§ 657. — Lending, credit and insurance institutions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 18USC657]
TITLE 18--CRIMES AND CRIMINAL PROCEDURE
PART I--CRIMES
CHAPTER 31--EMBEZZLEMENT AND THEFT
Sec. 657. Lending, credit and insurance institutions
Whoever, being an officer, agent or employee of or connected in any
capacity with the Federal Deposit Insurance Corporation, National Credit
Union Administration, Office of Thrift Supervision, the Resolution Trust
Corporation, any Federal home loan bank, the Federal Housing Finance
Board, Farm Credit Administration, Department of Housing and Urban
Development, Federal Crop Insurance Corporation, the Secretary of
Agriculture acting through the Farmers Home Administration or successor
agency, the Rural Development Administration or successor agency, or the
Farm Credit System Insurance Corporation, a Farm Credit Bank, a bank for
cooperatives or any lending, mortgage, insurance, credit or savings and
loan corporation or association authorized or acting under the laws of
the United States or any institution, other than an insured bank (as
defined in section 656), the accounts of which are insured by the
Federal Deposit Insurance Corporation, or by the National Credit Union
Administration Board or any small business investment company, or any
community development financial institution receiving financial
assistance under the Riegle Community Development and Regulatory
Improvement Act of 1994, and whoever, being a receiver of any such
institution, or agent or employee of the receiver, embezzles, abstracts,
purloins or willfully misapplies any moneys, funds, credits, securities
or other things of value belonging to such institution, or pledged or
otherwise intrusted to its care, shall be fined not more than $1,000,000
or imprisoned not more than 30 years, or both; but if the amount or
value embezzled, abstracted, purloined or misapplied does not exceed
$1,000, he shall be fined under this title or imprisoned not more than
one year, or both.
(June 25, 1948, ch. 645, 62 Stat. 729; May 24, 1949, ch. 139, Sec. 11,
63 Stat. 90; July 28, 1956, ch. 773, Sec. 1, 70 Stat. 714; Pub. L. 85-
699, title VII, Sec. 703, Aug. 21, 1958, 72 Stat. 698; Pub. L. 87-353,
Sec. 3(q), Oct. 4, 1961, 75 Stat. 774; Pub. L. 90-19, Sec. 24(a), May
25, 1967, 81 Stat. 27; Pub. L. 91-468, Sec. 4, Oct. 19, 1970, 84 Stat.
1016; Pub. L. 101-73, title IX, Secs. 961(c), 962(a)(7), (8)(A), Aug. 9,
1989, 103 Stat. 499, 502; Pub. L. 101-624, title XXIII, Sec. 2303(e),
Nov. 28, 1990, 104 Stat. 3981; Pub. L. 101-647, title XVI, Sec. 1603,
title XXV, Secs. 2504(c), 2595(a)(2), Nov. 29, 1990, 104 Stat. 4843,
4861, 4907; Pub. L. 103-322, title XXXIII, Secs. 330004(6),
330016(1)(H), Sept. 13, 1994, 108 Stat. 2141, 2147; Pub. L. 103-325,
title I, Sec. 119(c), Sept. 23, 1994, 108 Stat. 2188; Pub. L. 104-294,
title VI, Sec. 606(a), Oct. 11, 1996, 110 Stat. 3511; Pub. L. 106-78,
title VII, Sec. 767, Oct. 22, 1999, 113 Stat. 1174.)
Historical and Revision Notes
1948 Act
Based on sections 1026(b) and 1514(c) of title 7, U.S.C., 1940 ed.,
Agriculture, and sections 264(u), 984, 1121, 1138d(c), 1311, 1441(c),
1467(c), and 1731(c) of title 12, U.S.C., 1940 ed., Banks and Banking,
and section 616(c) of title 15, U.S.C., 1940 ed., Commerce and Trade
(Dec. 23, 1913, ch. 6, Sec. 12B(u), as added June 16, 1933, ch. 89,
Sec. 8, 48 Stat. 178; July 17, 1916, ch. 245, Sec. 31, fourth paragraph,
39 Stat. 382; July 17, 1916, ch. 245, Sec. 211(a), as added Mar. 4,
1923, ch. 252, Sec. 2, 42 Stat. 1459; Mar. 4, 1923, ch. 252, title II,
Sec. 216(a), 42 Stat. 1471; Jan. 22, 1932, ch. 8, Sec. 16(c), 47 Stat.
