12 U.S.C. § 1831 — Separability of certain provisions of this

Page 1138 TITLE 12—BANKS AND BANKING § 1830 (4) Disclosure of personal information Nothing in this section shall be construed to amend, modify, or otherwise affect any State or Federal law that governs a financial insti- tution’s disclosure and security of personal in- formation that is not publicly available. (c) Relation to State law The provisions of this section shall preempt and supersede any State law that conflicts with a provision of this section, but only to the ex- tent of such conflict. (Pub. L. 115–174, title II, § 213, May 24, 2018, 132 Stat. 1319.) Editorial Notes CODIFICATION Section was enacted as part of the Economic Growth, Regulatory Relief, and Consumer Protection Act, and not as part of the Federal Deposit Insurance Act which comprises this chapter. § 1830. Nondiscrimination It is not the purpose of this chapter to dis- criminate in any manner against State non- member banks or State savings associations and in favor of national or member banks or Federal savings associations, respectively. It is the pur- pose of this chapter to provide all banks and savings associations with the same opportunity to obtain and enjoy the benefits of this chapter. (Sept. 21, 1950, ch. 967, § 2[22], formerly § 2[20], 64 Stat. 893; renumbered § 2[21], Pub. L. 90–203, § 3, Dec. 15, 1967, 81 Stat. 610; renumbered § 2[22], Pub. L. 91–508, title I, § 101, Oct. 26, 1970, 84 Stat. 1114; amended Pub. L. 101–73, title II, § 223, Aug. 9, 1989, 103 Stat. 273.) Editorial Notes PRIOR PROVISIONS Section is derived from subsec. (y) of former section 264 of this title. See Codification note set out under section 1811 of this title. AMENDMENTS 1989—Pub. L. 101–73 amended section generally. Prior to amendment, section read as follows: ‘‘It is not the purpose of this chapter to discriminate in any manner against State nonmember banks and in favor of na- tional or member banks; but the purpose is to provide all banks with the same opportunity to obtain and enjoy the benefits of this chapter. No bank shall be dis- criminated against because its capital stock is less than the amount required for eligibility for admission into the Federal Reserve System.’’ § 1831. Separability of certain provisions of this chapter The provisions of this chapter limiting the in- surance of the deposits of any depositor to a maximum less than the full amount shall be independent and separable from each and all of the provisions of this chapter. (Sept. 21, 1950, ch. 967, § 2[23], formerly § 2[21], 64 Stat. 894; renumbered § 2[22], Pub. L. 90–203, § 3, Dec. 15, 1967, 81 Stat. 610; renumbered § 2[23], Pub. L. 91–508, title I, § 101, Oct. 26, 1970, 84 Stat. 1114.) Editorial Notes PRIOR PROVISIONS Section is derived from subsec. (z) of former section 264 of this title. See Codification note set out under section 1811 of this title. § 1831a. Activities of insured State banks (a) Permissible activities (1) In general After the end of the 1-year period beginning on December 19, 1991, an insured State bank may not engage as principal in any type of ac- tivity that is not permissible for a national bank unless— (A) the Corporation has determined that the activity would pose no significant risk to the Deposit Insurance Fund; and (B) the State bank is, and continues to be, in compliance with applicable capital stand- ards prescribed by the appropriate Federal banking agency. (2) Processing period (A) In general The Corporation shall make a determina- tion under paragraph (1)(A) not later than 60 days after receipt of a completed application that may be required under this subsection. (B) Extension of time period The Corporation may extend the 60-day pe- riod referred to in subparagraph (A) for not more than 30 additional days, and shall no- tify the applicant of any such extension. (b) Insurance underwriting (1) In general Notwithstanding subsection (a), an insured State bank may not engage in insurance un- derwriting except to the extent that activity is permissible for national banks. (2) Exception for certain federally reinsured crop insurance Notwithstanding any other provision of law, an insured State bank or any of its subsidi- aries that provided insurance on or before Sep- tember 30, 1991, which was reinsured in whole or in part by the Federal Crop Insurance Cor- poration may continue to provide such insur- ance. (c) Equity investments by insured State banks (1) In general An insured State bank may not, directly or indirectly, acquire or retain any equity invest- ment of a type that is not permissible for a na- tional bank. (2) Exception for certain subsidiaries Paragraph (1) shall not prohibit an insured State bank from acquiring or retaining an eq- uity investment in a subsidiary of which the insured State bank is a majority owner. (3) Exception for qualified housing projects (A) Exception Notwithstanding any other provision of this subsection, an insured State bank may invest as a limited partner in a partnership,