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12 U.S.C. § 1773 — Data standards
Federal law — U.S. Code and appendices · legal_authorities
**(a) Requirement** The Board shall, by rule, adopt data standards for all collections of information and reports regularly filed with or submitted to the Administration under this chapter.
**(b) Consistency** The data standards required under subsection (a) shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under [section 5334 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5334&num=0&edition=prelim), including, to the extent practicable, by having the characteristics described in clauses (i) through (vi) of subsection (c)(1)(B) of such section 5334.
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Stable record: federal_law:legal_authorities:record_usc_4857004882f5d1092722d521
Source file: Laws/federal/codes/united-states-code/title-12/section-1773-data-standards--3c341330c3.md
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Source location: Title 12, Chapter 14, § 1773; chapter-014-federal-credit-unions.md
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**(a) Requirement** The Board shall, by rule, adopt data standards for all collections of information and reports regularly filed with or submitted to the Administration under this chapter.
**(b) Consistency** The data standards required under subsection (a) shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under [section 5334 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5334&num=0&edition=prelim), including, to the extent practicable, by having the characteristics described in clauses (i) through (vi) of subsection (c)(1)(B) of such section 5334.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Forfeiture of franchise for money laundering or cash transaction reporting offenses**
(1) **Conviction of title 18 offenses**
(A) *Duty to notify* — If a credit union has been convicted of any criminal offense under section 1956 or 1957 of title 18, the Attorney General shall provide to the Board a written notification of the conviction and shall include a certified copy of the order of conviction from the court rendering the decision.
(B) *Notice of termination; pretermination hearing* — After receiving written notification from the Attorney General of such a conviction, the Board shall issue to such credit union a notice of its intention to terminate all rights, privileges, and franchises of the credit union and schedule a pretermination hearing.
(2) **Conviction of title 31 offenses** — If a credit union is convicted of any criminal offense under section 5322 or 5324 of title 31 after receiving written notification from the Attorney General, the Board may issue to such credit union a notice of its intention to terminate all rights, privileges, and franchises of the credit union and schedule a pretermination hearing.
(3) **Judicial review** — [Section 1786(j) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1786/j&num=0&edition=prelim) shall apply to any proceeding under this section.
**(b) Factors to be considered** In determining whether a franchise shall be forfeited under subsection (a), the Board shall take into account the following factors:
(1) The extent to which directors, committee members, or senior executive officers (as defined by the Board in regulations which the Board shall prescribe) of the credit union knew of, or were involved in, the commission of the money laundering offense of which the c
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Federal law — U.S. Code and appendices · legal_authorities
The facility is authorized to act upon the request of the Board of Governors of the Federal Reserve System as an agent of the Federal Reserve System in matters pertaining to credit unions under such terms and conditions as may be established by the Board of Governors of the Federal Reserve System.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1751
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Council may provide for more stringent regulation of a financial activity by issuing recommendations to the primary financial regulatory agencies to apply new or heightened standards and safeguards, including standards enumerated in [section 5325 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5325&num=0&edition=prelim), for a financial activity or practice conducted by bank holding companies or nonbank financial companies under their respective jurisdictions, if the Council determines that the conduct, scope, nature, size, scale, concentration, or interconnectedness of such activity or practice could create or increase the risk of significant liquidity, credit, or other problems spreading among bank holding companies and nonbank financial companies, financial markets of the United States, or low-income, minority, or underserved communities.
**(b) Procedure for recommendations to regulators**
(1) **Notice and opportunity for comment** — The Council shall consult with the primary financial regulatory agencies and provide notice to the public and opportunity for comment for any proposed recommendation that the primary financial regulatory agencies apply new or heightened standards and safeguards for a financial activity or practice.
(2) **Criteria** — The new or heightened standards and safeguards for a financial activity or practice recommended under paragraph (1)—
(A) shall take costs to long-term economic growth into account; and
(B) may include prescribing the conduct of the activity or practice in specific ways (such as by limiting its scope, or applying particular capital or risk management requirements to the conduct of the activity) or prohibiting the activity or practice.
**(c) Implementa
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5334
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Federal law — U.S. Code and appendices · legal_authorities
Page 883
TITLE 12—BANKS AND BANKING
§ 1773
the credit union was found guilty) to prevent
the occurrence of any other money laundering
offense.
(5) The extent to which the interest of the
local community in having adequate deposit
and credit services available would be threat-
ened by the forfeiture of the franchise.
(c) Successor liability
This section shall not apply to a successor to
the interests of, or a person who acquires, a
credit union that violated a provision of law de-
scribed in subsection (a), if the successor suc-
ceeds to the interests of the violator, or the ac-
quisition is made, in good faith and not for pur-
poses of evading this section or regulations pre-
scribed under this section.
(June 26, 1934, ch. 750, title I, § 131, as added Pub.
L. 102–550, title XV, § 1502(c), Oct. 28, 1992, 106
Stat. 4047; amended Pub. L. 103–325, title IV,
§ 411(c)(2)(B), Sept. 23, 1994, 108 Stat. 2253.)
Editorial Notes
AMENDMENTS
1994—Subsec. (a)(2). Pub. L. 103–325 substituted ‘‘sec-
tion 5322 or 5324 of title 31’’ for ‘‘section 5322 of title
31’’.
§ 1772e. Data standards
(a) Requirement
The Board shall, by rule, adopt data standards
for all collections of information and reports
regularly filed with or submitted to the Admin-
istration under this chapter.
(b) Consistency
The data standards required under subsection
(a) shall incorporate, and ensure compatibility
with (to the extent feasible), all applicable data
standards established in the rules promulgated
under section 5334 of this title, including, to the
extent practicable, by having the characteristics
described in clauses (i) through (vi) of sub-
section (c)(1)(B) of such section 5334.
(June 26, 1934, ch. 750, title I, § 132, as added Pub.
L. 117–263, div. E, title LVIII, § 5871, D
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1773
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