Page:United States Statutes at Large Volume 106 Part 5.djvu/410

 106 STAT. 4048 PUBLIC LAW 102-550—OCT. 28, 1992 is convicted of any crimincd offense under section 5322 of title 31, United States Code, after receiving written notification from the Attorney General, the Board may issue to such credit union a notice of its intention to terminate all rights, privileges, and franchises of the credit union and scnedule a pretermination hearing. "(3) JUDICIAL REVIEW. — Section 206(j) shall apply to any proceeding under this section. a franchise shall be forfeited under subsection (a), the Board shall take into account the following factors: "(1) The extent to which directors, committee members, or senior executive officers (as defined by the Board in regulations which the Board shall prescribe) of the credit union knew of, or were involved in, the commission of the money laimdering offense of which the credit union was found guilty. "(2) The extent to which the offense occurred despite the existence of policies and procedures within the credit union which were designed to prevent the occurrence of any such offense. "(3) The extent to which the credit union has fully cooperated with law enforcement authorities with respect to the investigation of the money laimdering offense of which the credit union was found guilty. "(4) The extent to which the credit union has implemented additional internal controls (since the commission of the offense of which the credit union was found guilty) to prevent the occurrence of any other money laundering offense. "(5) The extent to which the interest of the local community in having adequate deposit and credit services available would be threatened by the forfeiture of the franchise. "(c) SUCCESSOR LIABILITY. —This section shall not apply to a successor to the interests of, or a person who acquires, a credit imion that violated a provision of law described in subsection (a), if the successor succeeds to the interests of the violator, or the acquisition is made, in good faith and not for purposes of evading this section or regulations prescribed under this section. ". SEC. 1503. TERMINATING INSURANCE OF STATE DEPOSITORY INSTITUTIONS CONVICTED OF MONEY LAUNDERING OR CASH TRANSACTION REPORTING OFFENSES. (a) STATE BANKS AND SAVINGS AssocuTiONS.— (1) IN GENERAL.— Section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818) is amended by adding at the end the following new subsection: "(W) TERMINATION OF INSURANCE FOR MONEY LAUNDERING OR " CASH TRANSACTION REPORTING OFFENSES.— "(1) IN GENERAL. — "(A) CONVICTION OF TITLE IS OFFENSES. — "(i) DUTY TO NOTIFY. —If an insured State depository institution has been convicted of any criminal offense under section 1956 or 1957 of title 18, United States Code, the Attorney General shall provide to the Corporation a written notification of the conviction and shall include a certified copy of the order of conviction from the court rendering the decision.
 * (2) CONVICTION OF TITLE 3I OFFENSES. —If a credit union
 * '(b) FACTORS TO BE CONSIDERED. — In determining whether

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