12 U.S.C. § 3205 — Management official in position prior to

Page 1514 TITLE 12—BANKS AND BANKING § 3205 1 See References in Text note below. § 3205. Management official in position prior to November 10, 1978 (a) Continuation of service A person whose service in a position as a man- agement official began prior to November 10, 1978, and who was not immediately prior to No- vember 10, 1978, in violation of section 19 of title 15 is not prohibited by section 3202 or section 3203 of this title from continuing to serve in that position. The appropriate Federal depository in- stitutions regulatory agency may provide a rea- sonable period of time for compliance with this chapter, not exceeding fifteen months, after any change in circumstances which makes service described in the preceding sentence prohibited by this chapter, except that a merger, acquisi- tion, increase in total assets, establishment of one or more offices, or change in management responsibilities shall not constitute changes in circumstances which would make such service prohibited by section 3202 or section 3203 of this title. (b) Depository institution and diversified savings and loan holding company Effective on November 10, 1978, a person who serves as a management official of a company which is not a depository institution or a deposi- tory holding company and as a management of- ficial of a depository institution or a depository holding company is not prohibited from con- tinuing to serve as a management official of that depository institution or depository hold- ing company as a result of that company which is not a depository institution or depository holding company becoming a diversified savings and loan holding company as that term is de- fined in section 1730a(a) 1 of this title. (Pub. L. 95–630, title II, § 206, Nov. 10, 1978, 92 Stat. 3674; Pub. L. 97–110, title III, § 302, Dec. 26, 1981, 95 Stat. 1515; Pub. L. 100–650, §§ 5(b)(2), 6, Nov. 10, 1988, 102 Stat. 3820, 3821; Pub. L. 103–325, title III, § 338(a), Sept. 23, 1994, 108 Stat. 2235; Pub. L. 104–208, div. A, title II, § 2210(b), Sept. 30, 1996, 110 Stat. 3009–410.) Editorial Notes REFERENCES IN TEXT Section 1730a of this title, referred to in subsec. (b), was repealed by Pub. L. 101–73, title IV, § 407, Aug. 9, 1989, 103 Stat. 363. AMENDMENTS 1996—Subsec. (a). Pub. L. 104–208, § 2210(b)(1), struck out ‘‘for a period of, subject to the requirements of sub- section (c) of this section, 20 years after November 10, 1978’’ after ‘‘continuing to serve in that position’’. Subsec. (b). Pub. L. 104–208, § 2210(b)(2), struck out at end ‘‘This subsection shall expire, subject to the re- quirements of subsection (c) of this section, 20 years after November 10, 1978.’’ Subsec. (c). Pub. L. 104–208, § 2210(b)(3), struck out subsec. (c) which related to review of existing manage- ment interlocks. 1994—Subsecs. (a), (b). Pub. L. 103–325, § 338(a)(1), sub- stituted ‘‘, subject to the requirements of subsection (c) of this section, 20 years after November 10, 1978’’ for ‘‘15 years after November 10, 1978’’. Subsec. (c). Pub. L. 103–325, § 338(a)(2), added subsec. (c). 1988—Subsec. (a). Pub. L. 100–650, § 5(b)(2), substituted ‘‘depository institutions regulatory agency’’ for ‘‘bank- ing agency (as set forth in section 3207 of this title)’’. Pub. L. 100–650, § 6, substituted ‘‘15 years’’ for ‘‘ten years’’. Subsec. (b). Pub. L. 100–650, § 6, substituted ‘‘15 years’’ for ‘‘ten years’’. 1981—Pub. L. 97–110 designated existing provisions as subsec. (a), inserted provision that a merger, acquisi- tion, increase in total assets, establishment of one or more offices, or change in management responsibilities shall not constitute changes in circumstances which would make such service prohibited by section 3202 or 3203 of this title, and added subsec. (b). Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective upon the expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out as a note under section 375b of this title. § 3206. Administration and enforcement This chapter shall be administered and en- forced by— (1) the Comptroller of the Currency with re- spect to national banks and Federal savings associations (the deposits of which are insured by the Federal Deposit Insurance Corpora- tion), (2) the Board of Governors of the Federal Re- serve System with respect to State banks which are members of the Federal Reserve System, bank holding companies, and savings and loan holding companies, (3) the Board of Directors of the Federal De- posit Insurance Corporation with respect to State banks which are not members of the Federal Reserve System but the deposits of which are insured by the Federal Deposit In- surance Corporation and State savings asso- ciations (the deposits of which are insured by the Federal Deposit Insurance Corporation), (4) the National Credit Union Administra- tion with respect to credit unions the accounts of which are insured by the National Credit Union Administration, and (5) upon referral by the agencies named in the foregoing paragraphs (1) through (4), the Attorney General shall have the authority to enforce compliance by any person with this chapter. (Pub. L. 95–630, title II, § 207, Nov. 10, 1978, 92 Stat. 3674; Pub. L. 101–73, title VII, § 744(r), Aug. 9, 1989, 103 Stat. 440; Pub. L. 108–386, § 8(e)(1), Oct. 30, 2004, 118 Stat. 2232; Pub. L. 111–203, title III, § 360(1), July 21, 2010, 124 Stat. 1548.) Editorial Notes AMENDMENTS 2010—Par. (1). Pub. L. 111–203, § 360(1)(A), inserted ‘‘and Federal savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation)’’ before the comma. Par. (2). Pub. L. 111–203, § 360(1)(B), substituted ‘‘, bank holding companies, and savings and loan hold- ing companies’’ for ‘‘, and bank holding companies’’. Par. (3). Pub. L. 111–203, § 360(1)(C), substituted ‘‘Cor- poration and State savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation),’’ for ‘‘Corporation,’’. Par. (4). Pub. L. 111–203, § 360(1)(D), (E), redesignated par. (5) as (4) and struck out former par. (4) which read