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12 U.S.C. § 4009 — Administrative enforcement
Federal law — U.S. Code and appendices · legal_authorities
**(a) Administrative enforcement** Compliance with the requirements imposed under this chapter, including regulations prescribed by and orders issued by the Board of Governors of the Federal Reserve System under this chapter, shall be enforced under—
(1) section 8 of the Federal Deposit Insurance Act [[12 U.S.C. 1818](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818&num=0&edition=prelim)] in the case of—
(A) national banks, and Federal branches and Federal agencies of foreign banks, by the Office of the Comptroller of the Currency;
(B) member banks of the Federal Reserve System (other than national banks), and offices, branches, and agencies of foreign banks located in the United States (other than Federal branches, Federal agencies, and insured State branches of foreign banks), by the Board of Governors of the Federal Reserve System; and
(C) banks insured by the Federal Deposit Insurance Corporation (other than members of the Federal Reserve System) and insured State branches of foreign banks, by the Board of Directors of the Federal Deposit Insurance Corporation;
(2) section 8 of the Federal Deposit Insurance Act [[12 U.S.C. 1818](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818&num=0&edition=prelim)], by the Director of the Office of Thrift Supervision in the case of savings associations the deposits of which are insured by the Federal Deposit Insurance Corporation; and
(3) the Federal Credit Union Act [[12 U.S.C. 1751](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1751&num=0&edition=prelim) et seq.], by the National Credit Union Administration Board with respect to any Federal credit union or insured credit union.
The terms used in paragraph (1) that are not def
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Source location: Title 12, Chapter 41, § 4009; chapter-041-expedited-funds-availability.md
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**(a) Administrative enforcement** Compliance with the requirements imposed under this chapter, including regulations prescribed by and orders issued by the Board of Governors of the Federal Reserve System under this chapter, shall be enforced under—
(1) section 8 of the Federal Deposit Insurance Act [[12 U.S.C. 1818](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818&num=0&edition=prelim)] in the case of—
(A) national banks, and Federal branches and Federal agencies of foreign banks, by the Office of the Comptroller of the Currency;
(B) member banks of the Federal Reserve System (other than national banks), and offices, branches, and agencies of foreign banks located in the United States (other than Federal branches, Federal agencies, and insured State branches of foreign banks), by the Board of Governors of the Federal Reserve System; and
(C) banks insured by the Federal Deposit Insurance Corporation (other than members of the Federal Reserve System) and insured State branches of foreign banks, by the Board of Directors of the Federal Deposit Insurance Corporation;
(2) section 8 of the Federal Deposit Insurance Act [[12 U.S.C. 1818](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818&num=0&edition=prelim)], by the Director of the Office of Thrift Supervision in the case of savings associations the deposits of which are insured by the Federal Deposit Insurance Corporation; and
(3) the Federal Credit Union Act [[12 U.S.C. 1751](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1751&num=0&edition=prelim) et seq.], by the National Credit Union Administration Board with respect to any Federal credit union or insured credit union.
The terms used in paragraph (1) that are not defined in this chapter or otherwise defined in section 3(s) of the Federal Deposit Insurance Act ([12 U.S.C. 1813(s)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/s&num=0&edition=prelim)) shall have the meaning given to them in section 1(b) of the International Banking Act of 1978 ([12 U.S.C. 3101](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3101&num=0&edition=prelim)).
**(b) Additional powers**
(1) **Violation of this chapter treated as violation of other Acts** — For purposes of the exercise by any agency referred to in subsection (a) of this section of its powers under any Act referred to in that subsection, a violation of any requirement imposed under this chapter shall be deemed to be a violation of a requirement imposed under that Act.
(2) **Enforcement authority under other Acts** — In addition to its powers under any provision of law specifically referred to in subsection (a) of this section, each of the agencies referred to in such subsection may exercise, for purposes of enforcing compliance with any requirement imposed under this chapter, any other authority conferred on it by law.