11; July 22, 1932, ch. 522, Sec. 21(c), 47 Stat. 738; Mar. 27, 1933, Ex.
Ord. No. 6084; June 13, 1933, ch. 64, Sec. 8(c), 48 Stat. 135; June 16,
1933, ch. 98, Sec. 64(c), 48 Stat. 268; Jan. 31, 1934, ch. 7, Sec. 13,
48 Stat. 347; June 27, 1934, ch. 847, Sec. 512(c), 48 Stat. 1265; Aug.
23, 1935, ch. 614, Sec. 101, 49 Stat. 701; July 22, 1937, ch. 517, title
IV, Sec. 52(b), 50 Stat. 532; Feb. 16, 1938, ch. 30, title V,
Sec. 514(c), 52 Stat. 76; Aug. 14, 1946, ch. 964, Sec. 3, 60 Stat.
1064).
Each of the eleven sections from which this section was derived
contained similar provisions relating to embezzlement, false entries,
and fraudulent issuance or assignment of obligations with respect to one
or more named agencies or corporations.
These were separated and the embezzlement and misapplication
provisions of all form the basis of this section, and with one exception
the remaining provisions of each section forming the basis for section
1006 of this title. The sole exception was that portion of said section
616(c) of title 15 as to the disclosure of information which now forms
section 1904 of this title.
The revised section condenses and simplifies the constituent
provisions without change of substance except as in this note indicated.
The punishment in each section was the same except that in section
1026(b) of title 7, U.S.C., 1940 ed., Agriculture, and sections 984,
1121, and 1311 of title 12, U.S.C., 1940 ed., Banks and Banking, the
maximum fine was $5,000. The revised section adopts the $5,000 maximum.
(For same penalty covering similar offense, see section 656 of this
title.)
The smaller punishment for an offense involving $100 or less was
added. (See reviser's notes to sections 641-645 of this title.)
The enumeration of ``moneys, funds, credits, securities, or other
things of value'' does not occur in any one of the original sections but
is an adequate, composite enumeration of the instruments mentioned in
each.
References to persons aiding and abetting contained in sections 984,
1121, 1311 of title 12, U.S.C., 1940 ed., Banks and Banking, were
omitted as unnecessary, such persons being made principals by section 2
of this title.
The term ``receiver'' is used in sections 1121 and 1311 of title 12,
U.S.C., 1940 ed., Banks and Banking, with reference to Federal
intermediate banks and agricultural credit corporations, and is
undoubtedly embraced in the term ``connected in any capacity with,'' but
the phrase ``and whoever, being a receiver of any such institution'' was
inserted in this section to obviate all doubt as to its comprehensive
scope.
The suggestion has been made that ``private examiners'' should be
included. These undoubtedly are covered by the words ``connected in any
capacity with.'' (See also section 655 of this title.)
The term ``or any department or agency of the United States'' was
inserted in each revised section in order to clarify the sweeping
provisions against fraudulent acts and to obviate any possibility of
ambiguity by reason of the omission of specific agencies named in the
constituent sections. (See section 6 of this title defining ``department
and agency.'' For other verbal changes and deletions see reviser's note
under section 656 of this title.)
Senate Revision Amendment
Certain words were stricken from the section as being unnecessary
and inconsistent with other sections of this revision defining
embezzlement and without changing existing law. See Senate Report No.
1620, amendment No. 7, 80th Cong.
1949 Act
[Section 11] conforms section 657 of title 18, U.S.C., to
administrative practice which in turn was modified to comply with
congressional policy ``not to use the Farmers Home Corporation to carry
out the functions and duties provided for in H.R. 5991 [Farmers Home
Administration Act of 1946] but to vest the authority in the Secretary
of Agriculture to be administered through the Farmers Home
Administration as an agency of the Department of Agriculture'' (H. Rept.
No. 2683, to accompany H.R. 5991, 79th Cong., 2d sess.).
References in Text
The Riegle Community Development and Regulatory Improvement Act of
1994, referred to in text, is Pub. L. 103-325, Sept. 23, 1994, 108 Stat.
2160. For complete classification of this Act to the Code, see Short
Title note set out under section 4701 of Title 12, Banks and Banking,
and Tables.
