Independent and Community Bank Shareholders Protection Act
This bill provides that shareholders of certain small financial institutions that are under conservatorship or receivership may file claims with the Federal Deposit Insurance Corporation for just compensation.
[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7323 Introduced in House (IH)]
<DOC>
115th CONGRESS
2d Session
H. R. 7323
To amend the Federal Deposit Insurance Act with respect to shareholder
claims arising from the appointment of a conservator or receiver for
certain depository institutions, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
December 17, 2018
Ms. Jenkins of Kansas introduced the following bill; which was referred
to the Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the Federal Deposit Insurance Act with respect to shareholder
claims arising from the appointment of a conservator or receiver for
certain depository institutions, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Independent and Community Bank
Shareholders Protection Act''.
SEC. 2. SHAREHOLDER CLAIMS.
(a) In General.--Section 11(d) of the Federal Deposit Insurance Act
(12 U.S.C. 1821(d)) is amended by adding at the end the following:
``(21) Shareholder claims for just compensation.--
``(A) Claims authorized.--
``(i) In general.--A shareholder of a
covered institution may file a claim with the
Corporation for just compensation to be paid by
the Corporation to the shareholder.
``(ii) Holding companies.--A shareholder of
a depository institution holding company may
file a claim authorized by this subparagraph on
behalf of such company with respect to a
covered institution.
``(B) Amount to be paid.--Just compensation shall
be paid to a shareholder in an amount equal to the pro-
rata share of the shareholder of the net worth of the
covered institution according to generally accepted
accounting principles determined as of the date on
which the covered institution enters conservatorship or
receivership, whichever occurs first.
``(C) Limitation on payment of claims.--The
Corporation shall not pay a claim under subparagraph
(A) if--
``(i) the covered institution is determined
by the final judgment of a court of competent
jurisdiction to have been insolvent as of the
date on which control of the covered
institution passed from its shareholders to the
Corporation; or
``(ii) the administrative expenses of the
Corporation arising from the appointment of a
conservator or receiver for the covered
institution exceed available funds from the
covered institution.
``(D) Statute of limitations.--The applicable
statute of limitations with regard to a claim brought
by a shareholder under subparagraph (A) shall be 90
days beginning on the date that a conservator or
receiver is appointed for the covered institution
pursuant to this Act.
``(E) Covered institution defined.--In this
paragraph, the term `covered institution' means a
depository institution--
``(i) for which the Corporation has
appointed a conservator or receiver; and
``(ii) that has total assets of less than
$15,000,000,000 as of the date on which the
institution enters conservatorship or
receivership.''.
(b) Savings Association Shareholders.--The rights provided to a
shareholder under section 11(d)(21) of the Federal Deposit Insurance
Act, as added by this Act, shall apply in the same manner and to the
same extent to--
(1) a shareholder of a savings association for which the
Office of Thrift Supervision appointed a conservator or
receiver; and
(2) a shareholder of a savings and loan holding company on
behalf of such holding company with respect to a savings
association for which the Office appointed a conservator or
receiver.
(c) Special Rules.--
(1) Statute of limitations for claims arising from actions
prior to this act.--The statute of limitations for a claim
filed under this Act, or an amendment made by this Act, with
respect to the appointment of a conservator or receiver for a
covered institution or savings association occurring prior to
the date of enactment of this Act shall be 90 days beginning on
such date of enactment.
(2) Prior claims.--A shareholder shall not be precluded
from filing a claim under this Act, or an amendment made by
this Act, if a claim with respect to the same conservatorship
or receivership has been previously adjudicated before a court
of competent jurisdiction.
(3) United states court of federal claims.--A shareholder
may seek review of a denial by the Federal Deposit Insurance
Corporation of a claim filed under this Act in the United
States Court of Federal Claims.
(d) Definitions.--In this section:
(1) Covered institution.--The term ``covered institution''
has the meaning given that term in section 11(d)(21) of the
Federal Deposit Insurance Act (as added by this Act).
(2) Savings association.--The term ``savings association''
has the meaning given that term in section 3 of the Federal
Deposit Insurance Act (12 U.S.C. 1813).
(3) Savings and loan holding company.--The term ``savings
and loan holding company'' has the meaning given that term in
section 10 of the Home Owners' Loan Act (12 U.S.C. 1467a).
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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