12 USC Ch. 19: SECURITY MEASURES FOR BANKS AND SAVINGS ASSOCIATIONS

From Title 12—BANKS AND BANKING

CHAPTER 19—SECURITY MEASURES FOR BANKS AND SAVINGS ASSOCIATIONS

Sec.

1881.
"Federal supervisory agency" defined.

1882.
Security measures.

1883.
Insurance rates; report to Congress.

1884.
Penalties for violations.

        

§1881. "Federal supervisory agency" defined

As used in this chapter the term "Federal supervisory agency" means the appropriate Federal banking agency, as defined in section 1813(q) of this title.

(Pub. L. 90–389, §2, July 7, 1968, 82 Stat. 294; Pub. L. 101–73, title VII, §744(h), Aug. 9, 1989, 103 Stat. 439; Pub. L. 108–386, §8(d), Oct. 30, 2004, 118 Stat. 2232; Pub. L. 111–203, title III, §356(1), July 21, 2010, 124 Stat. 1547.)

Amendments

2010—Pub. L. 111–203 substituted "the term 'Federal supervisory agency' means the appropriate Federal banking agency, as defined in section 1813(q) of this title." for "the term 'Federal supervisory agency' means—
"(1) The Comptroller of the Currency with respect to national banks,
"(2) The Board of Governors of the Federal Reserve System with respect to Federal Reserve banks and State banks which are members of the Federal Reserve System,
"(3) The Federal Deposit Insurance Corporation with respect to State banks which are not members of the Federal Reserve System but the deposits of which are insured by the Federal Deposit Insurance Corporation and State savings associations, and
"(4) The Director of the Office of Thrift Supervision with respect to Federal savings."
2004—Par. (1). Pub. L. 108–386 struck out "and district banks" after "national banks".
1989—Par. (3). Pub. L. 101–73, §744(h)(2), inserted reference to State savings associations.
Par. (4). Pub. L. 101–73, §744(h)(1), substituted "Director of the Office of Thrift Supervision" for "Federal Home Loan Bank Board", struck out "and loan" after "Federal savings", and struck out "associations, and institutions the accounts of which are insured by the Federal Savings and Loan Insurance Corporation" before period at end.

Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203 effective on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress.
Effective Date of 2004 Amendment

Amendment by Pub. L. 108–386 effective Oct. 30, 2004, and, except as otherwise provided, applicable with respect to fiscal year 2005 and each succeeding fiscal year, see sections 8(i) and 9 of Pub. L. 108–386, set out as notes under section 321 of this title.

Short Title

Pub. L. 90–389, §1, July 7, 1968, 82 Stat. 294, provided: "That this Act [enacting this chapter and amending section 1729 of this title] may be cited as the 'Bank Protection Act of 1968'."

§1882. Security measures

(a) Rules for installation, maintenance, and operation of security devices and procedures

Within six months from July 7, 1968, each Federal supervisory agency shall promulgate rules establishing minimum standards with which each bank or savings association must comply with respect to the installation, maintenance, and operation of security devices and procedures, reasonable in cost, to discourage robberies, burglaries, and larcenies and to assist in the identification and apprehension of persons who commit such acts.

(b) Time for compliance with standards

The rules shall establish the time limits within which banks and savings associations shall comply with the standards.

(Pub. L. 90–389, §3, July 7, 1968, 82 Stat. 295; Pub. L. 101–73, title IX, §911(a), Aug. 9, 1989, 103 Stat. 478; Pub. L. 111–203, title III, §356(2), July 21, 2010, 124 Stat. 1547.)

Amendments

2010—Pub. L. 111–203 struck out "and loan" after "savings" in subsecs. (a) and (b).
1989—Subsec. (b). Pub. L. 101–73 struck out "and shall require the submission of periodic reports with respect to the installation, maintenance, and operation of security devices and procedures" before period at end.

Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203 effective on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress.
Effective Date of 1989 Amendment

Amendment by Pub. L. 101–73 applicable with respect to reports filed or required to be filed after Aug. 9, 1989, see section 911(i) of Pub. L. 101–73, set out as a note under section 161 of this title.

§1883. Insurance rates; report to Congress

The Federal supervisory agencies shall consult with

(1) insurers furnishing insurance protection against losses resulting from robberies, burglaries, and larcenies committed against financial institutions referred to in section 1881 of this title, and

(2) State agencies having supervisory or regulatory responsibilities with respect to such insurers
to determine the feasibility and desirability of premium rate differentials based on the installation, maintenance, and operation of security devices and procedures. The Federal supervisory agencies shall report to the Congress the results of their consultations pursuant to this section not later than two years after July 7, 1968.

(Pub. L. 90–389, §4, July 7, 1968, 82 Stat. 295.)

§1884. Penalties for violations

A bank or savings association which violates a rule promulgated pursuant to this chapter shall be subject to a civil penalty which shall not exceed $100 for each day of the violation.

(Pub. L. 90–389, §5, July 7, 1968, 82 Stat. 295; Pub. L. 111–203, title III, §356(3), July 21, 2010, 124 Stat. 1547.)

Amendments

2010—Pub. L. 111–203 struck out "and loan" after "savings".

Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203 effective on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress.