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**FDIC's powers after a bank failure. Jeffrey L. Portis, 65 U.Det.L.e!. "5# $%#&&.

12 u.s.c. 1811 FDIC westlaw

(. Purpose

Con)ress enate+ Finanial Institutions efor, eo!ery, an+ -nforeent t $FI- to ai+ t/e Fe+eral

Deposit Insurane Corporation $FDIC in its ie+iate responsibilities of +ealin) wit/ ountin) bank failures in

t/e Unite+ 0tates, an+, in so +oin), Con)ress a+e pellui+ t/at, in atin) as a reei!er of faile+ banks, t/e FDIC

fosters iportant publi poliies relatin) to t/e a!oi+ane of a national bankin) risis. U.0. !. 0weeney, C..%

$1ass. "222, ""6 F.(+ 3(. 4anks n+ 4ankin)  525

oal of Finanial Institutions efor, eo!ery, an+ -nforeent t $FI- is to ste finanial /eorr/a)in)

resultin) fro lar)e nuber of failures in t/rift in+ustry. esolution rust Corp. !. Diaon+, C.." $7.8. %##5, 35

F.(+ 665, %(" .L.. Fe+. 6(9, ertiorari +enie+ %%5 0.Ct. "62#, 5%5 U.0. %%5&, %(" L.-+."+ &5( . 4uil+in) n+Loan ssoiations  "

**Poliies be/in+ reation of Corporation are prootin) stability of, an+ onfi+ene in, nation's bankin) syste.

unter !. :ut/eson, C..%% $a. %#&", 693 F."+ &6", ertiorari +enie+ %2( 0.Ct. 62, 35# U.0. &"6, 93 L.-+."+ 6(,

re/earin) +enie+ %2( 0.Ct. 399, 35# U.0. %25#, 93 L.-+."+ 6"3. 4anks n+ 4ankin)  52%

**/is /apter set up syste of insurane, priary funtion of w/i/ was stabili;in) or prootin) t/e stability of 

 banks. First 0tate 4ank of :u+son County !. U. 0., C..( $7.J. %#9#, 5## F."+ 55&, ertiorari +enie+ %22 0.Ct. 66",

333 U.0. %2%(, 6" L.-+."+ 63". 4anks n+ 4ankin)  52"

**/e purpose of t/is setion was to stabili;e or to proote t/e stability of banks an+ to ai+ t/e fe+eral )o!ernent

in its e!er)rowin) finanial transations. Do/erty !. U.0., C.C..& $7eb. %#(&, #3 F."+ 3#5, ertiorari +enie+ 5&

0.Ct. 96(, (2( U.0. 65&, &" L.-+. %%%9.

/is /apter was inten+e+ to pre!ent runs on banks by +epositors, to preser!e sol!eny of insure+ banks, an+ t/us to

keep open t/e /annels of tra+e an+ oerial e Unite+ 0tates  5($&

**Un+er Fe+eral Deposit Insurane t, FDIC's re)ulatory o!ersi)/t of banks is inten+e+ only to protet +epositors,insurane fun+, an+ publi, alt/ou)/ benefit ay inure ini+entally to bank offiers an+ +iretors> likewise, FDIC's

ations as reei!er for faile+ bank are un+ertaken only to fulfill its an+ate to stabili;e bankin) syste by protetin)

+epositors an+ re+itors of faile+ bank an+ publi )enerally.  Fe+eral Deposit Ins. Corp. !. Is/a, D.Colo.%##", 9&"