**(c) Enforcement by Board**
(1) **In general** — Except to the extent that enforcement of the requirements imposed under this chapter is specifically committed to some other Government agency under subsection (a) of this section, the Board of Governors of the Federal Reserve System shall enforce such requirements.
(2) **Additional remedy** — If the Board determines that—
(A) any depository institution which is not a depository institution described in subsection (a), or
(B) any other person subject to the authority of the Board under this chapter, including any person subject to the authority of the Board under section 4004(d)(2) or 4008(c) of this title,
has failed to comply with any requirement imposed by this chapter or by the Board under this chapter, the Board may issue an order prohibiting any depository institution, any Federal Reserve bank, or any other person subject to the authority of the Board from engaging in any activity or transaction which directly or indirectly involves such noncomplying depository institution or person (including any activity or transaction involving the receipt, payment, collection, and clearing of checks and any related function of the payment system with respect to checks).
**(d) Procedural rules** The authority of the Board to prescribe regulations under this chapter does not impair the authority of any other agency designated in this section to make rules regarding its own procedures in enforcing compliance with requirements imposed under this chapter.
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Federal law — U.S. Code and appendices · legal_authorities
For the purposes of this chapter—
(1) “agency” means any office or any place of business of a foreign bank located in any State of the United States at which credit balances are maintained incidental to or arising out of the exercise of banking powers, checks are paid, or money is lent but at which deposits may not be accepted from citizens or residents of the United States;
(2) “Board” means the Board of Governors of the Federal Reserve System;
(3) “branch” means any office or any place of business of a foreign bank located in any State of the United States at which deposits are received;
(4) “Comptroller” means the Comptroller of the Currency;
(5) “Federal agency” means an agency of a foreign bank established and operating under [section 3102 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3102&num=0&edition=prelim);
(6) “Federal branch” means a branch of a foreign bank established and operating under [section 3102 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3102&num=0&edition=prelim);
(7) “foreign bank” means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, which engages in the business of banking, or any subsidiary or affiliate, organized under such laws, of any such company. For the purposes of this chapter the term “foreign bank” includes, without limitation, foreign commercial banks, foreign merchant banks and other foreign institutions that engage in banking activities usual in connection with the business of banking in the countries where such foreign institutions are organized or operating;
(8) “foreign country” means any country other than the United States, and
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Termination of insurance**
(1) **Voluntary termination** — Any insured depository institution which is not—
(A) a national member bank;
(B) a State member bank;
(C) a Federal branch;
(D) a Federal savings association; or
(E) an insured branch which is required to be insured under subsection (a) or (b) 11 See References in Text note below. of [section 3104 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3104&num=0&edition=prelim),
may terminate such depository institution’s status as an insured depository institution if such insured institution provides written notice to the Corporation of the institution’s intent to terminate such status not less than 90 days before the effective date of such termination.
(2) **Involuntary termination**
(A) *Notice to primary regulator* — If the Board of Directors determines that—
(i) an insured depository institution or the directors or trustees of an insured depository institution have engaged or are engaging in unsafe or unsound practices in conducting the business of the depository institution;
(ii) an insured depository institution is in an unsafe or unsound condition to continue operations as an insured institution; or
(iii) an insured depository institution or the directors or trustees of the insured institution have violated any applicable law, regulation, order, condition imposed in writing by the Corporation in connection with the approval of any application or other request by the insured depository institution, or written agreement entered into between the insured depository institution and the Corporation,
the Board of Directors shall notify the appropriate Federal banking agency with respect to such institution (if other than the Corp
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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.
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Federal law — U.S. Code and appendices · legal_authorities
For purposes of this chapter—
(1) **Account** — The term “account” means a demand deposit account or other similar transaction account at a depository institution.
(2) **Board** — The term “Board” means the Board of Governors of the Federal Reserve System.
(3) **Business day** — The term “business day” means any day other than a Saturday, Sunday, or legal holiday.
(4) **Cash** — The term “cash” means United States coins and currency, including Federal Reserve notes.
