Page:United States Statutes at Large Volume 103 Part 1.djvu/303

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 275 gages, directly or indirectly, in the solicitation of deposits by offering rates of interest (with respect to such deposits) which are significantly higher than the prevailing rates of interest on deposits offered by other insured depository institutions having the same t3^pe of charter in such depository institution's normal market area. "(4) EMPLOYEE.—For purposes of this subsection, the term 'employee' means any employee— (A) who is employed exclusively by the insured deposi- torv institution; (B) whose compensation is primarily in the form of a salary; "(C) who does not share such employee's compensation with a deposit broker; and "(D) whose office space or place of business is used exclu- sively for the benefit of the insured depository institution which employs such individual. "(g) TROUBLED INSTITUTION DEFINED.— The term 'troubled institu- tion means any insured depository institution which does not meet the minimum capital requiremente applicable with respect to such institution.". (b) EFFECTIVE DATE.—The Eunendment made by subsection (a) shall apply to deposits accepted after the end of the 120-day period beginning on the date of the enactment of this Act. SEC. 225. CONTRACTS BETWEEN DEPOSITORY INSTITUTIONS AND PER- SONS PROVIDING GOODS, PRODUCTS, OR SERVICES. The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended by inserting after section 29 (as added by section 224 of this title) the following new section: "SEC. 30. CONTRACTS BETWEEN DEPOSITORY INSTITUTIONS AND PER- SONS PROVIDING GOODS, PRODUCTS, OR SERVICES. "(a) IN GENERAL.— An insured depository institution may not enter into a written or oral contract with any person to provide goods, products, or services to or for the benefit of such depository institution if the performance of such contract would adversely affect the safety or soundness of the institution. "(b) RULEMAKING. —The Corporation shall prescribe such regula- tions and issue such orders, including definitions consistent with this section, as may be necessary to administer and carry out the purposes of, and prevent evasions of, this section. "(c) ENFORCEMENT.—Any action taken by any appropriate Federal banking agency under section 8 to enforce compliance on the part of any insured depository institution with the requirements of this section may include a requirement that such institution properly reflect the transaction on its books and records. "(d) No PRIVATE RIGHT OF ACTION. —This section may not be construed as creating any private right of action. "(e) STUDY.— "(1) IN GENERAL.—The Attorney General and the Comptroller General of the United States shall jointly conduct a study on the extent to which— "(A) insured depository institutions are entering into con- tracts with vendors under which venders agree to purchase stock or assets from insured depository institutions or to invest capital in or make deposits in such institutions; and 12 USC 1831f note. 12 USC 1831g. Regulations.

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