F.0upp. 5"3. 4anks n+ 4ankin)  525

Con)ressional purpose in reatin) t/e Corporation was to proote soun+ness of bankin) an+ to ai+ t/e )o!ernent

in +is/ar)e of its fisal transations. Freelin) !. Fe+eral Deposit Ins. Corp., =.D.?kla.%#6", ""% F.0upp. #55,

http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0001357&FindType=Y&SerialNum=0102699256http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000506&FindType=Y&SerialNum=2000533123http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000506&FindType=Y&SerialNum=2000533123http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52k505http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000106&FindType=Y&SerialNum=1995034687http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000106&FindType=Y&SerialNum=1995034687http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&DocName=115SCT2609&FindType=Yhttp://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=66http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=66http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=66http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=66k2http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000350&FindType=Y&SerialNum=1982116784http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000350&FindType=Y&SerialNum=1982116784http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1982235705http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1982235705http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1982243559http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1982243559http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1982243559http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52k501http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000350&FindType=Y&SerialNum=1979113195http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1980238238http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1980238238http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1980238238http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52k502http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000350&FindType=Y&SerialNum=1938124283http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1938202428http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1938202428http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000350&FindType=Y&SerialNum=1937122271http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000350&FindType=Y&SerialNum=1937122271http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1938202129http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1938202129http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1938202184http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1938202184http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&DocName=58SCT369&FindType=Yhttp://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&DocName=58SCT369&FindType=Yhttp://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1938201159http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1938201159http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52k4http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52k4http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=393http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=393http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=393http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=393k53(8)http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000345&FindType=Y&SerialNum=1992026998http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000345&FindType=Y&SerialNum=1992026998http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000345&FindType=Y&SerialNum=1992026998http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52k505http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000345&FindType=Y&SerialNum=1962113424http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000345&FindType=Y&SerialNum=1962113424http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000506&FindType=Y&SerialNum=2000533123http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000506&FindType=Y&SerialNum=2000533123http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52k505http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000106&FindType=Y&SerialNum=1995034687http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000106&FindType=Y&SerialNum=1995034687http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&DocName=115SCT2609&FindType=Yhttp://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=66http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=66http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=66k2http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000350&FindType=Y&SerialNum=1982116784http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1982235705http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1982243559http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52k501http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000350&FindType=Y&SerialNum=1979113195http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1980238238http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1980238238http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52k502http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000350&FindType=Y&SerialNum=1938124283http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1938202428http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1938202428http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000350&FindType=Y&SerialNum=1937122271http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1938202129http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1938202184http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&DocName=58SCT369&FindType=Yhttp://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1938201159http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000708&FindType=Y&SerialNum=1938201159http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52k4http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=393http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=393k53(8)http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000345&FindType=Y&SerialNum=1992026998http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000345&FindType=Y&SerialNum=1992026998http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52http://www.westlaw.com/KeyNumber/Default.wl?rs=CAMP1.0&vr=2.0&CMD=KEY&DocName=52k505http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0000345&FindType=Y&SerialNum=1962113424http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=0001357&FindType=Y&SerialNum=0102699256

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affire+ ("6 F."+ #9%. 0ee, also, Fe+eral Deposit Ins. Corp. !. First 1ort). In!estors, -.D.=is.%#&2, 3&5 F.0upp.

335. 4anks n+ 4ankin)  52"

/e /ief funtion of t/e Fe+eral Deposit Insurane Corporation is to insure +eposits of all banks entitle+ to

insurane un+er t/e law, to e

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it effective, and to adopt suc# means as it deemed necessar6 forprotection and preservation of t#at institution. Do#ert6 v %nited States&1'(8, C*8 Ne!+ '- F2d -', cert den &1'(8+ (0( %S 8, 82 d 111), 8 SCt )(.

12 %.S.C. : 1820. *dministration of Corporation

$a 4oar+ of Diretors> use of ails> ooperation wit/ ot/er Fe+eral a)enies

/e 4oar+ of Diretors s/all a+inister t/e affairs of t/e Corporation fairly an+ ipartially an+ wit/out

+isriination. /e 4oar+ of Diretors of t/e Corporation s/all +eterine an+ presribe t/e anner in w/i/ its

obli)ations s/all be inurre+ an+ its e

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+esribe+ in setion setion %65$a of t/e Finanial 0tability t of "2%2 E%" U.0.C.. 5(65$aG, w/ene!er t/e

4oar+ of Diretors +eterines t/at a speial e

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forei)n bank reueste+ by t/e 4oar+ un+er su/ setion.

