Fdic Agreement Definition

5. The agreement applies to an NGEP that had, prior to the conclusion of the contract, a cra notification pursuant to Article 346.3. (4) The agreement is entered into in accordance with the Community Reinvestment Act of 1977 (12 U.S.C 2901 and following) (CRA), as defined in point 346.4. c) swap agreements. The following agreements are considered “swap agreements” covered by Section 11, e) (8) (D) (vi) of the Federal Deposit Insurance Act as amended (12 U.S.C. 1821 (e) (8) (8) (8) (vi):a cash-only agreement is any agreement providing for or having the effect of buying or selling a currency in exchange for another currency (or unit of account created by an intergovernmental organization such as the European Monetary Unit) on a maturity date of two days or less after the contract is concluded, and includes short-term operations, such as morning/next day and same day/tomorrow. c) loan agreements that are not covered. A covered agreement does not include — 346.1 object and scope of this part. 346.2 Definition of the covered agreement. 346.3 CRA Communication. 346.4 Compliance of the rating agency. 346.5 With regard to the agreements, a single agreement was envisaged.

346.6 Disclosure of covered agreements. 346.7 Annual Reports. 346.8 Publication of information under FOIA. 346.9 Compliance provisions. 346.10 Transitional provisions. 346.11 Other definitions and building rules used in this section. Because there were more failed S-L assets than the FDIC could handle alone, the government established the Resolution Trust Corp. (RTC), which was designed to resolve all savings charges that were placed under the conservatory or bankruptcy between January 1, 1989 and August 8, 1992. The RTC has not been able to solve all the failures of the LS and has been forced to outsource work in the private sector, where it is convenient. Asset management and disposition agreements (AMDAs) were the partnership agreements that formed the legal framework for labour. Eighty-one subcontractors worked under these agreements in the early 1990s to liquidate $48.5 billion in assets.

Asset specialists who worked for the FDIC or the RTC processed or monitored the transactions. Contractors received administrative taxes, set-up fees and incentive fees in exchange for their work managing performance facilities and managing troubled assets. Some of the AMDAs were used to resolve the crisis. In the NPR, the FDIC discusses in detail the history of industrial banks as well as the role of the FDIC as the primary federal supervisory authority for all existing industrial banks. An industrial bank is generally a state-chartered financial institution, which is organized in one of the seven states chartered through these enterprises and limits its activity to those that allow it to obtain a derogation from the definition of the “bank company act” of 1956 as amended (BHC Act). Insured industrial banks that meet certain criteria, including (i) be chartered in one of the seven states where an Industrial Bank Charter was adopted or contemplated on March 5, 1987, and (ii) do not accept receivables or maintain less than $100 million in consolidated assets.6 An Asset Management and Disposition Agreement (AMDA) was a type of contract between Federal Deposit Insurance Corp.