Bylaws of the Federal Deposit Insurance Corporation

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ADOPTED BY THE BOARD OF DIRECTORS ON JUNE 20, 2024

BYLAWS

OF THE

FEDERAL DEPOSIT INSURANCE CORPORATION

ARTICLE I

NAME

The name of the Corporation shall be the Federal Deposit

Insurance Corporation (hereinafter called the “Corporation”).

ARTICLE II

OFFICES

The principal office of the Corporation shall be in the

City of Washington, District of Columbia. The Corporation may

have additional offices at such other places as the Board of

Directors may from time to time determine.

ARTICLE III

CORPORATE SEAL

There is impressed below the official seal of the

Corporation, which is hereby adopted for its use.

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ARTICLE IV

BOARD OF DIRECTORS

Section 1. Number and Qualification. The number of

Directors of the Corporation shall be five, three of whom shall

be citizens of the United States appointed by the President of

the United States by and with the advice and consent of the

United States Senate (hereinafter individually called

“Appointive Director”), one of whom shall be the Comptroller of

the Currency (hereinafter called the “Comptroller”), and one of

whom shall be the Director of the Consumer Financial Protection

Bureau (hereinafter called the “CFPB Director”). In the event

of a vacancy in the office of the Comptroller or the office of

the CFPB Director, and pending the appointment of his or her

successor, or during the absence or disability of the

Comptroller or the CFPB Director, the Acting Comptroller or the

Acting CFPB Director, as the case may be, shall be a member of

the Board of Directors in the place and stead of the Comptroller

or the CFPB Director. Not more than three of the members of the

Board of Directors shall be members of the same political party.

Section 2. Terms of Office.--(a) General Provisions for

Appointive Directors. The term of office of each Appointive

Director shall be six years, commencing with the date of

issuance by the President of his or her commission. Each

Appointive Director, however, may continue to serve after the

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expiration of his or her term until a successor has been

appointed and qualified. Any Appointive Director appointed to

fill a vacancy occurring before the expiration of the term for

which his or her predecessor was appointed shall serve only for

the remainder of the predecessor’s term.

(b) Ex Officio Members. The Comptroller or the Acting

Comptroller in the place and stead of the Comptroller and the

CFPB Director or the Acting CFPB Director in the place and stead

of the CFPB Director shall each hold office as a member of the

Board of Directors during his or her tenure as Comptroller or

Acting Comptroller and CFPB Director or Acting CFPB Director, as

the case may be.

Section 3. Chairperson. The Chairperson shall be

designated by the President, by and with the advice and consent

of the Senate, to serve as Chairperson of the Board of Directors

of the Corporation for a term of five years. In the event of a

vacancy in the position of the Chairperson or during his or her

absence or disability, the Vice Chairperson shall act as

Chairperson. In the event of vacancies in the positions of

Chairperson and Vice Chairperson, or in their absence or

disability, the Appointive Director who is neither the

Chairperson nor the Vice Chairperson shall act as Chairperson.

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Section 4. Vice Chairperson. The Vice Chairperson shall

be designated by the President, by and with the advice and

consent of the Senate, to serve as Vice Chairperson of the Board

of Directors.

Section 5. Powers of the Board of Directors. The

management of the Corporation shall be vested in the Board of

Directors, which shall have all powers specifically granted by

the provisions of the Federal Deposit Insurance Act and other

laws of the United States and such incidental powers as shall be

necessary to carry out the powers so granted. Within the

limitations of the law, the Board of Directors may delegate any

of its specific or incidental powers to any standing or special

committee of the Corporation or to any officer or agent of the

Corporation upon such terms and conditions as it shall

prescribe, except the power to amend these Bylaws or to adopt

new bylaws. In addition, the Board of Directors may provide for

emergency succession and delegation of emergency authority to

ensure the Corporation’s ability to continue essential functions

in the event a sudden and usually unforeseen situation poses an

immediate threat to life, causes serious damage to property, or

adversely affects a Corporate mission and renders the Board

temporarily unable to perform its normal management function.

