12 U.S.C. § 3108: Regulation and enforcement

Summary

The Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation (FDIC) can make rules, orders, and regulations they need to do their jobs under this law and to stop people from avoiding it. If banks or other parties must follow rules here, those requirements can be enforced under section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818) by any appropriate federal banking agency. During applications, exams, investigations, or hearings, the agencies, their members, or designated representatives can administer oaths, take depositions, and issue, change, or cancel subpoenas for witnesses or documents. A subpoena can require a person or papers to appear at a place in any State or other U.S. jurisdiction. Subpoenas can be served by registered mail or any method likely to give notice. Witnesses get the same fees and travel pay as in U.S. district courts. If someone refuses to comply, the agency or other parties can ask a U.S. district court (the District of Columbia court or any district where the matter or witness is located) to order compliance. The court can also award reasonable expenses and attorneys’ fees. Willful refusal can bring a fine under Title 18, up to 1 year in jail, or both, and each day of refusal is a separate offense. For foreign banks covered by this law, the Board handles enforcement when it is the appropriate agency, and the FDIC may require duplicate reports without losing its own exam and reporting powers.

Title 12, §3108

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(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)

(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.

Notes & Related Subsidiaries

Editorial Notes

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, § 2, 64 Stat. 873, which is classified generally to chapter 16 (§ 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, which is classified principally to chapter 3 (§ 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).

§3108 Regulation and Enforcement

Summary

Title 12, §3108

Notes & Related Subsidiaries

Editorial Notes

References in Text

References in Text

Short Title

References in Text

Amendments

Citations & Metadata