§ 4717. — Enforcement.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4717]
TITLE 12--BANKS AND BANKING
CHAPTER 47--COMMUNITY DEVELOPMENT BANKING
SUBCHAPTER I--COMMUNITY DEVELOPMENT BANKING AND FINANCIAL INSTITUTIONS
Sec. 4717. Enforcement
(a) Regulations
(1) In general
Not later than 180 days after the appointment and qualification
of the Administrator, the Fund shall promulgate such regulations as
may be necessary to carry out this subchapter.
(2) Regulations required
The regulations promulgated under paragraph (1) shall include
regulations applicable to community development financial
institutions that are not insured depository institutions to--
(A) prevent conflicts of interest on the part of directors,
officers, and employees of community development financial
institutions as the Fund determines to be appropriate; and
(B) establish such standards with respect to loans by a
community development financial institution to any director,
officer, or employee of such institution as the Fund determines
to be appropriate, including loan amount limitations.
(b) Administrative enforcement
The provisions of this subchapter, and regulations prescribed and
agreements entered into under this subchapter, shall be enforced under
section 8 of the Federal Deposit Insurance Act [12 U.S.C. 1818] by the
appropriate Federal banking agency, in the case of an insured community
development financial institution. A violation of this subchapter, or
any regulation prescribed under or any agreement entered into under this
subchapter, shall be treated as a violation of the Federal Deposit
Insurance Act [12 U.S.C. 1811 et seq.].
(Pub. L. 103-325, title I, Sec. 119, Sept. 23, 1994, 108 Stat. 2188.)
References in Text
The Federal Deposit Insurance Act, referred to in subsec. (b), is
act Sept. 21, 1950, ch. 967, Sec. 2, 64 Stat. 873, as amended, which is
classified generally to chapter 16 (Sec. 1811 et seq.) of this title.
For complete classification of this Act to the Code, see Short Title
note set out under section 1811 of this title and Tables.
Codification
Section is comprised of section 119 of Pub. L. 103-325. Subsec. (c)
of section 119 of Pub. L. 103-325 amended section 657 of Title 18,
Crimes and Criminal Procedure.
