Title 12 — Banks and BankingRelease 119-73not60
§506 Notice After Separation From Service
Title 12 › Chapter 3— FEDERAL RESERVE SYSTEM › Subchapter XVI— CIVIL LIABILITY OF FEDERAL RESERVE AND MEMBER BANKS, SHAREHOLDERS, AND OFFICERS › § 506
Summary
The Board can still send a notice and take action against a former institution-affiliated party if it serves the notice within six years after that person stopped being affiliated. That six-year time limit applies whether the date they left was before, on, or after August 9, 1989.
Full Legal Text
Title 12, §506
Banks and Banking — Source: USLM XML via OLRC
The resignation, termination of employment or participation, or separation of an institution-affiliated party (within the meaning of section 1813(u) of this title) with respect to a member bank (including a separation caused by the closing of such a bank) shall not affect the jurisdiction and authority of the Board to issue any notice and proceed under this section against any such party, if such notice is served before the end of the 6-year period beginning on the date such party ceased to be such a party with respect to such bank (whether such date occurs before, on, or after August 9, 1989).
Legislative History
Notes & Related Subsidiaries
Editorial Notes
References in Text
This section, referred to in text, means section 19 of act Dec. 23, 1913, which is classified to section 142, 371b, 371b–1, 374, 374a, 461, 463 to 466, 505, and 506 of this title.
Reference
Citations & Metadata
Citation
12 U.S.C. § 506
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60