§ 3108. — Regulation and enforcement.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3108]
TITLE 12--BANKS AND BANKING
CHAPTER 32--FOREIGN BANK PARTICIPATION IN DOMESTIC MARKETS
Sec. 3108. Regulation and enforcement
(a) Rules, regulations and orders
The Comptroller, the Board, and the Federal Deposit Insurance
Corporation, are authorized and empowered to issue such rules,
regulations, and orders as each of them may deem necessary in order to
perform their respective duties and functions under this chapter and to
administer and carry out the provisions and purposes of this chapter and
prevent evasions thereof.
(b) Enforcement
(1) In general
In addition to any powers, remedies, or sanctions otherwise
provided by law, compliance with the requirements imposed under this
chapter or any amendment made by this chapter may be enforced under
section 8 of the Federal Deposit Insurance Act [12 U.S.C. 1818] by
any appropriate Federal banking agency as defined in that Act [12
U.S.C. 1811 et seq.].
(2) Authority to administer oaths; subpoena power
In the course of, or in connection with, an application,
examination, investigation, or other proceeding under this chapter,
the Board, the Comptroller of the Currency, and the Federal Deposit
Insurance Corporation, as the case may be, any member of the Board
or of the Board of Directors of the Corporation, and any designated
representative of the Board, Comptroller, or Corporation (including
any person designated to conduct any hearing under this chapter)
may--
(A) administer oaths and affirmations and take or cause to
be taken depositions; and
(B) issue, revoke, quash, or modify any subpoena, including
any subpoena requiring the attendance and testimony of a witness
or any subpoenas duces tecum.
(3) Administrative aspects of subpoenas
(A) Attendance and production at designated site
The attendance of any witness and the production of any
document pursuant to a subpoena under paragraph (2) may be
required at the place designated in the subpoena from any place
in any State (as defined in section 3(a)(3) of the Federal
Deposit Insurance Act [12 U.S.C. 1813(a)(3)]) or other place
subject to the jurisdiction of the United States.
(B) Service of subpoena
Service of a subpoena issued under this subsection may be
made by registered mail, or in such other manner reasonably
calculated to give actual notice as the Board, Comptroller of
the Currency, or Federal Deposit Insurance Corporation may by
regulation or otherwise provide.
(C) Fees and travel expenses
Witnesses subpoenaed under this subsection shall be paid the
same fees and mileage that are paid witnesses in the district
courts of the United States.
(4) Contumacy or refusal
(A) In general
In the case of contumacy of any person issued a subpoena
under this subsection or a refusal by such person to comply with
such subpoena, the Board, Comptroller of the Currency, or
Federal Deposit Insurance Corporation, or any other party to
proceedings in connection with which subpoena was issued may
invoke the aid of--
(i) the United States District Court for the District of
Columbia, or
(ii) any district court of the United States within the
jurisdiction of which the proceeding is being conducted or
the witness resides or carries on business.
(B) Court order
Any court referred to in subparagraph (A) may issue an order
requiring compliance with a subpoena issued under this
subsection.
(5) Expenses and fees
Any court having jurisdiction of any proceeding instituted under
this subsection may allow any party to such proceeding such
reasonable expenses and attorneys' fees as the court deems just and
proper.
(6) Criminal penalty
Any person who willfully fails or refuses to attend and testify
or to answer any lawful inquiry or to produce books, papers,
correspondence, memoranda, contracts, agreements, or other records
in accordance with any subpoena under this subsection shall be fined
under title 18, imprisoned not more than 1 year, or both. Each day
during which any such failure or refusal continues shall be treated
as a separate offense.
(c) Powers of Federal Reserve Board and Federal Deposit Insurance
Corporation
In the case of any provision of the Federal Reserve Act [12 U.S.C.
221 et seq.] to which a foreign bank or branch thereof is subject under
this chapter, and which is made applicable to nonmember insured banks by
the Federal Deposit Insurance Act [12 U.S.C. 1811 et seq.], whether by
cross-reference to the Federal Reserve Act or by a provision in
substantially the same terms in the Federal Deposit Insurance Act, the
administration, interpretation, and enforcement of such provision,
insofar as it relates to any foreign bank or branch thereof as to which
the Board is an appropriate Federal banking agency, are vested in the
Board, but where the making of any report to the Board or a Federal
Reserve bank is required under any such provision, the Federal Deposit
Insurance Corporation may require that a duplicate of any such report be
sent directly to it. This subsection shall not be construed to impair
any power of the Federal Deposit Insurance Corporation to make regular
or special examinations or to require special reports.
(Pub. L. 95-369, Sec. 13, Sept. 17, 1978, 92 Stat. 624; Pub. L. 102-242,
title II, Sec. 209, Dec. 19, 1991, 105 Stat. 2297.)
References in Text
For definition of ``this chapter'', referred to in text, see
References in Text note set out under section 3101 of this title.
The Federal Deposit Insurance Act, referred to in subsecs. (b)(1)
and (c), is act Sept. 21, 1950, ch. 967, Sec. 2, 64 Stat. 873, as
amended, which is classified generally to chapter 16 (Sec. 1811 et seq.)
of this title. For complete classification of this Act to the Code, see
Short Title note set out under section 1811 of this title and Tables.
The Federal Reserve Act, referred to in subsec. (c), is act Dec. 23,
1913, ch. 6, 38 Stat. 251, as amended, which is classified principally
to chapter 3 (Sec. 221 et seq.) of this title. For complete
classification of this Act to the Code, see References in Text note set
out under section 226 of this title and Tables.
Amendments
1991--Subsec. (b). Pub. L. 102-242 inserted heading, designated
existing provisions as par. (1) and inserted par. heading, and added
pars. (2) to (6).
Section Referred to in Other Sections
This section is referred to in section 3105 of this title.
