FDIC's powers face growing challenge
Article Abstract:
Federal law in 12 USC 1821(j) provides that there should be no judicial restraint of the Federal Deposit Insurance Corp's (FDIC) performance of its receivership functions. The Congress did not, however, mean for the FDIC to have the right to ignore other laws in performing its functions. Thus, judicial intervention and injunctive relief may be appropriate when the FDIC is not carrying out its duties in good faith, when there are important countervailing matters of public policy, or when the administrative claims process gives the aggrieved party no other means of obtaining relief.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1993
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Repudiation powers are at issue again
Article Abstract:
Disagreements over the powers of the Federal Deposit Insurance Corp and the Resolution Trust Corp to repudiate secured debts have spawned much litigation. Federal Deposit Insurance Act Section 11(e)(11) stipulates that the repudiation powers cannot be used to avoid a perfected or legally valid security interest, and creditors of failed institutions have used this section as an argument that they should be repaid. The courts have generally agreed that security interests in collateral can be repudiated.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1993
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Marketplace discipline is reintroduced
Article Abstract:
Uninsured depositors can no longer depend on the Federal Deposit Insurance Corp (FDIC) to bail them out as a result of the Federal Deposit Insurance Corp Improvement Act. The FDIC is now bound to meet obligations to insured depositors in the least expensive way possible. This has limited the FDIC's options and may reverse its practice of covering all deposits, insured or uninsured.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1992
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