(5) **Cashier’s check** — The term “cashier’s check” means any check which—
(A) is drawn on a depository institution;
(B) is signed by an officer or employee of such depository institution; and
(C) is a direct obligation of such depository institution.
(6) **Certified check** — The term “certified check” means any check with respect to which a depository institution certifies that—
(A) the signature on the check is genuine; and
(B) such depository institution has set aside funds which—
(i) are equal to the amount of the check; and
(ii) will be used only to pay such check.
(7) **Check** — The term “check” means any negotiable demand draft drawn on or payable through an office of a depository institution located in the United States. Such term does not include noncash items.
(8) **Check clearinghouse association** — The term “check clearinghouse association” means any arrangement by which participant depository institutions exchange deposited checks on a local basis, including an entire metropolitan area, without using the check processing facilities of the Federal Reserve System.
(9) **Check processing region** — The term “check processing region” means the geographical area served by a Federal Reserve bank check processing center or such larger area as the Board may prescrib
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Federal law — U.S. Code and appendices · legal_authorities
Page 853
TITLE 12—BANKS AND BANKING
§ 1751
CHAPTER 14—FEDERAL CREDIT UNIONS
Sec.
1751.
Short title.
1751a.
Omitted.
SUBCHAPTER I—GENERAL PROVISIONS
1752.
Definitions.
1752a.
National Credit Union Administration.
1753.
Federal credit union organization.
1754.
Approval of organization certificate.
1755.
Fees.
1756.
Reports and examinations.
1756a.
Omitted.
1757.
Powers.
1757a.
Limitation on member business loans.
1758.
Bylaws.
1759.
Membership.
1760.
Members’ meetings.
1761.
Management.
1761a.
Officers of the board.
1761b.
Board of directors; meetings; powers and du-
ties; executive committee; membership offi-
cers; membership application.
1761c.
Credit committee.
1761d.
Supervisory committee; powers and duties;
suspension of members; passbook.
1762.
Repealed.
1763.
Dividends.
1764.
Expulsion and withdrawal.
1765.
Minors.
1766.
Powers of Board.
1767.
Fiscal agents and depositories; authorization
to secure deposits by governmental bodies.
1768.
Taxation.
1769.
Separability; right to alter, amend, or repeal
chapter.
1770.
Allotment of space in Federal buildings or
Federal land.
1771.
Conversion from Federal to State credit
union and from State to Federal credit
union.
1772.
Territorial application of chapter.
1772a.
Gifts; acceptance of conditional gifts; deposit.
1772b.
Apportionment.
1772c.
Trust fund.
1772c–1.
Community development revolving loan fund
for credit unions.
1772d.
Forfeiture of organization certificate for
money laundering or cash transaction re-
porting offenses.
1772e.
Data standards.
1772f.
Open data publication.
1773.
District of Columbia credit unions; conver-
sion to Federal status.
1774.
Approval of certificate; assets and obligations
of applicant credit union.
1
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Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter—
**(a) Definitions of bank and related terms**
(1) **Bank** — The term “bank”—
(A) means any national bank and State bank, and any Federal branch and insured branch;
(B) includes any former savings association.
(2) **State bank** — The term “State bank” means any bank, banking association, trust company, savings bank, industrial bank (or similar depository institution which the Board of Directors finds to be operating substantially in the same manner as an industrial bank), or other banking institution which—
(A) is engaged in the business of receiving deposits, other than trust funds (as defined in this section); and
(B) is incorporated under the laws of any State or which is operating under the Code of Law for the District of Columbia,
including any cooperative bank or other unincorporated bank the deposits of which were insured by the Corporation on the day before August 9, 1989.
(3) **State** — The term “State” means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands.
**(b) Definition of savings associations and related terms**
(1) **Savings association** — The term “savings association” means—
(A) any Federal savings association;
(B) any State savings association; and
(C) any corporation (other than a bank) that the Board of Directors and the Comptroller of the Currency jointly determine to be operating in substantially the same manner as a savings association.
