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18 U.S.C. § 655Theft by bank examiner

submitted 78 years ago by ch. 645 to r/title-18-CRIMES-AND-CRIMINAL-PROCEDURE · 324 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section punishes a bank examiner or assistant examiner who steals or conceals property held by certain banks or from their safe-deposit boxes. It also disqualifies that person from certain examiner positions.

A bank examiner or assistant examiner who steals, unlawfully takes, or unlawfully conceals money, a note, draft, bond, security, or other valuable property held by a covered bank or banking institution, or in or next to such a bank’s safe-deposit box, may be fined under title 18, imprisoned for up to 5 years, or both. If the amount is $1,000 or less, the maximum imprisonment is 1 year. The person is also disqualified from serving as a national bank examiner or Federal Deposit Insurance Corporation examiner. This applies to public examiners and assistant examiners of Federal Reserve member banks, FDIC-insured banks, covered foreign-bank branches or agencies, and organizations operating under section 25 or 25(a) of the Federal Reserve Act, regardless of whether appointed by the listed Federal officials, banks, or a State. It does not apply to private examiners or assistant examiners employed only by a clearing-house association or by bank directors. “Branch or agency of a foreign bank” is defined by the cited International Banking Act provisions; this section does not define the other covered terms.
the actual law source: uscode.house.gov ↗public domain

Whoever, being a bank examiner or assistant examiner, steals, or unlawfully takes, or unlawfully conceals any money, note, draft, bond, or security or any other property of value in the possession of any bank or banking institution which is a member of the Federal Reserve System, which is insured by the Federal Deposit Insurance Corporation, which is 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), or which is an organization operating under section 25 or section 25(a) 1 of the Federal Reserve Act, or from any safe deposit box in or adjacent to the premises of such bank, branch, agency, or organization, shall be fined under this title or imprisoned not more than five years, or both; but if the amount taken or concealed does not exceed $1,000, he shall be fined under this title or imprisoned not more than one year, or both; and shall be disqualified from holding office as a national bank examiner or Federal Deposit Insurance Corporation examiner.

This section shall apply to all public examiners and assistant examiners who examine member banks of the Federal Reserve System, banks the deposits of which are insured by the Federal Deposit Insurance Corporation, branches or agencies of foreign banks (as such terms are defined in paragraphs (1) and (3) of section 1(b) of the International Banking Act of 1978), or organizations operating under section 25 or section 25(a)1 of the Federal Reserve Act, whether appointed by the Comptroller of the Currency, by the Board of Governors of the Federal Reserve System, by a Federal Reserve Agent, by a Federal Reserve bank, or by the Federal Deposit Insurance Corporation, or appointed or elected under the laws of any State; but shall not apply to private examiners or assistant examiners employed only by a clearing-house association or by the directors of a bank.

Source credit: (June 25, 1948, ch. 645, 62 Stat. 728; Pub. L. 101–647, title XXV, § 2597(e), Nov. 29, 1990, 104 Stat. 4909; Pub. L. 103–322, title XXXIII, § 330016(1)(H), (K), Sept. 13, 1994, 108 Stat. 2147; Pub. L. 104–294, title VI, § 606(a), Oct. 11, 1996, 110 Stat. 3511.)

history & why it existsrecord from the source credit
  • 1948Enacted · Act of June 25, 1948, ch. 645 · 62 Stat. 728
  • 1990Amended · Pub. L. 101-647 · 104 Stat. 4909
  • 1994Amended · Pub. L. 103-322 · 108 Stat. 2147
  • 1996Amended · Pub. L. 104-294 · 110 Stat. 3511

A history note hasn’t been published yet. The record shows enactment by ch. 645 on 1948-06-25.

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