US Supreme Court Decisions On-Line | US Laws

§ 3909. —  General authorities.

[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC3909]

                       TITLE 12--BANKS AND BANKING
Sec. 3909. General authorities

(a) Rules and regulations

    (1) The appropriate Federal banking agencies are authorized to 
interpret and define the terms used in this chapter, and each 
appropriate Federal banking agency shall prescribe rules or regulations 
or issue orders as necessary to effectuate the purposes of this chapter 
and to prevent evasions thereof.
    (2) The appropriate Federal banking agency is authorized to apply 
the provisions of this chapter to any affiliate of an insured bank, but 
only to affiliates for which it is the appropriate Federal banking 
agency, in order to promote uniform application of this chapter or to 
prevent evasions thereof.
    (3) For purposes of this section, the term ``affiliate'' shall have 
the same meaning as in section 371c of this title, except that the term 
``member bank'' in such section shall be deemed to refer to an ``insured 
bank'', as such term is used in section 1813(h) of this title.

(b) Systems uniformity

    The appropriate Federal banking agencies shall establish uniform 
systems to implement the authorities provided under this chapter.

(c) Existing authorities

    (1) The powers and authorities granted in this chapter shall be 
supplemental to and shall not be deemed in any manner to derogate from 
or restrict the authority of each appropriate Federal banking agency 
under section 1818 of this title or any other law including the 
authority to require additional capital or reserves.
    (2) Any such authority may be used by any appropriate Federal 
banking agency to ensure compliance by a banking institution with the 
provisions of this chapter and all rules, regulations, or orders issued 
pursuant thereto.

(d) Civil penalties; assessment and collection

    (1) Any banking institution which violates, or any officer, 
director, employee, agent, or other person participating in the conduct 
of the affairs of such banking institution, who violates any provision 
of this chapter, or any rule, regulation, or order, issued under this 
chapter, shall forfeit and pay a civil penalty of not more than $1,000 
per day for each day during which such violation continues.
    (2) Such violations shall be deemed to be a violation of a final 
order under section 1818(i)(2) of this title and the penalty shall be 
assessed and collected by the appropriate Federal banking agency under 
the procedures established by, and subject to the rights afforded to 
parties in, such section.

(Pub. L. 98-181, title IX, Sec. 910, Nov. 30, 1983, 97 Stat. 1282.)

                  Section Referred to in Other Sections

    This section is referred to in section 3908 of this title.