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Section 6. Meetings of the Board of Directors.--(a)

Regular Meetings. Regular meetings of the Board of Directors

shall be held at such times as the Chairperson shall direct,

after reasonable notice is given to each member of the Board of

Directors by the Executive Secretary in such manner as the

Chairperson shall direct. Such meetings shall consider such

item(s) of business that the Chairperson shall direct, or such

item(s) that another member of the Board of Directors may

request not later than ten days prior to the date of such

meeting to facilitate compliance with the Government in the

Sunshine Act.

(b) Special Meetings. Special meetings of the Board of

Directors may be called by the Chairperson or, upon the written

request of any two members of the Board of Directors, by the

Executive Secretary. The Executive Secretary will give

reasonable notice of any such special meeting to all members of

the Board of Directors who can be contacted after a reasonable

effort and in sufficient time to permit their attendance or

participation. Such meetings shall consider such item(s) of

business that the Chairperson shall direct, or such item(s) that

another member of the Board of Directors may request not later

than ten days prior to the date of such meeting to facilitate

compliance with the Government in the Sunshine Act.

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its meetings at the principal office of the Corporation in the

city of Washington, District of Columbia, unless otherwise

determined by the Chairperson, in consultation with the members

of the Board of Directors.

(d) Quorum. A majority of the members of the Board of

Directors in office shall constitute a quorum for the

transaction of business. In the event there are only three

members in office, those members shall constitute a quorum. In

the event there are only two members in office, those members

shall constitute a quorum. In the event there is only one

member in office, that member shall constitute a quorum. Present

and nonvoting members of the Board of Directors shall be counted

for the purpose of determining whether there is a quorum for the

transaction of business. The vote of the majority of the

members present and voting at a meeting at which a quorum is

present shall be the act of the Board of Directors. If there is

a quorum present at a meeting and only one of the members of the

Board of Directors present is voting, then the vote of that

member shall be the act of the Board of Directors.

(e) Presiding Officer. The Chairperson shall preside at

all meetings of the Board of Directors except that, in the

absence of the Chairperson or in the event of his or her

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inability to attend or participate in meetings, the Vice

Chairperson shall preside at meetings of the Board of Directors.

In the event of vacancies in the positions of Chairperson and

Vice Chairperson, or in their absence or in the event of their

inability to attend or participate in meetings, the Appointive

Director who is neither the Chairperson nor the Vice Chairperson

shall preside at meetings of the Board of Directors.

(f) Use of Conference Call Communications Equipment. Any

meeting of the Board of Directors may be conducted through the

use of conference-call telephone or similar communications

equipment, by means of which all persons participating in any

such meeting can simultaneously speak to and hear each other.

Any member of the Board of Directors who participates in a

meeting conducted through the use of such equipment shall be

deemed present for all purposes. Actions taken by the Board of

Directors at meetings conducted through the use of such

equipment, including the vote of each member with respect to

each item of business, shall be recorded in the minutes of the

proceedings of the Board of Directors.

(g) Transaction of Business Without a Meeting. The Board

of Directors may transact business through circulation of

written items, by the Executive Secretary, to all members of the

Board of Directors who can be contacted after a reasonable

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effort and in sufficient time to permit action where a majority

of the members participate, in writing, in the disposition of

each item of business. The Executive Secretary shall circulate

such item(s) of business upon the request of the Chairperson, or

a member of the Board, and shall record the disposition of any

such item(s), including the vote of each member with respect to

each item of business, in the minutes of the proceedings of the

Board of Directors. The vote of the majority of the members

voting in the notational vote on each item of business shall be

the act of the Board of Directors with regard to such item of

business, provided a majority of members of the Board of

Directors then in office deliver votes or indications of

abstention on such item. Notwithstanding the foregoing, any one

member of the Board of Directors may provide written notice to

the Executive Secretary of his or her request to transact said

business at a meeting of the Board of Directors, and such

business shall be considered at the next regular meeting unless

a special meeting is requested.

