17 Section 10 of the Federal Reserve Act (12 U.S.C. Pub. (t)(1). (g)(2). For purposes of any Federal law or appropriate Federal banking agency regulation relating to the collection or transfer of information by any appropriate Federal banking agency, the foreign banking authority shall be treated as another appropriate Federal banking agency. L. 10173, 902(a)(1)(A), substituted subsections (c) through (s) and subsection (u) for subsections (c) through (f) and (h) through (n). L. 111203, set out as a note under section 906 of Title 2, The Congress. (i)(2)(A)(ii). Pub. Prior to amendment, subsec. Overview [ edit] The Federal Reserve Act created a system of private and public entities. Federal Reserve Act Federal Reserve Act Section 18. L. 109173 effective Mar. Pub. 4887, provided that: Amendment by section 903(a) of Pub. 5511 et seq. L. 10173, set out above, see section 3003 of Pub. In connection with any proceeding under subsection (b), (c)(1), or (e) of this section involving an insured State bank or any institution-affiliated party, the appropriate Federal banking agency shall provide the appropriate State supervisory authority with notice of the agencys intent to institute such a proceeding and the grounds therefor. L. 95630, 107(c)(1), in pars. at 18 n.144. 338); June 12, 1945 (59 Stat. L. 95630, 111(a)(5), inserted provision creating a criminal penalty for a willful failure or refusal to attend and testify or to answer any lawful inquiry or to produce books, papers, etc. (g)(1)(B)(i). L. 10173, 926(5), (6), designated last three sentences as par. L. 111203, 172(b)(3), added par. March 13, 2017, Transcripts and other historical materials, Federal Reserve Balance Sheet Developments, Community & Regional Financial Institutions, Federal Reserve Supervision and Regulation Report, Federal Financial Institutions Examination Council (FFIEC), Securities Underwriting & Dealing Subsidiaries, Types of Financial System Vulnerabilities & Risks, Monitoring Risk Across the Financial System, Proactive Monitoring of Markets & Institutions, Responding to Financial System Emergencies, Regulation CC (Availability of Funds and Collection of Emergency advances to groups of member banks*, Section 10B. Subsec. (B) which read as follows: A permanent or temporary injunction or restraining order shall be granted without bond upon a prima facie showing that money damages, restitution, or civil money penalties, as sought by such agency, is appropriate.. Infrastructures, Payments System Policy Advisory Committee, Finance and Economics Discussion Series (FEDS), International Finance Discussion Papers (IFDP), Estimated Dynamic Optimization (EDO) Model, Aggregate Reserves of Depository Institutions and the (b) by adding a new par. (b)(4). (k) which defined the terms cease-and-desist order which has become final, order which has become final, and violation, as those terms were used in this section. Subsec. 236); Jan. 30, 1934 (48 Stat. Under this Act, as amended, the Commission is empowered, among other things, to (a) prevent unfair methods of competition and unfair or deceptive acts or practices in or affecting commerce; (b) seek monetary redress and other relief for conduct injurious to consumers; (c) prescribe rules defining with specificity acts . L. 10173, 903(a)(1), amended par. Pub. Pub. 1982Subsec. 1989Pub. Subsec. Sections 23A and 23B of the Federal Reserve Act (FR Act), as applied by the Federal banking agencies under various Federal banking statutes, govern transactions . (v) which read as follows: the Thrift Depositor Protection Oversight Board, in the case of the Resolution Trust Corporation.. participate in any manner in the conduct of the affairs of any institution or agency specified in paragraph (7)(A); solicit, procure, transfer, attempt to transfer, vote, or attempt to vote any proxy, consent, or authorization with respect to any voting rights in any institution described in subparagraph (A); violate any voting agreement previously approved by the, vote for a director, or serve or act as an. Historical and Revision Notes. Subsec. (b)(1), (2). system. Pub. The Federal Credit Union Act, referred to in subsec. 1813(q)]) and National Credit Union Administration Board jointly establish their own pool of administrative law judges and develop a set of uniform rules and procedures for administrative hearings, including provisions for summary judgment rulings where there are no disputes as to material facts of the case. Congress responded to the Federal Reserve's use of section 13 (3) by narrowing that authority in the Dodd-Frank Act. 18 241) is amended 19 (1) in the second sentence, by striking ''one of 20 whom shall be selected from'' and inserting ''2 of 21 whom may be residents of''; and 22 (2) by inserting ''In this paragraph, the term 23 'resident of any one Federal Reserve district' means Subsec. (3) redesignated (4). In making any determination regarding the termination of insurance of a solvent savings association, the Corporation may consider the extent of the associations low- to moderate-income housing loans. The commencement of proceedings for judicial review under paragraph (2) of this subsection shall not, unless specifically ordered by the court, operate as a stay of any order issued by the agency. Subsec. Pub. Subsec. L. 109351, 708(a)(1)(F), added subpar. (2) read as follows: Whenever, in the opinion of the appropriate Federal banking agency, any director or officer of an insured depository institution has committed any violation of the Depository Institution Management Interlocks Act, the agency may serve upon such director or officer a written notice of its intention to remove him from office.. L. 10173, 901(d), substituted depository institution for bank wherever appearing and