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(a) Continutation of Insurance.--
(1) BANKS.--Each bank which is an insured depository institution on [September 21, 1950] the effective date of this amendment* , shall be and continue to be, without application or approval, an insured depository institution and shall be subject to the provisions of this Act.
(2) SAVINGS ASSOCIATIONS.--Each savings association the accounts of which were insured by the Federal Savings and Loan Insurance Corporation [August 9, 1989], on the day before the date of the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, shall be, without application or approval, an insured depository institution.
[Codified to 12 U.S.C. 1814(a)]
[Source: Section 2[4(a)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 875), effective September 21, 1950, as amended by sections 201(a) and 205(1) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 194), effective August 9, 1989]
(b) Continuation of Insurance Upon Becoming a Member Bank.--In the case of an insured bank which is admitted to membership in the Federal Reserve System or an insured State bank which is converted into a national member bank, the bank shall continue as an insured bank.
[Codified to 12 U.S.C. 1814(b)]
[Source: Section 2[4(b)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 875), effective September 21, 1950, as amended by sections 201(a) and 205(2) of title II of the Act of August 9, 1989 (Pub. L. No. 101-73; 103 Stat. 194), effective August 9, 1989; section 115(b) of title I of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2249), effective December 19, 1991]
(c) Continuation of Insurance After Conversion.-- Subject to section 5(d) of this Act and section 5(i)(5) of the Home Owners' Loan Act--
(1) any State depository institution which results from the conversion of any insured Federal depository institution; and
(2) any Federal depository institution which results from the conversion of any insured State or Federal depository institution,
shall continue as an insured depository institution.
[Codified to 12 U.S.C. 1814(c)]
[Source: Section 2[4(c)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 113(c) of title I of the Act of October 15, 1982 (Pub. L. No. 97--320; 96 Stat. 1473), effective October 15, 1982, as amended by section 205(3) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 195), effective August 9, 1989]
(d) Continuation of Insurance After Merger or Consolidation.--Any State depository institution or any Federal depository institution which results from the merger or consolidation of insured depository institutions, or from the merger or consolidation of a noninsured depository institution with an insured depository institution, shall continue as an insured depository institution.
[Codified to 12 U.S.C. 1814(d)]
[Source: Section 2[4(d)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 205(3) of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 195), effective August 9, 1989]
NOTE
Derivation. Sections 4(a) and (b) derive from section 12B(e) and (f)(1) of the Federal Reserve Act, as added by section 101[12B(e) and (f)(1)] of title I of the Act of August 23, 1935 (Pub. L. No. 305; 49 Stat. 687), effective August 23, 1935. Section12B(e) of the Federal Reserve Act was amended by section 6 of the Act of August 17, 1950 (Pub. L. No. 706; 64 Stat. 457), effective August 17, 1950. By section 1 of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 873), effective September 21, 1950, section 12B of the Federal Reserve Act was withdrawn as a part of that Act and was made a separate act known as the "Federal Deposit Insurance Act."
Section 4(c) was added by section 113(c) of title I of the Act of October 15, 1982 (Pub. L. No. 97--320; 96 Stat. 1473), effective October 15, 1982.
Section 4(d) was enacted by section 205(3) of the Act of August 9, 1989, known as the "FIRRE Act", (Pub. L. No. 101--73; 103 Stat. 195), effective August 9, 1989.
*September 21, 1950. Go back to Text