$6 Power an+ +uty of e

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$3 %&Bont/ rule for ertain sall institutions

Para)rap/s $%, $", an+ $( s/all apply wit/ H%&Bont/ substitute+ for H%"Bont/ ifBB

(A) t/e insure+ +epository institution /as total assets of less t/an @522,222,222>

(B) t/e institution is well apitali;e+, as +efine+ in setion %&(%o of t/is title>

(C) w/en t/e institution was ost reently e or 

(ii) was foun+ to be outstan+in) or )oo+, in t/e ase of an insure+ +epository institution t/at /as total assets of 

not ore t/an @%22,222,222>

(D)  t/e insure+ institution is not urrently subet to a foral enforeent proee+in) or or+er by t/e

Corporation or t/e appropriate Fe+eral bankin) a)eny> an+

(E) no person auire+ ontrol of t/e institution +urin) t/e %"Bont/ perio+ in w/i/ a fullBsope, onBsite

e

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(iii) work to oor+inate wit/ t/e appropriate 0tate bank super!isorBB

(I) t/e on+ut of all e an+

(II) t/e nuber, types, an+ freueny of reports reuire+ to be subitte+ to su/ a)enies an+ super!isors

 by insure+ +epository institutions, an+ t/e type an+ aount of inforation reuire+ to be inlu+e+ in su/

reports> an+

(iv)  use opies of reports of e an+

(B) not later t/an " years after 0epteber "(, %##3, t/e Fe+eral bankin) a)enies s/all ointly establis/ an+

ipleent a syste for +eterinin) w/i/ one of t/e Fe+eral bankin) a)enies or 0tate bank super!isors s/all

 be t/e lea+ a)eny responsible for ana)in) a unifie+ e

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t/e a)eny +eterines t/at t/e )reater aount woul+ be onsistent wit/ t/e priniples of safety an+ soun+ness for 

insure+ +epository institutions.

$e - or 

(ii) fails to pay any su/ assessent before t/e en+ of t/e 62B+ay perio+ be)innin) on t/e +ate t/e affiliate

reei!es notie of t/e assessent,

t/e Corporation ay assess su/ ost a)ainst, an+ ollet su/ ost fro, t/e +epository institution.

$4 ffiliate of ore t/an % +epository institution

If any affiliate referre+ to in subpara)rap/ $ is an affiliate of ore t/an % insure+ +epository institution, t/e

assessent un+er subpara)rap/ $ ay be assesse+ a)ainst t/e +epository institutions in su/ proportions as

t/e Corporation +eterines to be appropriate.

$3 Ci!il oney penalty for affiliate's refusal to ooperate

$ Penalty ipose+

If any affiliate of any insure+ +epository institutionBB

http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=1000546&DocName=12USCAS1813&FindType=L&ReferencePositionType=T&ReferencePosition=SP_846d0000c9532http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=1000546&DocName=12USCAS1813&FindType=L&ReferencePositionType=T&ReferencePosition=SP_846d0000c9532

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(i) refuses to perit an e or 

(B) preser!e+ in any eletroni e+iu or forat w/i/ is apable ofBB

(i) bein) rea+ or sanne+ by oputer> an+

(ii) bein) repro+ue+ fro su/ eletroni e+iu or forat by printin) any ot/er for of repro+ution of 

eletronially store+ +ata.

$" reatent as ori)inal reor+s

ny p/oto)rap/s, irop/oto)rap/s, or p/oto)rap/i fil or opies t/ereof +esribe+ in para)rap/ $%$ or 

repro+ution of eletronially store+ +ata +esribe+ in para)rap/ $%$4 s/all be +eee+ to be an ori)inal reor+

for all purposes, inlu+in) intro+ution in e!i+ene in all 0tate an+ Fe+eral ourts or a+inistrati!e a)enies, an+

s/all be a+issible to pro!e any at, transation, ourrene, or e!ent t/erein reor+e+.