Amendments
1999--Pub. L. 106-78 inserted ``or successor agency'' after
``Farmers Home Administration'' and after ``Rural Development
Administration''.
1996--Pub. L. 104-294 substituted ``$1,000'' for ``$100''.
1994--Pub. L. 103-325 inserted ``or any community development
financial institution receiving financial assistance under the Riegle
Community Development and Regulatory Improvement Act of 1994,'' after
``small business investment company,''.
Pub. L. 103-322 struck out ``Reconstruction Finance Corporation,''
before ``Federal Deposit Insurance Corporation'' and ``Farmers' Home
Corporation,'' before ``the Secretary of Agriculture'', and substituted
``under this title'' for ``not more than $1,000'' before ``or imprisoned
not more than one year, or both''.
1990--Pub. L. 101-647, Sec. 2595(a)(2), substituted ``Office of
Thrift Supervision, the Resolution Trust Corporation, any Federal home
loan bank, the Federal Housing Finance Board,'' for ``Home Owners' Loan
Corporation,'', and directed substitution of ``institution, other than
an insured bank (as defined in section 656), the accounts of which are
insured by the Federal Deposit Insurance Corporation'' for ``institution
the accounts of which are insured by the Federal Savings and Loan
Insurance Corporation'' which was executed by making the substitution
for ``institution the accounts of which are insured by the Federal
Deposit Insurance Corporation'' to reflect the probable intent of
Congress and the intervening amendment by Pub. L. 101-647, Sec. 1603,
see below.
Pub. L. 101-647, Sec. 2504(c), substituted ``30'' for ``20'' before
``years''.
Pub. L. 101-647, Sec. 1603, substituted ``the Federal Deposit
Insurance Corporation'' for ``the Federal Savings and Loan Insurance
Corporation''.
Pub. L. 101-624 substituted ``Farmers Home Administration, the Rural
Development Administration'' for ``Farmers' Home Administration''.
1989--Pub. L. 101-73, Sec. 962(a)(8)(A), substituted ``the Farm
Credit System Insurance Corporation, a Farm Credit Bank, a'' for ``any
land bank, intermediate credit bank,''.
Pub. L. 101-73, Sec. 962(a)(7), substituted ``National Credit Union
Administration Board'' for ``Administrator of the National Credit Union
Administration''.
Pub. L. 101-73, Sec. 961(c), substituted ``$1,000,000'' for
``$5,000'' and ``20 years'' for ``five years''.
1970--Pub. L. 91-468 inserted reference to National Credit Union
Administration and its Administrator.
1967--Pub. L. 90-19 substituted ``Department of Housing and Urban
Development'' for ``Federal Housing Administration''.
1961--Pub. L. 87-353 struck out reference to Federal Farm Mortgage
Corporation.
1958--Pub. L. 85-699 inserted reference to any small business
investment company.
1956--Act July 28, 1956, inserted reference to any institution the
accounts of which are insured by the Federal Savings and Loan Insurance
Corporation.
1949--Act May 24, 1949, inserted reference to Secretary of
Agriculture acting through the Farmers' Home Administration.
Exceptions From Transfer of Functions
Functions of corporations of Department of Agriculture; boards of
directors and officers of such corporations; Advisory Board of Commodity
Credit Corporation; and Farm Credit Administration or any agency,
officer, or entity of, under, or subject to supervision of said
Administration excepted from functions of officers, agencies, and
employees transferred to Secretary of Agriculture by Reorg. Plan No. 2
of 1953, Sec. 1, eff. June 4, 1953, 18 F.R. 3219, 67 Stat. 633, set out
in the Appendix to Title 5, Government Organization and Employees.
National Credit Union Administration
Establishment as independent agency, membership etc., see section
1752 et seq. of Title 12, Banks and Banking.
Farm Credit Administration
Establishment of Farm Credit Administration as independent agency,
and other changes in status, functions, etc., see Ex. Ord. No. 6084 set
out preceding section 2241 of Title 12, Banks and Banking. See also
section 2001 et seq. of Title 12.
Section Referred to in Other Sections
This section is referred to in sections 225, 981, 982, 1510, 1956,
3056, 3293, 3322 of this title; title 12 sections 1785, 1786, 1787,
1821, 1828, 1829, 1831k, 1833a, 2277a-10b.
