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 uniformityThe 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 I [title IX, §910], Nov. 30, 1983, 97 Stat. 1282; Pub. L. 109-351, title VII, §713(b), Oct. 13, 2006, 120 Stat. 1995.EDITORIAL NOTES
AMENDMENTS2006-Subsec. (a)(2). Pub. L. 109-351, §713(b)(1), substituted "insured depository institution" for "insured bank".Subsec. (a)(3). Pub. L. 109-351, §713(b)(2), substituted "an 'insured depository institution', as such term is defined in section 1813(c)(2)" for "an 'insured bank', as such term is used in section 1813(h)".
- Director
- The term "Director" means the Director of the Bureau.
- affiliate
- The term "affiliate" means any person that controls, is controlled by, or is under common control with another person.
- person
- The term "person" means an individual, partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity.
- banking institution
- the term "banking institution" means-(A)(i) an insured bank as defined in section 1813(h) of this title or any subsidiary of an insured bank;(ii) an Edge Act corporation organized under section 25(a) 1 of the Federal Reserve Act [ 12 U.S.C. 611 et seq.]; and(iii) an Agreement Corporation operating under section 25 of the Federal Reserve Act [ 12 U.S.C. 601 et seq.]; and(B) to the extent determined by the appropriate Federal banking agency, any agency or branch of a foreign bank, and any commercial lending company owned or controlled by one or more foreign banks or companies that control a foreign bank as those terms are defined in the International Banking Act of 1978 [ 12 U.S.C. 3101 et seq.]. The term "banking institution" shall not include a foreign bank.1 See References in Text note below.