ARTICLE V

COMMITTEES

Section 1. Standing or Special Committees. The Board of

Directors may from time to time establish such standing or

special committees as it shall see fit. Any such committee so

established shall perform such duties and exercise such powers

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as may be directed or delegated by the Board of Directors from

time to time. Any such standing or special committee shall

periodically report its actions to the Board of Directors at

such times as the Board of Directors shall determine.

Section 2. Meetings. Any committee established by the

Board of Directors may meet at stated times or at such times as

the chairperson of the committee or the Chairperson shall direct

through notice given by the Executive Secretary to all members

of the committee who can be contacted after a reasonable effort

and in sufficient time to permit their attendance.

Section 3. Quorum. A majority of the members of a

committee shall constitute a quorum for the transaction of

business and in every case the affirmative vote of a majority of

all of the members present at a duly convened meeting of a

committee shall be necessary for any action to be taken by the

committee.

Section 4. Transaction of Business Without a Meeting. A

committee may transact business by the circulation of written

items to all members of the committee who can be contacted after

a reasonable effort and in sufficient time to permit action

where a majority of the members participate either by written

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vote or by telephone vote in the disposition of each item of

business.

ARTICLE VI

OFFICERS

Section 1. Titles. The officers of the Corporation shall

be the Chairperson, the Vice Chairperson, the Deputy to the

Chairperson and Chief of Staff, the Deputy to the Chairperson

and Chief Operating Officer, the Deputy to the Chairperson and

Chief Financial Officer, the Deputy to the Chairperson for

External Affairs, the Deputy to the Chairperson for Policy, the

Deputy to the Chairperson for Financial Stability, the Chief

Information Officer, the General Counsel, the Director of the

Division of Risk Management Supervision, the Director of the

Division of Insurance and Research, the Director of the Division

of Resolutions and Receiverships, the Director of the Division

of Depositor and Consumer Protection, the Director of the

Division of Complex Institution Supervision and Resolution, the

Ombudsman, the Director of the Office of Minority and Women

Inclusion, the Director of the Division of Administration, the

Director of the Division of Finance, the Executive Secretary,

the Director of the Office of Professional Conduct, the Director

of the Office of Equal Employment Opportunity, the Inspector

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General, and such additional officers as the Board of Directors

may from time to time determine.

Section 2. Appointment, Tenure, Compensation, and Duties.

The Chairperson and the Vice Chairperson shall be appointed and

shall hold office as prescribed by Article IV of these Bylaws.

The Inspector General shall be appointed and shall hold office

pursuant to the Inspector General Act of 1978, as amended. All

other officers shall be appointed by the Board of Directors,

upon the recommendation of the Chairperson, and shall hold their

respective offices for such terms as the Board of Directors

shall determine. The compensation of such officers (except the

compensation of the Chairperson, the Vice Chairperson, and the

Inspector General, each of whose compensation is determined by

reference to Federal statutes) shall be determined by the

Chairperson. In addition to the powers and duties hereinafter

specifically enumerated in this Article VI of these Bylaws, the

officers of the Corporation shall have such powers and shall

perform such duties as the Chairperson or the Board of Directors

may from time to time prescribe, and shall provide advice,

counsel, and assistance to the Chairperson and to the members of

the Board of Directors on matters within the officers’

individual responsibilities.

Section 3. Holding More than One Office. More than one

office may be held by the same person, except that the same

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person shall not hold any two or more of the following offices:

Chairperson, Vice Chairperson, Deputy to the Chairperson and

Chief Operating Officer, General Counsel, Inspector General,

Director of the Office of Professional Conduct, the Director of

the Office of Equal Employment Opportunity, and Ombudsman. In

no case shall the same person act on the same matter in two

official capacities or sign any document in two capacities where

the signatures of two officers are required by law or otherwise.