depository institutions for banks. L. 109351, 717(2)(B), substituted the appropriate Federal banking agency for the depository institution may serve upon such party for the agency may serve upon such party in concluding provisions. Subsec. (h)(1). L. 102242 effective after Dec. 19, 1992, then amendment by Pub. Pub. Pub. L. 10173, 901(d), substituted references to depository institutions for references to banks wherever appearing. The terms of this section were general enough to justify its inclusion in this chapter rather than retaining it in the chapter on "Counterfeiting" where the terms which it specifically defines are set out in sections 471-476 . designations, and by adding as conditions for removal of a party a violation of any condition imposed by writing in connection with a grant of any application or request, and violation of any written agreement between such depository institution and agency. Part of original Federal Reserve Act; not amended.]. Subsec. Pub. (4) redesignated (5). Subsec. L. 10173, 903(a)(2), redesignated par. (i)(1). Pub. 161); and March 18, 1968 (82 Stat. Subsec. Pub. Subsec. (e)(7)(D)(iii) to (v). Subsec. Pub. L. 102242, set out as a note under section 1464 of this title. Former par. Pub. L. 102242, 131(c)(1), added par. L. 95-369, 3(h), Sept. 17, 1978, 92 Stat. Whenever the insured status of an insured Federal savings bank shall be terminated by action of the Board of Directors, the Comptroller of the Currency shall appoint a receiver for the bank, which shall be the Corporation. L. 102550 effective on effective date of amendment by Pub. L. 102550, set out as a note under section 191 of this title. (j) read as follows: Any director or officer, or former director or officer of an insured bank, or any other person, against whom there is outstanding and effective any notice or order (which is an order which has become final) served upon such director, officer, or other person under subsections (e)(4), (e)(5), or (g) of this section, and who (i) participates in any manner in the conduct of the affairs of the bank involved, or directly or indirectly solicits or procures, or transfers or attempts to transfer, or votes or attempts to vote, any proxies, consents, or authorizations in respect of any voting rights in such bank, or (ii) without the prior written approval of the appropriate Federal banking agency, votes for a director, serves or acts as a director, officer, or employee of any bank, shall upon conviction be fined not more than $5,000 or imprisoned for not more than one year, or both.. [Formerly 12 USC 442 but since 1994 omitted from the U.S. Code as obsolete. L. 95630, 107(e)(1), designated existing provisions as par. Subsec. Such lending must now be made in connection with a "program or facility with broad-based . Subsec. Subsec. L. 102558 deemed to have become effective Mar. 6); June 12, 1945 (59 Stat. Pub. [7] See id. (t). L. 109351, 708(a)(1)(B), substituted any depository institution that the subject of the notice is affiliated with at the time the notice is issued for the depository institution. Pub. Pub. Pub. Subsec. of this title. Pub. See id. Pub. L. 10173, 901(d), substituted depository institution for bank. (c)(2). 608) Directs the Secretary, upon request, to enter into negotiations for an agreement to exchange certain Federal lands for California State School Lands and lands of a private landowner that are located within the boundaries of a wilderness area or park . The appropriate Federal banking agency may file any document or part of a document under seal in any administrative enforcement hearing commenced by the agency if disclosure of the document would be contrary to the public interest. 495); March 3, 1965 (79 Stat. L. 10173, 901(d), substituted depository institution for bank wherever appearing. Pub. For complete classification of this Act to the Code, see Short Title note set out under section 2001 of this title and Tables. L. 95369, 6(c)(14), inserted a foreign bank having an insured branch which is a Federal branch, a foreign bank having an insured branch which is required to be insured under section 3104(a) or (b) of this title after (except a national member bank. ], each appropriate Federal banking agency shall make a referral to the Bureau of Consumer Financial Protection when the Federal banking agency has a reasonable belief that a violation of an enumerated consumer law, as defined in the Consumer Financial Protection Act of 2010, has been committed by any insured depository institution or institution-affiliated party within the jurisdiction of that appropriate Federal banking agency. No additions to any such deposits and no new deposits in such depository institution made after the date of such termination shall be insured by the Corporation, and the depository institution shall not advertise or hold itself out as having insured deposits unless in the same connection it shall also state with equal prominence that such additions to deposits and new deposits made after such date are not so insured. Subsec. 2358. (a)(5). REGULATIONS GOVERNING INSURED DEPOSITORY INSTITUTIONS.