§3909 General Authorities

Summary

Federal banking agencies may write definitions, rules, and orders needed to carry out this chapter and to stop people from getting around it. They can also apply the chapter’s rules to any affiliate they supervise so the chapter is applied the same way and cannot be avoided. The word “affiliate” means what it means in section 371c of this title, except that where that section says “member bank” it should be read as “insured depository institution” as defined in section 1813(c)(2). The agencies must set up uniform systems to put these authorities into practice. The powers given here add to, and do not reduce, any other authority the agencies already have under section 1818 or other laws, including the power to require extra capital or reserves. Agencies can use these powers to make sure banks follow the chapter and any rules or orders made under it. If a bank, or anyone running or working for it, breaks the chapter or its rules, they can be fined up to $1,000 for each day the violation continues. Those violations are treated as violations of a final order under section 1818(i)(2), and the fines are handled under the procedures and rights in that section.