$( ut/ority of t/e Fe+eral bankin) a)enies

http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=1000546&DocName=12USCAS1818&FindType=L&ReferencePositionType=T&ReferencePosition=SP_f2fd000080d26http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=1000546&DocName=12USCAS1818&FindType=L&ReferencePositionType=T&ReferencePosition=SP_f2fd000080d26http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=1000546&DocName=12USCAS1818&FindType=L&ReferencePositionType=T&ReferencePosition=SP_f2fd000080d26http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=1000546&DocName=12USCAS1823&FindType=Lhttp://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=1000546&DocName=12USCAS1818&FindType=L&ReferencePositionType=T&ReferencePosition=SP_f2fd000080d26http://www.westlaw.com/Find/Default.wl?rs=CAMP1.0&vr=2.0&DB=1000546&DocName=12USCAS1823&FindType=L

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ny p/oto)rap/s, irop/oto)rap/s, or p/oto)rap/i fil or opies t/ereof +esribe+ in para)rap/ $%$ or 

repro+ution of eletronially store+ +ata +esribe+ in para)rap/ $%$4 s/all be preser!e+ in su/ anner as t/e

Fe+eral bankin) a)eny s/all presribe, an+ t/e ori)inal reor+s, papers, or +ouents ay be +estroye+ or 

ot/erwise +ispose+ of as t/e Fe+eral bankin) a)eny ay +iret.

$) ut/ority to presribe re)ulations an+ +efinitions

-

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(i) wit/ written notie to t/e 0tate bank super!isor of t/e bank's /oe 0tate an+ subet to t/e ters of any

appliable ooperati!e a)reeent wit/ t/e 0tate bank super!isor of su/ /oe 0tate, e an+

(ii) if e

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e

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$C rouble+ on+ition

0olely for purposes of para)rap/ $"$4, an insure+ 0tate bank /as been +eterine+ to be in Htrouble+

on+ition if t/e bankBB

(i) /as a oposite ratin), as +eterine+ in its ost reent report of e

(ii) is subet to a proee+in) initiate+ by t/e Corporation for terination or suspension of +eposit insurane>

or 

(iii)  is subet to a proee+in) initiate+ by t/e 0tate bank super!isor of t/e bank's /oe 0tate to !aate,

re!oke, or terinate t/e /arter of t/e bank, or to liui+ate t/e bank, or to appoint a reei!er for t/e bank.

$D Final +eterination

For purposes of para)rap/ $"$4, t/e ter Hfinal +eterination eans t/e transittal of a report of 

e

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$% In )eneral

-a/ appropriate Fe+eral bankin) a)eny s/all take su/ ation as ay be neessary to ensure t/at e

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For purposes of t/is subsetionBB

(A) t/e ter H+epository institution inlu+es an uninsure+ bran/ or a)eny of a forei)n bank, if su/ bran/

or a)eny is loate+ in any 0tate> an+

(B) t/e ter H+epository institution /ol+in) opany inlu+es any forei)n bank or opany +esribe+ in

setion (%26$a of t/is title.

$( ules of onstrution

For purposes of t/is subsetion, a forei)n bank s/all be +eee+ to ontrol any bran/ or a)eny of t/e forei)n

 bank, an+ a person s/all be +eee+ to at as a onsultant for a +epository institution, +epository institution

/ol+in) opany, or ot/er opany, only if su/ person +iretly works on atters for, or on be/alf of, su/

+epository institution, +epository institution /ol+in) opany, or ot/er opany.

$3 e)ulations

$ In )eneral

-a/ Fe+eral bankin) a)eny s/all presribe rules or re)ulations to a+inister an+ arry out t/is subsetion,

inlu+in) rules, re)ulations, or )ui+elines to +efine t/e sope of persons referre+ to in para)rap/ $%$4.

$4 Consultation reuire+

/e Fe+eral bankin) a)enies s/all onsult wit/ ea/ ot/er for t/e purpose of assurin) t/at t/e rules an+

re)ulations issue+ by t/e a)enies un+er subpara)rap/ $ are, to t/e e

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(i) t/e Coptroller of t/e Curreny, in t/e ase of t/e ?ffie of t/e Coptroller of t/e Curreny>

(ii) t/e C/airan of t/e 4oar+ of o!ernors of t/e Fe+eral eser!e 0yste, in t/e ase of t/e 4oar+ of 

o!ernors of t/e Fe+eral eser!e 0yste> an+

(iii) t/e C/airperson of t/e 4oar+ of Diretors, in t/e ase of t/e Corporation.

