Historical and Revision Notes

Based on sections 588a, 588b, 588c, of title 12, U.S.C., 1940 ed., Banks and Banking (May 18, 1934, ch. 304, §§1, 2, 3, 48 Stat. 783; Aug. 23, 1935, ch. 614, §333, 49 Stat. 720; Aug. 24, 1937, ch. 747, 50 Stat. 749; June 29, 1940, ch. 455, 54 Stat. 695).

Section consolidates sections 588a, 588b, and 588c of title 12, U.S.C., 1940 ed., Banks and Banking, as suggested by United States Attorney Clyde O. Eastus, of Fort Worth, Tex.

Words "felony or larceny" in subsection (a) were changed to "felony affecting such bank and in violation of any statute of the United States, or any larceny".

Use of term "felony" without limitation caused confusion as to whether a common law, State, or Federal felony was intended. Change conforms with Jerome v. U.S. (1943, 63 S. Ct. 483, 318 U.S. 101, 87 L. Ed. 640): "§2(a) [§588b(a) of title 12, U.S.C., 1940 ed., Banks and Banking] is not deprived of vitality if it is interpreted to exclude State felonies and to include only those Federal felonies which affect banks protected by the Act."

Minimum punishment provisions were omitted from subsection (c). (See reviser's note under section 203 of this title.) Also the provisions of subsection (b) measuring the punishment by the amount involved were extended and made applicable to the receiver as well as the thief. There seems no good reason why the thief of less than $100 should be liable to a maximum of imprisonment for one year and the receiver subject to 10 years.

The figures "100" were substituted for "50" in view of the fact that the present worth of $100 is less than the value of $50 when that sum was fixed as the dividing line between petit larceny and grand larceny.

The attention of Congress is directed to the mandatory minimum punishment provisions of sections 2113(e) and 2114 of this title. These were left unchanged because of the controversial question involved. Such legislative attempts to control the discretion of the sentencing judge are contrary to the opinions of experienced criminologists and criminal law experts. They are calculated to work manifest injustice in many cases.

Necessary minor translations of section references, and changes in phraseology, were made.

References in Text

Section 1(b) of the International Banking Act of 1978, referred to in subsec. (f), is classified to section 3101 of Title 12, Banks and Banking.

Section 2 of the Federal Credit Union Act, referred to in subsec. (g), is classified to section 1752 of Title 12.

Amendments

2002—Subsec. (b). Pub. L. 107–273 substituted "under this title" for "not more than $1,000" in last par.

1996—Subsec. (b). Pub. L. 104–294, §606(a), substituted "exceeding $1,000" for "exceeding $100" in two places.

Subsec. (g). Pub. L. 104–294, §607(d), inserted at end "The term 'State-chartered credit union' includes a credit union chartered under the laws of a State of the United States, the District of Columbia, or any commonwealth, territory, or possession of the United States."

1994—Subsecs. (a), (b). Pub. L. 103–322, §330016(1)(K), substituted "fined under this title" for "fined not more than $5,000" in last par. of subsec. (a) and first par. of subsec. (b).

Subsec. (d). Pub. L. 103–322, §330016(1)(L), substituted "fined under this title" for "fined not more than $10,000".

Subsec. (e). Pub. L. 103–322, §60003(a)(9), substituted "or if death results shall be punished by death or life imprisonment" for "or punished by death if the verdict of the jury shall so direct".

Subsec. (h). Pub. L. 103–322, §320608, added subsec. (h).

1990—Subsec. (f). Pub. L. 101–647 inserted "including a branch or agency of a foreign bank (as such terms are defined in paragraphs (1) and (3) of section 1(b) of the International Banking Act of 1978)," after "operating under the laws of the United States,".

1989—Subsec. (f). Pub. L. 101–73, §962(d)(1), substituted "any institution the deposits of which" for "any bank the deposits of which".

Subsecs. (g), (h). Pub. L. 101–73, §962(a)(7), (d)(2), (3), redesignated subsec. (h) as (g), substituted "National Credit Union Administration Board, and any 'Federal credit union' as defined in section 2 of the Federal Credit Union Act" for "Administrator of the National Credit Union Administration", and struck out former subsec. (g) which read as follows: "As used in this section the term 'savings and loan association' means any Federal savings and loan association and any 'insured institution' as defined in section 401 of the National Housing Act, as amended, and any 'Federal credit union' as defined in section 2 of the Federal Credit Union Act."

1986—Subsec. (a). Pub. L. 99–646 inserted ", or obtains or attempts to obtain by extortion" after "presence of another" in first par.

1984—Subsec. (c). Pub. L. 98–473 amended subsec. (c) generally, substituting "which has been taken or stolen from a bank, credit union, or savings and loan association in violation of subsection (b), knowing the same to be property which has been stolen" for "knowing the same to have been taken from a bank, credit union, or a savings and loan association, in violation of subsection (b) of this section".

1970—Subsecs. (a) to (c). Pub. L. 91–468, §8(1), inserted reference to "credit union" after "bank," each place it appears.

Subsec. (h). Pub. L. 91–468, §8(2), added subsec. (h).

1959—Subsec. (g). Pub. L. 86–354 included Federal credit unions in definition of "savings and loan association".

1952—Subsec. (g). Act Apr. 8, 1952, broadened definition of "savings and loan association" by including any insured institution as defined in section 401 of the National Housing Act, as amended.

1950—Act Aug. 3, 1950, brought within section State-chartered savings and loan associations whose accounts are insured by the Federal Savings and Loan Insurance Corporation.