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Can you summarize MTCO Title 32, Chapter 1, Part 6?
BANKS AND TRUST COMPANIES > Federal Deposit Insurance Corporation
Short Summary
The provided legal document content pertains to the governance and operations of banking institutions, the Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) in the state of Montana. The documents outline the powers and actions that can be taken by the Department of Financial Institutions and the FDIC in the event of a banking institution’s closure, insolvency, or suspension. The Department of Financial Institutions or its agent may borrow from the FDIC and provide assets of the institution as security for a loan. The department may also sell assets to the FDIC. The documents also empower banking institutions to take advantage of memberships, loans, subscriptions, contracts, grants, rights, or privileges available to them or their depositors, creditors, stockholders, conservators, or liquidators under the provisions of the Federal Deposit Insurance Act. Banking institutions are allowed to subscribe for and acquire stock, debentures, bonds, or other types of securities of the FDIC and comply with its lawful rules and requirements. The documents also address the appointment of the FDIC as an agent of the department in the liquidation of a closed banking institution. The FDIC may assist or act for the department in the liquidation process. The documents further govern the examinations of banking institutions conducted by the department and the acceptance of examinations and reports conducted by the FDIC. The department has the discretion to accept the examination made by the FDIC in place of its own examination of a banking institution, as long as a signed copy of the examination is furnished to the department. The department may also accept a report obtained by the FDIC regarding the condition of a banking institution, instead of a report required by state laws, if a copy of the report is provided to the department. The department may disclose information to the FDIC regarding the conditions or affairs of an insured institution and furnish copies of examinations and reports made by banking institutions to the FDIC or its officials or examiners. The documents also establish the rights of the FDIC to be subrogated to all rights against a closed banking institution to the extent necessary to enable the FDIC to make insurance payments available to depositors of closed insured banks. The term ‘banking institution’ in these documents refers to any bank, trust company, bank and trust company, stock savings bank, or mutual savings bank organized under the laws of Montana.
Whom does it apply to?
The provisions in these documents apply to banking institutions, the Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) in the state of Montana.
What does it govern?
The provided legal document content governs the actions and powers of banking institutions, the Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) in the state of Montana.
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Montana