b of this title.

(J) To authorize, as appropriate, the Corporation's sale of capital certificates to the Resolution Funding Corporation.

(K) To establish the rate of basic pay, benefits, and other compensation for the chief executive officer of the Corporation.

(7) Transition policies

Until such time as the Thrift Depositor Protection Oversight Board and the Corporation (consistent with paragraph (6) and subsection (b)(11) of this section) adopt strategies, policies, goals, regulations, rules, operating principles, procedures, or guidelines, the Corporation may carry out its duties in accordance with the strategies, policies, goals, regulations, rules, operating principles, procedures, or guidelines of the Federal Deposit Insurance Corporation, notwithstanding the provisions of section 553 of title 5.

(8) Limitation on authority

The Corporation shall have the authority, without any prior review, approval, or disapproval by the Thrift Depositor Protection Oversight Board, to make such determinations and take such actions as it deems appropriate with respect to case-specific matters involving (i) individual case resolutions, (ii) asset liquidations, or (iii) day-to-day operations of the Corporation. The preceding sentence in no way limits the authority of the Thrift Depositor Protection Oversight Board to review overall strategies, policies, and goals established by the Corporation.

(9) Delegation

Except with respect to the meetings required by paragraph (10), nothing in this section shall preclude a member of the Thrift Depositor Protection Oversight Board who is a public official from delegating his or her authority to an employee or officer of such member's agency or organization, if such employee or officer has been appointed by the President with the advice and consent of the Senate. For purposes of the preceding sentence, the Chairman of the Board 1 of Governors of the Federal Reserve System may delegate his or her authority to another member of the Board 1 of Governors.

(10) Open meetings

Not less than 6 times each year, the Thrift Depositor Protection Oversight Board shall conduct open meetings to review overall strategies, policies, and goals established by the Corporation and to consider such other matters as pertain to its functions under this chapter. The Thrift Depositor Protection Oversight Board shall maintain a transcript of the board's open meetings.

(11) Power to remove; jurisdiction

Notwithstanding any other provision of law, any civil action, suit, or proceeding to which the Thrift Depositor Protection Oversight Board is a party shall be deemed to arise under the laws of the United States, and the United States district courts shall have original jurisdiction. The Thrift Depositor Protection Oversight Board may, without bond or security, remove any such action, suit, or proceeding from a State court to a United States district court or to the United States District Court for the District of Columbia.

(12) Administrative expenses

The administrative expenses of the Thrift Depositor Protection Oversight Board shall be paid by the Corporation, upon request of the Thrift Depositor Protection Oversight Board.

(13) Standards, policies, procedures, guidelines, and statements

The Thrift Depositor Protection Oversight Board may issue rules, regulations, standards, policies, procedures, guidelines, and statements as the Thrift Depositor Protection Oversight Board considers necessary or appropriate to carry out its authorities and duties under this chapter which shall be promulgated pursuant to subchapter II of chapter 5 of title 5.

(14) Strategic plan for Corporation operations (A) In general

The chief executive officer of the Corporation is authorized to implement the strategic plan for conducting the Corporation's functions and activities submitted by the former Oversight Board to the Congress, dated December 31, 1989.

(B) Provisions of plan

The strategic plan and implementing policies and procedures required under this paragraph shall at a minimum contain the following:

(i) Factors the Corporation shall consider in deciding the order in which failed institutions or categories of failed institutions will be resolved.

(ii) Standards the Corporation shall use to select the appropriate resolution action for a failed institution.

(iii) With respect to assisted acquisitions, factors the Corporation shall consider in deciding whether non-performing assets of the failed institution will be transferred to the acquiring institution rather than retained by the Corporation for management and disposal.

(iv) Plans for the disposition of assets.

(v) Management objectives by which the Corporation's progress in carrying out its duties under this section can be measured.

(vi) A plan for the organizational structure and staffing of the Corporation, including an assessment of the extent to which the Corporation will perform asset management functions and other duties through contracts with public and private entities.

(vii) Consideration of whether incentives should be included in asset management contracts to promote active and efficient asset management.

(viii) Standards for adequate competition and fair and consistent treatment of offerors.

(ix) Standards that prohibit discrimination on the basis of race, sex, or ethnic group in the solicitation and consideration of offers.

(x) Procedures for the active solicitation of offers from minorities and women.

(xi) Procedures requiring that unsuccessful offerors be notified in writing of the decision within 30 days after the offer has been rejected.

(xii) Procedures for establishing the market value of assets based upon standard market analysis, valuation, and appraisal practices.

(xiii) Procedures requiring the timely evaluation of purchase offers for an institution.

(xiv) Procedures for bulk sales and auction marketing of assets.

(xv) Guidelines for determining if the value of an asset has decreased so that no reasonable recovery is anticipated. In such cases, the Corporation may consider potential public uses of such asset including providing housing for lower income families (including the homeless), day care centers for the children of low- and moderate-income families, or such other public purpose designated by the Secretary of Housing and Urban Development.

(xvi) Guidelines for the conveyance of assets to units of general local government, States, and public agencies designated by a unit of general local government or a State, for use in connection with urban homesteading programs approved by the Secretary of Housing and Urban Development under section 1706e of this title.

(xvii) Policies and procedures for avoiding political favoritism and undue influence in contracts and decisions made by the Thrift Depositor Protection Oversight Board and the Corporation.

(15) Reports on any modification to any strategy, policy, or goal

If, pursuant to paragraph (6)(A), the Thrift Depositor Protection Oversight Board requires the Corporation to modify any overall strategy, policy, or goal, such board shall submit, before the end of the 30-day period beginning on the date on which the board first notifies the Corporation of such requirement, to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives an explanation of the grounds which the board determined justified the review and the reasons why the modification is necessary to satisfy any such ground.

(16) Termination

The Thrift Depositor Protection Oversight Board shall terminate not later than 60 days after the Thrift Depositor Protection Oversight Board fulfills all of its responsibilities under this chapter.

(b) Resolution Trust Corporation established (1) Establishment (A) In general

There is hereby established a Corporation to be known as the Resolution Trust Corporation which shall be an instrumentality of the United States.

(B) Status

The Corporation shall be deemed to be an agency of the United States for purposes of subchapter II of chapter 5 and chapter 7 of title 5 when it is acting as a corporation. The Corporation, when it is acting as a conservator or receiver of an insured depository institution, shall be deemed to be an agency of the United States to the same extent as the Federal Deposit Insurance Corporation when it is acting as a conservator or receiver of an insured depository institution.

(C) Management by chief executive officer

The Corporation shall be managed by or under the direction of its chief executive officer.

(2) Government corporation

Notwithstanding the fact that no Government funds may be invested in the Corporation, the Corporation shall be treated, for purposes of sections 9105,3 9107, and 9108 of title 31, as a mixed-ownership Government corporation which has capital of the Government.

(3) Duties

The duties of the Corporation shall be to carry out a program, under the general oversight of the Thrift Depositor Protection Oversight Board, including:

(A) To manage and resolve all cases involving depository institutions—

(i) the accounts of which were insured by the Federal Savings and Loan Insurance Corporation before August 9, 1989; and

(ii) for which a conservator or receiver is appointed after December 31, 1988, and before such date as is determined by the Chairperson of the Thrift Depositor Protection Oversight Board, but not earlier than January 1, 1995, and not later than July 1, 1995 (including any institution described in paragraph (6)).

(B) To develop and establish overall strategies, policies, and goals for the Corporation, subject to review by the Thrift Depositor Protection Oversight Board pursuant to subsection (a)(6)(A) of this section.

(C) To conduct the operations of the Corporation in a manner which—

(i) maximizes the net present value return from the sale or other disposition of institutions described in subparagraph (A) or the assets of such institutions;

(ii) minimizes the impact of such transactions on local real estate and financial markets;

(iii) makes efficient use of funds obtained from the Funding Corporation or from the Treasury;

(iv) minimizes the amount of any loss realized in the resolution of cases; and

(v) maximizes the preservation of the availability and affordability of residential real property for low- and moderate-income individuals.

(D) To perform any other function authorized under this section.

(4) Conservatorship, receivership, and assistance powers (A) In general

Except as provided in paragraph (5) and in addition to any other provision of this section, the Corporation shall have the same powers and rights to carry out its duties with respect to institutions described in paragraph (3)(A) as the Federal Deposit Insurance Corporation has under sections 1821, 1822, and 1823 of this title with respect to insured depository institutions (as defined in section 1813 of this title).

(B) Manner of application of least-cost resolution

For purposes of applying section 1823(c)(4) of this title to the Corporation under subparagraph (A), the Corporation shall be treated as the Deposit Insurance Fund.

(C) Appeals

The Corporation shall implement and maintain a program, in a manner acceptable to the Thrift Depositor Protection Oversight Board, to provide an appeals process for business and commercial borrowers to appeal decisions by the Corporation (when acting as a conservator) which would have the effect of terminating or otherwise adversely affecting credit or loan agreements, lines of credit, and similar arrangements with such borrowers who have not defaulted on their obligations.

(5) Limitation on paragraph (4) powers

The Corporation—

(A) may not obligate the Federal Deposit Insurance Corporation or any funds of the Federal Deposit Insurance Corporation; and

(B) in connection with providing assistance to an institution under this subsection, shall be subject to the limitations contained in section 1823(c)(4) of this title.

(6) Continuation of RTC receivership or conservatorship (A) In general

If the Corporation is appointed as conservator or receiver for any insured depository institution described in paragraph (3)(A) before such date as is determined by the Chairperson of the Thrift Depositor Protection Oversight Board under paragraph (3)(A)(ii), and a conservator or receiver is appointed for such institution on or after such date, the Corporation may be appointed as conservator or receiver for such institution on or after such date as is determined by the Chairperson of the Thrift Depositor Protection Oversight Board under paragraph (3)(A)(ii).

(B) Charter conversions

Notwithstanding any other provision of Federal or State law, if the Federal Deposit Insurance Corporation is appointed as conservator or receiver for any savings association that has converted to a bank charter and otherwise meets the criteria in paragraph (3)(A) or (6)(A), the Federal Deposit Insurance Corporation may tender such appointment to the Corporation, and the Corporation shall accept such appointment, if the Corporation is authorized to accept such appointment under this section.

(7) Obligations and guarantees

The Corporation's authority to issue obligations and guarantees shall be subject to general supervision by the Thrift Depositor Protection Oversight Board under subsection (a) of this section and shall be consistent with subsection (j) of this section.

(8) Staff (A) In general

Except for the chief executive officer of the Corporation, the Corporation itself shall have no employees.

(B) Utilization of personnel of other agencies (i) FDIC

The Corporation shall use employees (selected by the Corporation) of the Federal Deposit Insurance Corporation and the Federal Deposit Insurance Corporation shall provide such personnel to the Corporation for its use. Notwithstanding the foregoing, the Federal Deposit Insurance Corporation need not provide to the Corporation any employee of the Federal Deposit Insurance Corporation who was employed by the Federal Deposit Insurance Corporation on December 12, 1991, and who had not theretofore been provided to the Corporation by the Federal Deposit Insurance Corporation. In addition to persons otherwise employed by the Federal Deposit Insurance Corporation, the Federal Deposit Insurance Corporation shall employ, and shall provide to the Corporation, such persons as the Corporation may request from time to time. Federal Deposit Insurance Corporation employees provided to the Corporation shall be subject to the direction and control of the Corporation and any of them may be returned to the Federal Deposit Insurance Corporation at any time by the Corporation in the discretion of the Corporation. The Corporation shall reimburse the Federal Deposit Insurance Corporation for the actual costs incurred in providing such employees. Any permanent employee of the Federal Deposit Insurance Corporation who was performing services on behalf of the Corporation immediately prior to December 12, 1991, shall continue to be provided to the Corporation after December 12, 1991, unless the Corporation determines the services of any such employee to be unnecessary, in which case such employee shall be returned to a similar position performing services on behalf of the Federal Deposit Insurance Corporation. In any ensuing reduction-in-force or reorganization within the Federal Deposit Insurance Corporation, any such employee shall compete with the same rights as any other Federal Deposit Insurance Corporation employee. The Corporation may use administrative services of the Federal Deposit Insurance Corporation and, if it does so, shall reimburse the Federal Deposit Insurance Corporation for the actual costs of providing such services.

(ii) Other agencies

With the agreement of any executive department or agency, the Corporation may utilize the personnel of any such executive department or agency on a reimbursable basis to cover actual and reasonable expenses.

(C) Chief executive officer

There is established the office of chief executive officer of the Corporation. The chief executive officer of the Corporation shall be appointed by the President, by and with the advice and consent of the Senate, and shall serve at the pleasure of the President.

(D) Powers of the chief executive officer

The chief executive officer may exercise all of the powers of the Corporation and act for and on behalf of the Corporation, and may delegate such authority, as deemed appropriate by the chief executive officer, including the power to subdelegate authority, to persons designated by the chief executive officer who are employees of the Federal Deposit Insurance Corporation utilized by the Corporation or who provide services for the Corporation.

(E) Deputy chief executive officer (i) In general

There is hereby established the position of deputy chief executive officer of the Corporation.

(ii) Appointment

The deputy chief executive officer of the Corporation shall—

(I) be appointed by the Chairperson of the Thrift Depositor Protection Oversight Board, with the recommendation of the chief executive officer; and

(II) be an employee of the Federal Deposit Insurance Corporation in accordance with subparagraph (B)(i).

(iii) Duties

The deputy chief executive officer shall perform such duties as the chief executive officer may require.

(F) Acting chief executive officer

In the event of a vacancy in the position of chief executive officer or during the absence or disability of the chief executive officer, the deputy chief executive officer shall perform the duties of the position as the acting chief executive officer.

(G) General counsel

There is established the Office of General Counsel of the Corporation. The chief executive officer, with the concurrence of the Chairperson of the Thrift Depositor Protection Oversight Board, may appoint the general counsel, who shall be an employee of the Federal Deposit Insurance Corporation, in accordance with subparagraph (B)(i). The general counsel shall perform such duties as the chief executive officer may require.

(9) Corporate powers

The Corporation shall have the following powers:

(A) To adopt, alter, and use a corporate seal.

(B) To enter into contracts and modify, or consent to the modification of, any contract or agreement to which the Corporation is a party or in which the Corporation has an interest under this section.

(C) To make advance, progress, or other payments.

(D) To acquire, hold, lease, mortgage, maintain, or dispose of, at public or private sale, real and personal property, using any legally available private sector methods including without limitation, securitization of debt or equity, limited partnerships, mortgage investment conduits, and real estate investment trusts, and otherwise exercise all the usual incidents of ownership of property necessary and convenient to the operations of the Corporation.

(E) To sue and be sued in its corporate capacity in any court of competent jurisdiction.

(F) To deposit any securities or funds held by the Corporation in any facility or depositary described in section 1823(b) of this title under the terms and conditions applicable to the Federal Deposit Insurance Corporation under such section 1823(b) and pay fees thereof and receive interest thereon.

(G) To take warrants, voting and nonvoting equity, or other participation interests in institutions or assets or properties of institutions described in paragraph (3)(A) and paragraph (10)(A)(iv).

(H) To use the United States mails in the same manner and under the same conditions as other departments and agencies of the United States.

(I) To prescribe bylaws that shall be consistent with law.

(J) To make loans and, with respect to eligible residential properties, develop risk sharing structures and other credit enhancements to assist in the provision of property ownership, rental, and cooperative housing opportunities for lower- and moderate-income families.

(K) To prepare reports and provide such reports, documents, and records to the Thrift Depositor Protection Oversight Board as required by this section.

(L) To issue capital certificates to the Resolution Funding Corporation consistent with the provisions of section 1441b of this title in the following manner:

(i) Authorization to issue

The Corporation is hereby authorized to issue to the Resolution Funding Corporation nonvoting capital certificates.

(ii) Requirement relating to the amount of certificates

The amount of certificates issued by the Corporation under clause (i) shall be equal to the aggregate amount of funds provided by the Resolution Funding Corporation to the Corporation under section 1441b of this title.

(iii) Certificates may be issued only to the Resolution Funding Corporation

Capital certificates issued under clause (i) may be issued only to the Resolution Funding Corporation in the manner and to the extent provided in section 1441b of this title and this section.

(iv) No dividends

The Corporation shall not pay dividends on any capital certificates issued under this section.

(M) To exercise any other power established under this section and such incidental powers as are necessary to carry out its duties and functions under this section. The Corporation may indemnify the directors, officers and employees of the Corporation on such terms as the Corporation deems proper against any liability under any civil suit pursuant to any statute or pursuant to common law with respect to any claim arising out of or resulting from any act or omission by such person within the scope of such person's employment in connection with any transaction entered into involving the disposition of assets (or any interests in any assets or any obligations backed by any assets) by the Corporation. For purposes of this subparagraph, the terms “officers” and “employees” include officers and employees of the Federal Deposit Insurance Corporation or of other agencies who perform services for the Corporation. The indemnification authorized by this subparagraph shall be in addition to and not in lieu of any immunities or other protections that may be available to such person under applicable law, and this provision does not affect any such immunities or other protections.

(10) Special powers (A) In general

In addition to the powers of the Corporation described in paragraph (9), the Corporation shall have the following powers:

(i) Contracts

The Corporation may enter into contracts with any person, corporation, or entity, including State housing finance authorities (as such term is defined in section 1301 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 [12 U.S.C. 1441a–1]) and insured depository institutions, which the Corporation determines to be necessary or appropriate to carry out its responsibilities under this section. Such contracts shall be subject to the procedures adopted pursuant to paragraph (11).

(ii) Utilization of private sector

In carrying out the Corporation's duties under this section, the Corporation and the Federal Deposit Insurance Corporation shall utilize the services of private persons, including real estate and loan portfolio asset management, property management, auction marketing, and brokerage services, if such services are available in the private sector and the Corporation determines utilization of such services are practicable and efficient.

(iii) Mergers and consolidations

The Corporation may require a merger or consolidation of an institution or institutions over which the Corporation has jurisdiction, if such merger or consolidation is consistent with section 1823(c)(4) of this title.

(iv) Organization of savings associations

The Corporation may organize 1 or more Federal savings associations—

(I) which shall be chartered by the Director of the Office of Thrift Supervision,

(II) the deposits of which, if any, shall be insured by the Federal Deposit Insurance Corporation through the Deposit Insurance Fund, and

(III) which shall operate in accordance with subsection (e) of this section.

(v) Organization of bridge banks

The Corporation may organize 1 or more bridge banks pursuant to subsection (i) 4 of section 1821 of this title with respect to any institution described in paragraph (3)(A) which becomes a bank. Such bridge bank shall be subject to subsection (e) of this section.

(B) Review of prior cases

The Corporation shall—

(i) review and analyze all insolvent institution cases resolved by the Federal Savings and Loan Insurance Corporation between January 1, 1988, and August 9, 1989, and actively review all means by which it can reduce costs under existing Federal Savings and Loan Insurance Corporation agreements relating to such cases, including restructuring such agreements;

(ii) evaluate the costs under existing Federal Savings and Loan Insurance Corporation agreements with regard to the following—

(I) capital loss coverage,

(II) yield maintenance guarantees,

(III) forbearances,

(IV) tax consequences, and

(V) any other relevant cost consideration;

(iii) review the bidding procedures used in resolving such cases in order to determine whether the bidding and negotiating processes were sufficiently competitive; and

(iv) report to the Thrift Depositor Protection Oversight Board and the Congress pursuant to subsection (k) of this section.

(C) Provisions applicable to review of prior cases (i) In general

The Corporation shall exercise any and all legal rights to modify, renegotiate, or restructure such agreements where savings would be realized by such actions. The cost or income of any modification shall be a liability or an asset of the Corporation or the FSLIC Resolution Fund as determined by the Thrift Depositor Protection Oversight Board. Nothing in this paragraph shall be construed as granting the Corporation any legal rights to modify, renegotiate, or restructure agreements between the Federal Savings and Loan Insurance Corporation and any other party, which did not exist prior to August 9, 1989.

(ii) Additional provisions

The Corporation, in modifying, renegotiating, or restructuring the insolvent institution cases resolved by the Federal Savings and Loan Insurance Corporation between January 1, 1988, and August 9, 1989, shall carry out its responsibilities under section 519(a) of the Department of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1991 (104 Stat. 1386) and shall, consistent with achieving the greatest overall financial savings to the Federal Government, pursue all legal means by which the Corporation can reduce both the direct outlays and the tax benefits associated with such cases, including, but not limited to, restructuring to eliminate tax-free interest payments and renegotiating to capture a larger portion of the tax benefits for the Corporation.

(11) Regulations, policies, and procedures (A) Strategies, policies, and goals

The Corporation shall adopt the rules, regulations, standards, procedures, guidelines, and statements necessary to implement the strategic plan submitted by the former Oversight Board to Congress dated December 31, 1989. The Corporation may establish overall strategies, policies, and goals for its activities and may issue such rules, regulations, standards, principles, procedures, guidelines, and statements as the Corporation considers necessary or appropriate to carry out its duties.

(B) Review, etc.

Such overall strategies, policies, and goals, and such rules, regulations, standards, principles, procedures, guidelines, and statements—

(i) shall be provided by the Corporation to the Thrift Depositor Protection Oversight Board promptly or prior to publication or announcement to the extent practicable;

(ii) shall be subject to the review of the Thrift Depositor Protection Oversight Board as provided in subsection (a)(6)(A) of this section (with respect to overall strategies, policies, and goals); and

(iii) shall be promulgated pursuant to subchapter II of chapter 5 of title 5.

(C) Preparation and maintenance of records relating to solicitation and acceptance of offers

The Corporation shall—

(i) document decisions made in the solicitation and selection process and the reasons for the decisions; and

(ii) maintain such documentation in the offices of the Corporation, as well as any other documentation relating to the solicitation and selection process.

(D) Distressed areas (i) In general

In developing its implementing policies, the Corporation shall take the action described in clause (ii) to avoid adverse economic impact for those real estate markets that are distressed.

(ii) Valuation and disposition

The Corporation shall establish an appraisal or other valuation method for determining the market value of real property. With respect to a real property asset with a market value in excess of a certain dollar limit (such limit to be determined by the chief executive officer of the Corporation), consideration shall be given to the volume of assets above such limit and the potential impact of sales in such distressed areas. The Corporation shall not sell a real property asset located in a distressed area without obtaining at least the minimum disposition price, unless a determination has been made that such a transaction furthers the objectives set forth in paragraph (3)(C).

(iii) Exception

The provisions of this subparagraph shall not apply to any property as long as such property is subject to the requirements of subsection (c) of this section.

(E) Definitions

For the purposes of this subsection—

(i) The term “minimum disposition price” means 95 percent of the market value established by the Corporation. The chief executive officer, in the chief executive officer's discretion, may change the percentage set forth in this definition from time to time if the chief executive officer determines that such change does not adversely impact the objectives set forth in paragraph (3)(C).

(ii) The term “sell a real property asset” means to convey all title and interest in a piece of tangible real property in which the Corporation has a fee simple or equivalent interest. The term “real property” does not include loans secured by real property, joint ventures, participation interests, options, or other similar interests. In addition, the term “sell” does not include hypothecation of assets, issuance of asset backed securities, issuance of joint ventures, or participation interests, or other similar activities.

(iii) The term “distressed area” means the geographic areas in those political subdivisions designated from time to time by the chief executive officer as having depressed real estate markets. Until the chief executive officer designates otherwise, such distressed areas shall be the States of Arkansas, Colorado, Louisiana, New Mexico, Oklahoma, and Texas.

(iv) The term “market value” means the most probable price which a property should bring in a competitive and open market if—

(I) all conditions requisite to a fair sale are present,

(II) the buyer and seller are acting prudently and are knowledgeable, and

(III) the price is not affected by any undue stimulus.

(F) Real Estate Asset Division

The Corporation shall establish a Real Estate Asset Division to assist and advise the Corporation with respect to the management, sale, or other disposition of real property assets of institutions described in paragraph (3)(A). The Real Estate Asset Division shall have such duties as the Corporation establishes, including the publication of an inventory of real property assets of institutions subject to the jurisdiction of the Corporation. Such inventory shall be published before January 1, 1990 and updated semiannually thereafter and shall identify properties with natural, cultural, recreational, or scientific values of special significance.

(G) Advisory personnel

The Corporation shall maintain an executive-level position and dedicated staff to assist and advise the Corporation and other agencies in pursuing cases, civil claims, and administrative enforcement actions against institution-affiliated parties of insured depository institutions under the jurisdiction of the Corporation. These personnel shall have such duties as the Corporation establishes, including the duty to compile and publish a report to the Congress on the coordinated pursuit of claims by all Federal financial institution regulatory agencies, including the Department of Justice and the Securities and Exchange Commission. The report shall be published before December 31, 1990 and updated semiannually after such date.

(12) Periodic financing requests

The Corporation shall provide the Thrift Depositor Protection Oversight Board with periodic financing requests which shall detail—

(A) anticipated funding requirements for operations, case resolution, and asset liquidation,

(B) anticipated payments on previously issued notes, guarantees, other obligations, and related activities, and

(C) any proposed use of notes, guarantees or other obligations.

Such financing requests shall be submitted on a quarterly basis or such other period as the Thrift Depositor Protection Oversight Board determines necessary. Following approval by the Thrift Depositor Protection Oversight Board, such requests shall form the basis for expending funds provided by the Treasury, for transferring funds from the Resolution Funding Corporation to the Corporation and the issuance of capital certificates by the Corporation in exchange therefor.

(13) Goal for participation of small business concerns

The Corporation shall have an annual goal that presents the maximum practicable opportunity for small business concerns, small business concerns owned and controlled by socially and economically disadvantaged individuals, and qualified HUBZone small business concerns (as defined in section 632(p) of title 15) to participate in the performance of contracts awarded by the Corporation.

(14) Extension of statute of limitations (A) Tort actions for which the prior limitation has run (i) In general

In the case of any tort claim—

(I) which is described in clause (ii); and

(II) for which the applicable statute of limitations under section 1821(d)(14)(A)(ii) of this title has expired before December 17, 1993;

the statute of limitations which shall apply to an action brought on such claim by the Corporation in the Corporation's capacity as conservator or receiver of an institution described in paragraph (3)(A) shall be the period determined under subparagraph (C).

(ii) Claims described

A tort claim referred to in clause (i)(I) with respect to an institution described in paragraph (3)(A) is a claim arising from fraud, intentional misconduct resulting in unjust enrichment, or intentional misconduct resulting in substantial loss to the institution.

(B) Tort actions for which the prior limitation has not run (i) In general

Notwithstanding section 1821(d)(14)(A) of this title, in the case of any tort claim—

(I) which is described in clause (ii); and

(II) for which the applicable statute of limitations under section 1821(d)(14)(A)(ii) of this title has not expired as of December 17, 1993;

the statute of limitations which shall apply to an action brought on such claim by the Corporation in the Corporation's capacity as conservator or receiver of an institution described in paragraph (3)(A) shall be the period determined under subparagraph (C).

(ii) Claims described

A tort claim referred to in clause (i)(I) with respect to an institution described in paragraph (3)(A) is a claim arising from gross negligence or conduct that demonstrates a greater disregard of a duty of care than gross negligence, including intentional tortious conduct relating to the institution.

(C) Determination of period

The period determined under this subparagraph for any claim to which subparagraph (A) or (B) applies shall be the longer of—

(i) the period beginning on the date the claim accrues (as determined pursuant to section 1821(d)(14)(B) of this title) and ending on December 31, 1995 or ending on the date of the termination of the Corporation pursuant to subsection (m)(1) of this section, whichever is later; or

(ii) the period applicable under State law for such claim.

(D) Scope of application

Subparagraphs (A) and (B) shall not apply to any action which is brought after the date of the termination of the Corporation under subsection (m)(1) of this section.

(E) Revival of expired State causes of action

In the case of any tort claim described in subparagraph (A)(ii) for which the statute of limitation applicable under State law with respect to such claim has expired not more than 5 years before the appointment of the Corporation as conservator or receiver, the Corporation may bring an action as conservator or receiver on such claim without regard to the expiration of the statute of limitation applicable under State law.

(15) Purchase rights of tenants (A) Notice

Except as provided in subparagraph (C), the Corporation may make available for sale a 1- to 4-family residence (including a manufactured home) to which the Corporation acquires title only after the Corporation has provided the household residing in the property notice (in writing and mailed to the property) of the availability of such property and the preference afforded such household under subparagraph (B).

(B) Preference

In selling such a property, the Corporation shall give preference to any bona fide offer made by the household residing in the property, if—

(i) such offer is substantially similar in amount to other offers made within such period (or expected by the Corporation to be made within such period);

(ii) such offer is made during the period beginning upon the Corporation making such property available and of a reasonable duration, as determined by the Corporation based on the normal period for sale of such properties; and

(iii) the household making the offer complies with any other requirements applicable to purchasers of such property, including any downpayment and credit requirements.

(C) Exceptions

Subparagraphs (A) and (B) shall not apply to—

(i) any residence transferred in connection with the transfer of substantially all of the assets of an insured depository institution for which the Corporation has been appointed conservator or receiver;

(ii) any eligible single family property (as such term is defined in subsection (c)(9) of this section); or

(iii) any residence for which the household occupying the residence was the mortgagor under a mortgage on such residence and to which the Corporation acquired title pursuant to default on such mortgage.

(16) Preference for sales for homeless families

Subject to paragraph (15), in selling any real property (other than eligible residential property and eligible condominium property, as such terms are defined in subsection (c)(9) of this section) to which the Corporation acquires title, the Corporation shall give preference, among offers to purchase the property that will result in the same net present value proceeds, to any offer that would provide for the property to be used, during the remaining useful life of the property, to provide housing or shelter for homeless persons (as such term is defined in section 103 of the McKinney-Vento Homeless Assistance Act [42 U.S.C. 11302]) or homeless families.

(17) Preferences for sales of certain commercial real properties (A) Authority

In selling any eligible commercial real properties of the Corporation, the Corporation shall give preference, among offers to purchase the property that will result in the same net present value proceeds, to any offer—

(i) that is made by a public agency or nonprofit organization; and

(ii) under which the purchaser agrees that the property shall be used, during the remaining useful life of the property, for offices and administrative purposes of the purchaser to carry out a program to acquire residential properties to provide (I) homeownership and rental housing opportunities for very-low-, low-, and moderate-income families, or (II) housing or shelter for homeless persons (as such term is defined in section 103 of the McKinney-Vento Homeless Assistance Act [42 U.S.C. 11302]) or homeless families.

(B) Definitions

For purposes of this paragraph, the following definitions shall apply:

(i) Eligible commercial real property

The term “eligible commercial real property” means any property (I) to which the Corporation acquires title, and (II) that the Corporation, in the discretion of the Corporation, determines is suitable for use for the location of offices or other administrative functions involved with carrying out a program referred to in subparagraph (A)(ii).

(ii) Nonprofit organization and public agency

The terms “nonprofit organization” and “public agency” have the same meanings as in subsection (c)(9) of this section.

(c) Disposition of eligible residential properties (1) Purpose

The purpose of this subsection is to provide homeownership and rental housing opportunities for very low-income, lower-income, and moderate-income families.

(2) Rules governing disposition of eligible single family properties (A) Notice to clearinghouses

Within a reasonable period of time after acquiring title to an eligible single family property, the Corporation shall provide written notice to clearinghouses. Such notice shall contain basic information about the property, including but not limited to location, condition, and information relating to the estimated fair market value of the property. Each clearinghouse shall make such information available, upon request, to other public agencies, other nonprofit organizations, and qualifying households. The Corporation shall allow public agencies, nonprofit organizations, and qualifying households reasonable access to eligible single family property for purposes of inspection.

(B) Offers to sell single family properties to nonprofit organizations, public agencies, and qualifying households

Except as provided in the last sentence of this subparagraph 5 for the 3-month and one week period following the date on which the Corporation makes an eligible single family property available for sale, the Corporation shall offer to sell the property to (i) qualifying households (including qualifying households with members who are veterans), or (ii) public agencies or nonprofit organizations that agree to (I) make the property available for occupancy by and maintain it as affordable for lower-income families (including lower-income families with members who are veterans) for the remaining useful life of such property, or (II) make the property available for purchase by any such family who, except as provided in subparagraph (D), agrees to occupy the property as a principal residence for at least 12 months and who certifies in writing that the family intends to occupy the property for at least 12 months. The restrictions described in subclause (I) of the preceding sentence shall be contained in the deed or other recorded instrument. If upon the expiration of such 3-month and one week period, no qualifying household, public agency, or nonprofit organization has made a bona fide offer to purchase the property, the Corporation may offer to sell the property to any purchaser. The Corporation shall actively market eligible single family properties for sale to lower-income families and to lower-income families with members who are veterans. To the extent or in such amounts as are provided in appropriations Acts for additional costs and losses to the Corporation resulting from this sentence taking effect, for purposes of this subsection the period referred to in the first and third sentences shall be considered to be the 180-day period following the date on which the Corporation first makes an eligible single family property available for sale.

(C) Recapture of profits from resale

Except as provided in subparagraph (D), if any eligible single family property sold (i) to a qualifying household, or (ii) to a lower-income family pursuant to subparagraph (B)(ii)(II), paragraph (12)(C)(i), or paragraph (13)(B), is resold by the qualifying household or lower-income family during the 1-year period beginning upon initial acquisition by the household or lower-income family, the Corporation shall recapture 75 percent of the amount of any proceeds from the resale that exceed the sum of (I) the original sale price for the acquisition of the property by the qualifying household or lower-income family; (II) the costs of any improvements to the property made after the date of the acquisition, and (III) any closing costs in connection with the acquisition.

(D) Exceptions to recapture requirement (i) Relocation

The Corporation (or its successor) may in its discretion waive the applicability (I) to any qualifying household of the requirement under subparagraph (C) and the requirements relating to residency of a qualifying household under paragraphs (9)(L)(ii) and (iii), and (II) to any lower-income family of the requirement under subparagraph (C) and the residency requirements under subparagraph (B)(ii)(II). The Corporation may grant any such a waiver only for good cause shown, including any necessary relocation of the qualifying household or lower-income family.

(ii) Other recapture provisions

The requirement under subparagraph (C) shall not apply to any eligible single family property for which, upon resale by the qualifying household or lower-income family during the 1-year period beginning upon initial acquisition by the household or family, a portion of the sale proceeds or any subsidy provided in connection with the acquisition of the property by the household or family is required to be recaptured or repaid under any other Federal, State, or local law (including section 143(m) of title 26) or regulation or under any sale agreement.

(E) Exception to avoid displacement of existing residents

Notwithstanding the first sentence of subparagraph (B), during the 180-day period following the date on which the Corporation makes an eligible single family property available for sale, the Corporation may sell the property to the household residing in the property, but only if (i) such household was residing in the property at the time notice regarding the property was provided to clearinghouses under subparagraph (A), (ii) such sale is necessary to avoid the displacement of, and unnecessary hardship to, the resident household, (iii) the resident household intends to occupy the property as a principal residence for at least 12 months, and (iv) and the resident household certifies in writing that the household intends to occupy the property for at least 12 months.

(3) Rules governing disposition of eligible multifamily housing properties

Except as provided under paragraph (6)(D), the Corporation shall dispose of eligible multifamily housing property as follows:

(A) Notice to clearinghouses

Within a reasonable period of time after acquiring title to an eligible multifamily housing property, the Corporation shall provide written notice to clearinghouses. Such notice shall contain basic information about the property, including but not limited to location, number of units (identified by number of bedrooms), and information relating to the estimated fair market value of the property. The clearinghouses shall make such information available, upon request, to qualifying multifamily purchasers. The Corporation shall allow qualifying multifamily purchasers reasonable access to an eligible multifamily housing property for purposes of inspection.

(B) Expression of serious interest

Qualifying multifamily purchasers may give written notice of serious interest in a property during a period ending 90 days after the time the Corporation provides notice under subparagraph (A). Such notice of serious interest shall be in such form and include such information as the Corporation may prescribe.

(C) Notice of readiness for sale

Upon the expiration of the period referred to in subparagraph (B) for a property, the Corporation shall provide written notice to any qualifying multifamily purchaser that has expressed serious interest in the property. Such notice shall specify the minimum terms and conditions for sale of the property.

(D) Offers to purchase

A qualifying multifamily purchaser receiving notice in accordance with subparagraph (C) shall have 45 days (from the date notice is received) to make a bona fide offer to purchase a property. The Corporation shall accept an offer that complies with the terms and conditions established by the Corporation. If, before the expiration of such 45-day period, any offer to purchase a property initially accepted by the Corporation is subsequently rejected or fails (for any reason), the Corporation shall accept another offer to purchase the property made during such period that complies with the terms and conditions established by the Corporation (if such another offer is made). The preceding sentence may not be construed to require a qualifying multifamily purchaser whose offer is accepted during the 45-day period to purchase the property before the expiration of the period.

(E) Lower-income occupancy requirements (i) Single property purchases

With respect to any purchase of a single eligible multifamily housing property by a qualifying multifamily purchaser under subparagraph (D)—

(I) not less than 35 percent of all dwelling units purchased shall be made available for occupancy by and maintained as affordable for lower-income and very low-income families during the remaining useful life of the property in which the units are located; and

(II) not less than 20 percent of all dwelling units purchased shall be made available for occupancy by and maintained as affordable for very low-income families (including very low-income families taken into account for purposes of subclause (I)) during the remaining useful life of the property in which the units are located.

(ii) Aggregation requirements for multiproperty purchases

With respect to any purchase under subparagraph (D) by a qualifying multifamily purchaser involving more than one eligible multifamily housing property as a part of the same negotiation—

(I) the provisions of clause (i) shall apply in the aggregate to the properties so purchased; except that

(II) to the extent or in such amounts as are provided in appropriations Acts for additional costs and losses to the Corporation resulting from this subclause taking effect, not less than (a) 40 percent of the aggregate number of all dwelling units purchased shall be made available for occupancy by and maintained as affordable for lower-income and very low-income families during the remaining useful life of the property in which the units are located, (b) 20 percent of the aggregate number of all dwelling units purchased shall be made available for occupancy by and maintained as affordable for very low-income families (including very low-income families taken into account for purposes of subdivision (a) of this subclause) during the remaining useful life of the property in which the units are located, and (c) not less than 10 percent of the dwelling units in each separate property purchased shall be made available for occupancy by and maintained as affordable for lower-income families during the remaining useful life of the property in which the units are located.

The requirements of this subparagraph shall be contained in the deed or other recorded instrument.

(F) Sale of multifamily properties to other purchasers

(i) If, upon the expiration of the period referred to in subparagraph (B), no qualifying multifamily purchaser has expressed serious interest in a property, the Corporation may offer to sell the property, individually or in combination with other properties, to any purchaser.

(ii) The Corporation may not sell in combination with other properties any property which a qualifying multifamily purchaser has expressed serious interest in purchasing individually.

(iii) If, upon the expiration of the period referred to in subparagraph (D), no qualifying multifamily purchaser has made an offer to purchase the property, the Corporation may sell the property, individually or in combination with other properties, to any purchaser.

(G) Extension of restricted offer periods

Notwithstanding subparagraph (F), the Corporation may provide notice to clearinghouses regarding, and offer for sale under the provisions of subparagraphs (A) through (D), any eligible multifamily housing property—

(i) in which no qualifying multifamily purchaser has expressed serious interest during the period referred to in subparagraph (B), or

(ii) for which no qualifying multifamily purchaser has made a bona fide offer before the expiration of the period referred to in subparagraph (D),

except that the Corporation may, in the discretion of the Corporation, alter the duration of the periods referred to in subparagraphs (B) and (D) in offering any property for sale under this subparagraph.

(H) Exemptions (i) Continued occupancy of current residents

No purchaser of an eligible multifamily housing property may terminate the occupancy of any person residing in the property on the date of purchase for purposes of meeting the lower-income occupancy requirement applicable to the property under subparagraph (E). The purchaser shall be in compliance with this paragraph if each newly vacant dwelling unit is reserved for lower-income occupancy until the lower-income occupancy requirement is met.

(ii) Financial infeasibility

The Secretary of Housing and Urban Development or the State housing finance agency for the State in which the property is located may temporarily reduce the lower-income occupancy requirements applicable to any property under subparagraph (E), if the Secretary or the applicable State housing finance agency determines that an owner's compliance with such requirements is no longer financially feasible. The owner of the property shall make a good-faith effort to return lower-income occupancy to the level required by subparagraph (E), and the Secretary of Housing and Urban Development or the State housing finance agency, as appropriate, shall review the reduction annually to determine whether financial infeasibility continues to exist.

(4) Rent limitations (A) In general

With respect to properties under subparagraph (B), rents charged to tenants for units made available for occupancy by very-low income families shall not exceed 30 percent of the adjusted income of a family whose income equals 50 percent of the median income for the area, as determined by the Secretary, with adjustment for family size. Rents charged to tenants for units made available for occupancy by lower-income families other than very low-income families shall not exceed 30 percent of the adjusted income of a family whose income equals 65 percent of the median income for the area, as determined by the Secretary, with adjustment for family size.

(B) Applicability

The rent limitations under this paragraph shall apply to any eligible single-family property sold pursuant to paragraph (2)(B)(ii)(I) and to any multifamily housing property sold pursuant to paragraph (3).

(5) Preference for sales

When selling any eligible multifamily housing property or combinations of eligible residential properties, the Corporation shall give preference, among substantially similar offers, to the offer that would reserve the highest percentage of dwelling units for occupancy or purchase by very low-income families and lower-income families and would retain such affordability for the longest term.

(6) Financing of sale (A) Assistance by Corporation (i) Sale price

The Corporation shall establish a market value for each eligible multifamily housing property. The Corporation shall sell eligible multifamily housing property at the net realizable market value. The Corporation may agree to sell eligible multifamily housing property at a price below the net realizable market value to the extent necessary to facilitate an expedited sale of such property and enable a public agency or nonprofit organization to comply with the lower-income occupancy requirements applicable to such property under paragraph (3). The Corporation may sell eligible single family property or eligible condominium property to qualifying households, nonprofit organizations, and public agencies without regard to any minimum sale price.

(ii) Purchase loan

The Corporation may provide a loan at market interest rates to the purchaser of eligible residential property for all or a portion of the purchase price, which loan shall be secured by a first or second mortgage on the property. The Corporation may provide such a loan at below market interest rates to the extent necessary to facilitate an expedited sale of eligible residential property and permit (I) a lower-income family to purchase an eligible single family property under paragraph (2); or (II) a public agency or nonprofit organization to comply with the lower-income occupancy requirements applicable to the purchase of an eligible residential property under paragraph (2) or (3). The Corporation shall provide such loan in a form which would permit its sale or transfer to a subsequent holder. In providing financing for combinations of eligible multifamily housing properties under this subsection, the Corporation may hold a participating share, including a subordinate participation. The Corporation shall periodically provide, to a wide range of minority- and women-owned businesses engaged in providing affordable housing and to nonprofit organizations, more than 50 percent of the control of which is held by 1 or more minority individuals, that are engaged in providing affordable housing, information that is sufficient to inform such businesses and organizations of the availability and terms of financing under this clause; such information may be provided directly, by notices published in periodicals and other publications that regularly provide information to such businesses or organizations, and through persons and organizations that regularly provide information or services to such businesses or organizations. For purposes of this clause, the terms “women-owned business” and “minority-owned business” have the meanings given such terms in subsection (r) of this section, and the term “minority” has the meaning given such term in section 1204(c)(3) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.

(B) Assistance by HUD

The Secretary shall take such action as may be necessary to expedite the processing of applications for assistance under section 202 of the Housing Act of 1959 [12 U.S.C. 1701q], the United States Housing Act of 1937 [42 U.S.C. 1437 et seq.], title IV of the McKinney-Vento Homeless Assistance Act [42 U.S.C. 11360 et seq.], section 810 3 of the Housing and Community Development Act of 1974 [12 U.S.C. 1706e], and the National Housing Act [12 U.S.C. 1701 et seq.] to enable any organization or individual to purchase eligible residential property.

(C) Assistance by FmHA

The Secretary of Agriculture shall take such actions as may be necessary to expedite the processing of applications for assistance under title V of the Housing Act of 1949 [42 U.S.C. 1471 et seq.] to enable any organization or individual to purchase eligible residential property.

(D) Exception to disposition rules

Notwithstanding the requirements under subparagraphs (A), (B), (C), (D), (F), and (G) of paragraph (3), the Corporation may provide for the disposition of eligible multifamily housing properties as necessary to facilitate purchase of such properties for use in connection with the section 202 of the Housing Act of 1959 [12 U.S.C. 1701q].

(E) Urban homesteading acquisition

(i) In providing for bulk acquisition of eligible single family properties by the Secretary under section 810(l) 3 of the Housing and Community Development Act of 1974 [12 U.S.C. 1706e(l)] and by participating jurisdictions for inclusion in affordable housing activities assisted under title II of the Cranston-Gonzalez National Affordable Housing Act [42 U.S.C. 12721 et seq.], the Corporation shall agree to an amount to be paid for acquisition of such properties. The acquisition price shall include discounts for bulk purchase and for holding of the property such that the acquisition price for each property shall not exceed 50 percent of the fair market value of the property, as valued individually.

(ii) To the extent necessary to facilitate sale of properties to the Secretary and participating jurisdictions, the requirements of paragraphs (2), (5), and (6)(A) of this subsection shall not apply to such transactions and property involved in such transactions.

(iii) To facilitate acquisitions by the Secretary and participating jurisdictions, the Corporation shall provide the Secretary and participating jurisdictions with an inventory of eligible single family properties, not less than 4 times each year.

(7) Contracting rules

Contracts entered into under this subsection shall not be subject to the requirements of subsection (b)(10)(A) of this section.

(8) Use of secondary market agencies (A) In general

In the disposition of eligible residential properties, the Corporation shall, in consultation with the Secretary, explore opportunities to work with secondary market entities to provide housing for lower- and moderate-income families.

(B) Credit enhancement (i) In general

With respect to such Corporation properties, the Secretary may, consistent with statutory authorities, work through the Federal Housing Administration, the Government National Mortgage Association, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and other secondary market entities to develop risk sharing structures, mortgage insurance, and other credit enhancements to assist in the provision of property ownership, rental, and cooperative housing opportunities for lower- and moderate-income families.

(ii) Certain tax-exempt bonds

The Corporation may provide credit enhancements with respect to tax-exempt bonds issued on behalf of nonprofit organizations pursuant to section 103, and subpart A of part IV of subchapter B of chapter 1, of title 26, with respect to the disposition of eligible residential properties for the purposes described in clause (i).

(C) Report

In the annual report submitted by the Secretary to the Congress, the Secretary shall include a detailed description of his activities under this paragraph, including recommendations for such additional authorization as he deems necessary to implement the provisions of this subsection.

(9) Definitions

For purposes of this subsection—

(A) Adjusted income and income

The terms “adjusted income” and “income” shall have the meaning given such terms in section 3(b) of the United States Housing Act of 1937 [42 U.S.C. 1437a(b)].

(B) Clearinghouses

The term “clearinghouses” means—

(i) the State housing finance agency for the State in which an eligible residential property is located,

(ii) the Office of Community Investment (or other comparable division) within the Director, and

(iii) any national nonprofit organizations 6 (including any nonprofit entity established by the corporation established under title IX of the Housing and Community Development Act of 1968 [42 U.S.C. 3931 et seq.]) that the Corporation determines has the capacity to act as a clearinghouse for information.

(C) Corporation

The term “Corporation” means the Resolution Trust Corporation.

(D) Eligible condominium property

The term “eligible condominium property” means a condominium unit, as such term is defined in section 3603 of title 15—

(i) to which the Corporation acquires title in its corporate capacity, its capacity as conservator, or its capacity as receiver (including its capacity as the sole owner of a subsidiary corporation of a depository institution under conservatorship or receivership, which subsidiary has as its principal business the ownership of real property); and

(ii) that has an appraised value that does not exceed—

(I) ,500 in the case of a 1-family residence, ,000 in the case of a 2-family residence, ,000 in the case of a 3-family residence, and 7,000 in the case of a 4-family residence; or

(II) only to the extent or in such amounts as are provided in appropriation Acts for additional costs and losses to the Corporation resulting from this subclause taking effect, the amount provided in section 203(b)(2)(A) of the National Housing Act [12 U.S.C. 1709(b)(2)(A)], except that such amount shall not exceed 1,250 in the case of a 1-family residence, 4,000 in the case of a 2-family residence, 8,000 in the case of a 3-family residence, and 0,500 in the case of a 4-family residence.

(E) Eligible multifamily housing property (i) Basic definition

The term “eligible multifamily housing property” means a property consisting of more than 4 dwelling units—

(I) to which the Corporation acquires title either in its corporate capacity or as receiver (including its capacity as the sole owner of a subsidiary corporation of a depository institution under receivership, which subsidiary has as its principal business the ownership of real property), but not in its capacity as an operating conservator; and

(II) that has an appraised value that does not exceed, for such part of the property as may be attributable to dwelling use (excluding exterior land improvements), ,500 per family unit without a bedroom, ,816 per family unit with 1 bedroom, ,120 per family unit with 2 bedrooms, ,195 per family unit with 3 bedrooms, and ,392 per family unit with 4 or more bedrooms.

(ii) Expanded definition

Notwithstanding clause (i), to the extent or in such amounts as are provided in appropriations Acts for additional costs and losses to the Corporation resulting from this clause taking effect, the term “eligible multifamily housing property” shall mean a property consisting of more than 4 dwelling units—

(I) to which the Corporation acquires title in its corporate capacity, its capacity as conservator, or its capacity as receiver (including its capacity as the sole owner of a subsidiary corporation of a depository institution under conservatorship or receivership, which subsidiary has as its principal business the ownership of real property); and

(II) that has an appraised value that does not exceed, for such part of the property as may be attributable to dwelling use (excluding exterior land improvements), ,500 per family unit without a bedroom, ,816 per family unit with 1 bedroom, ,120 per family unit with 2 bedrooms, ,195 per family unit with 3 bedrooms, and ,392 per family unit with 4 or more bedrooms.

(F) Eligible residential property

The term “eligible residential property” includes eligible single family properties and eligible multifamily housing properties.

(G) Eligible single family property

The term “eligible single family property” means a 1- to 4-family residence (including a manufactured home)—

(i) to which the Corporation acquires title in its corporate capacity, its capacity as conservator, or its capacity as receiver (including its capacity as the sole owner of a subsidiary corporation of a depository institution under conservatorship or receivership, which subsidiary has as its principal business the ownership of real property); and

(ii) that has an appraised value that does not exceed—

(I) ,500 in the case of a 1-family residence, ,000 in the case of a 2-family residence, ,000 in the case of a 3-family residence, and 7,000 in the case of a 4-family residence; or

(II) only to the extent or in such amounts as are provided in appropriation Acts for additional costs and losses to the Corporation resulting from this subclause taking effect, the amount provided in section 203(b)(2)(A) of the National Housing Act [12 U.S.C. 1709(b)(2)(A)], except that such amount shall not exceed 1,250 in the case of a 1-family residence, 4,000 in the case of a 2-family residence, 8,000 in the case of a 3-family residence, and 0,500 in the case of a 4-family residence.

(H) Lower-income families

The term “lower-income families” means families and individuals whose incomes do not exceed 80 percent of the median income of the area involved, as determined by the Secretary, with adjustment for family size.

(I) Net realizable market value

The term “net realizable market value” means a price below the market value that takes into account (i) any reductions in holding costs resulting from the expedited sale of a property, including but not limited to foregone real estate taxes, insurance, maintenance costs, security costs, and loss of use of funds, and (ii) the avoidance, where applicable, of fees paid to real estate brokers, auctioneers, or other individuals or organizations involved in the sale of property owned by the Corporation.

(J) Nonprofit organization

The term “nonprofit organization” means a private organization (including a limited equity cooperative)—

(i) no part of the net earnings of which inures to the benefit of any member, shareholder, founder, contributor, or individual; and

(ii) that is approved by the Corporation as to financial responsibility.

(K) Public agency

The term “public agency”—

(i) means any Federal, State, local, or other governmental entity; and

(ii) includes any public housing agency.

(L) Qualifying household

The term “qualifying household” means a household (i) who intends to occupy eligible single family property as a principle 7 residence; and (ii) who agrees to occupy the property as a principal residence for at least 12 months (except as provided in paragraph (2)(D)); (iii) who certifies in writing that the household intends to occupy the property as a principal residence for at least 12 months (except as provided in paragraph (2)(D)); and (iv) whose income does not exceed 115 percent of the median income for the area, as determined by the Secretary, with adjustment for family size.

(M) Qualifying multifamily purchaser

The term “qualifying multifamily purchaser” means (i) a public agency, (ii) a nonprofit organization, or (iii) a for-profit entity which makes a commitment (for itself or any related entity) to satisfy the lower-income occupancy requirements specified under paragraph (3)(E) for any eligible multifamily property for which an offer to purchase is made during or after the periods specified under paragraph (3).

(N) Rural area

The term “rural area” has the meaning given such term in section 520 of the Housing Act of 1949 [42 U.S.C. 1490].

(O) Secretary

The term “Secretary” means the Secretary of the 8 Housing and Urban Development.

(P) State housing finance agency

The term “State housing finance agency” means the public agency, authority, corporation, or other instrumentality of a State that has the authority to provide residential mortgage loan financing throughout such State.

(Q) Very low-income families

The term “very-low income families” means families and individuals whose incomes do not exceed 50 percent of the median income of the area involved, as determined by the Secretary, with adjustment for family size.

(10) Exemption for certain transactions with insured depository institutions

The provisions of this subsection shall not apply with respect to any eligible residential property after the date the Corporation enters into a contract to sell such property to an insured depository institution (as defined in section 1813 of this title), including any sale in connection with a transfer of all or substantially all of the assets of a closed savings association (including such property) to an insured depository institution.

(11) Third party rights (A) In general

The provisions of this subsection, or any failure by the Corporation to comply with such provisions, may not be used by any person to attack or defeat any title to property once it is conveyed by the Corporation.

(B) Lower-income occupancy

The lower-income occupancy requirements applicable under paragraphs (2), (3), (12)(C), (13)(B), and (14)(C) shall be judicially enforceable against purchasers of property under this subsection or their successors in interest by affected very low- and lower-income families, State housing finance agencies, and any agency, corporation, or authority of the United States Government. The parties specified in the preceding sentence shall be entitled to reasonable attorney fees upon prevailing in any such judicial action.

(C) Clearinghouse

A clearinghouse shall not be subject to suit for its failure to comply with the requirements of this subsection.

(D) Corporation

The Corporation shall not be liable to any depositor, creditor, or shareholder of any insured depository institution for which the Corporation has been appointed receiver or conservator, or of any subsidiary corporation of a depository institution under conservatorship or receivership, or any claimant against such an institution or subsidiary, because the disposition of assets of the institution or the subsidiary under this subsection affects the amount of return from the assets.

(12) Transfer of certain eligible residential properties to State housing agencies for disposition

Notwithstanding paragraphs (2), (3), (5), and (6), the Corporation may transfer eligible residential properties to the State housing finance agency or any other State housing agency for the State in which the property is located, or to any local housing agency in whose jurisdiction the property is located. Transfers of eligible residential properties under this paragraph may be conducted by direct sale, consignment sale, or any other method the Corporation considers appropriate and shall be subject to the following requirements:

(A) Individual or bulk transfer

The Corporation may transfer such properties individually or in bulk, as agreed to by the Corporation and the State housing finance agency or State or local housing agency.

(B) Acquisition price and discount

The acquisition price paid by the State housing finance agency or State or local housing agency to the Corporation for properties transferred under this paragraph shall be an amount agreed to by the Corporation and the transferee agency.

(C) Lower-income use

Any State housing finance agency or State or local housing agency acquiring properties under this paragraph shall offer to sell or transfer the properties only as follows:

(i) Eligible single family properties

For eligible single family properties—

(I) to purchasers described under clauses (i) and (ii) of paragraph (2)(B);

(II) if the purchaser is a purchaser described under paragraph (2)(B)(ii)(I), subject to the rent limitations under paragraph (4)(A);

(III) subject to the requirement in the second sentence of paragraph (2)(B); and

(IV) subject to recapture by the Corporation of excess proceeds from resale of the properties under subparagraphs (C) and (D) of paragraph (2).

(ii) Eligible multifamily housing properties

For eligible multifamily housing properties—

(I) to qualifying multifamily purchasers;

(II) subject to the lower-income occupancy requirements under paragraph (3)(E);

(III) subject to the provisions of paragraph (3)(H);

(IV) subject to a preference, among financially acceptable offers, to the offer that would reserve the highest percentage of dwelling units for occupancy or purchase by very low-income families and lower-income families and would retain such affordability for the longest term; and

(V) subject to the rent limitations under paragraph (4)(A).

(D) Affordability

The State housing finance agency or State or local housing agency shall endeavor to make the properties transferred under this paragraph more affordable to lower-income families based upon the extent to which the acquisition price of a property under subparagraph (B) is less than the market value of the property.

(13) Exception for sales to nonprofit organizations and public agencies (A) Suspension of offer periods

With respect to any eligible residential property, the Corporation may (in the discretion of the Corporation) suspend any of the requirements of subparagraphs (A) and (B) of paragraph (2) and subparagraphs (A) through (D) of paragraph (3), as applicable, but only to the extent that for the duration of the suspension the Corporation negotiates the sale of the property to a nonprofit organization or public agency. If the property is not sold pursuant to such negotiations, the requirements of any provisions suspended shall apply upon the termination of the suspension. Any time period referred to in such paragraphs shall toll for the duration of any suspension under this subparagraph.

(B) Use restrictions (i) Eligible single family property

Any eligible single family property sold under this paragraph shall be (I) made available for occupancy by and maintained as affordable for lower-income families for the remaining useful life of the property, or made available for purchase by such families, (II) subject to the rent limitations under paragraph (4)(A), (III) subject to the requirements relating to residency of a qualifying household under paragraph (9)(L) and to residency of a lower-income family under paragraph (2)(B)(ii), and (IV) subject to recapture by the Corporation of excess proceeds from resale of the property under subparagraphs (C) and (D) of paragraph (2).

(ii) Eligible multifamily housing property

Any eligible multifamily housing property sold under this paragraph shall comply with the lower-income occupancy requirements under paragraph (3)(E) and shall be subject to the rent limitations under paragraph (4)(A).

(14) Rules governing disposition of eligible condominium property (A) Notice to clearinghouses

Within a reasonable period of time after acquiring title to an eligible condominium property, the Corporation shall provide written notice to clearinghouses. Such notice shall contain basic information about the property. Each clearinghouse shall make such information available, upon request, to purchasers described in clauses (i) through (iv) of subparagraph (B). The Corporation shall allow such purchasers reasonable access to an eligible condominium property for purposes of inspection.

(B) Offers to sell

For the 180-day period following the date on which the Corporation makes an eligible condominium property available for sale, the Corporation may offer to sell the property, at the discretion of the Corporation, to 1 or more of the following purchasers:

(i) Qualifying households.

(ii) Nonprofit organizations.

(iii) Public agencies.

(iv) For-profit entities.

(C) Lower-income occupancy requirements (i) In general

Except as provided in clause (ii), any nonprofit organization, public agency, or for-profit entity that purchases an eligible condominium property shall (I) make the property available for occupancy by and maintain it as affordable for lower-income families for the remaining useful life of the property, or (II) make the property available for purchase by any such family who, except as provided in subparagraph (E), agrees to occupy the property as a principal residence for at least 12 months and who certifies in writing that the family intends to occupy the property for at least 12 months. The restriction described in subclause (I) of the preceding sentence shall be contained in the deed or other recorded instrument.

(ii) Multiple-unit purchases

If any nonprofit organization, public agency, or for-profit entity purchases more than 1 eligible condominium property as a part of the same negotiation or purchase, the Corporation may (in the discretion of the Corporation) waive the requirement under clause (i) and provide instead that not less than 35 percent of all eligible condominium properties purchased shall be (I) made available for occupancy by and maintained as affordable for lower-income families for the remaining useful life of the property, or (II) made available for purchase by any such family who, except as provided in subparagraph (E), agrees to occupy the property as a principal residence for at least 12 months and who certifies in writing that the family intends to occupy the property for at least 12 months. The restriction described 9 subclause (I) of the preceding sentence shall be contained in the deed or other recorded instrument.

(iii) Sale to other purchasers

If, upon the expiration of the 180-day period referred to in subparagraph (B), no purchaser described in clauses (i) through (iv) of subparagraph (B) has made a bona fide offer to purchase the property, the Corporation may offer to sell the property to any other purchaser.

(D) Recapture of profits from resale

Except as provided in subparagraph (E), if any eligible condominium property sold (i) to a qualifying household, or (ii) to a lower-income family pursuant to subparagraph (C)(i)(II) or (C)(ii)(II), is resold by the qualifying household or lower-income family during the 1-year period beginning upon initial acquisition by the household or family, the Corporation shall recapture 75 percent of the amount of any proceeds from the resale that exceed the sum of (I) the original sale price for the acquisition of the property by the qualifying household or lower-income family, (II) the costs of any improvements to the property made after the date of the acquisition, and (III) any closing costs in connection with the acquisition.

(E) Exception to recapture requirement

The Corporation (or its successor) may in its discretion waive the applicability to any qualifying household or lower-income family of the requirement under subparagraph (D) and the requirements relating to residency of a qualifying household or lower-income family (under paragraph (9)(L) and subparagraph (C) of this paragraph, respectively). The Corporation may grant any such a 10 waiver only for good cause shown, including any necessary relocation of the qualifying household or lower-income family.

(F) Limitations on multiple unit purchases

The Corporation may not sell or offer to sell as part of the same negotiation or purchase any eligible condominium properties that are not located in the same condominium project (as such term is defined in section 3603 of title 15). The preceding sentence may not be construed to require all eligible condominium properties offered or sold as part of the same negotiation or purchase to be located in the same structure.

(G) Rent limitations

Rents charged to tenants of eligible condominium properties made available for occupancy by very low-income families shall not exceed 30 percent of the adjusted income of a family whose income equals 50 percent of the median income for the area, as determined by the Secretary, with adjustment for family size. Rents charged to tenants of eligible condominium properties made available for occupancy by lower-income families other than very low-income families shall not exceed 30 percent of the adjusted income of a family whose income equals 65 percent of the median income for the area, as determined by the Secretary, with adjustment for family size.

(15) Reports to Congress (A) In general

The Corporation shall submit to the Congress semiannual reports under this paragraph regarding the disposition of eligible residential properties under this subsection during the most recently concluded reporting period. The first report under this paragraph shall be submitted not later than the expiration of the 4-month period beginning upon the conclusion of the first reporting period under subparagraph (B). Subsequent reports shall be submitted not less than every 6 months after such expiration.

(B) Reporting periods

For purposes of this paragraph, the term “reporting period” means the 6-month period for which a report under this paragraph is made, except that the first reporting period shall be the period beginning on August 9, 1989, and ending on December 12, 1991. Each successive reporting period shall begin upon the conclusion of the preceding reporting period.

(C) Information regarding properties sold

Each report under this paragraph shall contain information regarding each eligible residential property sold by the Corporation during the applicable reporting period, as follows:

(i) A description of the property, the location of the property, and the number of dwelling units in the property.

(ii) The appraised value of the property.

(iii) The sale price of the property.

(iv) For eligible single family properties—

(I) the income and race of the purchaser of the property, if the property is sold to an occupying household or is sold for resale to an occupying household; and

(II) whether the property is reserved for residency by very low- or lower-income families, if the property is sold for use as rental property.

(v) For eligible multifamily housing properties, the number and percentage of dwelling units in the property reserved for occupancy by very low- and lower-income families.

(vi) The number of eligible single family properties sold after the expiration of the offer period for such properties referred to in paragraph (2)(B).

(vii) The number of eligible multifamily housing properties sold after the expiration of the periods for such properties referred to in subparagraphs (B) and (D) of paragraph (3).

(D) Number of properties within windows

Each report under this paragraph shall contain the following information:

(i) The number of eligible single family properties for which the offer period referred to in paragraph (2)(B) had not expired before the conclusion of the applicable reporting period (or had not yet commenced).

(ii) The number of eligible multifamily housing properties for which the 90-day period referred to in paragraph (3)(B) had not expired before the conclusion of the applicable reporting period (or had not yet commenced).

(16) Notice to clearinghouses regarding ineligible properties (A) In general

Within a reasonable period of time after acquiring title to an ineligible residential property, the Corporation shall, to the extent practicable, provide written notice to clearinghouses.

(B) Content

For ineligible single family properties, such notice shall contain the same information about such properties that the notice required under paragraph (2)(A) contains with respect to eligible single family properties. For ineligible multifamily housing properties, such notice shall contain the same information about such properties that the notice required under paragraph (3)(A) contains with respect to eligible multifamily housing properties. For ineligible condominium properties, such notice shall contain the same information about such properties that the notice required under paragraph (14)(A) contains with respect to eligible condominium properties.

(C) Availability

The clearinghouses shall make such information available, upon request, to other public agencies, other nonprofit organizations, qualifying households, qualifying multifamily purchasers, and other purchasers, as appropriate.

(D) Definitions

For purposes of this paragraph, the following definitions shall apply:

(i) Ineligible condominium property

The term “ineligible condominium property” means a condominium unit, as such term is defined in section 3603 of title 15—

(I) to which the Corporation acquires title in its corporate capacity, its capacity as conservator, or its capacity as receiver (including its capacity as the sole owner of a subsidiary corporation of a depository institution under conservatorship or receivership, which subsidiary corporation has as its principal business the ownership of real property);

(II) that has an appraised value that does not exceed the applicable dollar amount limitation for the property under paragraph (9)(D)(ii)(II); and

(III) that is not an eligible condominium property.

(ii) Ineligible multifamily housing property

The term “ineligible multifamily housing property” means a property consisting of more than 4 dwelling units—

(I) to which the Corporation acquires title in its capacity as conservator (including its capacity as the sole owner of a subsidiary corporation of a depository institution under conservatorship, which subsidiary corporation has as its principal business the ownership of real property);

(II) that has an appraised value that does not exceed, for such part of the property as may be attributable to dwelling use (excluding exterior land improvements), the dollar amount limitations under paragraph (9)(E)(i)(II); and

(III) that is not an eligible multifamily housing property.

(iii) Ineligible single family property

The term “ineligible single family property” means a 1- to 4-family residence (including a manufactured home)—

(I) to which the Corporation acquires title in its corporate capacity, its capacity as conservator, or its capacity as receiver (including its capacity as the sole owner of a subsidiary corporation of a depository institution under conservatorship or receivership, which subsidiary corporation has as its principal business the ownership of real property);

(II) that has an appraised value that does not exceed the applicable dollar amount limitation for the property under paragraph (9)(G)(ii)(II); and

(III) that is not an eligible single family property.

(iv) Ineligible residential property

The term “ineligible residential property” includes ineligible single family properties, ineligible multifamily housing properties, and ineligible condominium properties.

(17) Unified affordable housing program (A) In general

Not later than 4 months after December 17, 1993, the Corporation shall enter into an agreement, as described in section 1831q(n)(3) of this title, with the Federal Deposit Insurance Corporation that sets out a plan for the orderly unification of the Corporation's activities, authorities, and responsibilities under this subsection with the authorities, activities, and responsibilities of the Federal Deposit Insurance Corporation pursuant to section 1831q of this title in a manner that best achieves an effective and comprehensive affordable housing program management structure. The agreement shall be entered into after consultation with the Affordable Housing Advisory Board under section 14(b) of the Resolution Trust Corporation Completion Act.

(B) Authority and implementation

The Corporation shall have the authority to carry out the provisions of the agreement entered into pursuant to subparagraph (A) and shall implement such agreement as soon as practicable, but in no event later than 8 months after December 17, 1993.

(C) Transfer of authority

Effective upon October 1, 1995, any remaining authority and responsibilities of the Corporation under this subsection shall be carried out by the Federal Deposit Insurance Corporation.

(d) National and regional advisory boards (1) National advisory board (A) Establishment

The Thrift Depositor Protection Oversight Board shall establish a national advisory board to provide information to the Thrift Depositor Protection Oversight Board, and to advise that Board on policies and programs for the sale or other disposition of real property assets of institutions which are described in subsection (b)(3)(A) of this section.

(B) Membership

The national advisory board shall consist of—

(i) a chairperson appointed by the Thrift Depositor Protection Oversight Board; and

(ii) the chairpersons of any regional advisory boards established pursuant to paragraph (3).

(C) Meetings

The national advisory board shall meet 4 times a year, or more frequently if requested by the Corporation.

(2) [Reserved] (3) Regional advisory boards (A) Establishment

The Thrift Depositor Protection Oversight Board shall establish not less than 6 regional advisory boards to advise the Corporation on the policies and programs for the sale or other disposition of real property assets of institutions described in subsection (b)(3)(A) of this section. Such regional advisory boards shall be established in any region where the Thrift Depositor Protection Oversight Board determines that there exists a significant portfolio of real property assets of institutions which are described in subsection (b)(3)(A) of this section.

(B) Membership (i) Appointment

Each regional advisory board shall consist of 5 members. Each member shall be appointed by the Thrift Depositor Protection Oversight Board and shall serve at the pleasure of the Thrift Depositor Protection Oversight Board. The members shall be selected from those residents of the region who will represent the views of low- and moderate-income consumers and small businesses, or who have knowledge and experience regarding business, financial, and real estate matters.

(ii) Terms

Each member of a regional advisory board shall serve a term not to exceed 2 years, except that the Thrift Depositor Protection Oversight Board may provide for classes of members so that the terms of not more than 3 members of any such board shall expire in any 1 year.

(C) Meetings

Each regional advisory board shall meet 4 times a year, or more frequently if requested by the Corporation. A regional advisory board shall conduct its meetings in its region.

(4) Prohibition on compensation

Members of the national and regional advisory boards shall serve without compensation, except that such members shall be entitled to receive allowances in accordance with subchapter I of chapter 57 of title 5 for necessary expenses of travel, lodging, and subsistence incurred in attending official meetings and other activities of the boards.

(5) Treatment as advisory committee and termination of national and regional advisory boards (A) Federal Advisory Committee Act

The national and regional advisory boards shall be subject to the provisions of the Federal Advisory Committee Act.

(B) Termination

Notwithstanding the provisions of the Federal Advisory Committee Act, the national advisory board and any regional advisory board established pursuant to this subsection which is in existence on the date on which the Corporation terminates shall also terminate on such date.

(e) Institutions organized by Corporation (1) Limitations on certain activities

All insured depository institutions (as defined in section 1813 of this title) organized by the Corporation under this section shall, during the period such institutions are within the control of the Corporation, be subject to such limitations, restrictions, and conditions as determined by the Corporation with respect to the following activities:

(A) Growth of assets.

(B) Lending and borrowing activities.

(C) Asset acquisitions.

(D) Use of brokered deposits.

(E) Payment of deposit rates.

(F) Setting policy or credit standards.

(G) Capital standards.

(2) Applicability of other provisions of law

Except as otherwise provided, all insured depository institutions (defined in section 1813 of this title) organized by the Corporation shall—

(A) be subject to all laws and rules otherwise applicable to them as insured depository institutions, and

(B) shall 11 be subject to the supervision of the appropriate Federal banking agency (as that term is defined in section 1813 of this title).

(f) Limitation on certain Corporation activities (1) Certain sales prohibited

The Corporation shall prescribe regulations to prohibit the sale of assets of a failed institution by the Corporation to any person who—

(A)(i) has defaulted, or was a member of a partnership or an officer or director of a corporation which has defaulted, on 1 or more obligations the aggregate amount of which exceed ,000,000 to such failed institution;

(ii) has been found to have engaged in fraudulent activity in connection with any obligation referred to in clause (i); and

(iii) proposes to purchase any such asset in whole or in part through the use of the proceeds of a loan or advance of credit from the Corporation or from any institution subject to the jurisdiction of the Corporation pursuant to paragraph (3)(A);

(B) participated, as an officer or director of such failed institution or of any affiliate of such institution, in a material way in transactions that resulted in a substantial loss to such failed institution;

(C) has been removed from, or prohibited from participating in the affairs of, such failed institution pursuant to any final enforcement action by an appropriate Federal banking agency; or

(D) has demonstrated a pattern or practice of defalcation regarding obligations to such failed institution.

(2) Settlement of claims; definitions (A) Settlement of claims

Nothing in this subsection shall prohibit the Corporation from selling or otherwise transferring any asset to any person if the sale or transfer of the asset resolves or settles, or is part of the resolution or settlement, of obligations owed by the person to the failed institution or the Corporation.

(B) Definitions

For purposes of paragraph (1)—

(i) Default

The term “default” means a failure to comply with the terms of a loan or other obligation to such an extent that the property securing the obligation is foreclosed upon.

(ii) Affiliate

The term “affiliate” has the meaning given to such term in section 1841(k) of this title.

(g) Exemption from State and local taxation

The Corporation and the Thrift Depositor Protection Oversight Board, the capital, reserves, surpluses, and assets of the Corporation and the Thrift Depositor Protection Oversight Board, and the income derived from such capital, reserves, surpluses, or assets shall be exempt from State, municipal, and local taxation except taxes on real estate held by the Corporation, according to its value as other similar property held by other persons is taxed.

(h) Guarantees of FSLIC (1) Assumption by Corporation

On August 9, 1989, the Corporation shall, by operation of law (and without further action by the Corporation, the Thrift Depositor Protection Oversight Board, the Federal Housing Finance Board,1 the Federal Savings and Loan Insurance Corporation, or any court), assume all rights and obligations of the Federal Savings and Loan Insurance Corporation with respect to any guarantee issued by the Federal Savings and Loan Insurance Corporation during the period beginning on January 1, 1989, and ending on August 9, 1989, in connection with any loan to any savings association by any Federal Reserve bank or Federal Home Loan Bank (hereinafter in this subsection referred to as a “lender”).

(2) Payment by Corporation

Any obligation assumed by the Corporation for any guarantee described in paragraph (1) to any lender shall be paid by the Corporation before the end of the 1-year period beginning on August 9, 1989. Payment shall be made from funds or assets available to the Corporation.

(3) Priority of claims of lenders

Any claim by a lender with respect to any obligation assumed by the Corporation for a guarantee described in paragraph (1) shall have priority over all other secured or unsecured obligations of the Corporation.

(4) Treasury backup

If the resources of the Corporation are insufficient to pay all the obligations assumed by the Corporation under paragraph (1) within the 1-year period, the Secretary of the Treasury shall pay the amount of any such deficiency. There are hereby appropriated to the Secretary for fiscal year 1989 and each fiscal year thereafter, such sums as may be necessary to pay such deficiency.

(i) Funding (1) Borrowing (A) In general

The Corporation, upon approval of the Thrift Depositor Protection Oversight Board, is authorized to borrow from the Treasury. The Secretary of the Treasury is authorized and directed to loan to the Corporation, on such terms as may be fixed by the Secretary of the Treasury, an amount not exceeding in the aggregate ,000,000,000 outstanding at any one time.

(B) Interest rate

Each such loan shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the United States of comparable maturities.

(2) Interim funding

The Secretary of the Treasury shall provide the sum of ,000,000,000 to the Corporation to carry out the purposes of this section.

(3) Additional interim funding

In addition to amounts provided under paragraph (2), the Secretary of the Treasury shall provide to the Corporation such sums as may be necessary, not to exceed billion, to carry out the purposes of this section.

(4) Conditions on availability of final funding in excess of ,000,000,000 (A) Certification required

Of the funds appropriated under paragraph (3) which are provided after April 1, 1993, any amount in excess of ,000,000,000 shall not be available to the Corporation before the date on which the Secretary of the Treasury certifies to the Congress that, since December 17, 1993, the Corporation has taken such action as may be necessary to comply with the requirements of subsection (w) of this section or that, as of the date of the certification, the Corporation is continuing to make adequate progress toward full compliance with such requirements.

(B) Appearance upon request

The Secretary of the Treasury shall appear before the Committee on Banking, Finance and Urban Affairs of the House of Representatives or the Committee on Banking, Housing, and Urban Affairs of the Senate, upon the request of the chairman of the committee, to report on any certification made to the Congress under subparagraph (A).

(5) Return to Treasury

If the aggregate amount of funds transferred to the Corporation pursuant to this subsection exceeds the amount needed to carry out the purposes of this section or to meet the requirements of section 1821(a)(6)(F) 3 of this title, such excess amount shall be deposited in the general fund of the Treasury.

(6) Funds only for depositors

Notwithstanding any provision of law other than section 1823(c)(4)(G) of this title, funds appropriated under this section shall not be used in any manner to benefit any shareholder of—

(A) any insured depository institution for which the Corporation has been appointed conservator or receiver, in connection with any type of resolution by the Corporation;

(B) any other insured depository institution in default or in danger of default, in connection with any type of resolution by the Corporation; or

(C) any insured depository institution, in connection with the provision of assistance under section 1821 or 1823 of this title with respect to such institution, except that this subparagraph shall not prohibit assistance to any insured depository institution that is not in default, or that is not in danger of default, that is acquiring (as defined in section 1823(f)(8)(B) of this title) another insured depository institution.

(j) Maximum amount limitations on outstanding obligations (1) In general

Notwithstanding any other provision of this section, the amount which is equal to—

(A) the sum of—

(i) the total amount of contributions received from the Resolution Funding Corporation; and

(ii) the total amount of outstanding obligations of the Corporation; minus

(B) the sum of—

(i) the amount of cash held by the Corporation; and

(ii) the amount which is equal to 85 percent of the Corporation's estimate of the fair market value of other assets held by the Corporation,

may not exceed ,000,000,000.

(2) “Outstanding obligation” defined

For purposes of this subsection (other than paragraph (3)), the term “outstanding obligation” includes—

(A) any obligation or other liability assumed by the Corporation from the Federal Savings and Loan Insurance Corporation under this section or pursuant to any provision of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989;

(B) any guarantee issued by the Corporation;

(C) the total of the outstanding amounts borrowed from the Secretary of the Treasury pursuant to subsection (i) of this section; and

(D) any other obligation for which the Corporation has a direct or contingent liability to pay any amount.

(3) Full faith and credit

The full faith and credit of the United States is pledged to the payment of any obligation issued by the Corporation, with respect to both principal and interest, if—

(A) the principal amount of such obligation is stated in the obligation; and

(B) the term to maturity or the date of maturity of such obligation is stated in the obligation.

(4) Estimates of costs of contingent liabilities required (A) In general

The Corporation shall—

(i) estimate the cost to such Corporation of any contingent liability of the Corporation; and

(ii) at least once each calendar quarter, make such adjustment as is appropriate in the estimate of such cost.

(B) Inclusion in financial statements and outstanding obligations

The estimated amount of the cost to the Corporation of any contingent liability of the Corporation (taking into account the most recent adjustment to such estimate pursuant to paragraph (A)(ii)) shall be—

(i) treated as an outstanding obligation of the Corporation for purposes of this subsection; and

(ii) included in any financial statement of the Corporation.

(k) Reporting and disclosure obligations (1) Audits (A) Annual audit

Notwithstanding section 9105 of title 31, the Comptroller General shall audit annually the financial statements of the Corporation in accordance with generally accepted Government auditing standards. The audited statements shall be transmitted to the Congress by the Thrift Depositor Protection Oversight Board not later than 180 days after the end of the Corporation's fiscal year to which those statements apply.

(B) Access to books and records

All books, records, accounts, reports, files, and property belonging to or used by the Corporation, or the Thrift Depositor Protection Oversight Board shall be made available to the Comptroller General.

(2) Public disclosure of transactions (A) Disclosure required

Except as otherwise provided in this subsection, the Corporation shall make available to the public—

(i) any agreement entered into by the Corporation relating to a transaction for which the Corporation provides assistance pursuant to section 1823(c) of this title, not later than 30 days after the first meeting of the Thrift Depositor Protection Oversight Board after such agreement is entered into; and

(ii) all agreements relating to cases reviewed by the Corporation pursuant to subsection (b)(11)(B) of this section.

(B) Exception for disclosures against the public interest (i) In general

The Thrift Depositor Protection Oversight Board may withhold from public disclosure any document or part of a document if the Thrift Depositor Protection Oversight Board determines, by a unanimous affirmative vote of the members of the Board,1 that disclosure would be contrary to the public interest.

(ii) Report of determination

A written report shall be made of any determination by the Thrift Depositor Protection Oversight Board to withhold any part of a document from public disclosure pursuant to clause (i). Such report shall contain a full explanation of the specific reasons for such determination.

(iii) Publication and submission of report

The report prepared pursuant to clause (ii) shall be—

(I) published in the Federal Register; and

(II) transmitted to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate.

(C) “Agreement” defined

For purposes of this subsection, the term “agreement” includes—

(i) all documents which effectuate the terms and conditions of the assisted transaction;

(ii) a comparison, which the Corporation shall prepare of—

(I) the estimated cost of the transaction, with

(II) the estimated cost of liquidating the insured institution; and

(iii) a description of any economic or statistical assumptions on which such estimates are based.

(3) Disclosure to Congress of transactions (A) Prospective transactions

The Corporation shall make available to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate any agreement entered into by the Corporation relating to a transaction for which the Corporation provides assistance pursuant to section 1823(c) of this title not later than 25 days after the first meeting of the Thrift Depositor Protection Oversight Board after such agreement is entered into. The foregoing requirement is in addition to the Corporation's obligation to make such agreements publicly available pursuant to paragraph (2).

(B) Prior transactions

The Corporation shall submit a report to the Thrift Depositor Protection Oversight Board and the Congress containing the results and conclusions of the review of the 1988 transactions conducted pursuant to subsection (b)(10)(B) of this section and such recommendations for legislative action as the Corporation may determine to be appropriate.

(4) Annual reports (A) In general

The Thrift Depositor Protection Oversight Board and the Corporation shall annually submit a full report of their respective operations, activities, budgets, receipts, and expenditures for the preceding 12-month period.

(B) Contents

The report required under subparagraph (A) shall include—

(i) audited statements and such information as is necessary to make known the financial condition and operations of the Corporation in accordance with generally accepted accounting principles;

(ii) the Corporation's financial operating plans and forecasts (including budgets, estimates of actual and future spending, and estimates of actual and future cash obligations) taking into account the Corporation's financial commitments, guarantees, and other contingent liabilities;

(iii) the number of minority and women investors participating in the bidding process for assisted acquisitions and the disposition of assets and the number of successful bids by such investors;

(iv) a list of the properties sold to State housing finance authorities (as such term is defined in section 1301 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 [12 U.S.C. 1441a–1]), the individual purchase prices of such properties, and an estimate of the premium paid by such authorities for such properties; and

(v) descriptions of the operations and activities of the national and regional advisory boards established under subsection (d) of this section and financial statements detailing the expenses of such boards.

(C) Submission to Congress and the President

The Corporation shall submit each annual report required under this subsection to the Congress and the President as soon as practicable after the end of the calendar year for which such report is made but not later than June 30 of the year following such calendar year.

(5) Additional reports (A) Reports required

In addition to the annual report required under paragraph (4), the Thrift Depositor Protection Oversight Board and the Corporation shall submit to Congress not later than April 30 and October 31 of each calendar year, a semiannual report on the activities and efforts of the Corporation, the Federal Deposit Insurance Corporation, and the Thrift Depositor Protection Oversight Board for the 6-month period ending on the last day of the month prior to the month in which such report is required to be submitted.

(B) Contents of report

Each semiannual report required under subparagraph (A) shall include the following information with respect to the Corporation's assets and liabilities and to the assets and liabilities of institutions described in subsection (b)(3)(A) of this section:

(i) A statement of the total book value of all assets held or managed by the Corporation at the beginning and end of the reporting period.

(ii) A statement of the total book value of such assets which are under contract to be managed by private persons and entities at the beginning and end of the reporting period.

(iii) The number of employees of the Corporation, the Federal Deposit Insurance Corporation, and the Thrift Depositor Protection Oversight Board at the beginning and end of the reporting period.

(iv) The total amounts expended on employee wages, salaries, and overhead, during such period which are attributable to—

(I) contracting with, supervising, or reviewing the performance of private contractors, or

(II) managing or disposing of such assets.

(v) A statement of the total amount expended on private contractors for the management of such assets.

(vi) A statement of the efforts of the Corporation to maximize the efficient utilization of the resources of the private sector during the reporting period and in future reporting periods and a description of the policies and procedures adopted to ensure adequate competition and fair and consistent treatment of qualified third parties seeking to provide services to the Corporation or the Federal Deposit Insurance Corporation.

(vii) The total book value and total proceeds from such assets disposed of during the reporting period.

(viii) Summary data on discounts from book value at which such assets were sold or otherwise disposed of during the reporting period.

(ix) A list of all of the areas that carried a distressed area designation during the reporting period (including a justification for removal of areas from or addition of areas to the list of distressed areas).

(x) An evaluation of market conditions in distressed areas and a description of any changes in conditions during the reporting period.

(xi) Any change adopted by the Thrift Depositor Protection Oversight Board in a minimum disposition price and the reasons for such change.

(xii) The valuation method or methods adopted by the Thrift Depositor Protection Oversight Board or the Corporation to value assets and the reasons for selecting such methods.

(xiii) A complete description of all actions taken by the Corporation pursuant to subsections (a), (b), and (c) of section 1216 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 [12 U.S.C. 1833e(a), (b), (c)] with respect to the employment of and contracting with minorities, women, and businesses owned or controlled by minorities or women and any other activity of the Corporation pursuant to the outreach program of the Corporation for minorities and women. Such description shall specify the steps taken by the Corporation, in its corporate capacity and its capacity as conservator or receiver, to implement the minority and women outreach programs required by section 1216(c) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 [12 U.S.C. 1833e(c)] and shall set forth information and data showing—

(I) the extent to which and means by which contract solicitations have been directed to minorities, women, and businesses owned or controlled by minorities or women by the Corporation and by the Federal Deposit Insurance Corporation on behalf of the Corporation;

(II) the extent to which prime contracts and subcontracts have been awarded to minorities, women, and businesses owned or controlled by minorities or women, including data with respect to the number of such contracts, the dollar amounts thereof, and the percentage of Corporation contracting activity represented thereby (including contracting activity by the Federal Deposit Insurance Corporation on behalf of the Corporation);

(III) contracting and outreach activity with respect to joint ventures and other business arrangements in which minorities, women, or businesses owned or controlled by minorities or women have a participation or interest; and

(IV) the extent to which the Corporation's minority and women contracting outreach programs have been successful in maximizing opportunities through the outreach policies established by the Corporation for participation of minorities, women, and businesses owned or controlled by minorities or women in the Corporation's contracting activities.

(C) Supplemental unaudited financial statements

In addition to the annual report required under paragraph (4), the Thrift Depositor Protection Oversight Board and the Corporation shall submit to the Congress, not later than September 30 of each calendar year, an unaudited financial statement for the 6-month period ending on June 30 of such year.

(6) Appearances before Congressional committees (A) 12 Semiannual appearance required

Not later than 30 days after submission of the semiannual reports required by paragraph (5), the Thrift Depositor Protection Oversight Board shall appear before the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate to—

(i) report on the progress made during such period in resolving cases involving institutions described in subsection (b)(3)(A) of this section;

(ii) provide an estimate of the short-term and long-term cost to the United States Government of obligations issued or incurred during such period;

(iii) report on the progress made during such period in selling assets of institutions described in subsection (b)(3)(A) of this section and the impact such sales are having on the local markets in which such assets are located;

(iv) describe the costs incurred by the Corporation in issuing obligations, managing and selling assets acquired by the Corporation;

(v) provide an estimate of the income of the Corporation from assets acquired by the Corporation;

(vi) provide an assessment of any potential source of additional funds for the Corporation; and

(vii) provide an estimate of the remaining exposure of the United States Government in connection with institutions described in subsection (b)(3)(A) of this section which, in the Thrift Depositor Protection Oversight Board's estimation, will require assistance or liquidation after the end of such period.

(7) Quarterly reports

Not later than May 31, August 31, November 30, and the last day of February of each year, the Corporation shall submit a report to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing the following information for the preceding calendar quarter:

(A) Asset sales

The report shall contain the following information with respect to assets of institutions described in subsection (b)(3)(A) of this section which were disposed of by the Corporation during the quarter covered by the report:

(i) The total amount of the actual sales of assets during the quarter.

(ii) The value of the assets as determined on the basis of the amount at which each such asset was accounted for on the books of the institution.

(iii) The fair market value of the assets as estimated by the Corporation for purposes of securing amounts borrowed from the Federal Financing Bank by the Corporation.

(iv) The net recovery on asset sales during the quarter.

(v) A subtotal of the value of the assets disposed of during the quarter in each of the following categories:

(I) Cash and securities.

(II) Mortgage loans for 1- to 4-family dwellings.

(III) Construction and land loans.

(IV) Other mortgage loans.

(V) Consumer loans.

(VI) Commercial loans.

(VII) Real estate owned assets.

(VIII) Other assets.

(B) Auction sales

The report shall contain information regarding auction sales of RTC assets, including the following information:

(i) The date and location of each auction sale during the quarter.

(ii) The total value of the sales of assets sold during an auction during the quarter.

(iii) The total value of assets sold at each auction, as determined on the basis of the amount at which each such asset was accounted for on the books of the institution.

(iv) The total fair market value of assets sold at each auction, as estimated by the Corporation.

(v) The total actual selling price of assets sold during each auction held during the quarter.

(vi) The net recovery or loss on assets sold during an auction during the quarter, by category listed in subclauses (I) through (VII) of clause (vii).

(vii) A subtotal of the value of the assets sold during an auction during the quarter in each of the following categories:

(I) Cash and securities.

(II) Mortgage loans for 1- to 4-family dwellings.

(III) Construction and land loans.

(IV) Other mortgage loans.

(V) Consumer loans.

(VI) Commercial loans.

(VII) Real estate owned assets.

(VIII) Other assets.

(C) Federal Financing Bank loan status

The report shall contain the following information with respect to loans from the Federal Financing Bank to the Corporation:

(i) The total amount of loans outstanding at the beginning of the quarter.

(ii) The total amount of loans originated during the quarter.

(iii) The total amount of loans repaid during the quarter.

(iv) The total amount of loans outstanding at the end of the quarter.

(D) Seller financing

The report shall contain information regarding the Corporation's use of seller financing to encourage the sales of assets during the quarter, including the following:

(i) A total of the amount of funds used for seller financing purposes during the quarter.

(ii) The number of applications received by the Corporation which requested seller financing.

(iii) A breakdown of the type of assets sold, according to the categories listed in subclauses (I) through (VIII) of subparagraph (B)(vii).

(iv) Projections of the total amount of seller financing which will be needed during the succeeding 2 quarters.

(8) Operating plans (A) In general

Before the beginning of each calendar quarter, the Thrift Depositor Protection Oversight Board shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives a detailed financial operating plan covering the remaining quarters of the Corporation's fiscal year in which that quarter occurs.

(B) Contents

At a minimum, a detailed financial operating plan shall include—

(i) estimates of the aggregate assets of institutions that are projected to be resolved in each quarter,

(ii) the estimated aggregate cost of resolutions in each quarter,

(iii) the estimated aggregate asset sales and principal collections in each quarter, and

(iv) the Corporation's summary pro forma financial statement at the end of each quarter.

(9) Reports on severely troubled institutions

The Director of the Office of Thrift Supervision shall deliver on a quarterly basis to the Thrift Depositor Protection Oversight Board a list of savings associations for which the Director has determined grounds exist, or are likely to exist in the current fiscal year of the Corporation and in the next following fiscal year of the Corporation, for the appointment of a conservator or receiver under the Home Owners’ Loan Act [12 U.S.C. 1461 et seq.]. The Thrift Depositor Protection Oversight Board shall report the aggregate number and assets of such savings associations to Congress within 60 days after June 30 and December 31 of each calendar year.

(10) Budget reports (A) In general

Before the end of each calendar quarter, the Thrift Depositor Protection Oversight Board and the Corporation shall submit a report to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing the complete annual budget, as approved by the Thrift Depositor Protection Oversight Board.

(B) Activities relating to phasing out RTC operations

Beginning with the report due in the 1st quarter of 1994, the report shall include information on the Corporation's activities to phase down its operations and reduce the number of employees and the amount of office space and other overhead as the Corporation completes its duties under this section and approaches termination.

(11) Employee reports

The Corporation shall submit semiannual reports to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing the following information:

(A) The total number of employees of the Thrift Depositor Protection Oversight Board and the total number of individuals performing services directly on behalf of the Corporation.

(B) The total number of individuals performing services for the Corporation as employees of the Federal Deposit Insurance Corporation or any other agency, including the Government Accountability Office and the number from each such agency.

(C) The total number of individuals employed in each job classification and employment status, including employment on a temporary basis or for an agreed upon period of time.

(l) Power to remove; jurisdiction (1) In general

Notwithstanding any other provision of law, any civil action, suit, or proceeding to which the Corporation is a party shall be deemed to arise under the laws of the United States, and the United States district courts shall have original jurisdiction over such action, suit, or proceeding.

(2) Corporation as party

The Corporation shall be substituted as a party in any civil action, suit, or proceeding to which its predecessor in interest was a party with respect to institutions which are subject to the management agreement dated February 7, 1989, among the Federal Savings and Loan Insurance Corporation, the Federal Home Loan Bank Board and the Federal Deposit Insurance Corporation.

(3) Removal and remand (A) In general

The Corporation, in any capacity and without bond or security, may remove any action, suit, or proceeding from a State court to the United States district court with jurisdiction over the place where the action, suit, or proceeding is pending, to the United States district court 13 for the District of Columbia, or to the United States district court with jurisdiction over the principal place of business of any institution for which the Corporation has been appointed conservator or receiver if the action, suit, or proceeding is brought against the institution or the Corporation as conservator or receiver of such institution. The removal of any such suit or proceeding shall be instituted—

(i) not later than 90 days after the date the Corporation is substituted as a party, or

(ii) not later than 30 days after service on the Corporation, if the Corporation is named as a party in any capacity and if such suit is filed after August 9, 1989.

(B) Substitution

The Corporation shall be deemed substituted in any action, suit, or proceeding for a party upon the filing of a copy of the order appointing the Corporation as conservator or receiver for that party or the filing of such other pleading informing the court that the Corporation has been appointed conservator or receiver for such party.

(C) Appeal

The Corporation may appeal any order of remand entered by a United States district court.

(m) Termination (1) In general

The Corporation shall terminate not later than December 31, 1995. If at the time of its termination, the Corporation is acting as a conservator or receiver, the Federal Deposit Insurance Corporation shall succeed the Corporation as conservator or receiver.

(2) Case resolutions transferred

Simultaneous with the termination of the Corporation as provided in paragraph (1), all assets and liabilities of the Corporation shall be transferred to the FSLIC Resolution Fund. Thereafter, if there are no liabilities of the Corporation outstanding, the FSLIC Resolution Fund shall transfer any net proceeds from the sale of assets to the Resolution Funding Corporation.

(3) Transfer of personnel and systems

In connection with the assumption by the Federal Deposit Insurance Corporation of conservatorship and receivership functions with respect to institutions described in subsection (b)(3)(A) of this section and the termination of the Corporation pursuant to paragraph (1)—

(A) any management, resolution, or asset-disposition system of the Corporation which the Secretary of the Treasury determines, after considering the recommendations of the interagency transition task force under section 6(c) of the Resolution Trust Corporation Completion Act, has been of benefit to the operations of the Corporation (including any personal property of the Corporation which is used in operating any such system) shall, notwithstanding paragraph (2), be transferred to and used by the Federal Deposit Insurance Corporation in a manner which preserves the integrity of the system for so long as such system is efficient and cost-effective; and

(B) any personnel of the Corporation involved with any such system who are otherwise eligible to be transferred to the Federal Deposit Insurance Corporation shall be transferred to the Federal Deposit Insurance Corporation for continued employment, subject to section 404(9) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and other applicable provisions of this section, with respect to such system.

(n) Conflict of interest (1) In general

(A) The Thrift Depositor Protection Oversight Board and the Corporation shall each be an “agency” for purposes of title 18. Any individual who, pursuant to a contract or any other arrangement, performs functions or activities of the Thrift Depositor Protection Oversight Board or the Corporation, under the direct supervision of an officer or employee of the Thrift Depositor Protection Oversight Board or the Corporation, shall be deemed to be an employee of the Thrift Depositor Protection Oversight Board or the Corporation for the purposes of title 18 and this chapter.

(B) Any individual who, pursuant to a contract or any other agreement, acts for or on behalf of the Corporation shall be deemed to be a public official for the purposes of section 201 of title 18.

(2) Establishment of rules

The Thrift Depositor Protection Oversight Board and the Corporation shall, not later than 180 days after August 9, 1989, promulgate rules and regulations governing conflict of interest, ethical responsibilities, and post-employment restrictions applicable to members, officers, and employees of the Thrift Depositor Protection Oversight Board and the Corporation that shall be no less stringent than those applicable to the Federal Deposit Insurance Corporation.

(3) Use of confidential information

The Thrift Depositor Protection Oversight Board and the Corporation shall, not later than 180 days after August 9, 1989, promulgate rules and regulations applicable to independent contractors governing conflicts of interest, ethical responsibilities, and the use of confidential information consistent with the goals and purposes of titles 18 and 41.

(4) Post employment

The chief executive officer of the Corporation shall be prohibited for a period of 1 year after leaving the Corporation from holding any office, position, or employment with, or receiving remuneration from, a company (other than the Corporation) which, during the time the chief executive was employed by the Corporation, participated in any case resolution or contract with the Corporation for which such person was either responsible or in which such person was personally and substantially involved except that the chief executive officer may hold any office, position, or employment so long as the chief executive officer does not, during the 1-year period, provide advice with respect to, participate in decisions relating to, or otherwise provide assistance to such entity on the enumerated matters or receive remuneration with respect thereto from such company.

(5) Other agency employees

Officers and employees of the Thrift Depositor Protection Oversight Board and the Corporation who are also subject to the ethical rules of another agency or Government Corporation 14 shall file with the Corporation a copy of any financial disclosure statement required by such other agency or corporation.

(6) Disapproval of contractors (A) In general

The Thrift Depositor Protection Oversight Board shall prescribe regulations establishing procedures for ensuring that any individual who is performing, directly or indirectly, any function or service on behalf of the Corporation meets minimum standards of competence, experience, integrity, and fitness.

(B) Prohibition from service on behalf of Corporation

The procedures established under subparagraph (A) shall provide that the Corporation shall prohibit any person who does not meet the minimum standards of competence, experience, integrity, and fitness from—

(i) entering into any contract with the Corporation; or

(ii) being employed by the Corporation or any person performing any service for or on behalf of the Corporation.

(C) Information required to be submitted

The procedures established under subparagraph (A) shall require that any offer submitted to the Corporation by any person under this section and any employment application submitted to the Corporation by any person shall include—

(i) a list and description of any instance during the preceding 5 years in which the person or company under such person's control defaulted on a material obligation to an insured depository institution; and

(ii) such other information as the Board 1 may prescribe by regulation.

(D) Subsequent submissions

No offer submitted to the Corporation may be accepted unless the offeror agrees that no person will be employed, directly or indirectly, by the offeror under any contract with the Corporation unless all applicable information described in subparagraph (C) with respect to any such person is submitted to the Corporation and the Corporation does not disapprove of the direct or indirect employment of such person. Any decision made by the Corporation pursuant to this paragraph shall be in its sole discretion and shall not be subject to review.

(E) Prohibition required in certain cases

The standards established under subparagraph (A) shall require the Corporation to prohibit any person who has—

(i) been convicted of any felony,

(ii) been removed from, or prohibited from participating in the affairs of, any insured depository institution pursuant to any final enforcement action by any appropriate Federal banking agency,

(iii) demonstrated a pattern or practice of defalcation regarding obligations to insure depository institutions, or

(iv) caused a substantial loss to the Deposit Insurance Fund,

from service on behalf of the Corporation.

(7) Abrogation of contracts

The Thrift Depositor Protection Oversight Board or the Corporation may rescind any contract with a person who—

(A) fails to disclose a material fact to the Thrift Depositor Protection Oversight Board or the Corporation,

(B) would be prohibited under paragraph (6) from providing services to, receiving fees from, or contracting with the Corporation or the Thrift Depositor Protection Oversight Board, or

(C) has been subject to a final enforcement action by any Federal bank regulatory agency.

(8) Priority of Thrift Depositor Protection Oversight Board rules

To the extent that the rules established under this subsection conflict with rules of other agencies or Government corporations, officers, directors, employees, and independent contractors of the Corporation or the Thrift Depositor Protection Oversight Board, who are also subject to the conflict of interest or ethical rules of another agency or Government corporation, shall be governed by the rules and regulations established by the Thrift Depositor Protection Oversight Board under this subsection when acting for or on behalf of the Corporation.

(9) Definitions

For the purposes of this subsection—

(A) The term “company” has the same meaning as in section 1841(b) of this title.

(B) The term “control” has the same meaning given such term under regulations promulgated by the Federal Home Loan Bank Board with respect to savings and loan holding companies as in effect on the day before August 9, 1989.

(C) The term “Corporation” includes the Resolution Trust Corporation, the national advisory board, and the regional advisory boards.

(o) Status of employees (1) Liability

A member, officer, or employee of the Corporation or of the Thrift Depositor Protection Oversight Board has no liability under the Securities Act of 1933 [15 U.S.C. 77a et seq.] with respect to any claim arising out of or resulting from any act or omission by such person within the scope of such person's employment in connection with any transaction involving the disposition of assets (or any interests in any assets or any obligations backed by any assets) by the Corporation. This subsection shall not be construed to limit personal liability for criminal acts or omissions, willful or malicious misconduct, acts or omissions for private gain, or any other acts or omissions outside the scope of such person's employment.

(2) Definition

For purposes of this subsection, the term “employee of the Corporation or of the Thrift Depositor Protection Oversight Board” includes any officer or employee of the Federal Deposit Insurance Corporation who performs services for the Corporation.

(3) Effect on other law

This subsection does not affect—

(A) any other immunities and protections that may be available under applicable law with respect to such transactions, or

(B) any other right or remedy against the Corporation, against the United States under applicable law, or against any person other than a person described in paragraph (1) participating in such transactions.

This subsection shall not be construed to limit or alter in any way the immunities that are available under applicable law for Federal officials and employees not described in this subsection.

(p) Management enhancement goals (1) Action to achieve specific goals

The Corporation, upon March 23, 1991, shall take action to assure achievement of the management goals specified in this paragraph, as follows:

(A) Managing conservatorships

The Corporation shall standardize procedures with respect to its (i) auditing of conservatorships, (ii) ensuring and monitoring of compliance with Corporation policies and procedures by conservatorship managing agents, and (iii) ensuring and monitoring of conservatorship managing agent performance. These procedures shall be developed and implemented not later than September 30, 1991.

(B) Pace of resolutions

The Corporation shall take all reasonable and necessary steps to reduce the length of time institutions remain in conservatorship, with the goal that no institution shall be in conservatorship for more than 9 months.

(C) Information resources management program

The Corporation shall develop and incorporate within its strategic plan for information resources management, (i) a translation of program goals into the communication and computer hardware and software, and staff needed to accomplish such goals, (ii) a systems architecture to ensure that all systems will work together, and (iii) an identification of Corporation information and systems needs at all operational levels.

(D) Securities portfolio management system

The Corporation shall develop within its information architecture framework, a centralized system for the management of its portfolio of securities. This system shall be developed and implemented not later than September 30, 1991.

(E) Tracking REO assets

The Corporation shall develop, within its information architecture, an effective system to track and inventory real-estate-owned assets. This system shall be developed and implemented not later than September 30, 1991.

(F) Asset valuation

The Corporation shall develop a process for the quarterly valuation or updating of valuations of the assets it holds in its capacity as receiver (or as a result of such capacity). Such process shall incorporate, to the extent practical, Corporation disposition experience. In addition, the necessary information systems shall be developed to track and manage these valuations.

(G) Standardization of due diligence and market format

The Corporation shall develop a program for performing due diligence on one- to four-family mortgages and for marketing such loans on a pooled basis.

(H) Contracting

The Corporation, in order to identify the need for any changes in its contracting process which would enhance the independence, integrity, consistency and effectiveness of that process, shall consult on a regular basis with other agencies and organizations that have large scale contracting and procurement systems, and shall review on a regular basis its organizational structure and relationships. The Corporation shall develop and have in widespread use the following:

(i) A manual setting forth comprehensive policies and procedures.

(ii) A revised and expanded directive that clearly and definitively describes the roles and responsibilities of all those involved in the contracting process.

(iii) A revised and expanded directive that sets forth in detail the standard procedures to be followed in evaluating contractor proposals.

(iv) A set of standardized solicitation and contract documents for use by all Corporation officers.

(v) A series of standardized contracting training modules for use by Corporation personnel and private contractors.

(2) Report

The Corporation shall, not later than September 30, 1991, file with the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Committee on Banking, Finance and Urban Affairs of the House of Representatives, a report on the progress being made toward full compliance by the agency with this subsection, as well as a timetable for completing those items not yet completed.

(q) RTC, Thrift Depositor Protection Oversight Board, and RTC contractor employee protection remedy (1) Prohibition against discrimination

The Corporation, the Thrift Depositor Protection Oversight Board, and any person who is performing, directly or indirectly, any function or service on behalf of the Corporation or the Thrift Depositor Protection Oversight Board may not discharge or otherwise discriminate against any employee (including any employee of the Federal Deposit Insurance Corporation on assignment to the Corporation under this section or any personnel referred to in subparagraphs (C) and (F) of subsection (a)(5) of this section) with respect to compensation, terms, conditions, or privileges of employment because the employee (or any person acting pursuant to the request of the employee) provided information to the Corporation, the Thrift Depositor Protection Oversight Board, the Attorney General, or any appropriate Federal banking agency (as defined in section 1813(q) of this title) regarding—

(A) a possible violation of any law or regulation; or

(B) gross mismanagement, a gross waste of funds, an abuse of authority, or a substantial and specific danger to public health or safety;

by the Corporation, the Thrift Depositor Protection Oversight Board, or such person or any director, officer, or employee of the Corporation, the Thrift Depositor Protection Oversight Board, or the person.

(2) Enforcement

Any employee or former employee who believes that such employee has been discharged or discriminated against in violation of paragraph (1) may file a civil action in the appropriate United States district court before the end of the 2-year period beginning on the date of such discharge or discrimination.

(3) Remedies

If the district court determines that a violation has occurred, the court may order the Corporation or the person which committed the violation to—

(A) reinstate the employee to the employee's former position;

(B) pay compensatory damages; or

(C) take other appropriate actions to remedy any past discrimination.