(2) **Federal savings association** — The term “Federal savings association” means any Federal savings association or Federal savings bank which is chartered under [section 1464 of t
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Federal law — U.S. Code and appendices · legal_authorities
Page 966
TITLE 12—BANKS AND BANKING
§ 1813
(B) any other right or remedy against the
Corporation,
against
the
United
States
under applicable law, or against any person
other than a person described in paragraph
(1) participating in such transactions.
This subsection shall not be construed to limit
or alter in any way the immunities that are
available under applicable law for Federal offi-
cials and employees not described in this sub-
section.
(Sept. 21, 1950, ch. 967, § 2[2], 64 Stat. 873; Pub. L.
86–230, § 19, Sept. 8, 1959, 73 Stat. 460; Pub. L.
98–181, title I [title VII, § 702(a)], Nov. 30, 1983, 97
Stat. 1267; Pub. L. 101–73, title II, § 203(a), Aug. 9,
1989, 103 Stat. 188; Pub. L. 102–18, title I, § 103(b),
Mar. 23, 1991, 105 Stat. 60; Pub. L. 104–208, div. A,
title II, § 2243, Sept. 30, 1996, 110 Stat. 3009–419;
Pub. L. 111–203, title III, § 336(a), July 21, 2010, 124
Stat. 1540.)
Editorial Notes
REFERENCES IN TEXT
The Securities Act of 1933, referred to in subsec. (f)(1),
is act May 27, 1933, ch. 38, title I, 48 Stat. 74, which is
classified generally to subchapter I (§ 77a et seq.) of
chapter 2A of Title 15, Commerce and Trade. For com-
plete classification of this Act to the Code, see section
77a of Title 15 and Tables.
PRIOR PROVISIONS
Section is derived from subsec. (b) of former section
264 of this title. See Codification note set out under
section 1811 of this title.
AMENDMENTS
2010—Subsec. (a)(1)(B). Pub. L. 111–203, § 336(a)(1), sub-
stituted ‘‘Director of the Consumer Financial Protec-
tion Bureau’’ for ‘‘Director of the Office of Thrift Su-
pervision’’.
Subsec. (d)(2). Pub. L. 111–203, § 336(a)(2), amended par.
(2) generally. Prior to amendment, text read as follows:
‘‘In the event of a vacancy in the office of the Co
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Federal law — U.S. Code and appendices · legal_authorities
Page 1006
TITLE 12—BANKS AND BANKING
§ 1818
1 See References in Text note below.
‘‘(c) For a period of not less than 5 years after the
date of the enactment of this title [July 21, 2010], the
Federal Deposit Insurance Corporation shall make
available to the public the reserve ratio and the des-
ignated reserve ratio using both estimated insured de-
posits and the assessment base under [former] section
7(b)(2)(C) of the Federal Deposit Insurance Act [12
U.S.C. 1817(b)(2) does not contain a subpar. (C)].
‘‘(d) RESERVE RATIO.—Notwithstanding the timing re-
quirements of section 7(b)(3)(E)(ii) of the Federal De-
posit Insurance Act [12 U.S.C. 1817(b)(3)(E)(ii)], the Cor-
poration shall take such steps as may be necessary for
the reserve ratio of the Deposit Insurance Fund to
reach 1.35 percent of estimated insured deposits by Sep-
tember 30, 2020.
‘‘(e) OFFSET.—In setting the assessments necessary to
meet the requirements of subsection (d), the Corpora-
tion shall offset the effect of subsection (d) on insured
depository institutions with total consolidated assets
of less than $10,000,000,000.’’
[For definitions of terms used in section 334(c)–(e) of
Pub. L. 111–203, set out above, see section 5301 of this
title.]