$6 Penalties

$ In )eneral

In a++ition to any ot/er a+inistrati!e, i!il, or riinal ree+y or penalty t/at ay ot/erwise apply, w/ene!er 

a Fe+eral bankin) a)eny +eterines t/at a person subet to para)rap/ $% /as beoe assoiate+, in t/e

anner +esribe+ in para)rap/ $%$C, wit/ a +epository institution, +epository institution /ol+in) opany, or 

ot/er opany for w/i/ su/ a)eny ser!es as t/e appropriate Fe+eral bankin) a)eny, t/e a)eny s/allipose upon su/ person one or ore of t/e followin) penaltiesK

$i In+ustryBwi+e pro/ibition or+er 

/e Fe+eral bankin) a)eny s/all ser!e a written notie or or+er in aor+ane wit/ an+ subet to t/e

 pro!isions of  setion %&%&$e$3 of t/is title for written noties or or+ers un+er  para)rap/ $% or  $" of setion

%&%&$e of t/is title, upon su/ person of t/e intention of t/e a)enyBB

(I) to reo!e su/ person fro offie or to pro/ibit su/ person fro furt/er partiipation in t/e on+ut of 

t/e affairs of t/e +epository institution, +epository institution /ol+in) opany, or ot/er opany for a

 perio+ of up to 5 years> an+

(II) to pro/ibit any furt/er partiipation by su/ person, in any anner, in t/e on+ut of t/e affairs of any

insure+ +epository institution for a perio+ of up to 5 years.

$ii Ci!il onetary penalty

/e Fe+eral bankin) a)eny ay, in an a+inistrati!e proee+in) or i!il ation in an appropriate Unite+

0tates +istrit ourt, ipose on su/ person a i!il onetary penalty of not ore t/an @"52,222. ny

a+inistrati!e proee+in) un+er t/is lause s/all be on+ute+ in aor+ane wit/ setion %&%&$i of t/is title.

In lieu of an ation by t/e Fe+eral bankin) a)eny un+er t/is lause, t/e ttorney eneral of t/e Unite+0tates ay brin) a i!il ation un+er t/is lause in t/e appropriate Unite+ 0tates +istrit ourt.

$4 0ope of pro/ibition or+er 

ny person subet to an or+er issue+ un+er subpara)rap/ $$i s/all be subet to  para)rap/s $6 an+ $9 of 

setion %&%&$e of t/is title in t/e sae anner an+ to t/e sae e

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$C Definitions

0olely for purposes of t/is para)rap/, t/e Happropriate Fe+eral bankin) a)eny for a opany t/at is not a

+epository institution or +epository institution /ol+in) opany s/all be t/e Fe+eral bankin) a)eny on w/ose

 be/alf t/e person +esribe+ in para)rap/ $% perfore+ t/e funtions +esribe+ in para)rap/ $%$4. In order to effectuate t#e goals of pu!lic polic6

%D;/ 2' FDIC7S 4$/S *F;/ * as receiver and as corporate insuror. . . . 

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*s soon as t#e receiver is appointed, t#e FDIC solicits !ids from ot#er!an"s for t#e purc#ase of t#e failed !an" and assumption of itslia!ilities. ;#e !ids represent t#e going concern? value of t#e failed!an". *fter receiving t#e !ids, t#e FDIC

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 FDC v. lic"man, 352 F."+ 3%6, 3%& $#t/ Cir.%#9%.

F75.  /e 0upree Court /as in+iate+ t/at one fator in +eterinin) w/et/er t/e fe+eral )o!ernent

s/oul+ be estoppe+ is t/e effet of estoppel on t/e publi treasury. Sch+ei"er v. Hansen, 352 U.0. 9&5, %2%

0.Ct. %36&, %392M9%, 69 L.-+."+ 6&5 $%#&%. /e ourt in La)adula obser!e+ t/at FDIC's profits +o not

inure to t/e benefit of t/e  Unite+ 0tates an+ its losses are not borne by t/e Unite+ 0tates. 56( F.0upp. at9&3.  /e Corporation sustains itself prinipally t/rou)/ insurane preius assesse+ a)ainst eber 

 banks. /us, t/e publi treasury will be unaffete+ by FDIC's suess or failure in t/is ation. !ut c#.  *S v.

