Title 12 — Banks and Banking
Chapter 47 — Community Development Banking
§ 4717. Enforcement
Statutory text
Regulations
In general
Not later than 180 days after the appointment and qualification of the Administrator, the Fund shall promulgate such regulations as may be necessary to carry out this subchapter.
Regulations required
The regulations promulgated under paragraph (1) shall include regulations applicable to community development financial institutions that are not insured depository institutions to—
prevent conflicts of interest on the part of directors, officers, and employees of community development financial institutions as the Fund determines to be appropriate; and
establish such standards with respect to loans by a community development financial institution to any director, officer, or employee of such institution as the Fund determines to be appropriate, including loan amount limitations.
Administrative enforcement
The provisions of this subchapter, and regulations prescribed and agreements entered into under this subchapter, shall be enforced under section 8 of the Federal Deposit Insurance Act [12 U.S.C. 1818] by the appropriate Federal banking agency, in the case of an insured community development financial institution. A violation of this subchapter, or any regulation prescribed under or any agreement entered into under this subchapter, shall be treated as a violation of the Federal Deposit Insurance Act [12 U.S.C. 1811 et seq.].
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Community Development Banking and Financial Institutions Act of 1994
Pub. L. 103–325 title I § 119 · 108 Stat. 2160
Enacted · 12 U.S.C. § 4717
(Pub. L. 103–325, title I, § 119, Sept. 23, 1994, 108 Stat. 2188.)
Source evidence
Code source credit
(Pub. L. 103–325, title I, § 119, Sept. 23, 1994, 108 Stat. 2188.)Enacted provision · exact public law section
SEC. 119. ENFORCEMENT. (a) Regulations.— (1) In general.— Not later than 180 days after the appointment and qualification of the Administrator, the Fund shall promulgate such regulations as may be necessary to carry out this subtitle. (2) Regulations required.— The regulations promulgated under paragraph (1) shall include regulations applicable to community development financial institutions that are not insured depository institutions to— (A) prevent conflicts of interest on the part of directors, officers, and employees of community development financial institutions as the Fund determines to be appropriate; and (B) establish such standards with respect to loans by a community development financial institution to any director, officer, or employee of such institution as the Fund determines to be appropriate, including loan amount limitations. (b) Administrative Enforcement.— The provisions of this subtitle, and regulations prescribed and agreements entered into under this subtitle, shall be enforced under section 8 of the Federal Deposit Insurance Act by the appropriate Federal banking agency, in the case of an insured community development financial institution. A violation of this subtitle, or any regulation prescribed under or any agreement entered into under this subtitle, shall be treated as a violation of the Federal Deposit Insurance Act. (c) Criminal Provision.— Section 657 of title 18, United States Code, is amended by inserting “or any community development financial institution receiving financial assistance under the Riegle Community Development and Regulatory Improvement Act of 1994,” after “small business investment company,”.
1 of 1 references resolved to an enrolled provision
Editorial Notes
References in Text
The Federal Deposit Insurance Act, referred to in subsec. (b), 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.
Codification
Section is comprised of section 119 of Pub. L. 103–325. Subsec. (c) of section 119 of Pub. L. 103–325 amended section 657 of Title 18, Crimes and Criminal Procedure.