What US FDIC Improvement Act 1991 (FDICIA) - Prompt Corrective Action & Least-Cost Resolution requires
The FDIC Improvement Act of 1991 (Pub. L. 102-242) established Prompt Corrective Action (PCA) - a mandatory five-tier capital classification system for insured depository institutions with escalating regulatory restrictions as capital deteriorates: Well Capitalised, Adequately Capitalised, Undercapitalised, Significantly Undercapitalised, Critically Undercapitalised. FDICIA mandates the least-cost resolution principle (FDIC must use the resolution method that minimises the cost to the deposit insurance fund), annual independent audits for institutions >$500 million, requires safe and sound banking standards, and restricts brokered deposits for less-than-well-capitalised institutions.
Pillar: Banking & Global Finance · Authority: Federal Deposit Insurance Corporation (FDIC); Office of the Comptroller of the Currency (OCC); Federal Reserve Board; NCUA for credit unions · Version: 1.0.1 · Last updated:
Primary source: https://www.govinfo.gov/link/uscode/12/1831o
SHA-256 integrity: 1ad259649d57d7d4729dde02d244855db2eb1783d3b90932f4daccf9aca7d1c0
Primary Citations — 5 traced to source
- §1831o(b) (five capital categories - Well, Adequately, Under, Significantly Under, Critically Undercapitalised); §1831o(e) (mandatory restrictions - capital restoration plan, asset growth limit); §1831o(f) (significantly undercapitalised mandatory restrictions); §1831o(h) (critically undercapitalised - 90-day receivership) — 12 USC §1831o - Prompt Corrective Action (FDICIA §38)
- §337.6 (brokered deposit prohibition for less-than-well-capitalised); §337.6(a)(2)(i) (definition of deposit broker); §337.6(b) (primary purpose exception); interest rate cap at national rate + 75bps — 12 CFR Part 337 - FDIC Brokered Deposit Rule (amended 2021)
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