Page:United States Statutes at Large Volume 124.djvu/1535

124 STAT. 1509 PUBLIC LAW 111–203—JULY 21, 2010 by the Secretary to the Corporation under para- graph (5). (10) IMPLEMENTATION EXPENSES.— (A) IN GENERAL.—Reasonable implementation expenses of the Corporation incurred after the date of enactment of this Act shall be treated as expenses of the Council. (B) REQUESTS FOR REIMBURSEMENT.—The Corporation shall periodically submit a request for reimbursement for implementation expenses to the Chairperson of the Council, who shall arrange for prompt reimbursement to the Cor- poration of reasonable implementation expenses. (C) DEFINITION.—As used in this paragraph, the term ‘‘implementation expenses’’— (i) means costs incurred by the Corporation begin- ning on the date of enactment of this Act, as part of its efforts to implement this title that do not relate to a particular covered financial company; and (ii) includes the costs incurred in connection with the development of policies, procedures, rules, and regulations and other planning activities of the Cor- poration consistent with carrying out this title. (o) ASSESSMENTS.— (1) RISK-BASED ASSESSMENTS.— (A) ELIGIBLE FINANCIAL COMPANIES DEFINED.—For pur- poses of this subsection, the term ‘‘eligible financial com- pany’’ means any bank holding company with total consoli- dated assets equal to or greater than $50,000,000,000 and any nonbank financial company supervised by the Board of Governors. (B) ASSESSMENTS.—The Corporation shall charge one or more risk-based assessments in accordance with the provisions of subparagraph (D), if such assessments are necessary to pay in full the obligations issued by the Cor- poration to the Secretary under this title within 60 months of the date of issuance of such obligations. (C) EXTENSIONS AUTHORIZED.—The Corporation may, with the approval of the Secretary, extend the time period under subparagraph (B), if the Corporation determines that an extension is necessary to avoid a serious adverse effect on the financial system of the United States. (D) APPLICATION OF ASSESSMENTS.—To meet the requirements of subparagraph (B), the Corporation shall— (i) impose assessments, as soon as practicable, on any claimant that received additional payments or amounts from the Corporation pursuant to subsection (b)(4), (d)(4), or (h)(5)(E), except for payments or amounts necessary to initiate and continue operations essential to implementation of the receivership or any bridge financial company, to recover on a cumulative basis, the entire difference between— (I) the aggregate value the claimant received from the Corporation on a claim pursuant to this title (including pursuant to subsection (b)(4), (d)(4), and (h)(5)(E)), as of the date on which such value was received; and (II) the value the claimant was entitled to receive from the Corporation on such claim solely Deadline.