Historical and Revision Notes

Based on sections 592, 597 of title 12, U.S.C., 1940 ed., Banks and Banking (R.S. §5209; Dec. 23, 1913, ch. 6, §22(i) as added June 19, 1934, ch. 653, §3, 48 Stat. 1107; Sept. 26, 1918, ch. 177, §7, 40 Stat. 972; Aug. 23, 1935, ch. 614, §316, 49 Stat. 712).

(See reviser's note under section 656 of this title for comprehensive statement of reasons for separating section 592 of title 12, U.S.C., 1940 ed., Banks and Banking, into three revised sections, and section 597 thereof into two revised sections, with the consequent extensive changes in phraseology, style, and arrangement.)

In this section, national bank receivers and Federal reserve agents were not included in the initial enumeration of persons at whom the act is directed, since the provisions of this section, unlike section 656 of this title, are not directed at such receivers and agents.

No changes of meaning or substance were made, except that, like said section 656 of this title, the different punishment provisions were reconciled, and one uniform punishment provision was adopted.

The words "shall be deemed guilty of a misdemeanor" were omitted as unnecessary in view of the definition of a misdemeanor in section 1 of this title.

The words "and upon conviction thereof" were omitted as unnecessary, since punishment cannot be imposed until a conviction is secured.

Since section 3231 of this title gives the district court jurisdiction of criminal prosecutions, the words "in any district court of the United States" were omitted as unnecessary.

References in Text

Section 25 of the Federal Reserve Act, referred to in text, is classified to subchapter I (§601 et seq.) of chapter 6 of Title 12, Banks and Banking. Section 25(a) of the Federal Reserve Act, which is classified to subchapter II (§611 et seq.) of chapter 6 of Title 12, was renumbered section 25A of that act by Pub. L. 102–242, title I, §142(e)(2), Dec. 19, 1991, 105 Stat. 2281.

Section 3(w)(1) of the Federal Deposit Insurance Act, referred to in text, is classified to section 1813(w)(1) of Title 12.

Amendments

2002—Pub. L. 107–273, in first par. substituted "Act," for "Act,," and in third par. inserted "or" at end.

1990—Pub. L. 101–647, §§2504(d), 2595(a)(3)(A), (B), 2597(h), in first par. substituted "depository institution" for "bank or savings and loan", "national bank, insured bank, branch or agency of a foreign bank, or organization operating under section 25 or section 25(a) of the Federal Reserve Act," for "national bank or insured bank", and "of such bank, branch, agency, or organization or company" for "of such bank" in two places, in third par. substituted "bank, company, branch, agency, or organization" for "bank or company" in four places, and in fifth par. substituted "30" for "20" before "years".

Pub. L. 101–647, §2597(h)(3)(A), in sixth par. struck out "and" after "one of the Federal Reserve Banks;".

Pub. L. 101–647, §2597(h)(3)(B), which, in sixth par., directed insertion of "; and the term 'branch or agency of a foreign bank' means a branch or agency described in section 20(9) of this title" before the period, was inserted before period at end of first sentence to reflect the probable intent of Congress and intervening amendment by Pub. L. 101–647, §2595(a)(3)(C). See below.

Pub. L. 101–647, §2595(a)(3)(C), inserted "For purposes of this section, the term 'depository institution holding company' has the meaning given such term in section 3(w)(1) of the Federal Deposit Insurance Act." at end of sixth par.

1989—Pub. L. 101–73 in first par. inserted "bank or savings and loan holding company," after "member bank,", in third par. inserted "or company" after "bank" wherever appearing and substituted a semicolon for the dash after "Federal Reserve System", added fourth par. reading: "Whoever with intent to defraud the United States or any agency thereof, or any financial institution referred to in this section, participates or shares in or receives (directly or indirectly) any money, profit, property, or benefits through any transaction, loan, commission, contract, or any other act of any such financial institution—", and, in fifth par. substituted "$1,000,000" for "$5,000" and "20 years" for "five years".

Exception as to Transfer of Functions

Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, were not included in transfer of functions of officers, agencies and employees of Department of the Treasury to Secretary of the Treasury, made by Reorg. Plan No. 26 of 1950, §1, eff. July 31, 1950, 15 F.R. 4935, 64 Stat. 1280, set out in the Appendix to Title 5, Government Organization and Employees.