-- (a) Representations of Deposit Insurance. Pub. . (c). Section 12 U.S. Code 248 - Enumerated powers U.S. Code Notes prev | next The Board of Governors of the Federal Reserve System shall be authorized and empowered: (a) Examination of accounts and affairs of banks; publication of weekly statements; reports of liabilities and assets of depository institutions; covered institutions (1) L. 10173, 901(d), substituted reference to depository institution for reference to bank. Any such agency or any party to proceedings under this section may apply to the United States District Court for the District of Columbia, or the United States district court for the judicial district or the United States court in any territory in which such proceeding is being conducted, or where the witness resides or carries on business, for enforcement of any subpena or subpena duces tecum issued pursuant to this subsection, and such courts shall have jurisdiction and power to order and require compliance therewith. L. 99570, 1359(a)(2), inserted reference to subsec. Subsec. affirmative action to prevent any further, or to remedy any existing. ), 38 Stat. L. 102242, 131(c)(2)(A), as amended by Pub. Subsec. Pub. 1992Subsec. L. 102242, set out as a note under section 1817 of this title, become effective or Jan. 1, 1994, see section 302(g) of Pub. (f). L. 10173, 901(d), substituted depository institution for bank. Pub. [Formerly 12 USC 447 but since 1994 omitted from the U.S. Code as obsolete. In the course of or in connection with any proceeding under this section, or in connection with any claim for insured deposits or any examination or investigation under section 1820(c) of this title, the agency conducting the proceeding, examination, or investigation or considering the claim for insured deposits, or any member or designated representative thereof, including any person designated to conduct any hearing under this section, shall have the power to administer oaths and affirmations, to take or cause to be taken depositions, and to issue, revoke, quash, or modify subpenas and subpenas duces tecum; and such agency is empowered to make rules and regulations with respect to any such proceedings, claims, examinations, or investigations. (q). 607) Reserves Federal water rights for wilderness areas designated by this Act. Subsec. (1) generally, by, among other changes, giving existing provisions subpar. 6, 38 Stat. R-1490 RIN 7100 AE-19 Document Number: 2016-03228 Document Details Document Statistics Page views: 8,860 The Depository Institution Management Interlocks Act, referred to in subsec. the capital of such association, as computed utilizing applicable accounting standards, has suffered a material decline; that such association (or its directors or officers) is engaging in an unsafe or unsound practice in conducting the business of the association; that such association is in an unsafe or unsound condition to continue operating as an insured association; or, that such association (or its directors or officers) has violated any applicable law, rule, regulation, or order, or any condition imposed in writing by a, Nothing in this paragraph limits the right of the Corporation or the Comptroller of the Currency to enforce a contractual provision which authorizes the Corporation or the Comptroller of the Currency, as a successor to the Federal Savings and Loan Insurance Corporation or the Federal Home Loan. . Section 23A regulates transactions between a bank (j). Pub. L. 95630, 111(a)(2), inserted (other than the hearing provided for in subsection (g)(3) of this section) after provided for in this section. If a judgment of conviction or an agreement to enter a pretrial diversion or other similar program is entered against an, In the case of a judgment of conviction or agreement against an, A copy of any order under subparagraph (C) shall also be served upon any, A finding of not guilty or other disposition of the charge shall not preclude the agency from instituting proceedings after such finding or disposition to remove such party from office or to prohibit further participation in. L. 10173, title IX, 917, Aug. 9, 1989, 103 Stat. Subsec. L. 97320, 427(d)(1)(A), redesignated former pars. Subsec. ), 38 Stat. (3). L. 102550, 1605(a)(5)(A), which contained an identical amendment, was repealed, effective Oct. 28, 1992, by Pub. Part of original Federal Reserve Act; not amended.]. (4) being identical except that the new par. July 21, 1932. Subsec. violates any final order or temporary order issued pursuant to subsection (b), (c), (e), (g), or (s) or any final order under section, violates any condition imposed in writing by a, violates any written agreement between such, shall forfeit and pay a civil penalty of not more than $5,000 for each day during which such, recklessly engages in an unsafe or unsound practice in conducting the affairs of such, causes or is likely to cause more than a minimal loss to such. (s). Pub. (e). L. 97424(e) substituted twenty days from the service for ten days from the date. (i)(2)(i). (t). (iv), and struck out cl. The Federal Reserve Act intended to establish a form of economic . SEC. 1955, which enacted subchapter V (5481 et seq.) (D). (i)(1). The Committee shall consist of 11 members, as follows: Review credit standards, lending practices, and supervision by federal regulators., Monitor credit standards, lending practices, and supervision by federal regulators., Chapter 10 of Title 5, United States Code, Does not Apply., Conditions Governing Employment of Personnel Not Repealed, Modified, or Affected, Depository Institution Management Interlocks Act, appropriate Federal financial institutions regulatory agency, Consumer Financial Protection Act of 2010, Pub. L. 102550, 1503(a)(2), inserted of this subsection or subsection (w) after subparagraph (B). (b)(3). Subsec. Such depository institution shall, in all other respects, be subject to the duties and obligations of an insured depository institution for the period referred to in the 1st sentence from the date of such termination, and in the event that such depository institution shall be closed on account of inability to meet the demands of its depositors within such period, the Corporation shall have the same powers and rights with respect to such depository institution as in case of an insured depository institution. United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Subsec. Subsec. the