---
kind: "section"
citation: "12 U.S.C. § 339a"
title: "12"
title_heading: "Banks and Banking"
number: "339a"
heading: "Resolution of clearing banks"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/339a"
units:
  - "Chapter 3 — Federal Reserve System"
  - "Subchapter VIII — State Banks as Members of System"
---

# §339a. Resolution of clearing banks

- (a) **Conservatorship or receivership—**
  - (1) **Appointment—** The [Board](/usc/12/221a.md?p=a) may appoint a conservator or receiver to take possession and control of any uninsured [State](/usc/12/1707.md?p=d) [member bank](/usc/12/221a.md?p=a) which operates, or operates as, a multilateral clearing organization pursuant to [section 4422](/usc/12/4422.md)[^1] of this title to the same extent and in the same manner as the Comptroller of the Currency may appoint a conservator or receiver for a [national bank](/usc/12/221a.md?p=a).
  - (2) **Powers—** The conservator or receiver for an uninsured [State](/usc/12/1707.md?p=d) [member bank](/usc/12/221a.md?p=a) referred to in [paragraph (1)](#a-1) shall exercise the same powers, functions, and duties, subject to the same limitations, as a conservator or receiver for a [national bank](/usc/12/221a.md?p=a).
- (b) **Board authority—** The [Board](/usc/12/221a.md?p=a) shall have the same authority with respect to any conservator or receiver appointed under [subsection (a)](#a), and the uninsured [State](/usc/12/1707.md?p=d) [member bank](/usc/12/221a.md?p=a) for which the conservator or receiver has been appointed, as the Comptroller of the Currency has with respect to a conservator or receiver for a [national bank](/usc/12/221a.md?p=a) and the [national bank](/usc/12/221a.md?p=a) for which the conservator or receiver has been appointed.
- (c) **Bankruptcy proceedings—** The [Board](/usc/12/221a.md?p=a) (in the case of an uninsured [State](/usc/12/1707.md?p=d) [member bank](/usc/12/221a.md?p=a) which operates, or operates as, such a multilateral clearing organization) may direct a conservator or receiver appointed for the bank to file a petition pursuant to [title 11](/usc/11.md), in which case, [title 11](/usc/11.md) shall apply to the bank in lieu of otherwise applicable Federal or [State](/usc/12/1707.md?p=d) insolvency law.

## Footnotes

[^1]: See References in Text note below.

## Source credit

(Dec. 13, 1913, ch. 6, § 9B, as added Pub. L. 106–554, § 1(a)(5) [title I, § 112(b)], Dec. 21, 2000, 114 Stat. 2763, 2763A–392.)

## Notes

### Editorial Notes

### References in Text

Section 4422 of this title, referred to in subsec. (a)(1), was repealed by Pub. L. 111–203, title VII, § 740, July 21, 2010, 124 Stat. 1729.

### Codification

Section was enacted as section 9B of act Dec. 13, 1913, and not as part of section 9 of such act which comprises this subchapter.