(4) Limitation

The protections of this section shall not apply to any employee who—

(A) deliberately causes or participates in the alleged violation of law or regulation; or

(B) knowingly or recklessly provides substantially false information to the Corporation, the Attorney General, or any appropriate Federal banking agency.

(5) Burdens of proof

The legal burdens of proof that prevail under subchapter III of chapter 12 of title 5 shall govern adjudication of protected activities under this subsection.

(r) Review and evaluation procedure for contracts (1) In general

In the review and evaluation of proposals, the Corporation shall provide additional incentives to minority- or women-owned businesses by awarding any such business an additional 10 percent of the total technical points and an additional 5 percent of the total cost preference points achievable in the technical and cost rating process applicable with respect to such proposals.

(2) Certain joint ventures included

Paragraph (1) shall apply to any proposal submitted by a joint venture in which a minority- or woman-owned business has participation of not less than 25 percent.

(3) Authority to adjust technical and cost preference points

The Corporation may adjust the technical and cost preference points applicable in evaluating proposals to the extent necessary to ensure the maximum participation level possible for minority- or women-owned businesses.

(4) Definitions

For purposes of this subsection, the following definitions shall apply:

(A) Minority-owned business

The term “minority-owned business” means a business—

(i) more than 50 percent of the ownership or control of which is held by 1 or more minority individuals; and

(ii) more than 50 percent of the net profit or loss of which accrues to 1 or more minority individuals.

(B) Women-owned business

The term “women's business” means a business—

(i) more than 50 percent of the ownership or control of which is held by 1 or more women;

(ii) more than 50 percent of the net profit or loss of which accrues to 1 or more women; and

(iii) a significant percentage of senior management positions of which are held by women.

(s) Acquisition of branch facilities in minority neighborhoods (1) In general

In the case of any savings association for which the Corporation has been appointed conservator or receiver, the Corporation may make available any branch of such association which is located in any predominantly minority neighborhood to any minority depository institution or women's depository institution on the following terms:

(A) The branch may be made available on a rent-free lease basis for not less than 5 years.

(B) Of all expenses incurred in maintaining the operation of the facilities in which such branch is located, the institution shall be liable only for the payment of applicable real property taxes, real property insurance, and utilities.

(C) The lease may provide an option to purchase the branch during the term of the lease.

(2) Definitions

For purposes of this subsection, the following definitions shall apply:

(A) Minority depository institution

The term “minority 15 institution” means a depository institution (as defined in section 1813(c) of this title)—

(i) more than 50 percent of the ownership or control of which is held by 1 or more minority individuals; and

(ii) more than 50 percent of the net profit or loss of which accrues to 1 or more minority individuals.

(B) Women's depository institution

The term “women's depository institution” means a depository institution (as defined in section 1813(c) of this title)—

(i) more than 50 percent of the ownership or control of which is held by 1 or more women;

(ii) more than 50 percent of the net profit or loss of which accrues to 1 or more women; and

(iii) a significant percentage of senior management positions of which are held by women.

(C) Minority

The term “minority” has the meaning given to such term by section 1204(c)(3) of the Financial Institutions Reform, Recovery 5 and Enforcement Act of 1989.

(t) Assistance under circumstances for acquisition of majority-owned institutions (1) In general

In addition to the assistance provided pursuant to the the 16 minority capital assistance program established under subsection (u)(1) of this section, the Corporation may provide assistance for minority-owned depository institutions and minority investors for the acquisition of any savings association for which the Corporation has been appointed conservator or receiver and which, before such appointment, was not a minority-owned association, if the Corporation has not received acceptable bids for the acquisition of such association without offering such assistance.

(2) Additional assets

In connection with the acquisition of any savings association for which the Corporation provides assistance under paragraph (1), the Corporation may transfer assets of other savings associations for which the Corporation has been appointed conservator or receiver.

(3) Definitions

For purposes of this subsection—

(A) Minority

The term “minority” has the meaning given to such term by section 1204(c)(3) of the Financial Institutions Reform, Recovery 5 and Enforcement Act of 1989.

(B) Acquisition

The term “acquisition” means any transaction in which a savings association is acquired (as defined in section 1823(f)(8)(B) of this title).

(u) Minority interim capital assistance program (1) In general

The minority interim capital assistance program administered by the Corporation pursuant to the policy statement entitled the “Interim Statement of Policy Regarding Resolutions of Minority-Owned Depository Institutions” adopted by the Corporation on January 30, 1990 5 is hereby established by law.

(2) Assistance under circumstances for acquisition of majority-owned institutions

In addition to the assistance provided pursuant to the program established under paragraph (1), the Corporation shall provide assistance under such program for minority-owned depository institutions and minority investors for the acquisition of any savings association for which the Corporation has been appointed conservator or receiver and which, before such appointment, was not a minority-owned association, if the Corporation has not received acceptable bids for the acquisition of such association without offering such assistance.

(3) Extension of interim financing period

The period for repayment of capital assistance provided under the minority interim capital assistance program shall be not less than 2 years.

(4) Interest rate

The rate of interest imposed by the Corporation in connection with any interim financing provided under the minority interim capital assistance program may not exceed the average cost of funds to the Corporation as of the time such rate is established.

(5) Definitions

For purposes of this subsection, the following definitions shall apply:

(A) Minority

The term “minority” has the meaning given to such term by section 1204(c)(3) of the Financial Institutions Reform, Recovery 5 and Enforcement Act of 1989.

(B) Acquisition

The term “acquisition” means any transaction in which a savings association is acquired (as defined in section 1823(f)(8)(B) of this title).

(v) Continuation of obligation to provide services

No person obligated to provide services to an insured depository institution at the time the Resolution Trust Corporation is appointed conservator or receiver for the institution shall fail to provide those services to any person to whom the right to receive those services was transferred by the Resolution Trust Corporation after August 9, 1989, unless the refusal is based on the transferee's failure to comply with any material term or condition of the original obligation. This subsection does not limit any authority of the Resolution Trust Corporation as conservator or receiver under section 1821(e) of this title.

(w) RTC management reforms (1) Comprehensive business plan

The Corporation shall establish and maintain a comprehensive business plan covering the operations of the Corporation, including the disposition of assets, for the remainder of the Corporation's existence.

(2) Marketing real property on an individual basis

The Corporation shall—

(A) market any undivided or controlling interest in real property, whether held directly or indirectly by an institution described in subsection (b)(3)(A) of this section, on an individual basis, including sales by auction, for no fewer than 120 days before such assets may be made available for sale or other disposition on a portfolio basis or otherwise included in a multiasset sales initiative, except that this subparagraph does not apply to assets that are—

(i) sold simultaneously with a resolution in which a buyer purchases a significant proportion of the assets and assumes a significant proportion of the liabilities, or acts as agent of the Corporation for purposes of paying insured deposits, of an institution described in subsection (b)(3)(A) of this section; or

(ii) transferred to a new institution organized pursuant to section 1821(d)(2)(F) of this title; and

(B) prescribe regulations—

(i) to require that the sale or other disposition of any asset consisting of real property on a portfolio basis or in connection with any multiasset sales initiative after the end of the 120-day period described in subparagraph (A) be justified in writing; and

(ii) to carry out the requirements of subparagraph (A).

(3) Disposition of real estate related assets (A) Procedures for disposition of real estate related assets

The Corporation shall not sell real property or any nonperforming real estate loan which the Corporation has acquired as receiver or conservator, unless—

(i) the Corporation has assigned responsibility for the management and disposition of such asset to a qualified person or entity to—

(I) analyze each asset on an asset-by-asset basis and consider alternative disposition strategies for such asset;

(II) develop a written management and disposition plan; and

(III) implement that plan for a reasonable period of time; or

(ii) the Corporation has made a determination in writing that a bulk transaction would maximize net recovery to the Corporation, while providing opportunity for broad participation by qualified bidders, including minority- and women-owned businesses.

(B) Definitions

In defining any term for purposes of subparagraph (A), the Corporation may, by regulation, define—

(i) the term “asset” so as to include properties or loans which are legally separate and distinct properties or loans, but which have sufficiently common characteristics such that they may be logically treated as a single asset; and

(ii) the term “qualified person or entity” so as to include any employee of the Thrift Depositor Protection Oversight Board or any employee assigned to the Corporation under subsection (b)(8) of this section.

(C) Exceptions

This paragraph shall not apply to—

(i) assets that are—

(I) sold simultaneously with a resolution in which a buyer purchases a significant proportion of the assets and assumes a significant proportion of the liabilities (or acts as agent of the Corporation for purposes of paying insured deposits) of an institution described in subsection (b)(3)(A) of this section; or

(II) transferred to a new institution organized pursuant to section 1821(d)(2)(F) of this title;

(ii) nonperforming real estate loans with a book value of not more than ,000,000;

(iii) real property with a book value of not more than 0,000; or

(iv) real property with a book value of more than 0,000 or nonperforming real estate loans with a book value of more than ,000,000 for which the Corporation determines, in writing, that a disposition not in conformity with the requirements of subparagraph (A) will bring a greater return to the Corporation.

(D) Coordination with paragraph (2)

No provision of this paragraph shall supersede the requirements of paragraph (2).

(4) Division of minorities and women programs (A) In general

The Corporation shall maintain a division of minorities and women programs.

(B) Vice president

The head of the division shall be a vice president of the Corporation and a member of the executive committee of the Corporation.

(5) Chief financial officer (A) In general

The chief executive officer of the Corporation shall appoint a chief financial officer for the Corporation.

(B) Authority

The chief financial officer of the Corporation shall—

(i) have no operating responsibilities with respect to the Corporation other than as chief financial officer;

(ii) report directly to the chief executive officer of the Corporation; and

(iii) have such authority and duties of chief financial officers of agencies under section 902 of title 31 as the Thrift Depositor Protection Oversight Board determines to be appropriate with respect to the Corporation.

(6) Basic ordering agreements (A) Revision of procedures

The Corporation shall revise the procedure for reviewing and qualifying applicants for eligibility for future contracts in a specified service area (commonly referred to as “basic ordering agreements” or “task ordering agreements”) in such manner as may be necessary to ensure that small businesses, minorities, and women are not inadvertently excluded from eligibility for such contracts.

(B) Review of lists

To ensure the maximum participation level possible of minority- and women-owned businesses, the Corporation shall—

(i) review all lists of contractors determined to be eligible for future contracts in a specified service area and other contracting mechanisms; and

(ii) prescribe appropriate regulations and procedures.

(7) Improvement of contracting systems and contractor oversight

The Corporation shall—

(A) maintain such procedures and uniform standards for—

(i) entering into contracts between the Corporation and private contractors; and

(ii) overseeing the performance of contractors and subcontractors under such contracts and compliance by contractors and subcontractors with the terms of contracts and applicable regulations, orders, policies, and guidelines of the Corporation,

as may be appropriate in carrying out the Corporation's operations in as efficient and economical a manner as may be practicable;

(B) commit sufficient resources, including personnel, to contract oversight and the enforcement of all laws, regulations, orders, policies, and standards applicable to contracts with the Corporation; and

(C) maintain uniform procurement guidelines for basic goods and administrative services to prevent the acquisition of such goods and services at widely different prices.

(8) Audit committee (A) Establishment

The Thrift Depositor Protection Oversight Board shall establish and maintain an audit committee.

(B) Duties

The audit committee shall have the following duties:

(i) Monitor the internal controls of the Corporation.

(ii) Monitor the audit findings and recommendations of the inspector general of the Corporation and the Comptroller General of the United States and the Corporation's response to the findings and recommendations.

(iii) Maintain a close working relationship with the inspector general of the Corporation and the Comptroller General of the United States.

(iv) Regularly report the findings and any recommendation of the audit committee to the Corporation and the Thrift Depositor Protection Oversight Board.

(v) Monitor the financial operations of the Corporation and report any incipient problem identified by the audit committee to the Corporation and the Thrift Depositor Protection Oversight Board.

(C) Federal Advisory Committee Act not applicable

The audit committee is not an advisory committee within the meaning of section 3(2) of the Federal Advisory Committee Act.

(9) Corrective responses to audit problems

The Corporation shall—

(A) respond to problems identified by auditors of the Corporation's financial and asset-disposition operations, including problems identified in audit reports by the inspector general of the Corporation, the Comptroller General of the United States, and the audit committee; or

(B) certify to the Thrift Depositor Protection Oversight Board that no action is necessary or appropriate.

(10) Assistant general counsel for professional liability (A) Appointment

The Corporation shall appoint, within the division of legal services of the Corporation, an assistant general counsel for professional liability.

(B) Duties

The assistant general counsel for professional liability shall—

(i) direct the investigation, evaluation, and prosecution of all professional liability claims involving the Corporation; and

(ii) supervise all legal, investigative, and other personnel and contractors involved in the litigation of such claims.

(C) Semiannual reports to the Congress

The assistant general counsel for professional liability shall submit to the Congress a comprehensive litigation report, not later than—

(i) April 30 of each year for the 6-month period ending on March 31 of that year; and

(ii) October 31 of each year for the 6-month period ending on September 30 of that year.

(D) Contents of reports

The semiannual reports required under subparagraph (C) shall each address the activities of the counsel for professional liability under subparagraph (B) and all civil actions—

(i) in which the Corporation is a party, which are filed against—

(I) directors or officers of depository institutions described in subsection (b)(3)(A) of this section; or

(II) attorneys, accountants, appraisers, or other licensed professionals who performed professional services for such depository institutions; and

(ii) which are initiated or pending during the period covered by the report.

(11) Management information system

The Corporation shall maintain an effective management information system capable of providing complete and current information to the extent the provision of such information is appropriate and cost-effective.

(12) Internal controls against fraud, waste, and abuse

The Corporation shall maintain effective internal controls designed to prevent fraud, waste, and abuse, identify any such activity should it occur, and promptly correct any such activity.

(13) Failure to appoint certain officers of the Corporation

The failure to fill any position established under this section or any vacancy in any such position, shall be treated as a failure to comply with the requirements of this subsection for purposes of subsection (i)(4) of this section.

(14) Reports (A) Disclosure of expenditures

The Corporation shall include in the annual report submitted pursuant to subsection (k)(4) of this section an itemization of the expenditures of the Corporation during the year for which funds provided pursuant to subsection (i)(3) of this section were used.

(B) Public disclosure of salaries

The Corporation shall include in the annual report submitted pursuant to subsection (k)(4) of this section a disclosure of the salaries and other compensation paid during the year covered by the report to directors and senior executive officers at any depository institution for which the Corporation has been appointed conservator or receiver.

(15) Minority- and women-owned businesses contract parity guidelines

The Corporation shall establish guidelines for achieving the goal of a reasonably even distribution of contracts awarded to the various subgroups of the class of minority- and women-owned businesses and minority- and women-owned law firms whose total number of certified contractors comprise not less than 5 percent of all minority- and women-owned certified contractors. The guidelines may reflect the regional and local geographic distributions of minority subgroups. The distribution of contracts should not be accomplished at the expense of any eligible minority- or women-owned business or law firm in any subgroup that falls below the 5 percent threshold in any region or locality.

(16) Contract sanctions for failure to comply with subcontract and joint venture requirements

The Corporation shall prescribe regulations which provide sanctions, including contract penalties and suspensions, for violations by contractors of requirements relating to subcontractors and joint ventures.

(17) Minority preference in acquisition of institutions in predominantly minority neighborhoods (A) In general

In considering offers to acquire any insured depository institution, or any branch of an insured depository institution, located in a predominantly minority neighborhood (as defined in regulations prescribed under subsection (s) of this section), the Corporation shall give preference to an offer from any minority individual, minority-owned business, or a minority depository institution, over any other offer that results in the same cost to the Corporation, as determined under section 1823(c)(4) of this title.

(B) Capital assistance (i) Eligibility

In order to effectuate the purposes of this paragraph, any minority individual, minority-owned business, or a minority depository institution shall be eligible for capital assistance under the minority interim capital assistance program established under subsection (u)(1) of this section and subject to the provisions of subsection (u)(3) of this section, to the extent that such assistance is consistent with the application of section 1823(c)(4) of this title.

(ii) Terms and conditions

Subsection (u)(4) of this section shall not apply to capital assistance provided under this subparagraph.

(C) Performing assets

In the case of an acquisition of any depository institution or branch described in subparagraph (A) by any minority individual, minority-owned business, or a minority depository institution, the Corporation may provide, in connection with such acquisition and in addition to performing assets of the depository institution or branch, other performing assets under the control of the Corporation in an amount (as determined on the basis of the Corporation's estimate of the fair market value of the assets) not greater than the amount of net liabilities carried on the books of the institution or branch, including deposits, which are assumed in connection with the acquisition.

(D) First priority for disposition of assets

In the case of an acquisition of any depository institution or branch described in subparagraph (A) by any minority individual, minority-owned business, or a minority depository institution, the disposition of the performing assets of the depository institution or branch to such individual, business, or minority depository institution shall have a first priority over the disposition by the Corporation of such assets for any other purpose.

(E) Definitions

For purposes of this paragraph, the following definitions shall apply:

(i) Acquire

The term “acquire” has the same meaning as in section 1823(f)(8)(B) of this title.

(ii) Minority

The term “minority” has the same meaning as in section 1204(c)(3) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.

(iii) Minority depository institution

The term “minority depository institution” has the same meaning as in subsection (s)(2) of this section.

(iv) Minority-owned business

The term “minority-owned business” has the same meaning as in subsection (r)(4) of this section.

(18) Subcontracts with minority- and women-owned businesses (A) Goals and procedures (i) Reasonable goals

The Corporation shall establish reasonable goals for contractors for services with the Corporation to subcontract with minority- and women-owned businesses and law firms.

(ii) Procedures

The Corporation may not enter into any contract for the provision of services to the Corporation, including legal services, under which the contractor would receive fees or other compensation in an amount equal to or greater than 0,000, unless the Corporation requires the contractor to subcontract with minority- or women-owned businesses, including law firms, and to pay fees or other compensation to such businesses in an amount commensurate with the percentage of services provided by the business.

(iii) Exceptions

The Corporation may exclude a contract from the requirements of clause (ii) if the Chief Executive Officer of the Corporation determines in writing that imposing such a subcontracting requirement would—

(I) substantially increase the cost of contract performance; or

(II) undermine the ability of the contractor to perform its obligations under the contract.

(B) Limited waiver authority (i) In general

The Corporation may grant a waiver from the application of this paragraph to any contractor with respect to a contract described in subparagraph (A)(ii), if the contractor certifies to the Corporation that it has determined that no eligible minority- or women-owned business is available to enter into a subcontract (with respect to such contract) and provides an explanation of the basis for such determination.

(ii) Waiver procedures

Any determination to grant a waiver under clause (i) shall be made in writing by the Chief Executive Officer of the Corporation.

(C) Report

Each quarterly report submitted by the Corporation pursuant to subsection (k)(7) of this section shall contain a description of each exception granted under subparagraph (A)(iii) and each waiver granted under subparagraph (B) during the quarter covered by the report.

(D) Definitions

For purposes of this paragraph, the following definitions shall apply:

(i) Minority

The term “minority” has the same meaning as in section 1204(c)(3) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.

(ii) Minority- and women-owned business

The terms “minority-owned business” and “women-owned business” have the same meanings as in subsection (r)(4) of this section.

(19) Contracting procedures (A) Procedures

In awarding any contract subject to the competitive bidding process, the Corporation shall apply competitive bidding procedures that are no less stringent than those in effect on December 17, 1993.

(B) Cost to taxpayer

Nothing in this chapter, or any other provision of law, shall supersede the Corporation's primary duty of minimizing costs to the taxpayer and maximizing the total return to the Government.

(20) Management of legal services

To improve the management of legal services, the Corporation—

(A) shall utilize staff counsel when such utilization would provide the same level of quality in legal services as the use of outside counsel at the same or a lower estimated cost; and

(B) may only employ outside counsel—

(i) if the use of outside counsel would provide the most practicable, efficient, and cost-effective resolution to the action; and

(ii) under a negotiated fee, contingent fee, or competitively bid fee agreement.

(21) Client responsiveness units

The Corporation shall ensure that every regional office of the Corporation contains a client responsiveness unit responsible to the Corporation's ombudsman.

(x) Limitation on excessive compensation and cash awards (1) Establishment of performance appraisal system required

The Corporation shall be treated as an agency for purposes of sections 4302 and 4304 of title 5.

(2) Procedures for payment of cash awards (A) In general

Sections 4502, 4503, and 4505a of title 5 shall apply with respect to the Corporation.

(B) Limitation on amount of cash awards

For purposes of determining the amount of any performance-based cash award payable to any employee of the Corporation under section 4505a of title 5, the amount of basic pay of the employee which may be taken into account under such section shall not exceed the amount which is equal to the annual rate of basic pay payable for level I of the Executive Schedule.

(3) All other cash awards and bonuses prohibited

Except as provided in paragraph (2), no cash award or bonus may be made to any employee of the Corporation.

(4) Limitations on cash awards and bonuses

No employee shall receive any cash award or bonus if such employee has given notice of an intent to resign to take a position in the private sector before the payment of such cash award or bonus or accepts employment in the private sector not later than 60 days after receipt of such award or bonus.

(5) Limitation on excessive compensation

Except as provided in paragraphs (6) and (7), no employee may receive a total amount of allowances, benefits, basic pay, and other compensation, including bonuses and other awards, in excess of the total amount of allowances, benefits, basic pay, and other compensation, including bonuses and other awards, which are provided to the chief executive officer of the Corporation.

(6) No reduction in rate of pay

The annual rate of basic pay and benefits, including any regional pay differential, payable to any employee who was an employee as of December 17, 1993, for any year ending after December 17, 1993, shall not be reduced, by reason of paragraph (5), below the annual rate of basic pay and benefits, including any regional pay differential, paid to such employee, by reason of such employment, as of December 17, 1993.

(7) Employees serving in acting or temporary capacity

In the case of any employee who, as of December 17, 1993, is serving in an acting capacity or is otherwise temporarily employed at a higher grade than such employee's regular grade or position of employment—

(A) the annual rate of basic pay and benefits, including any regional pay differential, payable to such employee in such capacity or at such higher grade shall not be reduced by reason of paragraph (5) so long as such employee continues to serve in such capacity or at such higher grade; and

(B) after such employee ceases to serve in such capacity or at such higher grade, paragraph (6) shall be applied with respect to such employee by taking into account only the annual rate of basic pay and benefits, including any regional pay differential, payable to such employee in such employee's regular grade or position of employment.

(8) Definitions (A) Allowances

For purposes of paragraph (5), the term “allowances” does not include any allowance for travel and subsistence expenses incurred by an employee while away from home or designated post of duty on official business.

(B) Employee

For purposes of this subsection and sections 4302, 4502, 4503, and 4505a of title 5 (as applicable with respect to this subsection), the term “employee” includes any officer or employee assigned to the Corporation under subsection (b)(8) of this section and any officer or employee of the Thrift Depositor Protection Oversight Board.

(y) Authority to execute contracts (1) Authorized persons

A person may execute a contract on behalf of the Corporation for the provision of goods or services only if—

(A) that person—

(i) is a warranted contracting officer appointed by the Corporation, or is a managing agent of a savings association under the conservatorship of the Corporation; and

(ii) provides appropriate certification or other identification, as required by the Corporation in accordance with paragraph (2);

(B) the notice described in paragraph (4) is included in the written contract; and

(C) that person has appropriate authority to execute the contract on behalf of the Corporation in accordance with the notice published by the Corporation in accordance with paragraph (5).

(2) Presentation of identification

Prior to executing any contract described in paragraph (1) with any person, a warranted contracting officer or managing agent shall present to that person—

(A) a valid certificate of appointment (or such other identification as may be required by the Corporation) that is signed by the appropriate officer of the Corporation; or

(B) a copy of such certificate, authenticated by the Corporation.

(3) Treatment of unauthorized contracts

A contract described in paragraph (1) that fails to meet the requirements of this section—

(A) shall be null and void; and

(B) shall not be enforced against the Corporation or its agents by any court.

(4) Inclusion of notice in contract terms

Each written contract described in paragraph (1) shall contain a clear and conspicuous statement (in boldface type) in immediate proximity to the space reserved for the signatures of the contracting parties as follows:

“Only warranted contracting officers appointed by the Resolution Trust Corporation or managing agents of associations under the conservatorship of the Resolution Trust Corporation have the authority to execute contracts on behalf of the Resolution Trust Corporation. Such persons have certain limits on their contracting authority. The nature and extent of their contracting authority levels are published in the Federal Register.

“A warranted contracting officer or a managing agent must present identification in the form of a signed certificate of appointment (or an authenticated copy of such certificate) or other identification, as required by the Corporation, prior to executing any contract on behalf of the Resolution Trust Corporation.

“Any contract that is not executed by a warranted contracting officer or the managing agent of a savings association under the conservatorship of the Resolution Trust Corporation, acting in conformity with his or her contracting authority, shall be null and void, and will not be enforceable by any court.”

(5) Notice of requirements

Not later than 30 days after December 17, 1993, the Corporation shall publish notice in the Federal Register of—

(A) the requirements for appointment by the Corporation as a warranted contracting officer; and

(B) the nature and extent of the contracting authority to be exercised by any warranted contracting officer or managing agent.

(6) Exception

This section does not apply to—

(A) any contract between the Corporation and any other person governing the purchase or assumption by that person of—

(i) the ownership of a savings association under the conservatorship of the Corporation; or

(ii) the assets or liabilities of a savings association under the conservatorship or receivership of the Corporation; or

(B) any contract executed by the Inspector General of the Corporation (or any designee thereof) for the provision of goods or services to the Office of the Inspector General of the Corporation.

(7) Execution of contracts

For purposes of this subsection, the execution of a contract includes all modifications to such contract.

(8) Effective date

The requirements of this subsection shall apply to all contracts described in paragraph (1) executed on or after the date which is 45 days after December 17, 1993.

(z) Additional contracting requirements (1) In general

No person shall execute, on behalf of the Corporation, any contract, or modification to a contract, for goods or services exceeding 0,000 in value unless the person executing the contract or modification states in writing that—

(A) the contract or modification is for a fixed price, the person has received a written cost estimate for the contract or modification, or a cost estimate cannot be obtained as a practical matter with an explanation of why such a cost estimate cannot be obtained as a practical matter;

(B) the person has received the written statement described in paragraph (2); and

(C) the person is satisfied that the contract or modification to be executed has been approved by a person legally authorized to do so pursuant to a written delegation of authority.

(2) Written delegation of authority

A person who authorizes a contract, or a modification to a contract, involving the Corporation for goods or services exceeding 0,000 in value shall state, in writing, that he or she has been delegated the authority, pursuant to a written delegation of authority, to authorize that contract or modification.

(3) Effect of failure to comply

The failure of any person executing a contract, or a modification of a contract, on behalf of the Corporation, or authorizing such a contract or modification of a contract, to comply with the requirements of this subsection shall not void, or serve as grounds to void or rescind, any otherwise properly executed contract.

