12 U.S.C. § 5241 — Temporary increase in deposit and share insurance coverage
submitted 18 years ago by Pub. L. 110-343 to r/title-12-BANKS-AND-BANKING · 322 words · no verdicts yet
This section temporarily raises deposit and credit-union share insurance coverage to $250,000. It also removes specified borrowing limits during the temporary period and excludes the increase from inflation adjustments.
(a) Federal Deposit Insurance Act. (1) From October 3, 2008, through December 31, 2013, section 11(a)(1)(E) of that Act applies with $250,000 substituted for $100,000. (2) During the same period, the Corporation's Board* may request, and the Secretary* must approve, loans needed to carry out this subsection without the borrowing limits in sections 14(a) and 15(c) of that Act. (b) Federal Credit* Union Act. (1) During the same period, section 207(k)(5) applies with $250,000 substituted for $100,000. (2) During the same period, the National Credit Union Administration Board may request, and the Secretary must approve, loans needed to carry out this subsection without the borrowing limit in section 203(d)(1) of that Act. (c) No inflation adjustment. This temporary increase cannot be used to calculate an inflation adjustment under section 11(a)(1)(F) of the Federal Deposit Insurance Act for that Act or the Federal Credit Union Act.
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.].
Source credit: (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.)
- 2008Enacted · Pub. L. 110-343 · 122 Stat. 3799
- 2009Amended · Pub. L. 111-22 · 123 Stat. 1648
A history note hasn’t been published yet. The record shows enactment by Pub. L. 110-343 on 2008-10-03.
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