12 U.S.C. § 1790c — Reward for information leading to recov-

Page 943 TITLE 12—BANKS AND BANKING § 1790d (including any employee of the National Cred- it Union Central Liquidity Facility) with re- spect to compensation, terms, conditions, or privileges of employment because the em- ployee (or any person acting pursuant to the request of the employee) provided information to the Administration or the Attorney General regarding any possible violation of any law or regulation by— (A) any credit union or the Administra- tion; (B) any director, officer, committee mem- ber, or employee of any credit union; or (C) any officer or employee of the Adminis- tration. (b) Enforcement Any employee or former employee who be- lieves he has been discharged or discriminated against in violation of subsection (a) may file a civil action in the appropriate United States dis- trict court before the close of the 2-year period beginning on the date of such discharge or dis- crimination. The complainant shall also file a copy of the complaint initiating such action with the Board. (c) Remedies If the district court determines that a viola- tion of subsection (a) has occurred, it may order the credit union or the Administration which committed the violation— (1) to reinstate the employee to his former position, (2) to pay compensatory damages, or (3) take other appropriate actions to remedy any past discrimination. (d) Limitations The protections of this section shall not apply to any employee who— (1) deliberately causes or participates in the alleged violation of law or regulation, or (2) knowingly or recklessly provides sub- stantially false information to such an agency or the Attorney General. (June 26, 1934, ch. 750, title II, § 213, as added Pub. L. 101–73, title IX, § 932(b), Aug. 9, 1989, 103 Stat. 494; amended Pub. L. 102–242, title II, § 251(b)(1), (2), Dec. 19, 1991, 105 Stat. 2332, 2333; Pub. L. 102–550, title XVI, § 1604(d), Oct. 28, 1992, 106 Stat. 4084.) Editorial Notes AMENDMENTS 1992—Subsec. (a)(2). Pub. L. 102–550 substituted, in subpar. (A), ‘‘union or the’’ for ‘‘union the’’ and in sub- par. (B), ‘‘committee member, or employee of any cred- it union’’ for ‘‘or employee of any depository institu- tion or any such bank’’. 1991—Subsec. (a). Pub. L. 102–242, § 251(b)(1), sub- stituted ‘‘In general’’ for ‘‘Prohibition against discrimi- nation against whistleblowers’’ in heading and amend- ed text generally. Prior to amendment, text read as fol- lows: ‘‘No federally insured credit union may discharge or otherwise discriminate against any employee with respect to compensation, terms, conditions, or privi- leges of employment because the employee (or any per- son acting pursuant to the request of the employee) provided information to the Board or to the Attorney General regarding a possible violation of any law or regulation by the credit union or any of its officers, di- rectors, or employees.’’ Subsec. (c). Pub. L. 102–242, § 251(b)(2), inserted ‘‘or the Administration’’ after ‘‘the credit union’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1992 AMENDMENT Amendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improve- ment Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, see section 1609(a) 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 II, § 251(b)(3), Dec. 19, 1991, 105 Stat. 2333, provided that: ‘‘Paragraph (2) of section 213(a) of the Federal Credit Union Act [12 U.S.C. 1790b(a)(2)] (as added under the amendment made by paragraph (1)) shall be treated as having taken effect on January 1, 1987, and for purposes of any cause of ac- tion arising under such paragraph (as so effective) be- fore the date of the enactment of this Act [Dec. 19, 1991], the 2-year period referred to in section 213(b) of such Act shall be deemed to begin on such date of en- actment.’’ § 1790c. Reward for information leading to recov- eries or civil penalties The Board may pay rewards in connection with an offense affecting an insured credit union, under the same circumstances and sub- ject to the same limitations that a Federal banking agency may pay rewards under section 1831j of this title in connection with an offense affecting a depository institution insured by the Federal Deposit Insurance Corporation. (June 26, 1934, ch. 750, title II, § 214, as added Pub. L. 101–73, title IX, § 933(b), Aug. 9, 1989, 103 Stat. 496.) § 1790d. Prompt corrective action (a) Resolving problems to protect Fund (1) Purpose The purpose of this section is to resolve the problems of insured credit unions at the least possible long-term loss to the Fund. (2) Prompt corrective action required The Board shall carry out the purpose of this section by taking prompt corrective action to resolve the problems of insured credit unions. (b) Regulations required (1) Insured credit unions (A) In general The Board shall, by regulation, prescribe a system of prompt corrective action for in- sured credit unions that is— (i) consistent with this section; and (ii) comparable to section 1831o of this title. (B) Cooperative character of credit unions The Board shall design the system re- quired under subparagraph (A) to take into account that credit unions are not-for-profit cooperatives that— (i) do not issue capital stock; (ii) must rely on retained earnings to build net worth; and (iii) have boards of directors that consist primarily of volunteers.