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Board of Governors of the Federal Reserve System

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system.

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Official title Section 1. Short title and definitions Section 2. Federal Reserve Districts Section 2A. Monetary policy objectives Section 2B. Appearances Before and Reports to the Congress Section 3. Branch Offices Section 4. Federal Reserve Banks Section 5. Stock Issues; Increase and Decrease of Capital Section 6. Insolvency of member banks Section 7. Division of Earnings Section 8. Conversion of state banks into national banks Section 9. State Banks as Members Section 9A. Participation in lotteries prohibited Section 9B. Resolution of Clearing Banks Section 10. Board of Governors of the Federal Reserve System Section 10A. Emergency advances to groups of member banks*Section 10B. Advances to Individual Member Banks*Section 11. Powers of Board of Governors of the Federal Reserve System Section 11A. Pricing of Services Section 11B. Annual Independent Audits of Federal Reserve Banks and Board Section 11C. Master Account and Services Database Section 12. Federal Advisory Council Section 12A. Federal Open Market Committee Section 13. Powers of Federal Reserve Banks Section 13A.* Discount of agricultural paper Section 14. Open-Market Operations Section 15. Government Deposits Section 16. Note Issues Section 17. Deposit of bonds by national banks Section 18. Refunding Bonds Section 19. Bank Reserves Section 20. National bank notes redemption fund as reserve Section 21. Bank Examinations Section 22. Offenses of examiners, member banks, officers, and directors Section 23. Interbank Liabilities*Section 23A. Relations with affiliates Section 23B. Restrictions on Transactions with Affiliates Section 24. Real Estate Loans Section 24A. Investment in Bank Premises or Stock of Corporation Holding Premises Section 25. Foreign Branches Section 25A. Banking Corporations Authorized to Do Foreign Banking Business*Section 25B. Jurisdiction of suits*Section 25C. Potential Liability on Foreign Accounts Section 26. [Repealed]Section 27. Tax on national bank notes Section 28. Reduction of capital of national banks Section 29. Civil Money Penalty Section 30. Saving clause Section 31. Reservation of right to amend

Section 9B. Resolution of Clearing Banks

(a) Conservatorship Or Receivership.

Appointment. The Board may appoint a conservator or receiver to take possession and control of any uninsured State member bank which operates, or operates as, a multilateral clearing organization pursuant to section 409 of the Federal Deposit Insurance Corporation Improvement Act of 1991 to the same extent and in the same manner as the Comptroller of the Currency may appoint a conservator or receiver for a national bank.
Powers. The conservator or receiver for an uninsured State member bank referred to in paragraph (1) shall exercise the same powers, functions, and duties, subject to the same limitations, as a conservator or receiver for a national bank.

(b) Board Authority. The Board shall have the same authority with respect to any conservator or receiver appointed under subsection (a), and the uninsured State member bank for which the conservator or receiver has been appointed, as the Comptroller of the Currency has with respect to a conservator or receiver for a national bank and the national bank for which the conservator or receiver has been appointed.

(c) Bankruptcy Proceedings. The Board (in the case of an uninsured State member bank which operates, or operates as, such a multilateral clearing organization) may direct a conservator or receiver appointed for the bank to file a petition pursuant to title 11, United States Code, in which case, title 11, United States Code, shall apply to the bank in lieu of otherwise applicable Federal or State insolvency law.

[12 USC 339a. As added by act of Dec. 21, 2000 (114 Stat. 2763A-392).]

Last Update: February 13, 2017