Title 12, Banks and BankingRelease 119-110
§503 Liability of Directors and Officers of Member Banks
Title 12 › CHAPTER 3 — FEDERAL RESERVE SYSTEM › SUBCHAPTER XVI — CIVIL LIABILITY OF FEDERAL RESERVE AND MEMBER BANKS, SHAREHOLDERS, AND OFFICERS › § 503
Summary
Directors or officers who knowingly break, or let others break, sections 375, 375a, 375b, 376 or Board rules under them, or title 18 sections 217, 218, 219, 220, 655, 1005, 1014, 1906, 1909, are personally liable for all damages to bank, shareholders or others.
Full Legal Text
Title 12, §503
Banks and Banking, Source: USLM XML via OLRC
If the directors or officers of any member bank shall knowingly violate or permit any of the agents, officers, or directors of any member bank to violate any of the provisions of section 375, 375a, 375b, and 376 of this title or regulations of the board made under authority thereof, or any of the provisions of section 217, 218, 219, 220, 655, 1005, 1014, 1906, or 1909 of title 18, every director and officer participating in or assenting to such violation shall be held liable in his personal and individual capacity for all damages which the member bank, its shareholders, or any other persons shall have sustained in consequence of such violation.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
References in Text
section 217, 218, 219, and 220 of title 18, referred to in text, were renumbered section 212, 213, 214, and 215 of title 18, respectively, by Pub. L. 87–849, § 1(d), Oct. 23, 1962, 76 Stat. 1125. section 212 and 213 of title 18, as redesignated, were subsequently repealed by Pub. L. 108–198, § 2(a), Dec. 19, 2003, 117 Stat. 2899. Codification In text, “section 375, 375a, 375b, and 376 of this title” was in the original “this section”, meaning section 22 of act Dec. 23, 1913, which was also classified to sections 593 to 599 of this title. Such sections were repealed by act
June 25, 1948, ch. 645, § 21, 62 Stat. 862, eff. Sept. 1, 1948, and the provisions thereof were reenacted as section 217, 218, 219, 220, 655, 1005, 1014, 1906, and 1909 of Title 18, Crimes and Criminal Procedure. Reference to such repealed sections was omitted from the text in view of act Sept. 3, 1954, which amended the text by incorporating therein the reference to the sections of Title 18. The text of section 375 of this title was struck out by Pub. L. 111–203, title VI, § 615(b),
July 21, 2010, 124 Stat. 1615.
Amendments
1954—Act Sept. 3, 1954, inserted “or any of the provisions of section 217, 218, 219, 220, 655, 1005, 1014, 1906, or 1909 of title 18,”.
Reference
Citations & Metadata
Citation
12 U.S.C. § 503
Title 12, Banks and Banking
Last Updated
Sep 23, 2026
Release point: 119-110