REPORT TO CONGRESS ON REFUNDS, DIVIDENDS, AND
CREDITS FROM DEPOSIT INSURANCE FUND
Pub. L. 109–173, § 5, Feb. 15, 2006, 119 Stat. 3606, re-
quired that any determination under former subsection
(e)(2)(E) of this section be submitted to the Committee
on Banking, Housing, and Urban Affairs of the Senate
and the Committee on Financial Services of the House
of Representatives not later than 270 days after making
such determination and provided that the report sub-
mitted include a detailed explanation for the deter-
mination and a discussion of th
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Federal law — U.S. Code and appendices · legal_authorities
Page 1492
TITLE 12—BANKS AND BANKING
§ 3101
1 So in original. The comma probably should follow the
quotation marks.
in such amounts as the Board of Directors of the
Bank deems appropriate, except that—
(A) such contributions may be made only
out of the Bank’s earnings, determined in ac-
cordance with generally accepted accounting
principles; and
(B) the Bank shall set aside amounts suffi-
cient to satisfy its obligations to the Sec-
retary of the Treasury for payments of prin-
cipal and interest on class A notes and other
debt before making any contributions to such
nonprofit corporation.
(2) During any period in which the nonprofit
corporation described in subsection (b) is quali-
fied as an organization described in section
501(c)(3) of title 26, contributions made by the
Bank pursuant to paragraph (1) shall be treated
as charitable contributions within the meaning
of section 170(c)(2) of title 26, and may be de-
ducted notwithstanding the provisions of sec-
tion 170(b)(2) of title 26.
(3) During any period in which the nonprofit
corporation described in subsection (b) is quali-
fied as an organization described in section
501(c)(3) of title 26, contributions to such non-
profit corporation by any person shall qualify as
charitable contributions, as defined in section
170(c) of title 26, for purposes of the charitable
contribution deduction provided for in section
170(a) of title 26, and shall also qualify for the
deductions for estate and gift tax purposes pro-
vided for in sections 2055 and 2522 of title 26.
(e) Conflict of interest rules
Notwithstanding the laws of the District of
Columbia, the Board of Directors of such non-
profit corporation shall adopt and publish its
own conflict of interest rules which shall be no
less stringent in e
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Federal law — U.S. Code and appendices · legal_authorities
Page 1590
TITLE 12—BANKS AND BANKING
§ 4009
the public resulting from such disaster that outweigh
possible adverse effects.
‘‘(b) EXPEDITED FUNDS AVAILABILITY ACT.—During the
240-day period beginning on the date of enactment of
this Act [June 12, 1997], the Board of Governors of the
Federal Reserve System may make exceptions to the
Expedited Funds Availability Act [12 U.S.C. 4001 et
seq.] for depository institution offices located within
any area referred to in subsection (a) of this section if
the Board determines that the exception can reason-
ably be expected to alleviate hardships to the public re-
sulting from such disaster that outweigh possible ad-
verse effects.
‘‘(c) TIME LIMIT ON EXCEPTIONS.—Any exception made
under this section shall expire not later than Sep-
tember 1, 1998.
‘‘(d) PUBLICATION REQUIRED.—The Board of Governors
of the Federal Reserve System shall publish in the Fed-
eral Register a statement that—
‘‘(1) describes any exception made under this sec-
tion; and
‘‘(2) explains how the exception can reasonably be
expected to produce benefits to the public that out-
weigh possible adverse effects.’’
Similar provisions were contained in the following
prior acts:
Pub. L. 103–76, § 2, Aug. 12, 1993, 107 Stat. 752.
Pub. L. 102–485, § 3, Oct. 23, 1992, 106 Stat. 2772.
§ 4009. Administrative enforcement
(a) Administrative enforcement
Compliance with the requirements imposed
under this chapter, including regulations pre-
scribed by and orders issued by the Board of
Governors of the Federal Reserve System under
this chapter, shall be enforced under—
(1) section 8 of the Federal Deposit Insur-
ance Act [12 U.S.C. 1818] in the case of—
(A) national banks, and Federal branches
and Federal agencies of foreign banks, by
the Office of the
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4009
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