Page:United States Statutes at Large Volume 106 Part 5.djvu/413

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PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 4051

  • '(A) The extent to which directors, committee members,

or senior executive officers (as defined by the Board in regulations which the Board shall prescribe) of the credit union knew of, or were involved in, the commission of the money laundering offense of which the credit union was foun^jruilty. "(B) The extent to which the offense occurred despite the existence of policies and procedures within the credit union which were designed to prevent the occurrence of any such offense. "(C) The extent to which the credit union has fully cooperated witii law enforcement authorities with respect to the investigation of the money laundering offense of which the credit union was found guilty. "(D) The extent to which the credit union has implemented additional internal controls (since the commission of the offense of which the credit union 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 tiireatened by me termination of insurance. "(3) NOTICE TO STATE CREDIT UNION SUPERVISOR AND PUB- LIC.—When the order to terminate insured status initiated pursuant to this subsection is final, the Board shall— "(A) notify Uie commission, board, or authority (if any) having supervision of the credit union described in paragraph (1) at least 10 da^s prior to the effective date of the order of the termination of the insured status of such credit union; and "(B) publish notice of the termination of the insured status of the credit union. "(4) TEMPORARY INSURANCE OF PREVIOUSLY INSURED DEPOSITS.—Upon termination of the insured status of any State credit union pursuant to paragraph (1), the deposits of such / credit union shall be treated in accordance with section 206(d)(2). "(5) SUCCESSOR LIABILITY.—T his subsection shall not apply to a successor to the interests of, or a person who acquires, an insured credit union that violated a provision of law described in paragraph (1), if the successor succeeds to 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.". SEC. 1S04. BEMOVING PARTIES INVOLVED IN CURRENCY REPORTING VIOLATIONS. (a) FDIC-lNSURED INSTITUTIONS.— (1) VIOLATION OF REPORTING REQUIREMENTS.— Section 8(e)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(2)) is amended to read as follows: "(2) SPECIFIC VIOLATIONS. —

    • (A) IN GENERAL.— Whenever the appropriate Federal

banking agency determines that— "(i) an uistitution-afKUated party has committed a violation of any provision of subchapter II of chapter