12 U.S.C. § 339a — Resolution of clearing banks

(a) Conservatorship or receivership. (1) Appointment: The Federal Reserve Board may appoint a conservator or receiver to take over an uninsured state member bank if that bank operates, or operates as, a multilateral clearing organization under section 4422 of this title. The Board can do this the same way the Comptroller of the Currency appoints a conservator or receiver for a national bank. (2) Powers: That conservator or receiver has the same powers, functions, and duties as a conservator or receiver for a national bank, and is subject to the same limitations. (b) Board authority: The Board has the same authority over this conservator or receiver, and over the bank itself, that the Comptroller of the Currency has over a conservator or receiver for a national bank and over that national bank. (c) Bankruptcy proceedings: If the bank operates, or operates as, a multilateral clearing organization, the Board may direct the conservator or receiver to file a bankruptcy petition under title 11. If that happens, title 11 governs the bank's case instead of other federal or state insolvency law.