Page:United States Statutes at Large Volume 106 Part 5.djvu/412

 106 STAT. 4050 PUBLIC LAW 102-550—OCT. 28, 1992 "(4) TEMPORARY INSURANCE OF PREVIOUSLY INSURED DEPOSITS. —Upon termination of the insured status of any state depository institution pursuant to paragraph (1), the deposits of such depository institution shall be treated in accordance with subsection (a)(7). "(6) SUCCESSOR LIABILITY.— Th is subsection shall not apply to a successor to the interests of, or a person who acquires, an insured depository institution that violated a provision of law described in paraip'aph (1), 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 subsection or regulations prescribed under this subsection. (6) DEPlNrnoN.— The term 'senior executive officer* has the same meaning as in regulations prescribed under section 32(f) of this Act.". (2) TECHNICAL AMENDMENT. —Section 8(a)(3) of the Federal Deposit Insurance Act (12 U.S.C. 1818(a)(3)) is amended by inserting "of this subsection or subsection (w)" after "subparagraph (B)". (b) STATE CREDIT UNIONS. —Section 206 of the Federal Credit Union Act (12 U.S.C. 1786) is amended by adding at the end the following new subsection: "(v) TERMINATION OF INSURANCE FOR MONEY LAUNDERING OR CASH TRANSACTION REPORTING OFFENSES.— "(1) IN GENERAL. — " (A) CONVICTION OF TITLE IS OFFENSES.— "(i) DUTY TO NOTIFY.—I f an insured State credit union 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 Board a written notification of the conviction and shall include a certified copy of the order of conviction from the court rendering the decision. "(ii) NOTICE OF TERMINATION. —After written notification from the Attorney General to the Board of such a conviction, the Board shall issue to such insured credit union a notice of its intention to terminate the insured status of the insured credit union and schedule a hearing on the matter, which shall be conducted as a termination hearing pursuant to subsection (b) of this section, except that no period {.. for correction shall apply to a notice issued under this subparagraph. "(B) CONVICTION OF TITLE 3I OFFENSES.— If a credit union is convicted of any criminal offense under section 5322 of title 31, United States Code, after prior written notification from the Attorney General, the Board may initiate proceedings to terminate the insured status of such credit union in the manner described in subparagraph (A). "(C) NOTICE TO STATE SUPERVISOR.— The Board shall simultaneously transmit a copy of any notice under this paragraph to the appropriate State financial institutions supervisor. "(2) FACTORS TO BE CONSIDERED.—In determining whether to terminate insurance under paragraph (1), the Board shall take into account the following factors:

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