Sec. 2702. SPECIAL ASSESSMENT TO CAPITALIZE SAIF
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## SEC. 2702 SPECIAL ASSESSMENT TO CAPITALIZE SAIF **[**[12 U.S.C. 1817](/us/usc/t12/s1817) nt**]** ###
(a)In General Except as provided in subsection (f), the Board of Directors of the Federal Deposit Insurance Corporation shall impose a special assessment on the SAIF-assessable deposits of each insured depository institution in accordance with assessment regulations of the Corporation at a rate applicable to all such institutions that the Board of Directors, in its sole discretion, determines (after taking into account the adjustments described in subsections (g), (h), and (j)) will cause the Savings Association Insurance Fund to achieve the designated reserve ratio on the first business day of the 1st month beginning after the date of the enactment of this Act. ###
(b)Factors To Be Considered In carrying out subsection (a), the Board of Directors shall base its determination on— ####
(1)the monthly Savings Association Insurance Fund balance most recently calculated; ####
(2)data on insured deposits reported in the most recent reports of condition filed not later than 70 days before the date of enactment of this Act by insured depository institutions; and ####
(3)any other factors that the Board of Directors deems appropriate. ###
(c)Date of Determination For purposes of subsection (a), the amount of the SAIF-assessable deposits of an insured depository institution shall be determined as of March 31, 1995. ###
(d)Date Payment Due Except as provided in subsection (g), the special assessment imposed under this section shall be— ####
(1)due on the first business day of the 1st month beginning after the date of the enactment of this Act; and ####
(2)paid to the Corporation on the later of— #####
(A)the first business day of the 1st month beginning after such date of enactment; or #####
(B)such other date as the Corporation shall prescribe, but not later than 60 days after the date of enactment of this Act. ###
(e)Assessment Deposited in SAIF Notwithstanding any other provision of law, the proceeds of the special assessment imposed under this section shall be deposited in the Savings Association Insurance Fund. ###
(f)Exemptions for Certain Institutions ####
(1)Exemption for weak institutions The Board of Directors may, by order, in its sole discretion, exempt any insured depository institution that the Board of Directors determines to be weak, from paying the special assessment imposed under this section if the Board of Directors determines that the exemption would reduce risk to the Savings Association Insurance Fund. ####
(2)Guidelines required Not later than 30 days after the date of enactment of this Act, the Board of Directors shall prescribe guidelines setting forth the criteria that the Board of Directors will use in exempting institutions under paragraph (1). Such guidelines shall be published in the Federal Register. ####
(3)Exemption for certain newly chartered and other defined institutions #####
(A)In general In addition to the institutions exempted from paying the special assessment under paragraph (1), the Board of Directors shall exempt any insured depository institution from payment of the special assessment if the institution— ######
(i)was in existence on October 1, 1995, and held no SAIF-assessable deposits before January 1, 1993; ######
(ii)is a Federal savings bank which— ######
(I)was established de novo in April 1994 in order to acquire the deposits of a savings association which was in default or in danger of default; and ######
(II)received minority interim capital assistance from the Resolution Trust Corporation under section 21A(w) of the Federal Home Loan Bank Act in connection with the acquisition of any such savings association; or ######
(iii)is a savings association, the deposits of which are insured by the Savings Association Insurance Fund, which— ######
(I)before January 1, 1987, was chartered as a Federal savings bank insured by the Federal Savings and Loan Insurance Corporation for the purpose of acquiring all or substantially all of the assets and assuming all or substantially all of the deposit liabilities of a national bank in a transaction consummated after July 1, 1986; and ######
(II)as of the date of that transaction, had assets of less than $150,000,000. #####
(B)Definition For purposes of this paragraph, an institution shall be deemed to have held SAIF-assessable deposits before January 1, 1993, if— ######
(i)it directly held SAIF-assessable deposits before that date; or ######
(ii)it succeeded to, acquired, purchased, or otherwise holds any SAIF-assessable deposits as of the date of enactment of this Act that were SAIF-assessable deposits before January 1, 1993. ####
(4)Exempt institutions required to pay assessments at former rates #####
(A)Payments to saif and dif Any insured depository institution that the Board of Directors exempts under this subsection from paying the special assessment imposed under this section shall pay semiannual assessments— ######
(i)during calendar years 1996, 1997, and 1998, into the Savings Association Insurance Fund, based on SAIF-assessable deposits of that institution, at assessment rates calculated under the schedule in effect for Savings Association Insurance Fund members on June 30, 1995; and ######
(ii)during calendar year 1999— ######
(I)into the Deposit Insurance Fund, based on SAIF-assessable deposits of that institution as of December 31, 1998, at assessment rates calculated under the schedule in effect for Savings Association Insurance Fund members on June 30, 1995; or ######
(II)in accordance with clause (i), if the Bank Insurance Fund and the Savings Association Insurance Fund are not merged into the Deposit Insurance Fund. #####
(B)Optional pro rata payment of special assessment This paragraph shall not apply with respect to any insured depository institution (or successor insured depository institution) that has paid, during any calendar year from 1997 through 1999, upon such terms as the Corporation may announce, an amount equal to the product of— ######
(i)16.7 percent of the special assessment that the institution would have been required to pay under subsection (a), if the Board of Directors had not exempted the institution; and ######
(ii)the number of full semiannual periods remaining between the date of the payment and December 31, 1999. ###