Secretary of the Treasury, in the case of the. Pub. Copies of any such notice shall also be served upon the bank of which he is a director or officer or in the conduct of whose affairs he has participated.. (b)(3). The insured deposits of each depositor in such depository institution on the effective date of the order issued under this paragraph, minus all subsequent withdrawals from any deposits of such depositor, shall continue to be insured, subject to the administrative proceedings as provided in this chapter. L. 10173, 903(a)(2), added par. the effective date of an order issued by the agency to such party under paragraph (1) or (2). L. 10173, 901(b)(1)(F)(v), which directed the substitution of party for director, officer or other person, could not be executed, because the phrase did not appear. (d). Pub. The authority to issue an order under this subsection or subsection (c) includes the authority to place limitations on the activities or functions of an, No authority under this subsection or subsection (c) to prohibit any, affirmative action to restore such books or records to a complete and accurate, the completion of the proceeding initiated under subsection (b)(1) in connection with the notice of charges; or. (6) and redesignated former par. L. 97320, 425(b), substituted 25(a) for 25A. Pub. L. 10173, 926(7), added pars. L. 102550, 1504(a)(1), amended par. L. 10173, 901(d), substituted depository institution for bank. L. 10173, 901(d), substituted depository institution for bank. 1557; Pub. Pub. The term senior executive officer has the same meaning as in regulations prescribed under section 1831i(f) of this title. Subsec. Any such investigation shall comply with the laws of the United States and the policies and procedures of the appropriate Federal banking agency. L. 97320, 433(a), struck out item (3) provisions requiring the assuming or resulting bank to give notice of an assumption to each of the depositors of the bank whose liabilities are assumed within thirty days after such assumption takes effect. (a). Pub. Thrift Depositor Protection Oversight Board abolished, see section 14(a)(d) of Pub. Any vacancy on the Committee shall be filled in the manner in which the original appointment was made. (3). Any appropriate Federal banking agency may, at the request of any foreign banking authority, assist such authority if such authority states that the requesting authority is conducting an investigation to determine whether any person has violated, is violating, or is about to violate any law or regulation relating to banking matters or currency transactions administered or enforced by the requesting authority. 1, 1992, see section 304 of Pub. Pub. (4) and (5) as (5) and (6), respectively. Monetary Base - H.3, Assets and Liabilities of Commercial Banks in the U.S. - Pub. L. 102550, 1603(d)(3), inserted reference to section 1831p1 of this title in two places, and substituted order under any such section, or to review for order under this section, or to review. Pub. (3) redesignated (2). L. 103325, 602(a)(14), substituted injunction for injuction. Subsec. if a cease-and-desist order is issued against such person, until the effective date of such order. Pub. L. 10173, 901(b)(1)(A)(ii), which directed that institution-affiliated parties be substituted for directors, officers, employees, agents, or other persons participating in the conduct of the affairs of such bank, was executed by making the substitution for directors, officers, employees, agents, and other persons participating in the conduct of the affairs of such bank, as the probable intent of Congress. Subsec. L. 89695 which had provided that: Pub. 2293). 1991Subsec. Subsec. L. 111203, 363(3)(F), substituted Directors, the Comptroller of the Currency for Directors, the Director of the Office of Thrift Supervision. Subsec. (1) and added par. Subsec. United States Code, 2021 Edition Title 18 - CRIMES AND CRIMINAL PROCEDURE PART I - CRIMES CHAPTER 1 . L. 111203 effective on the designated transfer date, see section 1100H of Pub. 6, 38 Stat. Pub. (j)(2). Subtitle B of the Act is classified generally to part B (5511 et seq.) eCFR Content 265.20 Functions delegated to Federal Reserve Banks. Pub. Subsec. Subsec. ", As to redemption of Federal Reserve bank notes when the bank of issue cannot be identified, see section 2 of the act of June 13, 1933 (12 USC 122a).]. such other matters as justice may require. L. 93495 added par. (e)(1). L. 105216, formerly set out as a note under section 1441a of this title. The report of examination shall describe any problem with the procedures maintained by the insured depository institution. Pub. Each appropriate Federal banking agency shall report semiannually to the Corporation on the status or disposition of all requests under subparagraph (A), including the reasons for any decision by the agency to approve or deny such requests. L. 95630, 107(d)(1), 208(a), generally revised and condensed the provisions relating to the suspension and removal of bank directors and officers, consolidated procedures relating to the certification of facts to the Board of Governors of the Federal Reserve System by the Comptroller of the Currency, substituted references to insured banks for references to insured State banks (other than a District Bank), and inserted provisions defining officer and director for the purpose of enforcing any law, rule, etc., in connection with an interlocking relationship. [9] See id. Amendment by section 131(c)(1), (2) of Pub. (j) generally. except that the [Board] may limit the activities of State member banks and subsidiaries of State member banks in a manner consistent with section 24 of the Federal . Pub. 66; 48 Stat. (vi), and struck out cl. (b)(3), which is classified to subchapter II (611 et seq.) When such circulating notes are issued against the security of obligations of the United States, the amount of such circulating notes shall be equal to the face value of the direct obligations of the United States so deposited as security; and, when issued against the security of notes, drafts, bills of exchange and bankers' acceptances acquired under the provisions of this Act, the amount thereof shall be equal to not more than 90 per cent of the estimated value of such notes, drafts, bills of exchange and bankers' acceptances so deposited as security. So in original. (p). (o). 