For definition of “this chapter”, referred to in subsec. (d)(1), see References in Text note set out under section 3101 of this title.
The Federal Deposit Insurance Act, referred to in subsec. (d)(1), (3), is 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.
2006—Subsecs. (b), (c)(1), (d)(1), (2). Pub. L. 109–173, § 2(c)(4)(A), substituted “an amount equal to the standard maximum deposit insurance amount” for “$100,000”.
Subsec. (e). Pub. L. 109–173, § 2(c)(4)(B), added subsec. (e).
1994—Subsecs. (a) to (d). Pub. L. 103–328, § 107(a), added subsec. (a) and redesignated former subsecs. (a) to (c) as (b) to (d), respectively.
Subsec. (d)(3). Pub. L. 103–328, § 107(d), added par. (3).
1992—Subsec. (c). Pub. L. 102–550, § 1604(a)(10), struck out the subsec. (c) which was in effect before the subsec. (c) added by Pub. L. 102–242, § 214(a)(3), and which amended various other sections of this title.
Subsec. (c)(1). Pub. L. 102–558, § 302(a)(1), inserted “domestic retail” before “deposit accounts” and “and requiring deposit insurance protection,” after “$100,000,” in introductory provisions. Pub. L. 102–550, § 1604(a)(11)(A), which made an identical amendment, was repealed, effective
Subsec. (c)(2). Pub. L. 102–558, § 302(a)(2), substituted “Domestic retail deposit” for “Deposit” and inserted “that require deposit insurance protection” after “$100,000”. Pub. L. 102–550, § 1604(a)(11)(B), which made an identical amendment, was repealed, effective
1991—Subsec. (b). Pub. L. 102–242, § 214(a)(1), (2), redesignated subsec. (b) as (b)(1) and designated last undesignated par. as par. (2).
Subsec. (c). Pub. L. 102–242, § 214(a)(3), added subsec. (c).
1979—Subsec. (b). Pub. L. 96–64 inserted second par. which extended time for foreign banks to obtain required deposit insurance with respect to domestic existing branches.
Amendment by Pub. L. 109–173 effective
Pub. L. 102–558, title III, § 302(b),
Amendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102–242, as of
Pub. L. 103–328, title I, § 107(b), “(1) Each Federal banking agency, after consultation with the other Federal banking agencies to assure uniformity, shall revise the regulations adopted by such agency under section 6 of the International Banking Act of 1978 [12 U.S.C. 3104] to ensure that the regulations are consistent with the objective set forth in section 6(a) of the International Banking Act of 1978.“(2) In carrying out paragraph (1), each Federal banking agency shall consider whether to permit an uninsured branch of a foreign bank to accept initial deposits of less than $100,000 only from—“(A) individuals who are not citizens or residents of the United States at the time of the initial deposit;“(B) individuals who—“(i) are not citizens of the United States;“(ii) are residents of the United States; and“(iii) are employed by a foreign bank, foreign business, foreign government, or recognized international organization;“(C) persons to whom the branch or foreign bank has extended credit or provided other nondeposit banking services;“(D) foreign businesses and large United States businesses;“(E) foreign governmental units and recognized international organizations; and“(F) persons who are depositing funds in connection with the issuance of a financial instrument by the branch for the transmission of funds.“(3) In carrying out paragraph (1), each Federal banking agency shall limit any exemption which is—“(A) available under any regulation prescribed pursuant to section 6(d) of the International Banking Act of 1978 [12 U.S.C. 3104(d)] providing for the acceptance of initial deposits of less than $100,000 by an uninsured branch of a foreign bank; and“(B) based on a percentage of the average deposits at such branch;to not more than 1 percent of the average deposits at such branch.“(4) In carrying out paragraph (1), each Federal banking agency shall also consider the importance of maintaining and improving the availability of credit to all sectors of the United States economy, including the international trade finance sector of the United State [sic] economy.“(5) Each Federal banking agency—“(A) shall publish final regulations under paragraph (1) in the Federal Register not later than 12 months after the date of enactment of this Act [“(B) may establish reasonable transition rules to facilitate any termination of any deposit-taking activities that were permissible under regulations that were in effect before the date of enactment of this Act.“(6) For purposes of this subsection—“(A) the term ‘Federal banking agency’ means—“(i) the Comptroller of the Currency with respect to Federal branches of foreign banks; and“(ii) the Federal Deposit Insurance Corporation with respect to State branches of foreign banks; and“(B) the term ‘uninsured branch’ means a branch of a foreign bank that is not an insured branch, as defined in section 3(s)(3) of the Federal Deposit Insurance Act (12 U.S.C. 1813(s)(3)).”