Prohibition of circumvention and prevention of conflicts of interest

1. Law
2. USC 12
3. Banks And Banking
4. WALL STREET REFORM AND CONSUMER PROTECTION
5. ORDERLY LIQUIDATION AUTHORITY
6. Prohibition of circumvention and prevention of conflicts of interest

§5392. Prohibition of circumvention and prevention of conflicts of interest

(a) No other funding

Funds for the orderly liquidation of any covered financial company under this subchapter shall only be provided as specified under this subchapter.

(b) Limit on governmental actions

No governmental entity may take any action to circumvent the purposes of this subchapter.

(c) Conflict of interest

In the event that the Corporation is appointed receiver for more than 1 covered financial company or is appointed receiver for a covered financial company and receiver for any insured depository institution that is an affiliate of such covered financial company, the Corporation shall take appropriate action, as necessary to avoid any conflicts of interest that may arise in connection with multiple receiverships.

( Pub. L. 111–203, title II, §212, July 21, 2010, 124 Stat. 1516 .)

References in Text

This subchapter, referred to in subsecs. (a) and (b), was in the original "this title", meaning title II of Pub. L. 111–203, July 21, 2010, 124 Stat. 1442 , which is classified principally to this subchapter. For complete classification of title II to the Code, see Tables.

Effective Date

Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.

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