2016 US Code
Title 12 - Banks and Banking
Chapter 14 - Federal Credit Unions
Subchapter I - General Provisions
Sec. 1772d - Forfeiture of organization certificate for money laundering or cash transaction reporting offenses
| 12 U.S.C. § 1772d (2016) |
| §1772d. Forfeiture of organization certificate for money laundering or cash transaction reporting offenses |
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(a) Forfeiture of franchise for money laundering or cash transaction reporting offenses
(1) Conviction of title 18 offenses
(A) Duty to notify
If a credit union has been convicted of any criminal offense under section 1956 or 1957 of title 18, the Attorney General shall provide to the Board a written notification of the conviction and shall include a certified copy of the order of conviction from the court rendering the decision. After receiving written notification from the Attorney General of such a conviction, the Board shall issue to such credit union a notice of its intention to terminate all rights, privileges, and franchises of the credit union and schedule a pretermination hearing. If a credit union is convicted of any criminal offense under section 5322 or 5324 of title 31 after receiving written notification from the Attorney General, the Board may issue to such credit union a notice of its intention to terminate all rights, privileges, and franchises of the credit union and schedule a pretermination hearing. Section 1786(j) of this title shall apply to any proceeding under this section. In determining whether a franchise shall be forfeited under subsection (a), the Board shall take into account the following factors: (1) The extent to which directors, committee members, or senior executive officers (as defined by the Board in regulations which the Board shall prescribe) of the credit union knew of, or were involved in, the commission of the money laundering offense of which the credit union was found guilty. (2) The extent to which the offense occurred despite the existence of policies and procedures within the credit union which were designed to prevent the occurrence of any such offense. (3) The extent to which the credit union has fully cooperated with law enforcement authorities with respect to the investigation of the money laundering offense of which the credit union was found guilty. (4) The extent to which the credit union has implemented additional internal controls (since the commission of the offense of which the credit union was found guilty) to prevent the occurrence of any other money laundering offense. (5) The extent to which the interest of the local community in having adequate deposit and credit services available would be threatened by the forfeiture of the franchise. This section shall not apply to a successor to the interests of, or a person who acquires, a credit union that violated a provision of law described in subsection (a), if the successor succeeds to the interests of the violator, or the acquisition is made, in good faith and not for purposes of evading this section or regulations prescribed under this section. |
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(June 26, 1934, ch. 750, title I, §131, as added Pub. L. 102–550, title XV, §1502(c), Oct. 28, 1992, 106 Stat. 4047; amended Pub. L. 103–325, title IV, §411(c)(2)(B), Sept. 23, 1994, 108 Stat. 2253.) |
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AMENDMENTS
1994—Subsec. (a)(2). Pub. L. 103–325 substituted "section 5322 or 5324 of title 31" for "section 5322 of title 31". |
| United States Code, 2012 Edition, Supplement 4, Title 12 - BANKS AND BANKING |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 12 - BANKS AND BANKING CHAPTER 14 - FEDERAL CREDIT UNIONS SUBCHAPTER I - GENERAL PROVISIONS Sec. 1772d - Forfeiture of organization certificate for money laundering or cash transaction reporting offenses |
| section 1772d |
| 2016 |
| January 6, 2017 |
| No |
| standard |
| 106 Stat. 4047 108 Stat. 2253 |
| Public Law 102-550, Public Law 103-325 |