 Miranda, 35# U.0. %3, %2( 0.Ct. "&%, "&(M&3, 93 L.-+."+ %" $%#&(  $fat t/at publi fis will not be

affete+ +oes not neessarily ean t/at )o!ernent is subet to estoppel.

=e see no reason not to apply t/e tra+itional rules of euitable estoppel to t/e on+ut of FDIC in t/is ase. s

a /ol+er of t/e t/ree proissory notes, FDIC was atin) as any liui+atin) a)ent or reei!er of an insol!ent bank.

lt/ou)/ t/e +ebt olletion ati!ities of t/e Corporation, like t/e ati!ities of any )o!ernent a)eny, i)/t be

!iewe+ in a broa+ sense as **ontributin) to t/e aoplis/ent of t/e Corporation's purpose of aintainin) a

stable bankin) en!ironent, FDIC was priarily ser!in) as an instruent of t/e bankin) in+ustry w/en it beae

reei!er for t/e faile+ 0out/ern 7ational 4ank. s woul+ any ot/er reei!er or liui+atin) a)ent, FDIC s/oul+ bereuire+ to +eal fairly wit/ its +ebtors an+ s/oul+ be /el+ aountable for t/e representations of its a)ents. :a+

4ell's proissory note been auire+ by a finanially soun+ bank in a Hpur/ase an+ assuption transation, t/e

assuin) bank woul+ be subet to t/e +otrine of euitable estoppel. /e Corporation s/oul+ be treate+ no

+ifferently.F76

F76.  /is is not to say t/at FDIC s/oul+ be treate+ t/e sae as a pri!ately owne+ bank in all

irustanes. Un+er fe+eral oon law an+ %" U.0.C. %&"($e, FDIC is affor+e+ liite+ protetion

t/at is una!ailable to assuin) banks. /e +ebtor ay not attept to a!oi+ /is obli)ation to FDIC by

assertin) a lai of frau+ on t/e part of t/e faile+ bank or by laiin) t/at /e an+ t/e bank /a+ entere+ into

a seret oral a)reeent prior to t/e auisition of t/e asset by t/e Corporation. /is speial protetion,

/owe!er, is affor+e+ only w/en neessary to furt/er t/e poliy of prootin) t/e stability of t/e nation's bankin) syste by failitatin) FDIC's soot/ auisition of assets in a pur/ase an+ assuption

transation. It is essential t/at t/e Corporation be able to auire assets of a faile+ bank wit/out fear of 

unknown +efenses t/at ay /a!e been !ali+ a)ainst t/e bank. unter v. Hutcheson, 693 F."+ &6", &92 $%%t/

Cir., cert. denied, 35# U.0. &"6, %2( 0.Ct. 62, 93 L.-+."+ 6( $%#&" . 0u/ protetions are not neessary

w/ere, as /ere, t/e on+ut of FDIC itself )a!e rise to t/e +efense of estoppel after t/e Corporation /a+

auire+ t/e asset.

 Federal Deposit Ins. Corp. v. Ban/ o0 Bolder, !6' F.2d 11+*, 11+6, " CC ep.Serv.2d !+" (1%t Cir.

(Colo.), Sep 2!, 1!!)

**/e FDIC is an instruentality reate+ by Con)ress to proote stability an+ restore an+ aintain onfi+enein t/e nation's bankin) syste. See  FDC v. Philadel)hia ear Cor)., 396 U.0. 3"6, 3("B(5, %26 0.Ct. %#(%, %#(5B

%#(6, #2 L.-+."+ 3"& $%#&6> 0.ep. 7o. %"6#, &%st Con)., "+ 0ess. "B(, re)rinted in, %#52 U.0.Co+e Con). 0er!.