1966Subsec. Pub. Services, Sponsorship for Priority Telecommunication Services, Supervision & Oversight of Financial Market at 19. Amendment by section 302(e)(4) of Pub. L. 102233, formerly set out as a note under section 1441a of this title. (u) read as follows: (1) In general.The appropriate Federal banking agency shall publish and make available to the public, (A) any final order issued with respect to any administrative enforcement proceeding initiated by such agency under this section or any other provision of law; and. any modification to or termination of any order or agreement made public pursuant to this paragraph. Pub. Subsec. Pub. (a). Subsec. For the purpose of enforcing any law, rule, regulation, or cease-and-desist order in connection with an interlocking relationship, the term officer within the term . Subsec. of chapter 6 of this title, was renumbered section 25A of that Act by Pub. (e)(7)(A)(ii), was repealed by Pub. (n). The report required by paragraph (1) shall describe the activities of the Committee during the preceding year and the reports and recommendations made by the Committee to the Federal financial regulators. (f). L. 10173, 903(a)(4)(A), substituted (e)(3) for (e)(4) and (e)(1) or (e)(2) for (e)(1), (e)(2), or (e)(3). (iv). 1115; Jan. 27, 1938, ch. In determining whether an officer or director should be removed as a result of the application of subparagraph (A)(ii), the agency shall consider whether the officer or director took appropriate action to stop, or to prevent the recurrence of, a, determines that such action is necessary for the protection of the. (6) relating to powers and duties with respect to depository institution holding companies. (3), substituted a comma at the end for ;or in par. L. 111203, set out as a note under section 552a of Title 5, Government Organization and Employees. Provided further, That the Board of Governors of the Federal Reserve System shall allot to each Federal reserve bank such proportion of such bonds as the capital and surplus of such bank shall bear to the aggregate capital and surplus of all the Federal reserve banks. Subsec. Subsec. Pub. (e)(4). (t)(2)(C). L. 10173, 902(a)(1)(B), which directed the substitution of subsections (c) through (s) and subsection (u) for subsections (c) through (f) and (h) through (n), could not be executed because the words subsections (c) through (f) and (h) through (n) did not appear. Pub. Pub. Subsec. Subsec. L. 102242 effective on earlier of 180 days after date on which final regulations promulgated in accordance with section 302(c) of Pub. Subsec. (u) generally. Subsec. L. 102550, 1605(a)(11)(A), inserted or institution-affiliated party after institution in two places. Any service required or authorized to be made by the appropriate Federal banking agency under this section may be made by registered mail, or in such other manner reasonably calculated to give actual notice as the agency may by regulation or otherwise provide. at 18. L. 109173 effective Jan. 1, 2007, see section 3(b) of Pub. Section 25(a) of the Federal Reserve Act, which is classified to subchapter . Pub. The law sets out the purposes, structure, and functions of the System as well as outlines aspects of its operations and accountability. In determining the tangible capital of a savings association for purposes of this paragraph, the Board of Directors shall include goodwill to the extent it is considered a component of capital under section 1464(t) of this title. The Consumer Financial Protection Act of 2010, referred to in subsec. The Federal Reserve's use of section 13(3) of the Federal Reserve Act during the 2008-09 financial crisis was extremely successful in maintaining financial stability. Pub. (t)(2)(C). L. 10173 applicable with respect to violations committed and activities engaged in after Aug. 9, 1989, see section 903(e) of Pub. A cease-and-desist order shall become effective at the expiration of thirty days after the service of such order upon the, This subsection, subsections (c) through (s) and subsection (u) of this section, and, This section shall apply, in the same manner as it applies to any, employ qualified officers or employees (who may be subject to approval by the. L. 10466, as amended, set out as a note under section 1113 of Title 31, Money and Finance, and page 159 of House Document No. Congress responded to the Federal Reserve's use of section 13(3) by narrowing that authority in the Dodd-Frank Act. L. 102558, 305, set out in a Repeal of Duplicative Provisions note under section 1815 of this title. L. 109351, 715(a), inserted or order after notice in two places. 