Page:United States Statutes at Large Volume 103 Part 1.djvu/474

 103 STAT. 446 PUBLIC LAW 101-73 —AUG. 9, 1989 SEC. 807. RULES AND REGULATIONS. Section 211 of the Bank Conservation Act (12 U.S.C. 211) is amended to read as follows: "SEC. 211. RULES AND REGULATIONS. "(a) IN GENERAL.— The Comptroller of the Currency may prescribe such rules and regulations as the Comptroller may deem necessary to carry out the provisions of this Act. "(b) F.D.I.C. AS CONSERVATOR. —In any case in which the Federal Deposit Insurance Corporation is the conservator, any rules or regulations prescribed by the Comptroller shall be consistent with any rules and regulations prescribed by the Federal Deposit Insur- ance Corporation pursuant to the Federal Deposit Insurance Act.". SEC. 808. REPEALS. Sections 207 and 208 of the Bank Conservation Act (12 U.S.C. 207 and 208) are repealed. TITLE IX—REGULATORY ENFORCEMENT AUTHORITY AND CRIMINAL ENHANCE- MENTS Subtitle A—Expanded Enforcement Powers, Increased Penalties, and Improved Account- ability SEC. 901. INSTITUTION-AFFILIATED PARTIES OF A DEPOSITORY INSTITU- TION SUBJECT TO ADMINISTRATIVE ENFORCEMENT ORDERS; SUBSTITUTION OF "DEPOSITORY INSTITUTION" FOR "BANK" IN ENFORCEMENT PROVISIONS. (a) INSTITUTION-AFFILIATED PARTY DEFINED.—Section 206 of the Federal Credit Union Act (12 U.S.C. 1786) is amended by adding at the end thereof the following new subsection: "(r) INSTITUTION-AFFILIATED PARTY DEFINED.— For purposes of this Act, the term 'institution-affiliated party' means— "(1) any committee member, director, officer, or employee of, or agent for, an insured credit union; "(2) any consultant, joint venture partner, and any other person as determined by the Board (by regulation or on a case- by-case basis) who participates in the conduct of the affairs of an insured credit union; and "(3) any independent contractor (including any attorney, ap- praiser, or accountant) who knowingly or recklessly participates in^ "(A) any violation of any law or regulation; "(B) any breach of fiduciary duty; or "(C) any unsafe or unsound practice, which caused or is likely to cause more than a minimal finan- cial loss to, or a significant adverse effect on, the insured credit union.". (b) AMENDMENTS RELATING TO USE OF "INSTITUTION-AFFILIATED PARTY".—

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