(g)Special Election for Certain Institutions Facing Hardship as a Result of the Special Assessment ####
(1)Election authorized If— #####
(A)an insured depository institution, or any depository institution holding company which, directly or indirectly, controls such institution, is subject to terms or covenants in any debt obligation or preferred stock outstanding on September 13, 1995; and #####
(B)the payment of the special assessment under subsection
(a)would pose a significant risk of causing such depository institution or holding company to default or violate any such term or covenant, the depository institution may elect, with the approval of the Corporation, to pay such special assessment in accordance with paragraphs
(2)and
(3)in lieu of paying such assessment in the manner required under subsection (a). ####
(2)1st assessment An insured depository institution which makes an election under paragraph
(1)shall pay an assessment in an amount equal to 50 percent of the amount of the special assessment that would otherwise apply under subsection (a), by the date on which such special assessment is payable under subsection (d). ####
(3)2d assessment An insured depository institution which makes an election under paragraph
(1)shall pay a 2d assessment, by the date established by the Board of Directors in accordance with paragraph (4), in an amount equal to the product of 51 percent of the rate determined by the Board of Directors under subsection
(a)for determining the amount of the special assessment and the SAIF-assessable deposits of the institution on March 31, 1996, or such other date in calendar year 1996 as the Board of Directors determines to be appropriate. ####
(4)Due date of 2d assessment The date established by the Board of Directors for the payment of the assessment under paragraph
(3)by a depository institution shall be the earliest practicable date which the Board of Directors determines to be appropriate, which is at least 15 days after the date used by the Board of Directors under paragraph (3). ####
(5)Supplemental special assessment An insured depository institution which makes an election under paragraph
(1)shall pay a supplemental special assessment, at the same time the payment under paragraph
(3)is made, in an amount equal to the product of— #####
(A)50 percent of the rate determined by the Board of Directors under subsection
(a)for determining the amount of the special assessment; and #####
(B)95 percent of the amount by which the SAIF-assessable deposits used by the Board of Directors for determining the amount of the 1st assessment under paragraph
(2)exceeds, if any, the SAIF-assessable deposits used by the Board for determining the amount of the 2d assessment under paragraph (3). ###
(h)Adjustment of Special Assessment for Certain Bank Insurance Fund Member Banks ####
(1)In general For purposes of computing the special assessment imposed under this section with respect to a Bank Insurance Fund member bank, the amount of any deposits of any insured depository institution which section 5(d)(3) of the Federal Deposit Insurance Act treats as insured by the Savings Association Insurance Fund shall be reduced by 20 percent— #####
(A)if the adjusted attributable deposit amount of the Bank Insurance Fund member bank is less than 50 percent of the total domestic deposits of that member bank as of June 30, 1995; or #####
(B)if, as of June 30, 1995, the Bank Insurance Fund member— ######
(i)had an adjusted attributable deposit amount equal to less than 75 percent of the total assessable deposits of that member bank; ######
(ii)had total assessable deposits greater than $5,000,000,000; and ######
(iii)was owned or controlled by a bank holding company that owned or controlled insured depository institutions having an aggregate amount of deposits insured or treated as insured by the Bank Insurance Fund greater than the aggregate amount of deposits insured or treated as insured by the Savings Association Insurance Fund. ####
(2)Adjusted attributable deposit amount For purposes of this subsection, the “adjusted attributable deposit amount” shall be determined in accordance with section 5(d)(3)(C) of the Federal Deposit Insurance Act. ### (j)5 Adjustment of Special Assessment for Certain Savings Associations 5Subsection
(i)made amendments to the Federal Deposit Insurance Act. ####
(1)Special assessment reduction For purposes of computing the special assessment imposed under this section, in the case of any converted association, the amount of any deposits of such association which were insured by the Savings Association Insurance Fund as of March 31, 1995, shall be reduced by 20 percent. ####
(2)Converted association For purposes of this subsection, the term “**converted association**” means— #####
(A)any Federal savings association— ######
(i)that is a member of the Savings Association Insurance Fund and that has deposits subject to assessment by that fund which did not exceed $4,000,000,000, as of March 31, 1995; and ######
(ii)that had been, or is a successor by merger, acquisition, or otherwise to an institution that had been, a State savings bank, the deposits of which were insured by the Federal Deposit Insurance Corporation before August 9, 1989, that converted to a Federal savings association pursuant to section 5(i) of the Home Owners' Loan Act before January 1, 1985; #####
(B)a State depository institution that is a member of the Savings Association Insurance Fund that had been a State savings bank before October 15, 1982, and was a Federal savings association on August 9, 1989; #####
(C)an insured bank that— ######
(i)was established de novo in order to acquire the deposits of a savings association in default or in danger of default; ######
(ii)did not open for business before acquiring the deposits of such savings association; and ######
(iii)was a Savings Association Insurance Fund member before the date of enactment of this Act; and #####
(D)an insured bank that— ######
(i)resulted from a savings association before December 19, 1991, in accordance with section 5(d)(2)(G) of the Federal Deposit Insurance Act; and ######
(ii)had an increase in its capital in conjunction with the conversion in an amount equal to more than 75 percent of the capital of the institution on the day before the date of the conversion. * * * * * * *
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Sec. 2702
SPECIAL ASSESSMENT TO CAPITALIZE SAIF
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