251 .) L. 10173, 901(b)(1)(D), inserted within the term institution-affiliated party after the term officer, and inserted within the term institution-affiliated party as used in this subsection after the term director. L. 102550, 1603(d)(2), inserted or under section 1831o of this title after first and second references to section. Board of Governors of the Federal Reserve System, Section 10A. Subsec. Effective Date of Regulations Prescribed Under 1986 Amendment, Improved Administrative Hearings and Procedures for Federal Banking Agencies and, Task Force Study of Delegation of Enforcement Actions. Subsec. L. 101647, 2596(a)(2), substituted subsections (c) through (s) and subsection (u) of this section for subsections (c), (d), (h), (i), (k), (l), (m), and (n) of this section. (b) to (q). This subsection shall not apply to a successor to the interests of, or a person who acquires, an insured depository institution that violated a provision of law described in paragraph (1), if the successor succeeds to the interests of the violator, or the acquisition is made, in good faith and not for purposes of evading this subsection or regulations prescribed under this subsection. (i)(3). (q). L. 109351, 716(a)(1), 717(1), in first sentence, substituted in writing by a Federal banking agency for in writing by the agency, any action on any application, notice, or other request by the depository institution or institution-affiliated party, for the granting of any application or other request by the depository institution, and the appropriate Federal banking agency for the depository institution may issue and serve for the agency may issue and serve. Pub. Part of original Federal Reserve Act; not amended.]. Pub. Terms, Statistics Reported by Banks and Other Financial Firms in the Section 18(j) of the FDI Act extends the provisions of Sections 23A and 23B of the FR Act to state nonmember banks. Pub. Conversion of state banks into national banks, Section 9A. FEDERAL RESERVE ACT 1 1A number of sections of the Federal Reserve Act are long or contain unrelated provisions and the provisions of each such section appear in more than 1 section of the United States Code. A written report shall be made part of any determination to withhold any part of a document from the transcript of the hearing required by paragraph (2). (e)(4). Pub. Pub. Pub. (b)(5). Subsec. (g)(1)(C)(i). Subsec. Derivation. L. 109351, 303, struck out In any action brought under this section by the Comptroller of the Currency in respect to any such party with respect to a national banking association or a District depository institution, the findings and conclusions of the Administrative Law Judge shall be certified to the Board of Governors of the Federal Reserve System for the determination of whether any order shall issue. before Any such order shall become effective. A transcript that includes all testimony and other documentary evidence shall be prepared for all hearings commenced pursuant to subsection (i). Pub. (1) to (3) and struck out first four sentences which read as follows: Any insured bank (except a national member bank, a foreign bank having an insured branch which is a Federal branch, a foreign bank having an insured branch which is required to be insured under section 3104(a) or (b) of this title, or State member bank) may, upon not less than ninety days written notice to the Corporation, terminate its status as an insured bank. Subsec. (5) which read as follows: the Resolution Trust Corporation,. Subsec. subchapter idefinitions, organization, and general provisions affecting system ( 221 - 228) subchapter iiboard of governors of the federal reserve system ( 241 - 253) subchapter iiifederal advisory council ( 261 - 262) Pub. Subsec. (g)(2). (i)(2). Pub. Pub. Pub. If the Board of Directors initiates a termination proceeding under paragraph (2), and the Board of Directors, after consultation with the appropriate Federal banking agency, finds that an insured depository institution (other than a savings association to which subparagraph (B) applies) has no tangible capital under the capital guidelines or regulations of the appropriate Federal banking agency, the Corporation may issue a temporary order suspending deposit insurance on all deposits received by the institution. Witnesses subpenaed under this subsection shall be paid the same fees and mileage that are paid witnesses in the district courts of the United States. L. 10173, 903(a)(4)(B), substituted (1), (2), or (3) for (1), (2), (3), or (4). (A) to (D) and, in subpar. In any civil action under clause (i), the validity and appropriateness of the penalty shall not be subject to review. Subsec. L. 10173, 913(a), added subsec. (4) refers to purposes of this paragraph rather than purposes of this subparagraph. Subsec. L. 95630, 107(b), substituted subsections (c) through (f) and (h) through (n) of this section for subsections (c), (d), (h), (i), (k), (l), (m), and (n) of this section and inserted provisions relating to any organization organized and operated under section 25A of the Federal Reserve Act or operating under section 25 of the Federal Reserve Act and provisions relating to the issuance of a notice of charges or cease-and-desist order against a bank holding company or subsidiary by any Federal banking agency other than the Board of Governors of the Federal Reserve System. such depositor did not have actual knowledge of the suspension of insurance. Pub. Part of original Federal Reserve Act; not amended.]