12 U.S. Code § 1972 - Certain tying arrangements prohibited; correspondent accounts
2010—Par. (1). Pub. L. 111–203 inserted “issue such regulations as are necessary to carry out this section, and, in consultation with the Comptroller of the Currency and the Federal Deposit Insurance Company, may” after “The Board may” in concluding provisions.
2006—Par. (2)(G) to (I). Pub. L. 109–351 redesignated subpars. (H) and (I) as (G) and (H), respectively, and struck out former subpar. (G) which related to written reporting requirements relating to bank loans to executive officers or stockholders with power to vote more than 10 per centum of any class of voting securities of an insured bank.
1996—Par. (1). Pub. L. 104–208, in concluding provisions, inserted “and the prohibitions of section 1843(f)(9) and 1843(h)(2) of this title” after “prohibition”.
1989—Par. (2)(F). Pub. L. 101–73, § 907(i), amended subpar. (F) generally, revising and restating as cls. (i) to (ix) provisions of former cls. (i) to (vii).
Par. (2)(I). Pub. L. 101–73, § 905(h), added subpar. (I).
1982—Par. (2)(A) to (D). Pub. L. 97–320, § 428(a)(1)–(4), inserted “or to any related interest of such person” after “such other bank” in subpar. (A), “desiring to open the account” in subpar. (B), “such other bank” in subpar. (C), and “another bank” in subpar. (D).
Par. (2)(F)(i). Pub. L. 97–320, § 424(c), (d)(11), inserted proviso giving agency discretionary authority to compromise, etc., any civil money penalty imposed under such authority, and substituted “may be assessed” for “shall be assessed”.
Par. (2)(F)(iv). Pub. L. 97–320, § 424(e), substituted “twenty days from the service” for “ten days from the date”.
Par. (2)(G)(ii). Pub. L. 97–320, § 428(b)(1), substituted “(ii) The appropriate Federal banking agencies are authorized to issue rules and regulations, including definitions of terms, to require the reporting and public disclosure of information by any bank or executive officer or principal shareholder thereof concerning any extension of credit by a correspondent bank to the reporting bank’s executive officers or principal shareholders, or the related interests of such persons.” for “(ii) Each insured bank shall compile the reports filed pursuant to subparagraph (G)(i) and forward such compilation to the Comptroller of the Currency in the case of a national bank, the Board in the case of a State member bank, and the Federal Deposit Insurance Corporation in the case of an insured nonmember State bank.”
Par. (2)(G)(iii). Pub. L. 97–320, § 428(b)(2), struck out cl. (iii) which required insured banks to include in their section 1817(k)(1) report a list of names of executive officers or stockholders of record owning, controlling, or having more than a 10 per centum voting control of any class of voting securities of the bank who file information required by subpar. (G)(i) and aggregate amount of extensions of credit by correspondent banks to such executive officers or stockholders of record, any company controlled by such persons, and any political or campaign committee the funds or services of which will benefit such persons, or which is controlled by such persons.
Par. (2)(H). Pub. L. 97–320, § 428(c), added subpar. (H).
1978—Pub. L. 95–630 designated existing provisions as par. (1), redesignated former pars. (1) to (5) as subpars. (A) to (E), and added par. (2).
Amendment by section 907(i) of Pub. L. 101–73 applicable to conduct engaged in after Aug. 9, 1989, except that increased maximum penalties of $5,000 and $25,000 may apply to conduct engaged in before such date if such conduct is not already subject to a notice issued by the appropriate agency and occurred after completion of the last report of the examination of the institution by the appropriate agency occurring before Aug. 9, 1989, see section 907(
Amendment by section 428(b) of Pub. L. 97–320 effective when regulations referred to in the amendment become effective as provided in section 430 of Pub. L. 97–320, set out as a note under section 1817 of this title.
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