(965, (965B66 $FDIC's purpose is to brin) +epositors soun+, effeti!e, an+ uninterrupte+ operation of bankin)

syste wit/ resultin) safety an+ liui+ity of bank +eposits. o a/ie!e t/is obeti!e, FDIC insures bank +eposits.

?ne of its priary +uties as insurer is to pay +epositors w/en an insure+ bank fails. Gunter  v.  Hutcheson , 6"* F.

2d !62, !6'  $ 11t Cir., cert. denied,  35# U.0. &"6, %2( 0.Ct. 62, 93 L.-+."+ 6( $%#&",  overruled on other 

 (rounds,  Lan(le$ v. FDC, 3&3 U.0. &6, %2& 0.Ct. (#6, #& L.-+."+ (32 $%#&9 >  FDC v. odshall, 55& F."+ ""2, ""%

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$3t/ Cir.%#99. In fulfillin) t/is +uty, FDIC /as !arious options a!ailable to it. ?ne option is to lose t/e faile+ bank,

liui+ate its assets, an+ pay t/e +epositors t/eir insure+ aounts, o!erin) any s/ortfall wit/ insurane fun+s. /is

 proe+ure, /owe!er, /as se!eral +isa+!anta)es. /e si)/t of a lose+ bank +oes not proote stability or onfi+ene

in t/e bankin) syste. HA$$onts are 0ro3en, $e$/s are retrned npaid, and a si4ni0i$ant disrption o0  te

intri$ate 0inan$ial a$iner5 reslts. Gunter  , 6"* F. 2d at !6'> accord   FDC v. Merchants *ational !an", 9"5

F."+ 6(3, 6(9 $%%t/ Cir. $lost obs, /eks returne+ unpai+, interruption of bankin) ser!ies in ounity, erosionin publi onfi+ene, a+!erse ipat on affiliate+ or in+epen+ent banks, cert. denied, 36# U.0. &"#, %25 0.Ct. %%3,

&( L.-+."+ 59 $%#&3. ++itionally, payin) t/e +eposit liabilities of t/e faile+ bank ay result in a substantial loss to

FDIC's insurane fun+> an+ +epositors ay /a!e to wait for soe tie to reo!er e!en t/e insure+ portion of t/eir 

+eposits. Uninsure+ fun+s ay be irretrie!ably lost sine uninsure+ +eposit liabilities an+ +ebts owe+ to ot/er 

re+itors are pai+ on a pro rata basis only after t/e reei!ers/ip liui+ates all of t/e assets an+ o!ers all osts of 

liui+ation.  Merchants *ational !an", 9"5 F."+ at 6(9.

o a!oi+ t/e si)nifiant probles assoiate+ wit/ fullBsale liui+ation, FDIC w/ene!er feasible eploys a P A

transation, a +raatially effeti!e an+ ostBeffiient way to protet +epositors, t/e bankin) syste, an+ t/e

resoures of t/e insurane fun+. enerally, a P A in!ol!es t/ree entitiesK t/e reei!er, t/e assuin) bank, an+

FDIC as insurer. =/en FDIC is appointe+ as reei!er, it ats siultaneously in two separate apaitiesK as reei!er of t/e faile+ bank an+ as insurer of t/e +eposits. See Gunter  , 6"* F. 2d at !6'>  FDC v. shle$, 5&5 F."+ %59, %62

$6t/ Cir.%#9&> odshall, 55& F."+ at """ n. 3, ""(>  Freelin( v. Serin(, "#6 F."+ "33, "35 $%2t/ Cir.%#6%>  FDC v.

 Hudson, 63( F.0upp. 3#6, 3#& $D.Nan.%#&6.

 Federal Deposit Ins. Corp. v. Piladelpia ear Corp., *"6 .S. *26, *+27*+', 1%6 S.Ct. 1+1, % 8.Ed.2d

*2!, '* S89 *'2' (.S.:/la., Ma5 2", 1!6)

=/en Con)ress reate+ t/e FDIC, t/e 7ation was in t/e t/roes of an e

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t/is ause. /at Con)ress /as power to reate a orporation as an a)eny of t/e )o!ernent to fulfill )o!ernental

 purposes an+ to en+ow it wit/ powers of a pri!ate orporation is not now open to uestion. Unite+ 0tates !.

