2017 US Code
Title 12 - Banks and Banking
Chapter 52 - Emergency Economic Stabilization
Subchapter I - Troubled Assets Relief Program
Sec. 5241 - Temporary increase in deposit and share insurance coverage
12 U.S.C. § 5241 (2017) |
§5241. Temporary increase in deposit and share insurance coverage |
(a) Federal Deposit Insurance Act; temporary increase in deposit insurance
(1) Increased amount
Effective only during the period beginning on October 3, 2008, and ending on December 31, 2013, section 11(a)(1)(E) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(1)(E)) shall apply with "$250,000" substituted for "$100,000". During the period beginning on October 3, 2008, and ending on December 31, 2013, the Board of Directors of the Corporation may request from the Secretary, and the Secretary shall approve, a loan or loans in an amount or amounts necessary to carry out this subsection, without regard to the limitations on such borrowing under section 14(a) and 15(c) of the Federal Deposit Insurance Act (12 U.S.C. 1824(a), 1825(c)). Effective only during the period beginning on October 3, 2008, and ending on December 31, 2013, section 207(k)(5) 1 of the Federal Credit Union Act (12 U.S.C. 1787(k)(5)) shall apply with "$250,000" substituted for "$100,000". During the period beginning on October 3, 2008, and ending on December 31, 2013, the National Credit Union Administration Board may request from the Secretary, and the Secretary shall approve, a loan or loans in an amount or amounts necessary to carry out this subsection, without regard to the limitations on such borrowing under section 203(d)(1) of the Federal Credit Union Act (12 U.S.C. 1783(d)(1)). The temporary increase in the standard maximum deposit insurance amount made under this section shall not be used to make any inflation adjustment under section 11(a)(1)(F) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(1)(F)) for purposes of that Act [12 U.S.C. 1811 et seq.] or the Federal Credit Union Act [12 U.S.C. 1751 et seq.]. |
(Pub. L. 110–343, div. A, title I, §136, Oct. 3, 2008, 122 Stat. 3799; Pub. L. 111–22, div. A, title II, §204(a), May 20, 2009, 123 Stat. 1648.) |
REFERENCES IN TEXT
Section 207(k)(5) of the Federal Credit Union Act, referred to in subsec. (b)(1), was redesignated section 207(k)(6) of the Act by Pub. L. 113–252, §2(3), Dec. 18, 2014, 128 Stat. 2893. That Act, referred to in subsec. (c), means the Federal Deposit Insurance Act, act Sept. 21, 1950, ch. 967, §2, 64 Stat. 873, which is classified generally to chapter 16 (§1811 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1811 of this title and Tables. The Federal Credit Union Act, referred to in subsec. (c), is act June 26, 1934, ch. 750, 48 Stat. 1216, which is classified principally to chapter 14 (§1751 et seq.) of this title. For complete classification of this Act to the Code, see section 1751 of this title and Tables. AMENDMENTS2009—Subsec. (a)(1). Pub. L. 111–22, §204(a)(1)(A), substituted "December 31, 2013" for "December 31, 2009". Subsec. (a)(2), (3). Pub. L. 111–22, §204(a)(1)(B)–(D), redesignated par. (3) as (2), substituted "December 31, 2013" for "December 31, 2009", and struck out former par. (2). Prior to amendment, text read as follows: "The temporary increase in the standard maximum deposit insurance amount made under paragraph (1) shall not be taken into account by the Board of Directors of the Corporation for purposes of setting assessments under section 7(b)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1817(b)(2))." Subsec. (b)(1). Pub. L. 111–22, §204(a)(2)(A), substituted "December 31, 2013" for "December 31, 2009". Subsec. (b)(2), (3). Pub. L. 111–22, §204(a)(2)(B)–(D), redesignated par. (3) as (2), substituted "December 31, 2013" for "December 31, 2009", and struck out former par. (2). Prior to amendment, text read as follows: "The temporary increase in the standard maximum share insurance amount made under paragraph (1) shall not be taken into account by the National Credit Union Administration Board for purposes of setting insurance premium charges and share insurance deposit adjustments under section 202(c)(2) of the Federal Credit Union Act (12 U.S.C. 1782(c)(2))." |
1 See References in Text note below. |
United States Code, 2012 Edition, Supplement 5, Title 12 - BANKS AND BANKING |
Bills and Statutes |
United States Code |
Y 1.2/5: |
Title 12 - BANKS AND BANKING CHAPTER 52 - EMERGENCY ECONOMIC STABILIZATION SUBCHAPTER I - TROUBLED ASSETS RELIEF PROGRAM Sec. 5241 - Temporary increase in deposit and share insurance coverage |
section 5241 |
2017 |
January 12, 2018 |
No |
standard |
48 Stat. 1216 64 Stat. 873 122 Stat. 3799 123 Stat. 1648 128 Stat. 2893 |
Public Law 110-343, Public Law 111-22, Public Law 113-252 |