Section 4. Specific Powers and Duties of Officers.--(a)

Chairperson. Within the limitations of the Federal Deposit

Insurance Act and other laws of the United States, the

Chairperson shall manage and direct the daily executive and

administrative functions and operations of the Corporation and

shall otherwise have the general powers and duties usually

vested in the office of the chief executive officer of a

corporation. He or she shall also be responsible for providing

oversight over the direction and operations of each of the

Corporation’s various divisions and offices but may from time to

time, as appropriate and in accordance with applicable law,

designate other officers of the Corporation to be responsible

for providing such oversight with respect to one or more

divisions or offices of the Corporation.

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(b) Vice Chairperson. The Vice Chairperson, in addition

to acting as Acting Chairperson in the event of a vacancy in the

position of Chairperson or during the absence or disability of

the Chairperson, shall perform such additional duties as the

Board of Directors shall from time to time prescribe.

Deputy to the Chairperson and Chief of Staff will participate

with the Chairperson in the management and direction of the

daily executive and administrative functions and operations of

the Corporation, and will coordinate with the other Deputies to

the Chairperson, the Corporation’s division and office

directors, and other Corporation staff to ensure consistency of

Corporation operations, strategic plans, initiatives, and

communications with the priorities of the Chairperson and

directives of the Board. The Deputy to the Chairperson and Chief

of Staff may oversee or coordinate special projects for the

Chairperson.

(d) Deputy to the Chairperson and Chief Operating

Officer. The Deputy to the Chairperson and Chief Operating

Officer shall provide advice and assistance to the Board of

Directors and the officers and employees of the Corporation on

matters pertaining to the Corporation’s administrative and

resource management activities, including management of human

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resources, diversity and inclusion, acquisition of goods,

services, and systems necessary to support operations, regional

resource coordination, and corporate-wide learning and employee

development.

(e) Deputy to the Chairperson and Chief Financial

Officer. The Deputy to the Chairperson and Chief Financial

Officer shall be the chief financial, accounting, budget, and

corporate planning officer of the Corporation. The Deputy to

the Chairperson and Chief Financial Officer shall implement

programs consistent with the Chief Financial Officers Act of

1990, including establishing and maintaining sound financial

management systems, accounting systems, corporate budgeting

procedures, and cash management and insurance assessment

systems. The Deputy to the Chairperson and Chief Financial

Officer shall oversee the Corporation’s Enterprise Risk

Management and Internal Control Programs and ensure conformance

with requirements of the Government Performance Results Act.

The Deputy to the Chairperson and Chief Financial Officer

shall oversee and coordinate the work of the Division of

Finance and ensure that the Corporation’s financial statements

and reports are accurate and timely; and the payment of

assessments by insured depository institutions are in accordance

with the provisions of the Federal Deposit Insurance Act.

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(f) Deputy to the Chairperson for External Affairs. The

Deputy to the Chairperson for External Affairs shall be

responsible for advising the Board of Directors and the officers

of the Corporation, and for developing strategies, regarding all

aspects of the Corporation’s external outreach. The Deputy to

the Chairperson for External Affairs shall also be responsible

for effectively communicating the mission and goals of the

Corporation to the public.

(g) Deputy to the Chairperson for Policy. The Deputy to

the Chairperson for Policy will be responsible for advising the

Chairperson and senior executive managers on regulatory and

policy matters related to the Corporation’s activities. The

Deputy to the Chairperson for Policy will also coordinate and

oversee regulatory and policy initiatives with the divisions and

other corporate offices, Federal regulators, and other entities.

(h) Deputy to the Chairperson for Financial Stability.

The Deputy to the Chairperson for Financial Stability shall be

the chief adviser to the Chairperson, other members of the

Board, and senior executive managers on strategic matters

relating to the Corporation’s role in ensuring financial

stability, including administering the deposit insurance system,

resolving failing financial institutions, and conducting

research and analysis relating to financial stability. The

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Deputy to the Chairperson for Financial Stability will further

the Corporation’s international efforts by engaging with foreign

authorities, both bilaterally and multilaterally, on these

matters. In this role, the Deputy to the Chairperson for

Financial Stability will coordinate, as appropriate, the work of

the Division of Resolutions and Receiverships, the Division of

Insurance and Research, and the Division of Complex Institution

Supervision and Resolution.