. L. 102550, 1605(a)(11)(B), substituted the conduct or threatened conduct for the institutions conduct or threatened conduct. The Federal Reserve's use of section 13 (3) is now widely regarded as extremely successful in maintaining financial stability. If, on the basis of the evidence presented at a hearing before the Board of Directors (or any person designated by the Board for such purpose), in which all issues shall be determined on the record pursuant to section 554 of title 5 and the written findings of the Board of Directors (or such person) with respect to such evidence (which shall be conclusive), the Board of Directors finds that any unsafe or unsound practice or condition or any violation specified in the notice to an insured depository institution under paragraph (2)(B) or subsection (w) has been established, the Board of Directors may issue an order terminating the insured status of such depository institution effective as of a date subsequent to such finding. L. 10173, 901(d), substituted references to depository institutions for references to banks wherever appearing. Subsec. L. 105164, 3(a)(2)(A), struck out to any service corporation of a savings association and to any subsidiary of such service corporation after of a savings and loan holding company,. ], Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue N.W., Washington, DC 20551, Last Update: Pub. L. 89695 amending this section to be construed as repealing, modifying, or affecting section 1829 of this title, see section 206 of Pub. 2008Subsec. Pub. Pub. (b)(10). Pub. (t)(5)(A). L. 97320, 427(d)(2), substituted references to subsection (e)(4) for subsection (e)(5) or (e)(7) and subsection (e)(1), (e)(2), or (e)(3) for subsection (e)(1), (e)(3), or (e)(7). 2006Subsec. L. 10173, 901(d), substituted depository institution for bank wherever appearing. The attendance of witnesses and the production of documents provided for in this subsection may be required from any place in any State or in any territory or other place subject to the jurisdiction of the United States at any designated place where such proceeding is being conducted. Where the deposits of an insured depository institution are assumed by a newly insured depository institution, the depository institution whose deposits are assumed shall not be required to pay any assessment with respect to the deposits which have been so assumed after the assessment period in which the assumption takes effect. The Corporation may publish notice of such termination and the depository institution shall give notice of such termination to each of its depositors at his last address of record on the books of the depository institution, in such manner and at such time as the Board of Directors may find to be necessary and may order for the protection of depositors. Except as otherwise specifically provided in this section, the provisions of this section shall be applied to, such officer or agency alleges a belief that such act or practice has been, is, or is likely to be a cause of or carried on in connection with or in furtherance of an act or practice within any one or more, the alleged act or practice is one which, if proven, would, in the judgment of the, In any case in which any action or proceeding is brought pursuant to an allegation under paragraph (2) of this subsection for the suspension or removal of any officer, director, or other person associated with a, Where the venue of any judicial or administrative proceeding under this section is to be determined by reference to the location of the home office of a, Any service required or authorized to be made on a, has failed to establish and maintain the procedures described in paragraph (1); or, has failed to correct any problem with the procedures maintained by such, the agency shall issue an order in the manner prescribed in subsection (b) or (c) requiring such, the conduct or threatened conduct (including any acts or omissions) poses a risk to the, the conduct or threatened conduct (including any acts or omissions) of the, the Corporation shall have the same powers with respect to any, the Corporation shall have the same powers with respect to a, any written agreement or other written statement for which a, any final order issued with respect to any administrative enforcement proceeding initiated by such agency under this section or any other law; and. 6 members of the public appointed by the President who are knowledgeable with the credit standards and lending practices of. L. 111203, title III, 367(7), July 21, 2010, 124 Stat. (u)(3) to (8). Any agency that grants such a written consent shall report such action to the Corporation and publicly disclose such consent. This paragraph shall only apply to a person who is an individual, unless the, a crime involving dishonesty or breach of trust which is punishable by imprisonment for a term exceeding one year under, A copy of any notice under subparagraph (A) shall also be served upon any. Pub. . (q). Pub. A transcript of public hearings shall be made available to the public pursuant to section 552 of title 5. Pub. L. 105362 redesignated pars. of chapter 6 of this title. Pub. Pub. Pub. 18. The Corporation may, upon a vote of the Board of Directors, and after notice to the appropriate Federal banking agency, exercise its authority under paragraph (2) in exigent circumstances without regard to the time period set forth in paragraph (2). INTRODUCTION The Financial Institutions Regulatory and Interest Rate Control Act of 1978 (FIRIRCA) gave the FDIC authority to prospectively assess civil money penalties (CMPs) against both banks and individuals. L. 102242, 302(e)(5), as renumbered by Pub. The second closing parenthesis probably should not appear. (a) Under section 9(13) of the Federal Reserve Act (12 U.S.C. Pub. Commercial Banks, Senior Loan Officer Opinion Survey on Bank Lending Pub. L. 10173, 201(b), substituted Director of the Office of Thrift Supervision for Federal Home Loan Bank Board. 