Do/erty, D.C., %& F.0upp. 9#( an+ ases ite+ at pa)e 9#3.

Duties to t#e eople 4f ;#e %nited States

 nter v. t$eson, 6"* F.2d !62, !6, Fed. Se$. 8. ep. P !,6'* (11t Cir.(a.), Apr +%, 1!2)

;+

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...TheFDIC moved on February 22, 1985, for a protective order pursuant toRule 26(c),Federal Rules ofCivil 

Procedure, which would have (1) quashed all pendingdiscovery requests and (2) prohibited defendants from filing

additionaldiscovery requests until such time as defendants have reviewed certaindocuments which theFDIC 

proposes to submit voluntarily....

...Federal Deposit Insurance Corporation’s conduct in connection with manner in which purchase and assumption

agreement relating to bank which failed was handled betweenFDIC /corporate,FDIC /receiver, and another bank was

irrelevant to action byFDIC against bank officers and directors related to bank failure....

... TheFDIC shall respond to defendant West’s pendingdiscovery requests within thirty-three days of entry of this

Memorandum and Order and as otherwise required by Rules 33(a) and34(b),Federal Rules ofCivil Procedure....

... No one objected, however, to the Memorandum to Counsel, see Rule 72(a),Federal Rules ofCivil Procedure,

nor did anyone ask for adiscovery conference as suggested therein....

**11.F.D.I.C. v. McCaffreeUnited States District Court, D. Kansas. December 27, 2012 289 F.R.D. 331 2012 WL 6726406 11-2447-JAR

FINANCE AND BANKING -FDIC.FDIC did not violate duty to preservedocuments and evidence,

even though it did not maintain failed bank’s filing system.

...Federal Deposit Insurance Corporation (FDIC), as receiver of failed bank, would be required to provide furtherresponses todiscovery requests by bank’s former directors and executive officers, to the extent suchdocuments 

were in its possession, custody, or control, in action alleging negligence and other claims, even thoughFDIC stated in

good faith that it had fully responded to thediscovery requests, in light of evidence showing problems associated

withdocument...

...Federal Deposit Insurance Corporation (FDIC), as receiver of failed bank, would not be required to produce

documents maintained by another bank in response todiscovery requests by failed bank’s former directors and

executive officers, in action alleging negligence and other claims, absent evidence thatFDIC had a legal right to

obtain suchdocuments. Fed.Rules Civ.Proc.Rule34(a)(1), 28 U.S.C.A....

...Failure byFederal Deposit Insurance Corporation (FDIC), as receiver of failed bank, to maintain bank’s

documents as they were kept in the usual course of business did not breach its duty to conduct a reasonable search

fordocuments responsive todiscovery requests of bank’s former directors and executive officers, in action alleging

negligence and other claims. Fed.Rules Civ.Proc.Rule34(b)(2)(E), 28 U.S.C.A....

...Federal Deposit Insurance Corporation (FDIC), as receiver of failed bank, did not violate its duty to preserve

documents and evidence for future litigation, even though it did not maintain bank’s filing system, whereFDIC 

captured the vast majority ofdocuments it knew or should have known were relevant to litigation at the time it

assumed control of the bank and began efforts to image the bank’s files....

 ** 12. F.D.I.C. v. HurwitzUnited States District Court, S.D. Texas. August 23, 2005 384 F.Supp.2d 1039 2005 WL 2044560 CIV.A. H-95-

3956

LITIGATION - Sanctions.FDIC sanctioned $72 million in connection with attempted “debt for nature”

swap....D.FDIC....

...34.Arrangement....

...35.Discovery....

...Sanctions were warranted againstFederal Deposit Insurance Corporation (FDIC), in its action against

businessman for gross negligence arising from failure of thrift, fordiscovery abuse, based onFDIC’s continual

flouting of orders, evasive and false answers at depositions and in interrogatories, and failure to produce or

destruction ofdocuments. Fed.Rules Civ.Proc.Rule 37, 28 U.S.C.A....

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