Page:United States Statutes at Large Volume 106 Part 5.djvu/409

From Wikisource
Jump to: navigation, search
This page needs to be proofread.


PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 4047 "(2) FACTORS TO BE CONSIDERED.—In determining whether a franchise shall be forfeited under paragraph (1), the Director shall take into account the following factors: "(A) The extent to which directors or senior executive ofi&cers of the savings association knew of, were involved in, the commission of the money laiindering ofiTense of which the association was found guilty. "(B) The extent to which the offense occurred despite the existence of policies and procedures within the savings association which were designed to prevent the occurrence of any such offense. (C) The extent to which the savings association has fully cooperated with law enforcement authorities with respect to the investigation of the money laxmdering offense of which the association was found guilty. "(D) The extent to which the savings association has implemented additional internal controls (since the commission of the offense of which the savings association was found guilty) to prevent the occurrence of any other money laundering offense. "(E) The extent to which the interest of the local community in having adequate deposit and credit services available would be threatened by the forfeiture of the franchise. "(3) SUCCESSOR LIABILITY. —This subsection shall not apply to a successor to the interests of, or a person who acquires, a savings association that violated a provision of law described in paragraph (1), if the successor succeeds tq the interests of the violator, or the acquisition is made, in good faith and not for purposes of evading this subsection or regulations prescribed under this subsection.

    • (4) DEFINITION.— The term 'senior executive officer* has

the same meaning as in reg^ations prescribed under section 32(f) of the Federal Deposit Insurance Act.". (c) FEDERAL CREDIT UNIONS.—Title I of the Federal Credit Union Act (12 U.S.C. 1752 et seq.) is amended by adding at the end the following new section: •SEC. 131. FORFEITURE OF ORGANIZATION CERTIFICATE FOR MONEY 12 USC 1772D. LAUNDERING OR CASH TRANSACTION REPORTING OFFENSES. "(a) FORFEITURE OF FRANCHISE FOR MONEY LAUNDERING OR CASH TRANSACTION REPORTING OFFENSES.— "(1) CONVICTION OF TITLE IS OFFENSES. — "(A) DUTY TO NOTIFY. —If a credit union has been convicted of any criminal offense under section 1956 or 1957 of title 18, United States Code, the Attorney General shall provide to the Board a written notification of the conviction and shall include a certified copy of the order of conviction from the court rendering the decision. "(B) NOTICE OF TERMINATION; PRETERMINATION HEAR- ING. — After receiving written notification from the Attorney General of such a conviction, the Board shall issue to such credit union a notice of its intention to terminate all rights, privileges, and franchises of Uie crecht union and schedule a pretermination hearing.