(July 22, 1932, ch. 522, §21A, as added Pub. L. 101–73, title V, §501(a), Aug. 9, 1989, 103 Stat. 363; amended Pub. L. 101–625, title VIII, §804(d), title IX, §914(c), Nov. 28, 1990, 104 Stat. 4323, 4395; Pub. L. 101–647, title XXV, §§2526(c), 2540, Nov. 29, 1990, 104 Stat. 4876, 4885; Pub. L. 102–18, title I, §§101, 102(a), 103(a), 104, 105, title II, §§201, 202, title III, §301, title IV, §401, Mar. 23, 1991, 105 Stat. 58, 60–63, 65; Pub. L. 102–139, title V, §523(a), Oct. 28, 1991, 105 Stat. 781; Pub. L. 102–233, title I, §§101, 103, 105, 106(a)–(e)(1), title II, §201, title III, §§302(b), (c), 303–312, 314, 316, title IV, §§401, 402(a), 403–405, title V, §501, title VI, §§601–611, 613–617, Dec. 12, 1991, 105 Stat. 1761–1765, 1767–1770, 1772–1774, 1776–1789; Pub. L. 102–242, title I, §141(a)(3), title II, §251(c)(1), title IV, §471, Dec. 19, 1991, 105 Stat. 2276, 2333, 2385; Pub. L. 102–378, §5(e), Oct. 2, 1992, 106 Stat. 1358; Pub. L. 102–550, title V, §§503(c)(3), 509(i), title XVI, §§1611(a), (d)(1)–(3), 1612, 1613(a)(1)–(6), (8), (b)–(h), 1614(a)(1)–(5), (7), (b), 1615(a)(2), 1616, Oct. 28, 1992, 106 Stat. 3780, 3783, 4090–4096; Pub. L. 103–204, §§2–3(b), 4(a), 5(a), (b)(2), 7, 12, 14(a)(1), (c)(2), (d)(1), (e)(1), (f)(1), 15(a), 16(a), 17(a), 21(b), 24, 27(a), 29–31, 36, Dec. 17, 1993, 107 Stat. 2370–2380, 2382, 2383, 2390, 2391, 2395–2400, 2406, 2408, 2410–2413, 2415; Pub. L. 103–211, title IV, §406, Feb. 12, 1994, 108 Stat. 41; Pub. L. 103–325, title VI, §602(b), Sept. 23, 1994, 108 Stat. 2291; Pub. L. 103–328, title II, §201(b), Sept. 29, 1994, 108 Stat. 2368; Pub. L. 104–66, title II, §2231, Dec. 21, 1995, 109 Stat. 733; Pub. L. 104–208, div. A, title II, §2704(d)(11)(B)–(D), Sept. 30, 1996, 110 Stat. 3009–489; Pub. L. 105–135, title VI, §604(b), Dec. 2, 1997, 111 Stat. 2633; Pub. L. 106–400, §2, Oct. 30, 2000, 114 Stat. 1675; Pub. L. 108–271, §8(b), July 7, 2004, 118 Stat. 814; Pub. L. 109–171, title II, §2102(b), Feb. 8, 2006, 120 Stat. 9; Pub. L. 109–173, §9(d)(3)–(6), Feb. 15, 2006, 119 Stat. 3616, 3617; Pub. L. 110–289, div. A, title II, §1204(8), (12), July 30, 2008, 122 Stat. 2786.)

Repeal of Section

Pub. L. 111–203, title III, §§351, 364(b), July 21, 2010, 124 Stat. 1546, 1555, provided that, effective on the transfer date, this section is repealed. See Effective Date of Repeal note below.

References in Text

Level II of the Executive Schedule, referred to in subsec. (a)(4)(C), is set out in section 5313 of Title 5, Government Organization and Employees.

Section 9105 of title 31, referred to in subsec. (b)(2), was amended generally by Pub. L. 101–576, title III, §305, Nov. 15, 1990, 104 Stat. 2853, and, as so amended, no longer contains provisions relating to mixed-ownership Government corporations having capital of the Government.

August 9, 1989, referred to in subsec. (b)(10)(C)(ii), was in the original “the date of enactment of the Financial Institutions Reform, Recovery and Enforcement Act of 1989”, and was translated as meaning the date of enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, Pub. L. 101–73, to reflect the probable intent of Congress.

Section 519(a) of the Department of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1991, referred to in subsec. (b)(10)(C)(ii), is section 519(a) of Pub. L. 101–507, 104 Stat. 1386, which is not classified to the Code.

The Financial Institutions Reform, Recovery, and Enforcement Act of 1989, referred to in subsecs. (c)(6)(A)(ii), (j)(2)(A), (m)(3)(B), (s)(2)(C), (t)(3)(A), (u)(5)(A), and (w)(17)(E)(ii), (18)(D)(i), is Pub. L. 101–73, Aug. 9, 1989, 103 Stat. 183. Section 404(9) of the Act is set out in a note under section 1437 of this title. Section 1204(c)(3) of the Act is set out as a note under section 1811 of this title. For complete classification of this Act to the Code, see Short Title of 1989 Amendment note set out under section 1811 of this title and Tables.

The United States Housing Act of 1937, referred to in subsec. (c)(6)(B) is act Sept. 1, 1937, ch. 896, as revised generally by Pub. L. 93–383, title II, Aug. 22, 1974, 88 Stat. 653, which is classified generally to chapter 8 (§1437 et seq.) of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 1437 of Title 42 and Tables.

The McKinney-Vento Homeless Assistance Act, referred to in subsec. (c)(6)(B), is Pub. L. 100–77, July 22, 1987, 101 Stat. 482. Title IV of the Act is classified principally to subchapter IV (§11360 et seq.) of chapter 119 of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 11301 of Title 42 and Tables.

Section 810 of the Housing and Community Development Act of 1974, referred to in subsec. (c)(6)(B), (E)(i), is section 810 of Pub. L. 93–383, which was classified to section 1706e of this title, and was repealed by Pub. L. 101–625, title II, §289(b), Nov. 28, 1990, 104 Stat. 4128.

The National Housing Act, referred to in subsec. (c)(6)(B), is act June 27, 1934, ch. 847, 48 Stat. 1246, as amended, which is classified principally to chapter 13 (§1701 et seq.) of this title. For complete classification of this Act to the Code, see section 1701 of this title and Tables.

The Housing Act of 1949, referred to in subsec. (c)(6)(C), is act July 15, 1949, ch. 338, 63 Stat. 413, as amended. Title V of the Housing Act of 1949 is classified generally to subchapter III (§1471 et seq.) of chapter 8A of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 1441 of Title 42 and Tables.

The Cranston-Gonzalez National Affordable Housing Act, referred to in subsec. (c)(6)(E)(i), is Pub. L. 101–625, Nov. 28, 1990, 104 Stat. 4079. Title II of the Act, known as the HOME Investment Partnerships Act, is classified principally to subchapter II (§12721 et seq.) of chapter 130 of Title 42. For complete classification of this Act to the Code, see Short Title note set out under section 12701 of Title 42 and Tables.

The Housing and Community Development Act of 1968, referred to in subsec. (c)(9)(B)(iii), probably means the Housing and Urban Development Act of 1968, Pub. L. 90–448, Aug. 1, 1968, 82 Stat. 476, as amended. Title IX of the Act is classified principally to chapter 49 (§3931 et seq.) of Title 42. For complete classification of this Act to the Code, see Short Title of 1968 Amendments note set out under section 1701 of this title and Tables.

Section 14(b) of the Resolution Trust Corporation Completion Act, referred to in subsec. (c)(17)(A), is section 14(b) of Pub. L. 103–204, which is set out as a note under section 1831q of this title.

The Federal Advisory Committee Act, referred to in subsecs. (d)(5) and (w)(8)(C), is Pub. L. 92–463, Oct. 6, 1972, 86 Stat. 770, as amended, which is set out in the Appendix to Title 5, Government Organization and Employees.

Section 1821(a)(6)(F) of this title, referred to in subsec. (i)(5), was repealed by Pub. L. 109–173, §8(a)(11)(C), Feb. 15, 2006, 119 Stat. 3612.

The Home Owners’ Loan Act, referred to in subsec. (k)(9), is act June 13, 1933, ch. 64, 48 Stat. 128, as amended, which is classified generally to chapter 12 (§1461 et seq.) of this title. For complete classification of this Act to the Code, see section 1461 of this title and Tables.

Section 6(c) of the Resolution Trust Corporation Completion Act, referred to in subsec. (m)(3)(A), is section 6(c) of Pub. L. 103–204, which is set out below.

The Securities Act of 1933, referred to in subsec. (o)(1), is act May 27, 1933, ch. 38, title I, 48 Stat. 74, as amended, which is classified generally to subchapter I (§77a et seq.) of chapter 2A of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 77a of Title 15 and Tables.

Level I of the Executive Schedule, referred to in subsec. (x)(2)(B), is set out in section 5312 of Title 5, Government Organization and Employees.

Amendments

2008—Subsec. (a)(3)(A)(ii), (iv), (E), (9). Pub. L. 110–289, §1204(8), which directed amendment of the Federal Home Loan Bank Act (this chapter) by substituting “the Director” for “the Board” wherever appearing, was not executed to subsec. (a)(3)(A)(ii), (iv), (E), (9), to reflect the probable intent of Congress.

Subsec. (c)(9)(B)(ii). Pub. L. 110–289, §1204(12), substituted “Director” for “Federal Housing Finance Board”.

Subsec. (h)(1). Pub. L. 110–289, §1204(12), which directed amendment of the Federal Home Loan Bank Act (this chapter) by substituting “the Director” for “Federal Housing Finance Board” wherever appearing, was not executed to subsec. (h)(1) to reflect the probable intent of Congress.

Subsecs. (k)(2)(B)(i), (n)(6)(C)(ii). Pub. L. 110–289, §1204(8), which directed amendment of the Federal Home Loan Bank Act (this chapter) by substituting “the Director” for “the Board” wherever appearing, was not executed to subsecs. (k)(2)(B)(i) and (n)(6)(C)(ii) to reflect the probable intent of Congress.

2006—Subsec. (b)(4)(B). Pub. L. 109–173, §9(d)(3), substituted “Deposit Insurance Fund” for “affected deposit insurance fund”.

Pub. L. 109–171 repealed Pub. L. 104–208, §2704(d)(11)(B). See 1996 Amendment note below.

Subsec. (b)(6)(B). Pub. L. 109–173, §9(d)(4), substituted “Charter conversions” for “SAIF-insured banks” in heading and “savings association” for “Savings Association Insurance Fund member” in text.

Pub. L. 109–171 repealed Pub. L. 104–208, §2704(d)(11)(C). See 1996 Amendment note below.

Subsec. (b)(10)(A)(iv)(II). Pub. L. 109–173, §9(d)(5), substituted “Deposit Insurance Fund” for “Savings Association Insurance Fund”.

Pub. L. 109–171 repealed Pub. L. 104–208, §2704(d)(11)(D). See 1996 Amendment note below.

Subsec. (n)(6)(E)(iv). Pub. L. 109–173, §9(d)(6), substituted “the Deposit Insurance Fund” for “Federal deposit insurance funds”.

2004—Subsec. (k)(11)(B). Pub. L. 108–271 substituted “Government Accountability Office” for “General Accounting Office”.

2000—Subsecs. (b)(16), (17)(A)(ii), (c)(6)(B). Pub. L. 106–400 substituted “McKinney-Vento Homeless Assistance Act” for “Stewart B. McKinney Homeless Assistance Act”.

1997—Subsec. (b)(13). Pub. L. 105–135 substituted “small business concerns, small business concerns owned and controlled by socially and economically disadvantaged individuals, and qualified HUBZone small business concerns (as defined in section 632(p) of title 15)” for “small business concerns and small business concerns owned and controlled by socially and economically disadvantaged individuals”.

1996—Subsec. (b)(4)(B). Pub. L. 104–208, §2704(d)(11)(B), which directed the amendment of subpar. (B) by substituting “Deposit Insurance Fund” for “affected deposit insurance fund”, was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.

Subsec. (b)(6)(B). Pub. L. 104–208, §2704(d)(11)(C), which directed the amendment of subpar. (B) by substituting “Charter conversions” for “SAIF-insured banks” in heading and “savings association” for “Savings Association Insurance Fund member” in text, was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.

Subsec. (b)(10)(A)(iv)(II). Pub. L. 104–208, §2704(d)(11)(D), which directed the amendment of subcl. (II) by substituting “Deposit Insurance Fund” for “Savings Association Insurance Fund”, was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.

1995—Subsec. (k)(9). Pub. L. 104–66 substituted “June 30 and December 31 of each calendar year” for “the end of each calendar quarter”.

1994—Subsec. (a)(11). Pub. L. 103–325, §602(b)(1), substituted “a United States district court” for “a United States District Court”.

Subsec. (b)(11)(B)(iii). Pub. L. 103–325, §602(b)(2), struck out comma after “chapter 5”.

Subsec. (b)(11)(E)(iv)(II). Pub. L. 103–325, §602(b)(3), substituted “knowledgeable” for “knowledgable”.

Subsec. (b)(11)(G). Pub. L. 103–325, §602(b)(4), inserted heading.

Subsec. (b)(14)(C)(i). Pub. L. 103–211 added cl. (i) and struck out former cl. (i) which read as follows: “the 5-year period beginning on the date the claim accrues (as determined pursuant to section 1821(d)(14)(B) of this title); or”.

Subsec. (b)(14)(E). Pub. L. 103–328 added subpar. (E).

Subsec. (r)(4). Pub. L. 103–325, §602(b)(5), substituted “subsection, the following definitions shall apply:” for “subsection—”.

Subsec. (s)(2). Pub. L. 103–325, §602(b)(6), substituted “subsection, the following definitions shall apply:” for “subsection—”.

Subsec. (u)(5). Pub. L. 103–325, §602(b)(7), substituted “subsection, the following definitions shall apply:” for “subsection—”.

1993—Subsec. (a)(6)(K). Pub. L. 103–204, §5(b)(2), added subpar. (K).

Subsec. (b)(3)(A)(ii). Pub. L. 103–204, §27(a)(1), substituted “such date as is determined by the Chairperson of the Thrift Depositor Protection Oversight Board, but not earlier than January 1, 1995, and not later than July 1, 1995” for “October 1, 1993”.

Subsec. (b)(4)(C). Pub. L. 103–204, §3(b), added subpar. (C).

Subsec. (b)(6). Pub. L. 103–204, §§27(a)(2), 36, substituted “such date as is determined by the Chairperson of the Thrift Depositor Protection Oversight Board under paragraph (3)(A)(ii)” for “October 1, 1993” in two places, designated existing provisions as subpar. (A), inserted heading, and added subpar. (B).

Subsec. (b)(8)(E), (F). Pub. L. 103–204, §24, added subpars. (E) and (F).

Subsec. (b)(8)(G). Pub. L. 103–204, §29, added subpar. (G).

Subsec. (b)(14) to (17). Pub. L. 103–204, §§4(a), 15(a), 16(a), 17(a), added pars. (14) to (17).

Subsec. (c)(6)(A)(ii). Pub. L. 103–204, §14(d)(1), inserted at end “The Corporation shall periodically provide, to a wide range of minority- and women-owned businesses engaged in providing affordable housing and to nonprofit organizations, more than 50 percent of the control of which is held by 1 or more minority individuals, that are engaged in providing affordable housing, information that is sufficient to inform such businesses and organizations of the availability and terms of financing under this clause; such information may be provided directly, by notices published in periodicals and other publications that regularly provide information to such businesses or organizations, and through persons and organizations that regularly provide information or services to such businesses or organizations. For purposes of this clause, the terms ‘women-owned business’ and ‘minority-owned business’ have the meanings given such terms in subsection (r) of this section, and the term ‘minority’ has the meaning given such term in section 1204(c)(3) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.”

Subsec. (c)(9)(D)(ii). Pub. L. 103–204, §12(1), added cl. (ii) and struck out former cl. (ii) which read as follows: “that has an appraised value that does not exceed ,500 in the case of a 1-family residence, ,000 in the case of a 2-family residence, ,000 in the case of a 3-family residence, and 7,000 in the case of a 4-family residence.”

Subsec. (c)(9)(G). Pub. L. 103–204, §12(2), realigned margin of subcl. (I) and redesignated it as cl. (i) and substituted cl. (ii) for subcl. (II) which read as follows: “that has an appraised value that does not exceed ,500 in the case of a 1-family residence, ,000 in the case of a 2-family residence, ,000 in the case of a 3-family residence, and 7,000 in the case of a 4-family residence.”

Subsec. (c)(11)(D). Pub. L. 103–204, §14(f)(1), added subpar. (D).

Subsec. (c)(16), (17). Pub. L. 103–204, §14(a)(1), (e)(1), added pars. (16) and (17).

Subsec. (d)(2). Pub. L. 103–204, §14(c)(2), amended par. (2) generally, substituting “(2) [Reserved]” for former par. (2) which read as follows: “National Housing Advisory Board.—

“(A) Establishment.—The Thrift Depositor Protection Oversight Board shall establish a National Housing Advisory Board to advise the Thrift Depositor Protection Oversight Board on policies and programs related to the provision of affordable housing.

“(B) Membership.—The National Housing Advisory Board shall consist of—

“(i) the Secretary of Housing and Urban Development; and

“(ii) the chairpersons of any regional advisory boards established pursuant to paragraph (3).

“(C) Meetings.—The National Housing Advisory Board shall meet 4 times a year, or more frequently if requested by the Thrift Depositor Protection Oversight Board.”

Subsec. (i)(3) to (6). Pub. L. 103–204, §2, struck out “until April 1, 1992” after “this section” in par. (3) and added pars. (4) to (6).

Subsec. (m)(1). Pub. L. 103–204, §7(b), substituted “December 31, 1995” for “December 31, 1996”.

Subsec. (m)(3). Pub. L. 103–204, §7(a), added par. (3).

Subsec. (q)(1). Pub. L. 103–204, §21(b)(1), substituted “regarding—

“(A) a possible violation of any law or regulation; or

“(B) gross mismanagement, a gross waste of funds, an abuse of authority, or a substantial and specific danger to public health or safety;

by the Corporation, the Thrift Depositor Protection Oversight Board, or such person or any director, officer, or employee of the Corporation, the Thrift Depositor Protection Oversight Board, or the person.” for “regarding any possible violation of any law or regulation by the Corporation, the Thrift Depositor Protection Oversight Board, or such person or any director, officer, or employee of the Corporation, the Thrift Depositor Protection Oversight Board, or the person.”

Subsec. (q)(5). Pub. L. 103–204, §21(b)(2), added par. (5).

Subsec. (w). Pub. L. 103–204, §3(a), added subsec. (w).

Subsec. (x). Pub. L. 103–204, §5(a), added subsec. (x).

Subsec. (y). Pub. L. 103–204, §30, added subsec. (y).

Subsec. (z). Pub. L. 103–204, §31, added subsec. (z).

1992—Pub. L. 102–550, §1613(a)(6), inserted “Thrift Depositor Protection” before “Oversight Board” in section catchline.

Subsec. (a)(2). Pub. L. 102–550, §1613(b)(2), struck out second period after “by this chapter.”

Pub. L. 102–550, §1613(b)(1), made technical amendment to directory language of Pub. L. 102–233, §303(2). See 1991 Amendment note below.

Subsec. (a)(6). Pub. L. 102–550, §1613(a)(4), substituted “Thrift Depositor Protection Oversight” for “Oversight” in heading.

Subsec. (a)(6)(C). Pub. L. 102–550, §1613(c)(1), substituted “paragraph (8)” for “paragraph (8) of this subsection:

“Provided, That if the Thrift Depositor Protection Oversight Board requires the modification of any overall strategies, policies and goals, it shall, within 30 days of the date at which it directs the RTC make such modification, provide the House and Senate Banking Committees with an explanation that identifies which ground justifies the review and giving reasons why the modification is necessary to satisfy these grounds.”

Subsec. (a)(8). Pub. L. 102–550, §1613(f)(1), struck out “In general” before “The Corporation shall”.

Subsec. (a)(10). Pub. L. 102–550, §1613(d)(1), substituted “Open” for “Quarterly” in heading, “6” for “4” in text, and inserted at end: “The Thrift Depositor Protection Oversight Board shall maintain a transcript of the board's open meetings.”

Subsec. (a)(15), (16). Pub. L. 102–550, §1613(c)(2), added par. (15) and redesignated former par. (15) as (16).

Subsec. (b)(8)(A). Pub. L. 102–550, §1613(e), substituted “Except for the chief executive officer of the Corporation,” for “Except for its chief executive officer,”.

Subsec. (b)(8)(B)(i). Pub. L. 102–550, §1612, made technical amendment to first reference to December 12, 1991, to correct reference to corresponding provisions of original act.

Pub. L. 102–378, which directed that subsec. (b)(9)(B)(i) of this section, as amended by section 201 of Pub. L. 102–233, be amended by striking out the last three sentences, was executed to subsec. (b)(8)(B)(i) of this section, to reflect the probable intent of Congress and the intervening redesignation of par. (9) as (8) by section 310 of Pub. L. 102–233 (see 1991 Amendment note below). Prior to amendment, last three sentences read as follows: “Any employee or officer in the executive service of the Federal Deposit Insurance Corporation who was performing services on behalf of the Corporation at level E–4 or above immediately prior to December 12, 1991, shall continue to be assigned to perform substantially similar services on behalf of the Corporation after December 12, 1991, unless the Corporation—

“(I) determines that the services of any such employees are unnecessary, or

“(II) reassigns or substantially alters the responsibilities or duties of any such employees.

If an action described in subclause (I) or (II) occurs, any such employee with at least 20 years of service, as defined by chapter 83 or chapter 84 of title 5, shall be entitled to an annuity under section 8336(d) or section 8414(b)(1) of title 5, notwithstanding the fact that such employee has not attained the age of 50 years or has declined another position with the Federal Deposit Insurance Corporation, and the annuity of such employee shall not be reduced because of the age of such employee. The Federal Deposit Insurance Corporation shall reimburse the appropriate retirement insurance fund for any increased costs it incurs as a result of the annuities authorized pursuant to this clause.”

Subsec. (b)(9)(G). Pub. L. 102–550, §1613(h)(1)(A), substituted “(10)(A)(iv)” for “(11)(A)(iv)”.

Subsec. (b)(9)(I). Pub. L. 102–550, §1613(h)(1)(B), struck out “through its Board of Directors” after “prescribe”.

Subsec. (b)(10)(A). Pub. L. 102–550, §1613(h)(2), substituted “(9)” for “(10)” in introductory provisions and “(11)” for “(12)” in cl. (i).

Subsec. (b)(11)(E)(i). Pub. L. 102–550, §1613(h)(3), substituted “the chief executive officer's” for “its”.

Subsec. (c)(3)(E). Pub. L. 102–550, §1616(a), in cl. (i)(I), substituted “property in which the units are located; and” for “building property structure in which the units are located: Provided, That”, in cl. (i)(II), struck out “shall be made available for occupancy” after “units purchased”, inserted “(including very low-income families taken into account for purposes of subclause (I))” after “very low-income families”, and substituted “property” for “building or structure”, and in cl. (ii)(II), substituted “property” for “building property structure” after “useful life of the” in two places, and inserted “(including very low-income families taken into account for purposes of subdivision (a) of this subclause)” after “very low-income families” in subdiv. (b).

Subsec. (c)(7). Pub. L. 102–550, §1613(h)(4), substituted “(b)(10)(A)” for “(b)(11)(A)”.

Subsec. (c)(8)(B). Pub. L. 102–550, §1616(b), repealed Pub. L. 102–233, §611. See 1991 Amendment note below.

Subsec. (c)(8)(B)(ii). Pub. L. 102–550, §1615(a)(2), substituted “subchapter B” for “subchapter A”.

Subsec. (c)(9)(D)(ii). Pub. L. 102–550, §503(c)(3), substituted “,500 in the case of a 1-family residence, ,000 in the case of a 2-family residence, ,000 in the case of a 3-family residence, and 7,000 in the case of a 4-family residence” for “the applicable dollar amount set forth in the first sentence of section 203(b)(2) of the National Housing Act (without regard to any increase of such amount for high cost areas)”.

Subsec. (c)(9)(E)(i)(II), (ii)(II). Pub. L. 102–550, §509(i), substituted “, for such part of the property as may be attributable to dwelling use (excluding exterior land improvements), ,500 per family unit without a bedroom, ,816 per family unit with 1 bedroom, ,120 per family unit with 2 bedrooms, ,195 per family unit with 3 bedrooms, and ,392 per family unit with 4 or more bedrooms” for “the applicable dollar amount set forth in section 221(d)(3)(ii) of the National Housing Act for elevator-type structures (without regard to any increase of such amount for high-cost areas)”.

Subsec. (c)(9)(G)(ii). Pub. L. 102–550, §503(c)(3), substituted “,500 in the case of a 1-family residence, ,000 in the case of a 2-family residence, ,000 in the case of a 3-family residence, and 7,000 in the case of a 4-family residence” for “the applicable dollar amount set forth in the first sentence of section 203(b)(2) of the National Housing Act (without regard to any increase of such amount for high-cost areas)”.

Subsec. (c)(10). Pub. L. 102–550, §1613(d)(2), struck out at end “The Thrift Depositor Protection Oversight Board shall maintain a transcript of its open meetings.” See note for subsec. (a)(10) above and 1991 Amendment note below.

Subsec. (d)(1)(B)(ii). Pub. L. 102–550, §1613(h)(5), substituted “paragraph (3)” for “paragraph (2)”.

Subsec. (i)(3). Pub. L. 102–550, §1611(a), inserted comma after “necessary” and after “billion”.

Subsec. (k). Pub. L. 102–550, §1613(a)(1), repealed Pub. L. 102–233, §302(c). See 1991 Amendment note below.

Subsec. (k)(3)(B). Pub. L. 102–550, §1613(h)(6), substituted “subsection (b)(10)(B)” for “subsection (b)(11)(B)”.

Subsec. (k)(6)(A)(vii). Pub. L. 102–550, §1613(a)(2), inserted “Thrift Depositor Protection” before “Oversight Board's”.

Subsec. (k)(7). Pub. L. 102–550, §1611(d)(1), substituted “preceding calendar quarter” for “quarter ending on the last day of the month ending before the month in which such report is required to be submitted”.

Subsec. (k)(10)(A). Pub. L. 102–550, §1611(d)(2), which directed amendment of section “21A(k)(10) of the Federal Home Loan Bank Board”, by inserting “Thrift Depositor Protection” before “Oversight Board” wherever appearing, was probably intended as an amendment to subsec. (k)(10) of this section, which is section 21A of the Federal Home Loan Bank Act, but was not executed in view of similar amendment by Pub. L. 102–233, §302(b). See 1991 Amendment note below for subsec. (k).

