12 U.S.C. § 3909 : US Code - Section 3909: General authorities

Search 12 U.S.C. § 3909 : US Code - Section 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
depository institution, 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 depository institution", as such term is defined in
section 1813(c)(2) 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.