Code of Federal Regulations · Section
§ 308.156 — Scope
12 C.F.R. § 308.156
The rules and procedures set forth in this subpart will apply to an application filed under section 19 of the FDI Act, 12 U.S.C. 1829 (section 19), and 12 CFR part 303, subpart L, by an insured depository institution (IDI), depository institution holding company, or an individual (any of which could be termed an applicant). Section 19 states that if an individual has been convicted of any criminal offense involving dishonesty, a breach of trust, or money laundering, or who has agreed to enter into a pretrial diversion or similar program in connection with the prosecution of such offense, the individual must seek the prior written consent of the FDIC to: become or continue as an institution-affiliated party (IAP) with respect to an IDI; own or control directly or indirectly an IDI; or participate directly or indirectly in any manner in the conduct of the affairs of an IDI. This subpart will apply only after such application has been denied under 12 CFR part 303, subpart L.
Authorizing Statute
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Penalty for unauthorized participation by convicted individual12 U.S.C. § 1829
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Mode of recovery28 U.S.C. § 2461
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Flood insurance purchase and compliance requirements and escrow accounts42 U.S.C. § 4012a
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Violation of provisions of chapter12 U.S.C. § 93
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Practice before the Department31 U.S.C. § 330
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Costs and fees of parties5 U.S.C. § 504