Whoever, being an officer, agent or employee of or connected in any capacity with the Federal Deposit Insurance Corporation, National Credit Union Administration, any Federal home loan bank, the Federal Housing Finance Agency, Farm Credit Administration, Department of Housing and Urban Development, Federal Crop Insurance Corporation, the Secretary of Agriculture acting through the Farmers Home Administration or successor agency, the Rural Development Administration or successor agency, or the Farm Credit System Insurance Corporation, a Farm Credit Bank, a bank for cooperatives or any lending, mortgage, insurance, credit or savings and loan corporation or association authorized or acting under the laws of the United States or any institution, other than an insured bank (as defined in section 656), the accounts of which are insured by the Federal Deposit Insurance Corporation, or by the National Credit Union Administration Board or any small business investment company, with intent to defraud any such institution or any other company, body politic or corporate, or any individual, or to deceive any officer, auditor, examiner or agent of any such institution or of department or agency of the United States, makes any false entry in any book, report or statement of or to any such institution, or without being duly authorized, draws any order or bill of exchange, makes any acceptance, or issues, puts forth or assigns any note, debenture, bond or other obligation, or draft, bill of exchange, mortgage, judgment, or decree, or, with intent to defraud the United States or any agency thereof, or any corporation, institution, or association referred to in this section, participates or shares in or receives directly or indirectly any money, profit, property, or benefits through any transaction, loan, commission, contract, or any other act of any such corporation, institution, or association, shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.
June 25, 1948, ch. 64562 Stat. 750May 24, 1949, ch. 139, § 2063 Stat. 92July 28, 1956, ch. 773, § 270 Stat. 714Pub. L. 85–699, title VII, § 70472 Stat. 698Pub. L. 87–353, § 3(s)75 Stat. 774Pub. L. 90–19, § 24(a)81 Stat. 27Pub. L. 91–468, § 684 Stat. 1016Pub. L. 101–73, title IX103 Stat. 500Pub. L. 101–624, title XXIII, § 2303(e)104 Stat. 3981Pub. L. 101–647, title XVI, § 1603104 Stat. 4843Pub. L. 103–322, title XXXIII, § 330004(6)108 Stat. 2141Pub. L. 106–78, title VII, § 767113 Stat. 1174Pub. L. 110–289, div. A, title II, § 1216(c)122 Stat. 2792Pub. L. 111–203, title III, § 377(5)124 Stat. 1569(, ; , ; , ; , , ; , , ; , , ; , , ; , §§ 961(e), 962(a)(7), (8)(A), , , 502; , , ; , title XXV, §§ 2504(e), 2595(a)(4), , , 4861, 4907; , , ; , , ; , , ; , , .)
Historical and Revision Notes
Act1948
section 616(c) of title 15Dec. 23, 1913, ch. 6, § 12B(u)June 16, 1933, ch. 89, § 848 Stat. 178July 17, 1916, ch. 245, § 3139 Stat. 383July 17, 1916, ch. 245, § 211(a)Mar. 4, 1923, ch. 252, § 242 Stat. 1459Mar. 4, 1923, ch. 25242 Stat. 1471Jan. 22, 1932, ch. 8, § 16(c)47 Stat. 11July 22, 1932, ch. 522, § 21(c)47 Stat. 738June 13, 1933, ch. 64, § 8(c)48 Stat. 135June 16, 1933, ch. 98, § 64(c)48 Stat. 268Jan. 31, 1934, ch. 7, § 1348 Stat. 347June 27, 1934, ch. 847, § 512(c)48 Stat. 1265Aug. 23, 1935, ch. 614, § 10149 Stat. 701July 22, 1937, ch. 51750 Stat. 532Feb. 16, 1938, ch. 3052 Stat. 76Aug. 14, 1946, ch. 964, § 360 Stat. 1064Based on sections 1026(b) and 1514(c) of title 7, U.S.C., 1940 ed., Agriculture, sections 264(u), 984, 1121, 1138d(c), 1311, 1441(c), 1467(c) and 1731(c) of title 12, U.S.C., 1940 ed., Banks and Banking, and , U.S.C., 1940 ed., Commerce and Trade (, as added , ; , fourth par., ; , as added , ; , title II, § 216(a), ; , ; , ; Ex. Ord. No. 6084, ; , ; , ; , ; , ; , ; , title IV, § 52(b), ; , title V, § 514(c), ; , ).
Each of the eleven sections from which this section was derived contained similar provisions relating to embezzlement, false entries, and fraudulent issuance or assignment of obligations with respect to one or more named agencies or corporations.
section 657 of this titlesection 616(c) of title 15section 1904 of this titleThese were divided and the false entry and fraudulent issuance or assignment of obligation provisions of all, form the basis of this section. The remaining provisions of each section, relating to embezzlement and misapplication, form the basis for . That portion of said , relating to disclosure of information, forms the basis for .
Each revised section condenses and simplifies the constituent provisions without change of substance except as herein indicated.
section 1026(b) of title 7The punishment provisions in each section were the same except that in , U.S.C., 1940 ed., and sections 984, 1121, and 1311 of title 12, U.S.C., 1940 ed., the maximum fine was $5,000. This consolidated section adopts the $10,000 maximum fine provided by the seven other sections.
section 2 of this titleReferences to persons aiding or abetting contained in sections 984, 1121, and 1311 of title 12, U.S.C., 1940 ed., were omitted as unnecessary, as such persons are made principals by .
