Examples of FDICIA in a sentence
Each Party represents and warrants to the other Party that it is a financial institution under the provisions of Title IV of the Federal Deposit Insurance Corporation Improvement Act of 1991 (“FDICIA”), and the Parties agree that this MNA shall be a netting contract, as defined in FDICIA, and each receipt or payment or delivery obligation hereunder shall be a covered contractual payment entitlement or covered contractual payment obligations, respectively, as defined in and subject to FDICIA.
FDICIA neither provides for any insolvency proceeding nor empowers any authority to void transfers.
FDICIA was the second of two major laws, the first was the Financial Institutions Reform, Recovery and Enforcement Act of 1991 (FIRREA, Public Law 101-73), responding to an earlier financial crisis brought on by the reckless savings and loan practices of the 1980s.
A plain reading of this broad language in FDICIA appears to preempt all contrary Federal and state laws and actions with respect to those laws.
The entirety of Section 1821(e) (powers of conservators and receivers with respect to contracts entered into before appointment of a conservator or receiver) overrides the FDICIA provision.