(i) Chief Information Officer. The Chief Information

Officer shall be the chief adviser to the Chairperson, other

members of the Board, and senior executive managers on all

strategic issues relating to information technology pertaining

to the Corporation, including planning, development, and

security, and shall fill the role of Chief Information Officer

consistent with various federal statutes. The Chief Information

Officer shall, among other things: have broad responsibility for

information technology governance, investments, program

management, information security and privacy; maintain a broad,

strategic orientation focused on enterprise issues and concerns;

be responsible for overseeing and reporting on the effectiveness

of the Corporation’s information technology governance,

security, and privacy programs and complying with appropriate

information security standards; and ensure that information

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technology governance and security management processes are

integrated with the Corporation’s strategic planning.

(j) General Counsel. The General Counsel shall be the

chief legal officer of the Corporation and legal adviser to the

Board of Directors and the officers of the Corporation; render

all legal services necessary to enable the Board of Directors

and the Corporation’s various organizational units to discharge

their respective duties and responsibilities; and otherwise have

the powers and perform the duties usually vested in the general

counsel of a corporation.

(k) Director of the Division of Risk Management

Supervision. The Director of the Division of Risk Management

Supervision shall generally oversee the supervision and

examination of safety and soundness for insured depository

institutions that the Corporation has the authority to examine

or supervise; determine trends in the operation of insured

depository institutions and bring adverse trends to the

attention of the Chairperson, Deputies to the Chairperson, and

the Corporation’s other division and office directors; review

and process applications from insured depository institutions

that require the Corporation’s consent or nonobjection; and

initiate administrative enforcement proceedings relating to

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safety and soundness matters against insured depository

institutions and institution affiliated parties.

(l) Director of the Division of Insurance and Research.

The Director of the Division of Insurance and Research shall be

responsible for maintaining the adequacy of the Deposit

Insurance Fund and an effective and fair risk-based premium

system; identifying and assessing existing and emerging risks to

the Deposit Insurance Fund and to insured depository

institutions; conducting research that is important to the

Corporation’s role as deposit insurer, bank supervisor, and

resolution authority; conducting analysis for Corporation

rulemaking; collecting, managing, and publishing regulatory and

other data for the Corporation’s statistical publications; and

coordinating the Corporation’s enterprise-wide international

activities.

(m) Director of the Division of Resolutions and

Receiverships. The Director of the Division of Resolutions and

Receiverships shall exercise general supervision and control

over the performance of the Corporation’s functions with respect

to resolving failing insured depository institutions and

managing failed insured depository institution receiverships.

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(n) Director of the Division of Depositor and Consumer

Protection. The Director of the Division of Depositor and

Consumer Protection shall supervise the Corporation’s

examination, supervision, and enforcement programs for promoting

compliance with consumer protection, fair lending, community

reinvestment, and other related laws. The Director shall also

supervise the Corporation’s efforts to promote economic

inclusion and participation in the banking system; conduct

consumer financial research and analyses, including the unbanked

and underbanked survey; develop educational resources and

publications for the general public, depositors, consumers, and

insured institutions; manage the Corporation’s consumer and

consumer affairs program; and manage consumer and depositor

inquiries and complaints.

(o) Director of the Division of Complex Institution

Supervision and Resolution. The Director of the Division of

Complex Institution Supervision and Resolution shall oversee the

supervision and resolution preparedness and execution for large

complex financial institutions for which the Corporation is not

the primary federal regulator; identify, monitor and mitigate

risks posed by large complex financial Institutions; review

plans submitted by these firms for resolution under the

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Bankruptcy Code; and ensure the readiness of the Corporation to

conduct orderly resolutions of these firms, if necessary.