The term “receiver,” used in sections 1121 and 1311 of title 12, U.S.C., 1940 ed., with reference to Federal intermediate credit banks and agricultural credit corporations, was omitted as this term is undoubtedly embraced in the phrase “or connected in any capacity with.”
section 6 of this titleThe term “or of any department or agency of the United States” was inserted in order to clarify the sweeping provisions against fraudulent acts and to eliminate any possible ambiguity as to scope of section. (See definitions of “department” and “agency” in .)
section 1311 of title 12section 1 of this titleWords “shall be deemed guilty of a misdemeanor”, contained in , U.S.C., 1940 ed., were omitted as unnecessary, in view of definition of misdemeanor in .
section 1311 of title 12Words “and upon conviction”, contained in , U.S.C., 1940 ed., were omitted as surplusage, because punishment cannot be imposed until after conviction.
section 1311 of title 12section 3231 of this titleWords “in any district court of the United States”, contained in , U.S.C., 1940 ed., were omitted as unnecessary, because confers jurisdiction on the Federal district courts of all crimes and offenses defined in this title.
section 1138d(f) of title 12section 493 of this titlesection 371 of this titleThe conspiracy provisions of , U.S.C., 1940 ed., Banks and Banking, were not added to this consolidated section for reasons stated in reviser’s note under . (See also reviser’s note under .)
Act1949
section 1006 of title 18section 657 of this title[Section 20] conforms , U.S.C., to administrative practice which in turn was modified to comply with congressional policy. (See note to sec. 11 [of 1949 Act, set out in Historical and Revision Notes under ]).
Editorial Notes
Amendments
Pub. L. 111–2032010— struck out “Office of Thrift Supervision,” after “National Credit Union Administration,” and “the Resolution Trust Corporation,” after “the Federal Housing Finance Agency,”.
Pub. L. 110–2892008— substituted “Federal Housing Finance Agency” for “Federal Housing Finance Board”.
Pub. L. 106–781999— inserted “or successor agency” after “Farmers Home Administration” and after “Rural Development Administration”.
Pub. L. 103–3221994— struck out “Reconstruction Finance Corporation,” after “in any capacity with the” and “Farmers’ Home Corporation,” after “Federal Crop Insurance Corporation,”.
Pub. L. 101–647, § 2595(a)(4)Pub. L. 101–647, § 16031990—, substituted “Office of Thrift Supervision, any Federal home loan bank, the Federal Housing Finance Board, the Resolution Trust Corporation,” for “Home Owners’ Loan Corporation,”, and directed substitution of “institution, other than an insured bank (as defined in section 656), the accounts of which are insured by the Federal Deposit Insurance Corporation”, for “institution the accounts of which are insured by the Federal Savings and Loan Insurance Corporation” which was executed by making the substitution for “institution the accounts of which are insured by the Federal Deposit Insurance Corporation” to reflect the probable intent of Congress and intervening amendment by , see below.
Pub. L. 101–647, § 2504(e), substituted “30” for “20” before “years”.
Pub. L. 101–647, § 1603, substituted “Federal Deposit Insurance Corporation” for “Federal Savings and Loan Insurance Corporation”.
Pub. L. 101–624 substituted “Farmers Home Administration, the Rural Development Administration” for “Farmers’ Home Administration”.
Pub. L. 101–73, § 962(a)(8)(A)1989—, substituted “the Farm Credit System Insurance Corporation, a Farm Credit Bank, a” for “any land bank, intermediate credit bank,”.
Pub. L. 101–73, § 962(a)(7), substituted “National Credit Union Administration Board” for “Administrator of the National Credit Union Administration”.
Pub. L. 101–73, § 961(e), substituted “$1,000,000” for “$10,000” and “20 years” for “five years”.
Pub. L. 91–4681970— added National Credit Union Administration and its Administrator to the enumeration of Federal Credit institutions and personnel.
Pub. L. 90–191967— substituted “Department of Housing and Urban Development” for “Federal Housing Administration”.
Pub. L. 87–3531961— struck out reference to Federal Farm Mortgage Corporation.
Pub. L. 85–6991958— included officers, agents or employees of or connected in any capacity with small business investment companies.
1956—Act , included officers, agents or employees of or connected in any capacity with any institution the accounts of which are insured by the Federal Savings and Loan Insurance Corporation.
1949—Act , inserted reference Secretary of Agriculture acting through the Farmers’ Home Administration.
Statutory Notes and Related Subsidiaries
Effective Date of 2010 Amendment
Pub. L. 111–203section 351 of Pub. L. 111–203section 906 of Title 2Amendment by effective on the transfer date, see , set out as a note under , The Congress.
National Credit Union Administration
Establishment as independent agency, membership etc., see section 1752 et seq. of Title 12, Banks and Banking.
Executive Documents
Exceptions From Transfer of Functions
67 Stat. 633Functions of Corporations of Department of Agriculture, boards of directors and officers of such corporations, Advisory Board of Commodity Credit Corporation, and Farm Credit Administration or any agency, officer or entity of, under, or subject to supervision of said Administration excepted from functions of officers, agencies, and employees transferred to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, § 1, eff. , 18 F.R. 3219, , set out in the Appendix to Title 5, Government Organization and Employees.
Farm Credit Administration
section 2241 of Title 12Establishment of Farm Credit Administration as independent agency, and other changes in status, function, etc., see Ex. Ord. No. 6084, set out prec. , Banks and Banking. See also section 2001 et seq. of Title 12.