12 U.S.C. § 5241
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.].
1 See References in Text note below.
12 U.S.C. § 5241
EDITORIAL NOTES
REFERENCES IN TEXTSection 207(k)(5) of the Federal Credit Union Act, referred to in subsec. (b)(1), was redesignated section 207(k)(6) of the Act by Pub. L. 113-252, §2(3), Dec. 18, 2014, 128 Stat. 2893.That Act, referred to in subsec. (c), means the Federal Deposit Insurance Act, 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.The Federal Credit Union Act, referred to in subsec. (c), is act June 26, 1934, ch. 750, 48 Stat. 1216, which is classified principally to chapter 14 (§1751 et seq.) of this title. For complete classification of this Act to the Code, see section 1751 of this title and Tables.
AMENDMENTS2009-Subsec. (a)(1). Pub. L. 111-22, §204(a)(1)(A), substituted "December 31, 2013" for "December 31, 2009".Subsec. (a)(2), (3). Pub. L. 111-22, §204(a)(1)(B)-(D), redesignated par. (3) as (2), substituted "December 31, 2013" for "December 31, 2009", and struck out former par. (2). Prior to amendment, text read as follows: "The temporary increase in the standard maximum deposit insurance amount made under paragraph (1) shall not be taken into account by the Board of Directors of the Corporation for purposes of setting assessments under section 7(b)(2) of the Federal Deposit Insurance Act ( 12 U.S.C. 1817(b)(2) )."Subsec. (b)(1). Pub. L. 111-22, §204(a)(2)(A), substituted "December 31, 2013" for "December 31, 2009".Subsec. (b)(2), (3). Pub. L. 111-22, §204(a)(2)(B)-(D), redesignated par. (3) as (2), substituted "December 31, 2013" for "December 31, 2009", and struck out former par. (2). Prior to amendment, text read as follows: "The temporary increase in the standard maximum share insurance amount made under paragraph (1) shall not be taken into account by the National Credit Union Administration Board for purposes of setting insurance premium charges and share insurance deposit adjustments under section 202(c)(2) of the Federal Credit Union Act ( 12 U.S.C. 1782(c)(2) )."
- Board
- The term "Board" means the Board of Governors of the Federal Reserve System.
- Corporation
- The term "Corporation" means the Federal Deposit Insurance Corporation.
- Secretary
- The term "Secretary" means the Secretary of the Treasury.
- credit
- The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.