(p) Ombudsman. The Ombudsman shall act as a liaison

between the Corporation and any affected person with respect to

any problem such party may have in dealing with the Corporation

resulting from the Corporation’s regulatory, resolution,

receivership, or asset disposition activities; and ensure that

safeguards exist to encourage complainants to come forward while

preserving their confidentiality.

(q) Director of the Office of Minority and Women

Inclusion. The Director of the Office of Minority and Women

Inclusion shall be responsible for all matters of the

Corporation relating to diversity in management, employment, and

business activities. In particular, the Director shall develop

standards for (1) equal employment opportunity and the racial,

ethnic, and gender diversity of the workforce and senior

management of the Corporation; (2) increased participation of

minority-owned and women-owned businesses in the Corporation’s

programs and contracts, including standards for coordinating

technical assistance to such businesses; and (3) assessing the

diversity policies and practices of entities regulated by the

Corporation. The Director of the Office of Minority and Women

Inclusion shall also advise the Chairperson on the impact of the

Corporation’s policies and regulations on minority-owned and

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women-owned businesses. The Director shall develop and

implement standards and procedures to ensure, to the maximum

extent possible, the fair inclusion and utilization of

minorities, women, and minority-owned and women-owned businesses

in all business and activities of the Corporation at all levels,

including in procurement, insurance, and all types of contracts.

Additionally, the Director of the Office of Minority and Women

Inclusion shall coordinate with the Chairperson or designee

regarding the design and implementation of any remedies

resulting from violations of statutes, regulations, or executive

orders pertaining to civil rights.

(r) Director of the Division of Administration. The

Director of the Division of Administration shall provide advice

and assistance to the Board of Directors and the officers and

employees of the Corporation on personnel management programs

and policies, and on employee development and employee benefit

programs. The Director shall also manage, supervise, and direct

the provision of a variety of administrative services to support

the business activities of the Corporation. The services shall

include the design, construction, operation, management, and

furnishing of Corporation facilities, and space acquisition. The

Director shall also direct, supervise, and perform contracting

and supply functions including the procurement of goods,

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services, and systems necessary to support the operations of the

Corporation in both its corporate and receivership capacities.

(s) Director of the Division of Finance. The Director of

the Division of Finance shall integrate budget execution and

accounting functions in order to monitor the financial execution

of the Corporation’s budget in relation to actual expenditures

and submit to the Board of Directors and the Chairperson of the

Board of Directors timely performance reports thereon; receive,

deposit, disburse, manage, safely keep, and account for all

funds of the Corporation, including those funds payable to it in

connection with its functions assigned to the Director of the

Division of Resolutions and Receiverships; maintain all

accounting records of the Corporation; prepare financial

statements and reports therefrom; and administer regulations for

the Corporation governing the payment of assessments by insured

depository institutions in accordance with the provisions of the

Federal Deposit Insurance Act.

(t) Executive Secretary. The Executive Secretary shall be

responsible for performing the duties of the secretary of the

Board of Directors of the Corporation, such as giving proper

notice of all meetings of the Board of Directors, circulating

written items, attending such meetings and act as clerk thereof,

and recording all votes cast at such meetings and the minutes of

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the proceedings of the Board of Directors in records to be kept

for that purpose; performing like duties for any standing or

special committee established by the Board of Directors at the

request of the committee; having custody of and safely keeping

the official records of the Board of Directors and of any

standing or special committee established by the Board of

Directors at the request of the committee; and having custody of

and safely keep the Seal of the Corporation, causing the Seal to

be affixed to any instrument requiring it, and causing any such

instrument to be attested.

