[108th Congress Public Law 198]
[From the U.S. Government Printing Office]
[DOCID: f:publ198.108]
[[Page 117 STAT. 2899]]
Public Law 108-198
108th Congress
An Act
To prohibit the offer of credit by a financial institution to a
financial institution examiner, and for other purposes. <<NOTE: Dec. 19,
2003 - [S. 1947]>>
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress <<NOTE: Preserving Independence of
Financial Institution Examinations Act of 2003.>> assembled,
SECTION 1. <<NOTE: 18 USC 201 note.>> SHORT TITLE.
This Act may be cited as the ``Preserving Independence of Financial
Institution Examinations Act of 2003''.
SEC. 2. OFFER AND ACCEPTANCE OF CREDIT.
(a) In General.--Title 18, United States Code, is amended by
striking sections 212 and 213 and inserting the following:
``Sec. 212. Offer of loan or gratuity to financial institution
examiner
``(a) In General.--Except as provided in subsection (b), whoever,
being an officer, director, or employee of a financial institution,
makes or grants any loan or gratuity, to any examiner or assistant
examiner who examines or has authority to examine such bank, branch,
agency, organization, corporation, association, or institution--
``(1) shall be fined under this title, imprisoned not more
than 1 year, or both; and
``(2) may be fined a further sum equal to the money so
loaned or gratuity given.
``(b) Regulations.--A Federal financial institution regulatory
agency may prescribe regulations establishing additional limitations on
the application for and receipt of credit under this section and on the
application and receipt of residential mortgage loans under this
section, after consulting with each other Federal financial institution
regulatory agency.
``(c) Definitions.--In this section:
``(1) Examiner.--The term `examiner' means any person--
``(A) appointed by a Federal financial institution
regulatory agency or pursuant to the laws of any State
to examine a financial institution; or
``(B) elected under the law of any State to conduct
examinations of any financial institutions.
``(2) Federal financial institution regulatory agency.--The
term `Federal financial institution regulatory agency' means--
``(A) the Office of the Comptroller of the Currency;
``(B) the Board of Governors of the Federal Reserve
System;
[[Page 117 STAT. 2900]]
``(C) the Office of Thrift Supervision;
``(D) the Federal Deposit Insurance Corporation;
``(E) the Federal Housing Finance Board;
``(F) the Farm Credit Administration;
``(G) the Farm Credit System Insurance Corporation;
and
``(H) the Small Business Administration.
``(3) Financial institution.--The term `financial
institution' does not include a credit union, a Federal Reserve
Bank, a Federal home loan bank, or a depository institution
holding company.
``(4) Loan.--The term `loan' does not include any credit
card account established under an open end consumer credit plan
or a loan secured by residential real property that is the
principal residence of the examiner, if--
``(A) the applicant satisfies any financial
requirements for the credit card account or residential
real property loan that are generally applicable to all
applicants for the same type of credit card account or
residential real property loan;
``(B) the terms and conditions applicable with
respect to such account or residential real property
loan, and any credit extended to the examiner under such
account or residential real property loan, are no more
favorable generally to the examiner than the terms and
conditions that are generally applicable to credit card
accounts or residential real property loans offered by
the same financial institution to other borrowers
cardholders in comparable circumstances under open end
consumer credit plans or for residential real property
loans; and
``(C) with respect to residential real property
loans, the loan is with respect to the primary residence
of the applicant.
``Sec. 213. Acceptance of loan or gratuity by financial
institution examiner
``(a) In General.--Whoever, being an examiner or assistant examiner,
accepts a loan or gratuity from any bank, branch, agency, organization,
corporation, association, or institution examined by the examiner or
from any person connected with it, shall--
``(1) be fined under this title, imprisoned not more than 1
year, or both;
``(2) may be fined a further sum equal to the money so
loaned or gratuity given; and
``(3) shall be disqualified from holding office as an
examiner.
``(b) Definitions.--In this section, the terms `examiner', `Federal
financial institution regulatory agency', `financial institution', and
`loan' have the same meanings as in section 212.''.
(b) Technical and Conforming Amendment.--The table of sections of
chapter 11 of title 18, United States Code, is amended
[[Page 117 STAT. 2901]]
by striking the matter relating to sections 212 and 213 and inserting
the following:
``212. Offer of loan or gratuity to financial institution examiner.
``213. Acceptance of loan or gratuity by financial institution
examiner.''.
Approved December 19, 2003.
LEGISLATIVE HISTORY--S. 1947:
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CONGRESSIONAL RECORD, Vol. 149 (2003):
Nov. 24, considered and passed Senate.
Dec. 8, considered and passed House.
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