12 U.S.C. § 377 — Repealed. Pub. L. 106–102, title I, § 101(a),

Page 155 TITLE 12—BANKS AND BANKING § 378 Par. (5). Pub. L. 102–242, § 306(d)(1), added par. (5). Par. (7). Pub. L. 102–242, § 306(e), added par. (7). Par. (8). Pub. L. 102–242, § 306(f), struck out ‘‘bank holding’’ before ‘‘company of which the member’’. Par. (9)(E). Pub. L. 102–242, § 306(g), added subpar. (E). Par. (9)(F). Pub. L. 102–242, § 306(h), struck out last sentence of subpar. (F) which read as follows: ‘‘For pur- poses of paragraph (4), if a member bank has its main banking office in a city, town, or village with a popu- lation of less than 30,000, the preceding sentence shall apply with ‘18 percent’ substituted for ‘10 percent’.’’ 1982—Par. (2). Pub. L. 97–320, § 422, substituted ‘‘an amount prescribed in a regulation of the appropriate Federal banking agency’’ for ‘‘$25,000’’. Par. (6)(C) to (F). Pub. L. 97–320, § 410(e), redesignated subpars. (D) to (G) as (C) to (F), respectively. Former subpar. (C), relating to definition of term ‘‘extension of credit’’, was struck out. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Pub. L. 111–203, title VI, § 614(b), July 21, 2010, 124 Stat. 1614, provided that: ‘‘The amendments made by this section [amending this section] shall take effect 1 year after the transfer date.’’ [For definition of ‘‘transfer date’’ as used in section 614(b) of Pub. L. 111–203, set out above, see section 5301 of this title.] EFFECTIVE DATE OF 1992 AMENDMENT Amendment by section 1605(a)(10) of Pub. L. 102–550 effective as if included in the Federal Deposit Insur- ance Corporation Improvement Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, see section 1609 of Pub. L. 102–550, set out as a note under section 191 of this title. EFFECTIVE DATE OF 1991 AMENDMENT Pub. L. 102–242, title III, § 306(l), Dec. 19, 1991, 105 Stat. 2360, provided that: ‘‘The amendments made by this section [amending this section and sections 1468, 1828, and 1972 of this title] shall become effective upon the earlier of— ‘‘(1) the date on which final regulations under sub- section (m)(1) [set out below] become effective [May 18, 1992, see 57 F.R. 22417]; or ‘‘(2) 150 days after the date of enactment of this Act [Dec. 19, 1991].’’ EFFECTIVE DATE Pub. L. 95–630, title XXI, § 2101, Nov. 10, 1978, 92 Stat. 3741, provided that: ‘‘Except as otherwise provided here- in, this Act [see Short Title of 1978 Amendment note set out under section 226 of this title] shall take effect upon the expiration of one hundred and twenty days after the date of its enactment [Nov. 10, 1978].’’ REGULATIONS Pub. L. 102–242, title III, § 306(m), Dec. 19, 1991, 105 Stat. 2360, provided that: ‘‘(1) IN GENERAL.—The Board of Governors of the Fed- eral Reserve System shall, not later than 120 days after the date of enactment of this Act [Dec. 19, 1991], pro- mulgate final regulations to implement the amend- ments made by this section [amending this section and sections 1468, 1828, and 1972 of this title], other than the amendments made by subsections (i) and (k) [amending sections 1468 and 1828 of this title]. ‘‘(2) LIMITING EXTENSIONS OF CREDIT TO EXECUTIVE OF- FICERS.—The Federal Deposit Insurance Corporation and Director of the Office of Thrift Supervision shall each, not later than 120 days after the date of enact- ment of this Act, promulgate final regulations pre- scribing the maximum amount that a nonmember in- sured bank or insured savings association (as the case may be) may lend under section 22(g)(4) of the Federal Reserve Act [12 U.S.C. 375a(4)], as made applicable to those institutions by subsections (k) and (i), respec- tively.’’ EXISTING TRANSACTIONS NOT AFFECTED BY 1991 AMENDMENTS Pub. L. 102–242, title III, § 306(n), Dec. 19, 1991, 105 Stat. 2360, provided that: ‘‘The amendments made by this section [amending this section and sections 1468, 1828, and 1972 of this title] do not affect the validity of any extension of credit or other transaction lawfully entered into on or before the effective date of those amendments [see Effective Date of 1991 Amendment note above].’’ REPORTING OF CREDIT BY EXECUTIVE OFFICERS AND DIRECTORS Pub. L. 102–242, title III, § 306(o), Dec. 19, 1991, 105 Stat. 2360, provided that: ‘‘An executive officer or direc- tor of an insured depository institution, a bank holding company, or a savings and loan holding company, the shares of which are not publicly traded, shall report an- nually to the board of directors of the institution or holding company the outstanding amount of any credit that was extended to such executive officer or director and that is secured by shares of the institution or hold- ing company.’’ § 376. Rate of interest paid to directors, etc. No member bank shall pay to any director, of- ficer, attorney, or employee a greater rate of in- terest on the deposits of such director, officer, attorney, or employee than that paid to other depositors on similar deposits with such member bank. (Dec. 23, 1913, ch. 6, § 22(e), as added Sept. 26, 1918, ch. 177, § 5, 40 Stat. 971.) § 377. Repealed. Pub. L. 106–102, title I, § 101(a), Nov. 12, 1999, 113 Stat. 1341 Section, acts June 16, 1933, ch. 89, § 20, 48 Stat. 188; Aug. 23, 1935, ch. 614, title II, § 203(a), title III, § 302, 49 Stat. 704, 707, prohibited member banks from affiliating with organizations dealing in securities and provided for penalties. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal effective 120 days after Nov. 12, 1999, see sec- tion 161 of Pub. L. 106–102, set out as an Effective Date of 1999 Amendment note under section 24 of this title. § 378. Dealers in securities engaging in banking business; individuals or associations engag- ing in banking business; examinations and reports; penalties (a) After the expiration of one year after June 16, 1933, it shall be unlawful— (1) For any person, firm, corporation, asso- ciation, business trust, or other similar orga- nization, engaged in the business of issuing, underwriting, selling, or distributing, at wholesale or retail, or through syndicate par- ticipation, stocks, bonds, debentures, notes, or other securities, to engage at the same time to any extent whatever in the business of receiv- ing deposits subject to check or to repayment upon presentation of a passbook, certificate of deposit, or other evidence of debt, or upon re- quest of the depositor: Provided, That the pro- visions of this paragraph shall not prohibit na- tional banks or State banks or trust compa- nies (whether or not members of the Federal Reserve System) or other financial institu- tions or private bankers from dealing in, un-