PUBLIC LAW 108–198—DEC. 19, 2003
117 STAT. 2899
Public Law 108–198 108th Congress An Act To prohibit the offer of credit by a financial institution to a financial institution examiner, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Preserving Independence of Financial Institution Examinations Act of 2003’’. SEC. 2. OFFER AND ACCEPTANCE OF CREDIT.
Dec. 19, 2003 [S. 1947] Preserving Independence of Financial Institution Examinations Act of 2003. 18 USC 201 note.
(a) IN GENERAL.—Title 18, United States Code, is amended by striking sections 212 and 213 and inserting the following: ‘‘§ 212. Offer of loan or gratuity to financial institution examiner ‘‘(a) IN GENERAL.—Except as provided in subsection (b), whoever, being an officer, director, or employee of a financial institution, makes or grants any loan or gratuity, to any examiner or assistant examiner who examines or has authority to examine such bank, branch, agency, organization, corporation, association, or institution— ‘‘(1) shall be fined under this title, imprisoned not more than 1 year, or both; and ‘‘(2) may be fined a further sum equal to the money so loaned or gratuity given. ‘‘(b) REGULATIONS.—A Federal financial institution regulatory agency may prescribe regulations establishing additional limitations on the application for and receipt of credit under this section and on the application and receipt of residential mortgage loans under this section, after consulting with each other Federal financial institution regulatory agency. ‘‘(c) DEFINITIONS.—In this section: ‘‘(1) EXAMINER.—The term ‘examiner’ means any person— ‘‘(A) appointed by a Federal financial institution regulatory agency or pursuant to the laws of any State to examine a financial institution; or ‘‘(B) elected under the law of any State to conduct examinations of any financial institutions. ‘‘(2) FEDERAL FINANCIAL INSTITUTION REGULATORY AGENCY.—The term ‘Federal financial institution regulatory agency’ means— ‘‘(A) the Office of the Comptroller of the Currency; ‘‘(B) the Board of Governors of the Federal Reserve System;
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