Subsec. (k)(11)(A). Pub. L. 102–550, §1611(d)(3)(A), which directed amendment by inserting “Thrift Depositor Protection” before “Oversight Board”, as not executed in view of similar amendment by Pub. L. 102–233, §302(b). See 1991 Amendment note below for subsec. (k).

Subsec. (k)(11)(B). Pub. L. 102–550, §1611(d)(3)(B), substituted “employees” for “an employee” and “General” for “Government”.

Subsec. (l)(3)(B). Pub. L. 102–550, §1613(g), substituted “for that party or the filing” for “for that party of the filing”.

Subsec. (n)(8). Pub. L. 102–550, §1613(a)(5), inserted “Thrift Depositor Protection” before “Oversight Board” in heading.

Subsec. (o)(2). Pub. L. 102–550, §1613(f)(2), substituted “includes any officer or employee of the Federal Deposit” for “includes—any officer or employee of the Federal Deposit”.

Subsec. (q). Pub. L. 102–550, §1614(a)(7)(B), redesignated subsec. (q), relating to continuation of obligation to provide services, as (v).

Pub. L. 102–550, §1614(a)(7)(A), amended directory language of Pub. L. 102–242, §471. See 1991 Amendment note below.

Pub. L. 102–550, §1614(a)(5)(E), transferred and inserted subsec. (q), relating to employee protection remedies, after subsec. (p), effective Dec. 19, 1991.

Pub. L. 102–550, §1613(a)(8), inserted “Thrift Depositor Protection” before “Oversight Board” in heading of subsec. (q) relating to employee protection remedies.

Pub. L. 102–550, §§1613(a)(3), 1614(b)(4), which directed identical amendment of subsec. (q), relating to employee protection remedies, by inserting “Thrift Depositor Protection” before “Oversight Board”, was not executed in view of similar amendment by Pub. L. 102–233, §302(b). See 1991 Amendment note below.

Subsec. (r). Pub. L. 102–550, §1614(a)(5)(A), redesignated subsec. (t) as (r).

Pub. L. 102–550, §1614(a)(1), amended Pub. L. 102–233, §401, transferring and inserting subsec. (r) [formerly (t)] after subsec. (p) effective Dec. 12, 1991. See 1991 Amendment note below.

Subsec. (s). Pub. L. 102–550, §1614(a)(5)(B), redesignated subsec. (u) as (s).

Subsec. (t). Pub. L. 102–550, §1614(a)(5)(C), redesignated subsec. (v) as (t). Former subsec. (t) redesignated (r).

Pub. L. 102–550, §1614(a)(1), amended directory language of Pub. L. 102–233, §401. See 1991 Amendment note below.

Subsec. (t)(1). Pub. L. 102–550, §1614(b)(1), substituted “the minority capital assistance program established under subsection (u)(1) of this section” for “minority interim capital assistance program established by the Oversight Board by regulation pursuant to the strategic plan under subsection (a) of this section”.

Subsec. (t)(3)(B). Pub. L. 102–550, §1614(b)(3), substituted “section 1823(f)(8)(B)” for “section 1823(c)(8)”.

Subsec. (u). Pub. L. 102–550, §1614(a)(5)(D), redesignated subsec. (w) as (u). Former subsec. (u) redesignated (s).

Pub. L. 102–550, §1614(a)(2), made technical correction to directory language of Pub. L. 102–233, §402(a). See 1991 Amendment note below.

Subsec. (u)(1). Pub. L. 102–550, §1614(b)(2), substituted “administered by the Corporation pursuant to the policy statement entitled the ‘Interim Statement of Policy Regarding Resolutions of Minority-Owned Depository Institutions’ adopted by the Corporation on January 30, 1990” for “established by the Oversight Board by regulation pursuant to the strategic plan under subsection (a) of this section”.

Subsec. (u)(5)(B). Pub. L. 102–550, §1614(b)(3), substituted “section 1823(f)(8)(B)” for “section 1823(c)(8)”.

Subsec. (v). Pub. L. 102–550, §1614(a)(7)(B), redesignated subsec. (q), relating to continuation of obligation to provide services, as (v). Former subsec. (v) redesignated (t).

Pub. L. 102–550, §1614(a)(3), made technical correction to directory language of Pub. L. 102–233, §403. See 1991 Amendment note below.

Subsec. (w). Pub. L. 102–550, §1614(a)(5)(D), redesignated subsec. (w) as (u).

Pub. L. 102–550, §1614(a)(4), made technical correction to directory language of Pub. L. 102–233, §404. See 1991 Amendment note below.

1991—Subsec. (a). Pub. L. 102–233, §302(b), substituted “Thrift Depositor Protection Oversight Board” for “Oversight Board” wherever appearing.

Subsec. (a)(2). Pub. L. 102–233, §303(2), as amended by Pub. L. 102–550, §1613(b)(1), inserted before period at end of first sentence “and shall be accountable for the duties assigned to the Thrift Depositor Protection Oversight Board by this chapter.”

Pub. L. 102–233, §303(1), substituted “monitor the operations of” for “be accountable for” in first sentence.

Subsec. (a)(3)(A). Pub. L. 102–233, §304(1), in introductory provisions, substituted “7” for “5”, added cls. (iii) through (v), redesignated former cl. (iv) as (vi), and struck out former cl. (iii) which directed that Secretary of Housing and Urban Development be member of Board.

Subsec. (a)(3)(E). Pub. L. 102–233, §304(2), substituted “4” for “3”.

Subsec. (a)(5)(I) to (K). Pub. L. 102–18, §104(b), added subpar. (I) and redesignated former subpars. (I) and (J) as (J) and (K), respectively.

Subsec. (a)(6)(A). Pub. L. 102–233, §305(1), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “To develop and establish overall strategies, policies, and goals for the Corporation's activities in consultation with the Corporation, including such items as—

“(i) general policies and procedures for case resolutions, the management and disposition of assets, the use of private contractors, and the use of notes, guarantees or other obligations by the Corporation;

“(ii) overall financial goals, plans, and budgets; and

“(iii) restructuring agreements described in subsection (b)(11)(B) of this section.”

Subsec. (a)(6)(B). Pub. L. 102–233, §305(2), inserted “financial plans, budgets, and” after “implementation”.

Subsec. (a)(6)(C). Pub. L. 102–233, §305(3), amended subpar. (C) generally and inserted closing provision relating to explanation to Congress of review and modification. Prior to amendment, subpar. (C) read as follows: “To review all rules, regulations, principles, procedures, and guidelines that may be adopted or announced by the Corporation. After consultation with the Corporation, the Oversight Board may require the modification of any such rules, regulations, principles, procedures, or guidelines except that the rules, regulations, principles, procedures, and guidelines relating to the Corporation's powers and activities as a conservator or receiver shall be consistent with the Federal Deposit Insurance Act. The provisions of this subparagraph shall not apply to internal administrative policies and procedures, and determinations or actions described in paragraph (8) of this subsection.”

Subsec. (a)(7). Pub. L. 102–233, §314(1)(A), substituted “(b)(11)” for “(b)(12)”.

Subsec. (a)(8). Pub. L. 102–233, §314(1)(B), struck out designation “(A)” and subpar. (B) which set forth limitation on authority of Oversight Board over activities, powers, or functions of Federal Deposit Insurance Corporation.

Subsec. (a)(8)(A). Pub. L. 102–233, §306, substituted “involving (i)” for “(i) involving” and “review overall strategies, policies, and goals established by the Corporation” for “provide general policies and procedures”.

Subsec. (a)(10). Pub. L. 102–233, §314(1)(C), substituted “review overall strategies, policies, and goals established by” for “establish and review the general policy of” and “matters as pertain to” for “standards, policies, and procedures necessary to carry out”.

Subsec. (a)(14)(A). Pub. L. 102–233, §308, amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “The Oversight Board shall, subject to paragraph (6), develop a strategic plan for conducting the Corporation's functions and activities. The Oversight Board shall submit the strategic plan to the Congress not later than December 31, 1989.”

Subsec. (b). Pub. L. 102–233, §302(b), substituted “Thrift Depositor Protection Oversight Board” for “Oversight Board” wherever appearing.

Subsec. (b)(1)(C). Pub. L. 102–233, §309(a), amended subpar. (C) generally. Prior to amendment, subpar. (C) read as follows: “Immediately upon August 9, 1989, the Federal Deposit Insurance Corporation shall be authorized to and shall perform all responsibilities of the Corporation, and shall continue to do so unless removed pursuant to subsection (m) of this section.”

Subsec. (b)(3). Pub. L. 102–233, §314(2)(A), struck out “and through the Federal Deposit Insurance Corporation (or any replacement authorized pursuant to subsection (m) of this section)” before “, including:”.

Subsec. (b)(3)(A)(ii). Pub. L. 102–233, §103(a), amended cl. (ii) generally. Prior to amendment, cl. (ii) read as follows: “for which a conservator or receiver—

“(I) had been appointed at any time during the period beginning on January 1, 1989, and ending on August 9, 1989 (including any institution described in paragraph (6)); or

“(II) is appointed within the 3-year period beginning on August 9, 1989.”

Subsec. (b)(3)(B). Pub. L. 102–233, §309(b), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “To manage the Federal Asset Disposition Association, subject to the provisions of subsection (f) of this section.”

Subsec. (b)(4). Pub. L. 102–242, §141(a)(3), designated existing provisions as subpar. (A), inserted heading, and added subpar. (B).

Subsec. (b)(6). Pub. L. 102–233, §103(b), amended par. (6) generally. Prior to amendment, par. (6) read as follows: “As of August 9, 1989, the Corporation shall succeed the Federal Savings and Loan Insurance Corporation as conservator or receiver with respect to any institution for which the Federal Savings and Loan Insurance Corporation was appointed conservator or receiver during the period beginning on January 1, 1989 and ending on August 9, 1989.”

Subsec. (b)(8). Pub. L. 102–233, §310, redesignated par. (9) as (8) and struck out former par. (8) which related to Board of Directors of Corporation.

Subsec. (b)(8)(A). Pub. L. 102–233, §311(1), substituted provision directing that Corporation have no employees except for its chief executive officer for provision directing that Corporation have no employees unless Oversight Board exercises subsec. (m) authority.

Subsec. (b)(8)(B)(i). Pub. L. 102–233, §201(1), amended cl. (i) generally. Prior to amendment, cl. (i) read as follows: “The Federal Deposit Insurance Corporation, when acting as the exclusive manager of the Corporation, shall (subject to subsection (a)(6) of this section) receive reimbursement from the Corporation for all services performed for the Corporation. Such reimbursement may not exceed the actual and reasonable cost incurred by the Federal Deposit Insurance Corporation in performing such services.”

Subsec. (b)(8)(C). Pub. L. 102–233, §201(2), added subpar. (C).

Subsec. (b)(8)(D). Pub. L. 102–233, §311(2), added subpar. (D).

Subsec. (b)(9). Pub. L. 102–233, §310, redesignated par. (10) as (9). Former par. (9) redesignated (8).

Subsec. (b)(9)(B), (C). Pub. L. 102–233, §314(2)(B)(i), redesignated subpars. (C) and (D) as (B) and (C), respectively, and struck out former subpar. (B) which related to Corporation's power to provide for certain officers and employees, define their duties, and require surety bonds against losses occasioned by their acts.

Subsec. (b)(9)(D). Pub. L. 102–233, §314(2)(B)(i), redesignated subpar. (E) as (D). Former subpar. (D) redesignated (C).

Pub. L. 102–233, §309(c), inserted “using any legally available private sector methods including without limitation, securitization of debt or equity, limited partnerships, mortgage investment conduits, and real estate investment trusts,” after “real and personal property,”.

Subsec. (b)(9)(E) to (I). Pub. L. 102–233, §314(2)(B)(i), redesignated subpars. (F) to (J) as (E) to (I), respectively. Former subpar. (E) redesignated (D).

Subsec. (b)(9)(J). Pub. L. 102–233, §314(2)(B)(i), redesignated subpar. (K) as (J). Former subpar. (J) redesignated (I).

Pub. L. 102–233, §501(a)(1), amended generally subpar (J) [par. (10)(K) prior to redesignation, see above]. Prior to amendment, subpar. read as follows: “To make loans.”

Subsec. (b)(9)(K), (L). Pub. L. 102–233, §314(2)(B)(i), redesignated subpars. (L) and (M) as (K) and (L), respectively. Former subpars. (K) and (L) redesignated (J) and (K), respectively.

Subsec. (b)(9)(M). Pub. L. 102–233, §314(2)(B), redesignated subpar. (N) as (M) and struck out “on behalf of the Federal Deposit Insurance Corporation, acting as exclusive manager” before period at end of penultimate sentence. Former subpar. (M) redesignated (L).

Subsec. (b)(9)(N). Pub. L. 102–233, §314(2)(B)(i), redesignated subpar. (N) as (M).

Subsec. (b)(10). Pub. L. 102–233, §310, redesignated par. (11) as (10). Former par. (10) redesignated (9).

Subsec. (b)(10)(N). Pub. L. 102–18, §104(a), inserted at end “The Corporation may indemnify the directors, officers and employees of the Corporation on such terms as the Corporation deems proper against any liability under any civil suit pursuant to any statute or pursuant to common law with respect to any claim arising out of or resulting from any act or omission by such person within the scope of such person's employment in connection with any transaction entered into involving the disposition of assets (or any interests in any assets or any obligations backed by any assets) by the Corporation. For purposes of this subparagraph, the terms ‘officers’ and ‘employees’ include officers and employees of the Federal Deposit Insurance Corporation or of other agencies who perform services for the Corporation on behalf of the Federal Deposit Insurance Corporation, acting as exclusive manager. The indemnification authorized by this subparagraph shall be in addition to and not in lieu of any immunities or other protections that may be available to such person under applicable law, and this provision does not affect any such immunities or other protections.”

Subsec. (b)(11). Pub. L. 102–233, §310, redesignated par. (12) as (11). Former par. (11) redesignated (10).

Subsec. (b)(11)(A). Pub. L. 102–233, §314(2)(C)(i), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “Subject to the review of the Oversight Board, the Corporation shall adopt the rules, regulations, standards, policies, procedures, guidelines, and statements necessary to implement the strategic plan established by the Oversight Board under subsection (a)(14) of this section. The Corporation may issue such rules, regulations, standards, policies, procedures, guidelines, and statements as the Corporation considers necessary or appropriate to carry out this section.”

Subsec. (b)(11)(B). Pub. L. 102–233, §314(2)(C)(ii), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “Such rules, regulations, standards, policies, procedures, guidelines, and statements—

“(i) shall be provided by the Corporation to the Oversight Board promptly or prior to publication or announcement to the extent practicable;

“(ii) shall be subject to the review of the Oversight Board as provided in subsection (a)(6)(C) of this section; and

“(iii) shall be promulgated pursuant to subchapter II of chapter 5 of title 5.”

Pub. L. 102–18, §105, designated subpar. (B) concluding provisions as subpar. (C)(i).

Subsec. (b)(11)(C). Pub. L. 102–18, §105, designated subpar. (B) concluding provisions as subpar. (C)(i), added headings for subpar. (C) and cl. (i), and added cl. (ii).

Subsec. (b)(11)(D), (E). Pub. L. 102–233, §314(2)(C)(iii), substituted “chief executive officer” for “Board of Directors” wherever appearing.

Subsec. (b)(12). Pub. L. 102–233, §310, redesignated par. (13) as (12). Former par. (12) redesignated (11).

Subsec. (b)(13). Pub. L. 102–233, §310, redesignated par. (14) as (13). Former par. (13) redesignated (12).

Subsec. (b)(14). Pub. L. 102–233, §405, amended par. (14) generally, substituting present provisions for provisions which related to fiscal year 1989 funding.

Pub. L. 102–233, §310, redesignated par. (14) as (13).

Subsec. (c)(2)(B). Pub. L. 102–233, §604(a)(2), substituted “by any such family who, except as provided in subparagraph (D), agrees to occupy the property as a principal residence for at least 12 months and who certifies in writing that the family intends to occupy the property for at least 12 months” for “by such families” at end of first sentence.

Pub. L. 102–233, §603, inserted reference to qualifying households with members who are veterans and inserted references to lower-income families with members who are veterans in two places.

Pub. L. 102–233, §602, substituted “Except as provided in the last sentence of this subparagraph for” for “For” in first sentence and inserted sentence at end.

Pub. L. 102–139 substituted “3-month and one week” for “3-month” wherever appearing.

Subsec. (c)(2)(C), (D). Pub. L. 102–233, §604(b), added subpars. (C) and (D).

Subsec. (c)(2)(E). Pub. L. 102–233, §605, added subpar. (E).

Subsec. (c)(3)(B). Pub. L. 102–233, §606(1), struck out before period at end of first sentence “, or until the Corporation determines that a property is ready for sale, whichever occurs first”.

Subsec. (c)(3)(C). Pub. L. 102–233, §606(2), substituted “the expiration of the period referred to in subparagraph (B) for a property,” for “determining that a property is ready for sale”.

Subsec. (c)(3)(D). Pub. L. 102–233, §606(3), inserted two sentences at end relating to rejection or failure of offer which had been initially accepted by Corporation and construction of provision requiring acceptance of another offer under such circumstances.

Subsec. (c)(3)(E). Pub. L. 102–233, §607, amended subpar. (E) generally. Prior to amendment, subpar. (E) read as follows: “Not less than 35 percent of all dwelling units purchased by a qualifying multifamily purchaser under subparagraph (D) shall be made available for occupancy by and maintained as affordable for lower-income families during the remaining useful life of the property in which the units are located, provided that not less than 20 percent of all units shall be made available for occupancy by and maintained as affordable for very low-income families during the remaining useful life of such property. If a single entity purchases more than 1 eligible property as part of the same negotiation, the requirements of this subparagraph shall apply in the aggregate to the properties so purchased. The requirements of this subparagraph shall be contained in the deed or other recorded instrument.”

Subsec. (c)(3)(G), (H). Pub. L. 102–233, §608, added subpar. (G) and redesignated former subpar. (G) as (H).

Subsec. (c)(6)(A)(i). Pub. L. 102–233, §609, amended cl. (i) generally. Prior to amendment, cl. (i) read as follows: “The Corporation shall establish a market value for each eligible residential property. The Corporation shall sell eligible residential property at the net realizable market value. The Corporation may agree to sell an eligible single family property at a price below the net realizable market value to the extent necessary to facilitate an expedited sale of the property and enable a lower-income family to purchase the property. The Corporation may agree to sell eligible residential property at a price below the net realizable market value to the extent necessary to facilitate an expedited sale of such property and enable a public agency or nonprofit organization to comply with the lower-income occupancy requirements applicable to such property under paragraphs (2) and (3).”

Pub. L. 102–18, §§202, 203, temporarily amended cl. (i) to read as follows: “The Corporation may sell eligible single family property to qualifying households, nonprofit organizations, and public agencies without regard to any minimum purchase price.” See Effective and Termination Dates of 1991 Amendments note below.

Subsec. (c)(6)(A)(ii). Pub. L. 102–233, §610, inserted sentence at end which authorized Corporation to hold participating share in providing financing for combinations of multifamily housing properties.

Subsec. (c)(8)(B). Pub. L. 102–233, §611, which made an amendment identical to Pub. L. 102–233, §501(a)(2) [see below], was repealed by Pub. L. 102–550, §1616(b).

Pub. L. 102–233, §501(a)(2), designated existing provisions as cl. (i), inserted heading, and added cl. (ii).

Subsec. (c)(9)(A). Pub. L. 102–233, §617(1), added subpar. (A) and struck out former subpar. (A) which defined “adjusted income”.

Subsec. (c)(9)(C). Pub. L. 102–233, §601(1), added subpar. (C) and struck out former subpar. (C) which defined “Corporation” as Resolution Trust Corporation, with certain qualifications.

Pub. L. 102–18, §§201(a), 203, temporarily amended subpar. (C) by striking period at end and inserting “, except that for purposes of subsection (c)(2) of this section only, the term means the Resolution Trust Corporation acting in any capacity.” See Effective and Termination Dates of 1991 Amendments note below.

Subsec. (c)(9)(D). Pub. L. 102–233, §617(2), (3), added subpar. (D) and redesignated former subpar. (D), as added by Pub. L. 102–233, §601(1), as (E).

Pub. L. 102–233, §601(1), added subpar. (D) and struck out former subpar. (D) which defined “eligible multifamily housing property” as property consisting of more than 4 units to which Corporation acquires title and that has appraised value not exceeding amount set forth in section 221(d)(3)(ii) of National Housing Act.

Subsec. (c)(9)(E). Pub. L. 102–233, §617(2), redesignated subpar. (D), as added by Pub. L. 102–233, §601(1), as (E). Former subpar. (E) redesignated (F).

Subsec. (c)(9)(F). Pub. L. 102–233, §617(2), redesignated subpar. (E) as (F). Former subpar. (F), as added by Pub. L. 102–233, §601(2), redesignated (G).

Pub. L. 102–233, §601(2), added subpar. (F) and struck out former subpar. (F) which defined “eligible single family property” as 1- to 4-family residence to which Corporation acquires title and that has appraised value not exceeding amount set forth in first sentence of section 203(b)(2) of National Housing Act.

Subsec. (c)(9)(G). Pub. L. 102–233, §617(2), redesignated subpar. (F), as added by Pub. L. 102–233, §601(2), as (G). Former subpar. (G) redesignated (H).

Subsec. (c)(9)(H) to (K). Pub. L. 102–233, §617(2), redesignated subpars. (G) to (J) as (H) to (K), respectively. Former subpar. (K) redesignated (L).

Subsec. (c)(9)(L). Pub. L. 102–233, §617(2), redesignated subpar. (K) as (L). Former subpar. (L) redesignated (M).

Pub. L. 102–233, §604(a)(1), added cls. (ii) and (iii), redesignated former cl. (ii) as (iv), and substituted “whose income” for “whose adjusted income”.

Subsec. (c)(9)(M) to (Q). Pub. L. 102–233, §617(2), redesignated subpars. (L) to (P) as (M) to (Q), respectively.

Subsec. (c)(10). Pub. L. 102–233, §307(2), inserted at end “The Thrift Depositor Protection Oversight Board shall maintain a transcript of its open meetings.”

Pub. L. 102–233, §307(1), which directed substitution of “6” for “4”, could not be executed because “4” does not appear.

Pub. L. 102–18, §§201(b), 203, as affected by Pub. L. 102–233, §612, amended par. (10) generally. Prior to amendment, par. (10) read as follows: “The provisions of this subsection shall not apply whenever the Corporation as receiver contracts to sell all or substantially all of the assets of a closed savings association to an insured depository institution (as defined in section 3 of the Federal Deposit Insurance Act).” See Effective and Termination Dates of 1991 Amendments note below.

Subsec. (c)(11)(B). Pub. L. 102–233, §615(b), substituted “applicable under paragraphs (2), (3), (12)(C), (13)(B), and (14)(C)” for “specified under paragraphs (2) and (3)”.

Subsec. (c)(12) to (15). Pub. L. 102–233, §§613–615(a), 616, added pars. (12) to (15).

Subsec. (d). Pub. L. 102–233, §302(b), substituted “Thrift Depositor Protection Oversight Board” for “Oversight Board” wherever appearing.

Subsec. (d)(2) to (5). Pub. L. 102–233, §312, added par. (2) and redesignated former pars. (2) to (4) as (3) to (5), respectively.

Subsecs. (g), (h). Pub. L. 102–233, §302(b), substituted “Thrift Depositor Protection Oversight Board” for “Oversight Board” wherever appearing.

Subsec. (i). Pub. L. 102–233, §302(b), substituted “Thrift Depositor Protection Oversight Board” for “Oversight Board” in par. (1)(A).

Pub. L. 102–233, §101, added par. (3).

Pub. L. 102–18, §101, substituted “Funding” for “Borrowing” in heading, designated existing provisions as par. (1) and inserted heading, redesignated former pars. (1) and (2) as subpars. (A) and (B), respectively, of par. (1), and added par. (2).

Subsec. (k). Pub. L. 102–233, §302(c), which excepted par. (7) from general amendment substituting “Thrift Depositor Protection Oversight Board” for “Oversight Board” wherever appearing, was repealed by Pub. L. 102–550, §1613(a)(1).

Pub. L. 102–233, §302(b), substituted “Thrift Depositor Protection Oversight Board” for “Oversight Board” wherever appearing.

Subsec. (k)(1)(A). Pub. L. 102–18, §102(a)(1), substituted “Notwithstanding section 9105 of title 31, the” for “The” and “. The audited statements shall be transmitted to the Congress by the Oversight Board not later than 180 days after the end of the Corporation's fiscal year to which those statements apply.” for “unless the Comptroller General notifies the Oversight Board not later than 180 days before the close of a fiscal year that the Comptroller General will not perform such audit for that fiscal year. In the event of such notification, the Oversight Board shall contract with an independent certified public accountant to perform the annual audit of the Corporation's financial statement in accordance with generally accepted Government auditing standards.”

Subsec. (k)(1)(B). Pub. L. 102–18, §102(a)(2), struck out “, or by an independent certified public accountant retained to audit the Corporations financial statement,” after “Board”.

Subsec. (k)(4)(B)(v). Pub. L. 102–233, §106(b), added cl. (v).

Subsec. (k)(5)(B)(xiii). Pub. L. 102–18, §401, added cl. (xiii).

Subsec. (k)(5)(C). Pub. L. 102–233, §106(e)(1), added subpar. (C).

Subsec. (k)(7). Pub. L. 102–233, §106(a), amended par. (7) generally, substituting provisions requiring Corporation to submit quarterly reports to congressional committees for provisions requiring that Oversight Board and Corporation appear before congressional committees before Jan. 31, 1990.

Subsec. (k)(8), (9). Pub. L. 102–18, §102(a)(3), added pars. (8) and (9).

Subsec. (k)(10), (11). Pub. L. 102–233, §106(c), (d), added pars. (10) and (11).

Subsec. (l)(3). Pub. L. 102–233, §316, amended par. (3) generally. Prior to amendment, par. (3) read as follows: “The Corporation may, without bond or security, remove any such action, suit, or proceeding from a State court to the United States District Court for the District of Columbia, or if the action, suit, or proceeding arises out of the actions of the Corporation with respect to an institution for which a conservator or a receiver has been appointed, the United States district court for the district where the institution's principal business is located. The removal of any action, suit, or proceeding shall be instituted—

“(A) not later than 90 days after the date the Corporation is substituted as a party, or

“(B) not later than 30 days after the date suit is filed against the Corporation, if such suit is filed after August 9, 1989.

The Corporation may appeal any order of remand entered by a United States district court.”

Subsec. (m). Pub. L. 102–233, §314(3), redesignated subsec. (o) as (m) and struck out former subsec. (m) which authorized removal of Federal Deposit Insurance Corporation as manager of Corporation in extraordinary circumstances.