486, provided that before close of 24-month period beginning on Aug. 9, 1989, appropriate Federal banking agencies (as defined in section 3(q) of the Federal Deposit Insurance Act [12 U.S.C. (a)(8)(B)(ii). L. 89695, set out as a note under section 1813 of this title. The Committee shall prescribe such guidelines as the Committee determines to be appropriate to avoid conflicts of interest with respect to the disclosure to and use by members of the Committee of information relating to, Notice of intention to terminate insurance, If, after giving the notice required under subparagraph (A) with respect to an, Temporary insurance of deposits insured as of termination, Special rule for certain savings institutions, Certain goodwill included in tangible capital, The Corporation may issue a temporary order suspending, Continuation of insurance for prior deposits, Affirmative action to correct conditions resulting from violations or practices., The authority to issue an order under this subsection and subsection (c) which requires an, make restitution or provide reimbursement, indemnification, or guarantee against loss if, Unsatisfactory asset quality, management, earnings, or liquidity as unsafe or unsound practice., If a notice of charges served under subsection (b)(1) specifies, on the basis of particular facts and circumstances, that an, Any temporary order issued under subparagraph (A), unless set aside, limited, or suspended by a court in proceedings under paragraph (2), shall remain in effect and enforceable until the earlier of, False advertising or misuse of names to indicate insured status., If a notice of charges served under subsection (b)(1) specifies on the basis of particular facts that any person engaged or is engaging in conduct described in, A temporary order issued under subparagraph (A) shall remain effective and enforceable, pending the completion of an administrative proceeding pursuant to subsection (b)(1) in connection with the notice of charges, Temporary cease-and-desist orders; enforcement, Any suspension order issued under subparagraph (A), unless a court issues a stay of such order under subsection (f), shall remain in effect and enforceable until, Prohibition of certain specific activities., Any person subject to an order issued under this subsection shall not, Except as provided in subparagraph (B), any person who, pursuant to an order issued under this subsection or subsection (g), has been removed or suspended from office in an, Exception if agency provides written consent., If, on or after the date an order is issued under this subsection which removes or suspends from office any, Violation of paragraph treated as violation of order., Appropriate federal financial institutions regulatory agency defined., For purposes of this paragraph and subsection (j), the term , Stay of suspension and/or prohibition of institution-affiliated party, Suspension, removal, and prohibition from participation orders in the case of certain criminal offenses, For purposes of this subsection, the term , Notwithstanding subparagraphs (A) and (B), any, Maximum amounts of penalties for any violation described in subparagraph (c)., The maximum daily amount of any civil penalty which may be assessed pursuant to subparagraph (C) for any, In determining the amount of any penalty imposed under subparagraph (A), (B), or (C), the appropriate agency shall take into account the appropriateness of the penalty with respect to, Appropriateness of penalty not reviewable., Notice under this section after separation from service., Whoever, being subject to an order in effect under subsection (e) or (g), without the prior written approval of the. L. 110343 added par. (i)(4). L. 102242, 302(e). L. 111203, July 21, 2010, 124 Stat. (r)(2). L. 10173, 906(a), struck out authorized by a United States attorney after information, indictment, or complaint, and substituted or an agreement to enter a pre-trial diversion or other similar program for with respect to such crime. 1974Subsec. The Federal Reserve's use of section 13(3) is now widely regarded as extremely successful in maintaining financial stability. (4) and inserted heading. (t). Banking Corporations Authorized to Do Foreign Banking Business*, Section 25C. Pub. Pub. The Federal Reserve, the central bank of the United States, provides L. 103325, 602(a)(13), substituted paragraph (3) for subparagraph (3). Reduction of capital of national banks, Section 31. Each [BANK] that is part of a consolidated group must enter into a written tax allocation agreement with its holding company that protects the tax position of the [BANK] and is consistent with the principles in Section II and the terms described below, as well as the requirements of sections 23A and 23B of the Federal Reserve Act (12 U.S.C . L. 10173, 912, added subsec. (e)(5), (6). [8] See id. Pub. Foreign gold or silver coins are not legal tender for debts. (e)(6). L. 109351, 716(a)(2), 717(2)(A), substituted in writing by a Federal banking agency for in writing by the appropriate Federal banking agency and any action on any application, notice, or request by such depository institution or institution-affiliated party for the grant of any application or other request by such depository institution. Advances to Individual Member Banks*, Section 11. (e)(5). L. 10173, 904(a), added par. Any person who willfully shall fail or refuse to attend and testify or to answer any lawful inquiry or to produce books, papers, correspondence, memoranda, contracts, agreements, or other records, if in such persons power so to do, in obedience to the subpoena of the appropriate Federal banking agency, shall be guilty of a misdemeanor and, upon conviction, shall be subject to a fine of not more than $1,000 or to imprisonment for a term of not more than one year or both. The resignation, termination of employment or participation, or separation of a, prohibits any person subject to the proceeding from withdrawing, transferring, removing, dissipating, or disposing of any funds, assets or other property; and. L. 95630, 111(a)(4), substituted paragraph (1) or (3) of subsection (g) for paragraph (1) of subsection (g). Prior to amendment, par. (3). Pub. Subsec. (b)(9). (6) as (5). 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