PUBLIC LAW 109–8—APR. 20, 2005
119 STAT. 165
of the credit union for which the conservator has been appointed). ‘‘(iii) NOTICE.—For purposes of this paragraph, the Board as conservator or liquidating agent of an insured credit union shall be deemed to have notified a person who is a party to a qualified financial contract with such credit union if the Board has taken steps reasonably calculated to provide notice to such person by the time specified in subparagraph (A). ‘‘(C) TREATMENT OF BRIDGE BANKS.—The following institutions shall not be considered to be a financial institution for which a conservator, receiver, trustee in bankruptcy, or other legal custodian has been appointed or which is otherwise the subject of a bankruptcy or insolvency proceeding for purposes of paragraph (9): ‘‘(i) A bridge bank. ‘‘(ii) A credit union organized by the Board, for which a conservator is appointed either— ‘‘(I) immediately upon the organization of the credit union; or ‘‘(II) at the time of a purchase and assumption transaction between the credit union and the Board as receiver for a credit union in default.’’. SEC. 904. AMENDMENTS RELATING TO DISAFFIRMANCE OR REPUDIATION OF QUALIFIED FINANCIAL CONTRACTS.
(a) FDIC-INSURED DEPOSITORY INSTITUTIONS.—Section 11(e) of the Federal Deposit Insurance Act (12 U.S.C. 1821(e)) is amended— (1) by redesignating paragraphs (11) through (15) as paragraphs (12) through (16), respectively; (2) by inserting after paragraph (10) the following new paragraph: ‘‘(11) DISAFFIRMANCE OR REPUDIATION OF QUALIFIED FINANCIAL CONTRACTS.—In exercising the rights of disaffirmance or repudiation of a conservator or receiver with respect to any qualified financial contract to which an insured depository institution is a party, the conservator or receiver for such institution shall either— ‘‘(A) disaffirm or repudiate all qualified financial contracts between— ‘‘(i) any person or any affiliate of such person; and ‘‘(ii) the depository institution in default; or ‘‘(B) disaffirm or repudiate none of the qualified financial contracts referred to in subparagraph (A) (with respect to such person or any affiliate of such person).’’; and (3) by adding at the end the following new paragraph: ‘‘(17) SAVINGS CLAUSE.—The meanings of terms used in this subsection are applicable for purposes of this subsection only, and shall not be construed or applied so as to challenge or affect the characterization, definition, or treatment of any similar terms under any other statute, regulation, or rule, including the Gramm-Leach-Bliley Act, the Legal Certainty for Bank Products Act of 2000, the securities laws (as that term is defined in section 3(a)(47) of the Securities Exchange Act of 1934), and the Commodity Exchange Act.’’.
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