Subsec. (n). Pub. L. 102–233, §§302(b), 314(3), redesignated subsec. (p) as (n), substituted “Thrift Depositor Protection Oversight Board” for “Oversight Board” wherever appearing, and struck out former subsec. (n) which related to operation of Corporation after exercise of powers under subsec. (m).

Subsec. (n)(5). Pub. L. 102–233, §314(4), substituted “Officers” for “Directors, officers,”.

Subsec. (o). Pub. L. 102–233, §314(5)(B), amended par. (2) by striking “.—”, which appeared before “For purposes of this subsection” in the original, striking out subpar. (A) which read “any employee of the Office of the Comptroller of the Currency or of the Office of Thrift Supervision who serves as a deputy or assistant to a member of the Board of Directors of the Corporation; and”, striking out subpar. (B) designation before “any officer or employee of the Federal Deposit”, and striking out “on behalf of the Federal Deposit Insurance Corporation, acting as exclusive manager” after “performs services for the Corporation”.

Pub. L. 102–233, §314(5)(A), struck out “director,” before “member, officer” in par. (1).

Pub. L. 102–233, §314(3), redesignated subsec. (q) as (o). Former subsec. (o) redesignated (m).

Pub. L. 102–233, §302(b), substituted “Thrift Depositor Protection Oversight Board” for “Oversight Board” wherever appearing.

Pub. L. 102–233, §105, inserted “, if there are no liabilities of the Corporation outstanding,” after “Thereafter” in par. (2).

Subsec. (p). Pub. L. 102–233, §314(3), redesignated subsec. (r) as (p). Former subsec. (p) redesignated (n).

Subsec. (q). Pub. L. 102–242, §471, as amended by Pub. L. 102–550, §1614(a)(7)(A), added subsec. (q) relating to continuation of obligation to provide services.

Pub. L. 102–242, §251(c)(1), added subsec. (q) relating to employee protection remedies.

Pub. L. 102–233, §302(b), substituted “Thrift Depositor Protection Oversight Board” for “Oversight Board” wherever appearing in subsec. (q), as added by Pub. L. 102–242, §251(c)(1). See Effective and Termination Dates of 1991 Amendments note below.

Pub. L. 102–233, §314(3), redesignated subsec. (q) relating to status of employees as (o).

Pub. L. 102–18, §103(a), added subsec. (q) relating to status of employees.

Subsec. (r). Pub. L. 102–233, §314(3), redesignated subsec. (r) as (p).

Pub. L. 102–18, §301, added subsec. (r).

Subsec. (t). Pub. L. 102–233, §401, as amended by Pub. L. 102–550, §1614(a)(1), added subsec. (t).

Subsec. (u). Pub. L. 102–233, §402(a), as amended by Pub. L. 102–550, §1614(a)(2), added subsec. (u).

Subsec. (v). Pub. L. 102–233, §403, as amended by Pub. L. 102–550, §1614(a)(3), added subsec. (v).

Pub. L. 102–233, §302(b), substituted “Thrift Depositor Protection Oversight Board” for “Oversight Board”.

Subsec. (w). Pub. L. 102–233, §404, as amended by Pub. L. 102–550, §1614(a)(4), added subsec. (w).

Pub. L. 102–233, §302(b), substituted “Thrift Depositor Protection Oversight Board” for “Oversight Board”.

1990—Subsec. (b)(12)(G). Pub. L. 101–647, §2540, added subpar. (G).

Subsec. (c)(3). Pub. L. 101–625, §804(d)(2), inserted introductory provisions.

Subsec. (c)(6)(D). Pub. L. 101–625, §804(d)(1), added subpar. (D).

Subsec. (c)(6)(E). Pub. L. 101–625, §914(c), added subpar. (E).

Subsec. (f). Pub. L. 101–647, §2526(c), amended subsec. (f) generally. Prior to amendment, subsec. (f) read as follows: “Before the end of the 180-day period beginning on August 9, 1989, the Corporation shall liquidate the Federal Asset Disposition Association.”

Change of Name

Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) of Pub. L. 104–14, set out as a note preceding section 21 of Title 2, The Congress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.

Section 302(a) of Pub. L. 102–233 provided that: “The Oversight Board, as established by section 21A(a)(1) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(a)(1)), is redesignated the Thrift Depositor Protection Oversight Board.”

[Section 302(a) of Pub. L. 102–233, set out above, effective Feb. 1, 1992, see section 318 of Pub. L. 102–233, set out as an Effective Date of 1991 Amendment note under section 1441 of this title.]

Effective Date of Repeal

Repeal effective on the transfer date, see section 351 of Pub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 906 of Title 2, The Congress.

Effective Date of 2006 Amendment

Amendment by Pub. L. 109–173 effective Mar. 31, 2006, see section 9(j) of Pub. L. 109–173, set out as a note under section 24 of this title.

Amendment by Pub. L. 109–171 effective no later than the first day of the first calendar quarter that begins after the end of the 90-day period beginning Feb. 8, 2006, see section 2102(c) of Pub. L. 109–171, set out as a Merger of BIF and SAIF note under section 1821 of this title.

Effective Date of 1997 Amendment

Amendment by Pub. L. 105–135 effective Oct. 1, 1997, see section 3 of Pub. L. 105–135 set out as a note under section 631 of Title 15, Commerce and Trade.

Effective Date of 1996 Amendment

Amendment by Pub. L. 104–208 effective Jan. 1, 1999, if no insured depository institution is a savings association on that date, see section 2704(c) of Pub. L. 104–208, formerly set out as a note under section 1821 of this title.

Effective Date of 1993 Amendment

Section 14(c)(2) of Pub. L. 103–204 provided that the amendment made by that section is effective upon expiration of 90-day period beginning on December 17, 1993.

Effective Date of 1992 Amendments

Section 1614(a)(5)(E) of Pub. L. 102–550 provided that the amendment made by that section is effective as of Dec. 19, 1991.

Section 1614(a)(7) of Pub. L. 102–550 provided that the amendments made by that section are effective as of Dec. 19, 1991.

Amendments by sections 1611 to 1616 of Pub. L. 102–550 effective, except as otherwise specifically provided (see above), as if included in the Resolution Trust Corporation Refinancing, Restructuring, and Improvement Act of 1991, Pub. L. 102–233, as of Dec. 12, 1991, see section 1618 of Pub. L. 102–550, set out as a note under section 1441 of this title.

Amendment by Pub. L. 102–378 applicable with respect to any action described in former subsec. (b)(8)(B)(i)(I) or (II) of this section occurring on or after Oct. 2, 1992, see section 9(b)(12) of Pub. L. 102–378, set out as a note under section 6303 of Title 5, Government Organization and Employees.

Effective and Termination Dates of 1991 Amendments

Section 251(c)(2) of Pub. L. 102–242 provided that: “Subsection (q) of section 21A of the Federal Home Loan Bank Act [12 U.S.C. 1441a(q), relating to employee protection remedies] (as added under the amendment made by paragraph (1)) shall be treated as having taken effect on August 9, 1989, and for purposes of any cause of action arising under such subsection (as so effective) before the date of the enactment of this Act [Dec. 19, 1991], the 2-year period referred to in section 21A(q)(2) of such Act shall be deemed to begin on such date of enactment.”

Section 106(e)(2) of Pub. L. 102–233, as amended by Pub. L. 102–550, title XVI, §1611(d)(4), Oct. 28, 1992, 106 Stat. 4091, provided that: “The amendment made by this subsection [amending this section] shall apply with respect to supplemental unaudited financial statements required to be submitted after the end of the 90-day period beginning on the date of the enactment of this Act [Dec. 12, 1991].”

Amendment by sections 302(b), (c), 303 to 312, 314, and 316 of Pub. L. 102–233 effective Feb. 1, 1992, see section 318 of Pub. L. 102–233, set out as an Effective Date of 1991 Amendment note under section 1441 of this title.

Section 612 of Pub. L. 102–233 provided that: “Notwithstanding section 203 of the Resolution Trust Corporation Funding Act of 1991 [Pub. L. 102–18, set out below], the amendment made by section 201(b) of such Act [amending this section] shall apply on and after the date of the enactment of this Act [Dec. 12, 1991].”

Section 619 of title VI of Pub. L. 102–233 provided that: “The amendments made by this title [amending this section and enacting provisions set out above and as a note under section 1831n of this title] shall not apply to any eligible residential property or eligible condominium property of the Resolution Trust Corporation, that is subject to an agreement for sale entered into by the Corporation before the date of the enactment of this Act [Dec. 12, 1991].”

Section 523(b) of Pub. L. 102–139 provided that: “The amendment made by subsection (a) [amending this section] shall apply with respect to eligible single family properties acquired by the Resolution Trust Corporation on or after the date of enactment of this Act [Oct. 28, 1991].”

Section 203 of Pub. L. 102–18 provided that: “The amendments made by sections 201 and 202 of this Act to section 21A of the Federal Home Loan Bank Act [this section] shall be effective only during the period beginning on the date of the enactment of this Act [Mar. 23, 1991] and ending at the end of fiscal year 1991, and section 21A shall apply after the end of such period as if such amendments had not been made.” [See, however, section 612 of Pub. L. 102–233, above.]

Savings Provision

Section 317 of title III of Pub. L. 102–233 provided that:

“(a) Savings Provisions.—

“(1) Existing rights, duties, and obligations not affected.—This title [see Short Title of 1991 Amendment note set out under section 1421 of this title] shall not affect the validity of any right, duty, or obligation of the United States, the Corporation, the Oversight Board, or any other person, that—

“(A) arises under or pursuant to the Federal Home Loan Bank Act [12 U.S.C. 1421 et seq.], or any other provision of law applicable with respect to the Oversight Board; and

“(B) existed on the day before the effective date of the Resolution Trust Corporation Thrift Depositor Protection Reform Act of 1991 [Feb. 1, 1992].

“(2) Continuation of suits.—No action or other proceeding commenced by or against the Oversight Board, with respect to any function of the Oversight Board, shall abate by reason of the enactment of this Act [see Short Title of 1991 Amendment note set out under section 1421 of this title], except that the Thrift Depositor Protection Oversight Board shall continue as party to any such action or proceeding, notwithstanding the change of name of the Oversight Board.

“(b) Continuation of Orders, Resolutions, Determinations, and Regulations.—All orders, resolutions, determinations, and regulations that—

“(1) have been issued, made, prescribed, or allowed to become effective by the Oversight Board (including orders, resolutions, determinations, and regulations which relate to the conduct of conservatorships and receiverships), or by a court of competent jurisdiction, in the performance of functions under the Federal Home Loan Bank Act [12 U.S.C. 1421 et seq.]; and

“(2) are in effect on the effective date of the Resolution Trust Corporation Thrift Depositor Protection Reform Act of 1991 [Feb. 1, 1992],

shall continue in effect according to the terms of such orders, resolutions, determinations, and regulations, and shall be enforceable by or against the Thrift Depositor Protection Oversight Board, or the Resolution Trust Corporation, by any court of competent jurisdiction, or by operation of law, notwithstanding the change of name of the Oversight Board.”

Construction of 1991 Amendment

Section 1614(a)(6) of Pub. L. 102–550 provided that: “For purposes of applying paragraph (13) of section 21A(b) of the Federal Home Loan Bank Act [12 U.S.C. 1441a(b)(13)], the amendment made by section 405 of the Resolution Trust Corporation Refinancing, Restructuring, and Improvement Act of 1991 [Pub. L. 102–233, amending this section], shall be considered to have been executed before the redesignation of such paragraph by section 310 of such Act.”

Section 1615(a)(1) of Pub. L. 102–550 provided that: “For purposes of applying paragraph (9) of section 21A(b) of the Federal Home Loan Bank Act [12 U.S.C. 1441a(b)(9)], the amendment made by section 501(a)(1) of the Resolution Trust Corporation Refinancing, Restructuring, and Improvement Act of 1991 [Pub. L. 102–233, amending this section] shall be considered to have been executed before the redesignation of subparagraph (K) of such paragraph by section 314(2)(B) of such Act and the redesignation of such paragraph by section 310 of such Act.”

Termination of Reporting Requirements

For termination, effective May 15, 2000, of provisions of law requiring submittal to Congress of any annual, semiannual, or other regular periodic report listed in House Document No. 103–7 (in which reports required under subsections (b)(11)(G) and (c)(15) are listed on page 190, a report required under subsection (k)(4) is listed on pages 188 and 190, and a report required under subsection (k)(5) is listed on page 147), see section 3003 of Pub. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance.

Abolition of Thrift Depositor Protection Oversight Board

Pub. L. 105–216, §14(a)–(d), July 29, 1998, 112 Stat. 908–910, provided that:

“(a) In General.—Effective at the end of the 3-month period beginning on the date of enactment of this Act [July 29, 1998], the Thrift Depositor Protection Oversight Board established under section 21A of the Federal Home Loan Bank Act [12 U.S.C. 1441a] (hereafter in this section referred to as the ‘Oversight Board’) is hereby abolished.

“(b) Disposition of Affairs.—

“(1) Power of chairperson.—Effective on the date of enactment of this Act [July 29, 1998], the Chairperson of the Oversight Board (or the designee of the Chairperson) may exercise on behalf of the Oversight Board any power of the Oversight Board necessary to settle and conclude the affairs of the Oversight Board.

“(2) Availability of funds.—Funds available to the Oversight Board shall be available to the Chairperson of the Oversight Board to pay expenses incurred in carrying out paragraph (1).

“(c) Savings Provision.—

“(1) Existing rights, duties, and obligations not affected.—No provision of this section shall be construed as affecting the validity of any right, duty, or obligation of the United States, the Oversight Board, the Resolution Trust Corporation, or any other person that—

“(A) arises under or pursuant to the Federal Home Loan Bank Act [12 U.S.C. 1421 et seq.], or any other provision of law applicable with respect to the Oversight Board; and

“(B) existed on the day before the abolishment of the Oversight Board in accordance with subsection (a).

“(2) Continuation of suits.—No action or other proceeding commenced by or against the Oversight Board with respect to any function of the Oversight Board shall abate by reason of the enactment of this section.

“(3) Liabilities.—

“(A) In general.—All liabilities arising out of the operation of the Oversight Board during the period beginning on August 9, 1989, and the date that is 3 months after the date of enactment of this Act [July 29, 1998] shall remain the direct liabilities of the United States.

“(B) No substitution.—The Secretary of the Treasury shall not be substituted for the Oversight Board as a party to any action or proceeding referred to in subparagraph (A).

“(4) Continuations of orders, resolutions, determinations, and regulations pertaining to the resolution funding corporation.—

“(A) In general.—All orders, resolutions, determinations, and regulations regarding the Resolution Funding Corporation shall continue in effect according to the terms of such orders, resolutions, determinations, and regulations until modified, terminated, set aside, or superseded in accordance with applicable law if such orders, resolutions, determinations, or regulations—

“(i) have been issued, made, and prescribed, or allowed to become effective by the Oversight Board, or by a court of competent jurisdiction, in the performance of functions transferred by this section; and

“(ii) are in effect at the end of the 3-month period beginning on the date of enactment of this section [July 29, 1998].

“(B) Enforceability of orders, resolutions, determinations, and regulations before transfer.—Before the effective date of the transfer of the authority and duties of the Resolution Funding Corporation to the Secretary of the Treasury under subsection (d), all orders, resolutions, determinations, and regulations pertaining to the Resolution Funding Corporation shall be enforceable by and against the United States.

“(C) Enforceability of orders, resolutions, determinations, and regulations after transfer.—On and after the effective date of the transfer of the authority and duties of the Resolution Funding Corporation to the Secretary of the Treasury under subsection (d), all orders, resolutions, determinations, and regulations pertaining to the Resolution Funding Corporation shall be enforceable by and against the Secretary of the Treasury.

“(d) Transfer of Thrift Depositor Protection Oversight Board Authority and Duties of Resolution Funding Corporation to Secretary of the Treasury.—Effective at the end of the 3-month period beginning on the date of enactment of this Act [July 29, 1998], the authority and duties of the Oversight Board under sections 21A(a)(6)(I) and 21B of the Federal Home Loan Bank Act [12 U.S.C. 1441a(a)(6)(I), 1441b] are transferred to the Secretary of the Treasury (or the designee of the Secretary).”

Election of Application of Laws by Employees of Resolution Trust Corporation and Thrift Depositor Protection Oversight Board

Pub. L. 103–424, §11, Oct. 29, 1994, 108 Stat. 4366, provided that:

“(a) Election of Provisions of Title 5, United States Code.—If an individual who believes he has been discharged or discriminated against in violation of section 21a(q)(1) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(q)(1)) seeks an administrative corrective action or judicial remedy for such violation under the provisions of chapters 12 and 23 of title 5, United States Code, the provisions of section 21a(q) of such Act shall not apply to such alleged violation.

“(b) Election of Provisions of Federal Home Loan Bank Act.—If an individual files a civil action under section 21a(q)(2) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(q)(2)), the provisions of chapters 12 and 23 of title 5, United States Code, shall not apply to any alleged violation of section 21a(q)(1) of such Act.”

GAO Study of Progress of Implementation of Reforms

Section 3(c) of Pub. L. 103–204 provided that:

“(1) Study required.—The Comptroller General of the United States shall conduct a study of the manner in which the reforms required pursuant to the amendment made by subsection (a) [amending this section] are being implemented by the Resolution Trust Corporation and the progress being made by the Corporation toward the achievement of full compliance with such requirements.

“(2) Interim report to congress.—Not later than 6 months after the date of enactment of this Act [Dec. 17, 1993], the Comptroller General of the United States shall submit an interim report to the Congress containing the preliminary findings of the Comptroller General in connection with the study required under paragraph (1).

“(3) Final report to congress.—Not later than 1 year after the date of enactment of this Act, the Comptroller General of the United States shall submit a report to the Congress containing—

“(A) the findings of the Comptroller General in connection with the study required under paragraph (1); and

“(B) such recommendations for legislative and administrative action as the Comptroller General may determine to be appropriate.

“(4) Disclosure of performing asset transfers.—

“(A) Report required.—The Comptroller General of the United States shall submit an annual report to the Congress on transfers of performing assets by the Corporation, categorized by institution, to any acquirer during the year covered by the report.

“(B) Contents.—Each report submitted under subparagraph (A) shall contain—

“(i) the number and a description of asset transfers during the year covered by the report;

“(ii) the number of assets provided in connection with each transaction during such year; and

“(iii) a report of an audit by the Comptroller General of the determination of the Corporation of the fair market value of transferred assets at the time of transfer.”

RTC Notice to GSA

Section 3(e) of Pub. L. 103–204 provided that:

“(1) In general.—Within a reasonable period of time after acquiring an undivided or controlling interest in any commercial office property in its capacity as conservator or receiver, the Corporation shall notify the Administrator of General Services of such acquisition.

“(2) Contents of notice.—The notice required under paragraph (1) shall contain basic information about the property, including—

“(A) the location and condition of the property;

“(B) information relating to the estimated fair market value of the property; and

“(C) the Corporation's schedule, or estimate of the schedule, for marketing and disposing of the property.

“(3) Competitive bidding.—The Administrator of General Services, in compliance with regulations of the Resolution Trust Corporation, may bid on property described in the notice required under paragraph (1) that is otherwise subject to competitive bidding.”

FDIC–RTC Transition Task Force

Section 6 of Pub. L. 103–204 provided that:

“(a) Establishment Required.—The Federal Deposit Insurance Corporation and the Resolution Trust Corporation shall establish an interagency transition task force. The task force shall facilitate the transfer of the assets, personnel, and operations of the Resolution Trust Corporation to the Federal Deposit Insurance Corporation or the FSLIC Resolution Fund, as the case may be, in a coordinated manner.

“(b) Members.—

“(1) In general.—The transition task force shall consist of such number of officers and employees of the Federal Deposit Insurance Corporation and the Resolution Trust Corporation as the Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation and the chief executive officer of the Resolution Trust Corporation may jointly determine to be appropriate.

“(2) Appointment.—The Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation and the chief executive officer of the Resolution Trust Corporation shall appoint the members of the transition task force.

“(3) No additional pay.—Members of the transition task force shall receive no additional pay, allowances, or benefits by reason of their service on the task force.

“(c) Duties.—The transition task force shall have the following duties:

“(1) Examine the operations of the Federal Deposit Insurance Corporation and the Resolution Trust Corporation to identify, evaluate, and resolve differences in the operations of the corporations to facilitate an orderly merger of such operations.

“(2) Recommend which of the management, resolution, or asset disposition systems of the Resolution Trust Corporation should be preserved for use by the Federal Deposit Insurance Corporation.

“(3) Recommend procedures to be followed by the Federal Deposit Insurance Corporation and the Resolution Trust Corporation in connection with the transition which will promote—

“(A) coordination between the corporations before the termination of the Resolution Trust Corporation; and

“(B) an orderly transfer of assets, personnel, and operations.

“(4) Evaluate the management enhancement goals applicable to the Resolution Trust Corporation under section 21A(p) of the Federal Home Loan Bank Act [12 U.S.C. 1441a(p)] and recommend which of such goals should apply to the Federal Deposit Insurance Corporation.

“(5) Evaluate the management reforms applicable to the Resolution Trust Corporation under section 21A(w) of the Federal Home Loan Bank Act and recommend which of such reforms should apply to the Federal Deposit Insurance Corporation.

“(d) Reports to Banking Committees.—

“(1) Reports required.—The transition task force shall submit a report to the Committee on Banking, Finance and Urban Affairs [now Committee on Banking and Financial Services] of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate not later than January 1, 1995, and a second report not later than July 1, 1995, on the progress made by the transition task force in meeting the requirements of this section.

“(2) Contents of report.—The reports required to be submitted under paragraph (1) shall contain the findings and recommendations made by the transition task force in carrying out the duties of the task force under subsection (c) and such recommendations for legislative and administrative action as the task force may determine to be appropriate.

“(e) Followup Report by FDIC.—Not later than January 1, 1996, the Federal Deposit Insurance Corporation shall submit a report to the Committee on Banking, Finance and Urban Affairs [now Committee on Banking and Financial Services] of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing—

“(1) a description of the recommendations of the transition task force which have been adopted by the Corporation;

“(2) a description of the recommendations of the transition task force which have not been adopted by the Corporation;

“(3) a detailed explanation of the reasons why the Corporation did not adopt each recommendation described in paragraph (2); and

“(4) a description of the actions taken by the Corporation to comply with section 21A(m)(3) of the Federal Home Loan Bank Act [12 U.S.C. 1441a(m)(3)].”

Termination of National Housing Advisory Board

Section 14(c)(1) of Pub. L. 103–204 provided that: “The National Housing Advisory Board under section 21A(d)(2) of the Federal Home Loan Bank Act [12 U.S.C. 1441a(d)(2)] shall terminate upon the expiration of the 90-day period beginning on the date of the enactment of this Act [Dec. 17, 1993].”

Reporting Requirements

Section 35 of Pub. L. 103–204 provided that: “The Resolution Trust Corporation shall provide semi-annual reports to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs [now Committee on Banking and Financial Services] of the House of Representatives. Such reports shall—

“(1) detail procedures for expediting the registration and contracting for selecting auctioneers for asset sales with anticipated gross proceeds of not more than ,500,000;

“(2) list by name and geographic area the number of auction contractors which have been registered and qualified to perform services for the Resolution Trust Corporation; and

“(3) list by name, address of home office, location of assets disposed, and gross proceeds realized, the number of auction contractors which have been awarded contracts.”

First Required Plan

Section 102(b) of Pub. L. 102–18 provided that: “The first plan described in section 21A(k)(8) of the Federal Home Loan Bank Act [12 U.S.C. 1441a(k)(8)], as amended by subsection (a), is due not later than 30 days after the date of enactment of this Act [Mar. 23, 1991].”

Timeliness of Reports

Pub. L. 102–18, title I, §102(c), Mar. 23, 1991, 105 Stat. 59, as amended by Pub. L. 102–233, title III, §§302(a), 315(d), Dec. 12, 1991, 105 Stat. 1767, 1772; Pub. L. 108–271, §8(b), July 7, 2004, 118 Stat. 814, provided that:

“(1) In general.—At any time when an agency is delinquent in providing information to Congress or any of its committees as required by paragraph (1), (4), (5), (6), (8), or (9) of section 21A(k) of the Federal Home Loan Bank Act [12 U.S.C. 1441a(k)] or by subsection (b) of this section [set out above], the President of the Thrift Depositor Protection Oversight Board, and the head of any agency responsible for such delinquency shall, within 15 days of such delinquency, in testimony before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs [now Committee on Banking and Financial Services] of the House of Representatives—

“(A) explain the causes of such delinquency; and

“(B) describe what steps are being taken to correct it and prevent its recurrence.

Testimony shall not be required pursuant to the preceding sentence before either Committee if the Chairman and Ranking Member of such Committee agree that such testimony is not necessary. For purposes of this paragraph, the term ‘head of an agency’ means the chief executive officer of the Resolution Trust Corporation with respect to reports to be filed by such Corporation, the Director of the Office of Thrift Supervision with respect to reports to be filed by such Office, and the Comptroller General with respect to audits to be conducted by the Government Accountability Office.

“(2) Transition rule.—Any information described in paragraph (1) of this subsection that is delinquent on the date of enactment of this Act [Mar. 23, 1991] shall be provided to the appropriate committees of Congress not later than 30 days following enactment of this Act. Failure to provide such information as required by this paragraph shall be considered as a delinquency under the provisions of paragraph (1).”

GAO Examination of Certain FSLIC Resolutions

Section 501(f) of Pub. L. 101–73 provided that: “Notwithstanding any other provision of this Act [see Tables for classification], the Comptroller General of the United States shall examine and monitor all insolvent institution cases resolved by the Federal Savings and Loan Insurance Corporation from January 1, 1988, through the date of the enactment of this Act [Aug. 9, 1989], and not later than April 30, 1990, shall report to Congress with an estimate of the costs of the agreements entered into by the Corporation pursuant to such resolutions. Not less than annually thereafter, the last report being due on April 30, 1992, the Comptroller General shall provide Congress with revisions to such estimates, to take into account any new information that he obtains with regard to such agreements.”

1 See 2008 Amendment note below.

2 So in original. Probably should be followed by a period.

3 See References in Text note below.

4 So in original. Probably should be subsection “(n)”.

5 So in original. Probably should be followed by a comma.

6 So in original. Probably should be “organization”.

7 So in original. Probably should be “principal”.

8 So in original. The word “the” probably should not appear.

9 So in original. Probably should be “described in”.

10 So in original. The word “a” probably should not appear.

11 So in original. The word “shall” probably should not appear.

12 So in original. No subpar. (B) has been enacted.

13 So in original. Probably should be “District Court”.

14 So in original. Probably should not be capitalized.

15 So in original. Probably should be followed by “depository”.

16 So in original.