(u) Director of the Office of Professional Conduct. The

Director of the Office of Professional Conduct, in addition to

directing the affairs of the Office of Professional Conduct and

developing an organizational plan for the operation of the

Office of Professional Conduct for approval by the Board of

Directors, will manage a comprehensive program to intake,

investigate, report, and decide discipline, and represent the

FDIC in any challenges to that discipline regarding complaints

of harassment, other interpersonal misconduct, and retaliation

for reporting harassment or other interpersonal misconduct. The

Director of the Office of Professional Conduct will also serve

as a strategic adviser to the Chairperson, the Board of

Directors, and Division and Office leadership in centrally

managing a professional conduct program across the FDIC and

ensuring that sound and consistent professional conduct

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principles are used in executive decision-making. The Director

of the Office of Professional Conduct will be responsible for

defining processes to intake, investigate, report, and correct

professional conduct; developing and updating professional

conduct policies and guidelines; and providing comprehensive

professional conduct reporting throughout the FDIC. The Director

of the Office of Professional Conduct will work with the

Divisions and Offices to promote an effective and efficient

professional conduct program.

(v) Director of the Office of Equal Employment Opportunity.

The Director of the Office of Equal Employment Opportunity, in

addition to directing the affairs of the Office of Equal

Employment Opportunity and developing an organizational plan for

the operation of the Office of Equal Employment Opportunity for

approval by the Board of Directors, will manage a comprehensive

program to intake, investigate, make determinations, and report

about complaints of discrimination under the laws enforced by

the Equal Employment Opportunity Commission. The Director of

the Office of Equal Employment Opportunity will also serve as a

strategic adviser to the Chairperson, the Board of Directors,

and Division and Office leadership in centrally managing an

anti-discrimination program across the FDIC and ensuring that

sound and consistent professional conduct principles are used in

executive decision-making. The Director of the Office of Equal

Employment Opportunity will be responsible for defining

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processes to intake, investigate, make determinations, and

report discrimination; developing and updating professional

conduct policies and guidelines; and providing comprehensive

reporting on discrimination throughout the FDIC. The Director of

the Office of Equal Employment Opportunity will work with the

Divisions and Offices to promote an effective and efficient

anti-discrimination program.

(w) Inspector General. The Inspector General is appointed

by the President and is under the general supervision of the

Chairperson. The Inspector General shall exercise the

authorities and perform the duties set forth in the Inspector

General Act of 1978, as amended, including, but not limited to,

leading and managing an independent and objective unit to

conduct and supervise audits and investigations relating to

programs and operations of the Corporation; recommending

policies for activities designed to promote economy and

efficiency in the administration of, and to prevent and detect

fraud and abuse in, Corporation programs and operations; and

keeping the Chairperson, Board, and Congress fully and currently

informed about problems and deficiencies relating to the

administration of Corporation programs and operations and the

necessity for and progress of corrective action.

ARTICLE VII

DEPOSIT AND DISBURSEMENT OF FUNDS

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Section 1. Deposit of Funds. All uninvested funds of the

Corporation, except those which the needs of the Corporation

require to be deposited in other depositaries, shall be

deposited with the Treasurer of the United States in accounts

subject to withdrawal only upon the signature of the Chairperson

or such persons as he or she may from time to time duly

authorize by written designation.

Section 2. Checking Accounts in Banks. Subject to

applicable provisions of law, the Chairperson or such other

persons as he or she may from time to time duly authorize by

written designation shall establish such checking accounts in

Federal Reserve banks and in insured banks as may from time to

time be necessary. No other bank account shall be established

on behalf of the Corporation without the prior approval of the

Chairperson. All Corporation accounts with bank depositories

shall be subject to check and withdrawal only upon the signature

of the Chairperson or such persons as he or she may from time to

time duly authorize by written designation.

ARTICLE VIII

AMENDMENT OF BYLAWS

These Bylaws may be amended or a new bylaw adopted at any

meeting of the Board of Directors by a majority vote, provided

that a copy of any such amendment or new bylaw shall have been

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delivered to each member of the Board of Directors at least

seven days prior to such meeting. If a vote to amend the Bylaws

or to adopt a new bylaw is unanimous, no prior notice of such

amendment or new bylaw need have been given.

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