18 U.S.C. § 1014

Historical and Revision Notes

Act1948

section 616(a) of title 15Dec. 23, 1913, ch. 6, § 22(h)June 19, 1934, ch. 653, § 348 Stat. 1107July 17, 1916, ch. 245, § 3139 Stat. 382July 17, 1916, ch. 245, § 211(b)Mar. 4, 1923, ch. 252, § 242 Stat. 1460Mar. 4, 1923, ch. 25242 Stat. 1468Jan. 22, 1932, ch. 8, § 1647 Stat. 11July 22, 1932, ch. 522, § 21(a)47 Stat. 738June 13, 1933, ch. 64, § 8(a)48 Stat. 134June 16, 1933, ch. 98, § 64(a)48 Stat. 267Jan. 31, 1934, ch. 7, § 1348 Stat. 347June 3, 1935, ch. 164, § 2149 Stat. 319July 22, 1937, ch. 51750 Stat. 531Feb. 16, 1938, ch. 3052 Stat. 76Aug. 14, 1946, ch. 964, § 360 Stat. 1064Based on sections 1026(a) and 1514(a) of title 7, U.S.C., 1940 ed., Agriculture, sections 596, 981, 1122, 1123, 1138d(a), 1248, 1312, 1313, 1441(a), and 1467(a), of title 12, U.S.C., 1940 ed., Banks and Banking, and , U.S.C., 1940 ed., Commerce and Trade (, as added , ; , first paragraph, ; , (c), as added , ; , title II, §§ 209(h), 216(b), (c), , 1472; (a), ; , ; , ; , ; , ; , ; , title IV, § 52(a); ; , title V, § 514(a), ; , ).

Each of the 13 sections from which this section was derived contained similar provisions either relating to false representations and statements, or overvaluation of security, with respect to one or more of the named banks, agencies, or corporations.

section 981 of title 12section 981 of title 12section 1909 of this titleThese were consolidated and the false statement and security overvaluation provisions of all, form the basis of this section. The provisions of , U.S.C., 1940 ed., Banks and Banking, relating to acceptance of loans or gratuities by examiners, were consolidated with similar provisions from other sections to form section 218 [now section 213] of this title. The provisions of said , U.S.C., 1940 ed., Banks and Banking, prohibiting land bank and national farm loan association examiners from performing “any other service for compensation for any bank or banking or loan association, or for any person connected therewith in any capacity” were consolidated with similar provisions from other sections to form .

Eight of the consolidated sections contained identical punishment, each providing for a maximum fine of $5,000 and maximum imprisonment of 2 years. Two sections provided for a maximum fine of $10,000 and maximum imprisonment of 5 years. One section provided for maximum fine of $5,000 and maximum imprisonment of 5 years, one section provided for maximum fine of $2,000 and maximum imprisonment of 2 years, and one section provided for maximum fine of $5,000 and maximum imprisonment of 1 year.

The punishment by maximum fine of $5,000 or maximum imprisonment of 2 years, or both, provided in this consolidated section was adopted as most consistent with the greater number of comparable sections. (See sections 1008 and 1010 of this title.) This is a reasonable reconciliation of the conflicting punishment provisions and adequate for the offenses described.

The enumeration of “application, advance, discount, purchase, purchase agreement, repurchase agreement, commitment, or loan” and the wording “or any change or extension of any of the same, by renewal, deferment of action or otherwise, or the acceptance, release, or substitution of security therefor” does not occur in any one of the original sections, but such enumeration and such wording are adequate, and they represent a composite of terms and transactions mentioned in each.

In addition, changes were made in phraseology to secure uniformity of style, and some rephrasing was necessary, but the consolidation was without change of substance except as above indicated.

Section 1138d(f) of Title 12section 493 of this title, U.S.C., 1940 ed., Banks and Banking, relating to conspiracy, was not added to this consolidated section for reasons given in reviser’s note under .

Act1949

section 1014 of Title 18section 657 of this title[Section 21] 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 note under ]).

Editorial Notes

References in Text

Pub. L. 85–699Aug. 21, 195872 Stat. 689section 661 of Title 15The Small Business Investment Act of 1958, referred to in text, is , , , which is classified principally to chapter 14B (§ 661 et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see Short Title note set out under and Tables.

section 3101 of Title 12Section 1(b) of the International Banking Act of 1978, referred to in text, is classified to , Banks and Banking.

Pub. L. 102–242, title I, § 142(e)(2)Dec. 19, 1991105 Stat. 2281Section 25 of the Federal Reserve Act, referred to in text, is classified to subchapter I (§ 601 et seq.) of chapter 6 of Title 12, Banks and Banking. Section 25(a) of the Federal Reserve Act, which is classified to subchapter II (§ 611 et seq.) of chapter 6 of Title 12, was renumbered section 25A of that act by , , .

section 2602 of Title 12Section 3 of the Real Estate Settlement Procedures Act of 1974, referred to in text, is classified to , Banks and Banking.

Amendments

Pub. L. 111–2032010— struck out “the Office of Thrift Supervision” before “, any Federal home loan bank” and “the Resolution Trust Corporation,” before “the Farm Credit System Insurance Corporation,”.

Pub. L. 111–212009— struck out “or” after “the International Banking Act of 1978),” and inserted “, or a mortgage lending business, or any person or entity that makes in whole or in part a federally related mortgage loan as defined in section 3 of the Real Estate Settlement Procedures Act of 1974” after “section 25(a) of the Federal Reserve Act”.

Pub. L. 110–289, § 21292008—, inserted “the Federal Housing Administration,” before “the Farm Credit Administration” and substituted “commitment, loan, or insurance agreement or application for insurance or a guarantee” for “commitment, or loan”.

Pub. L. 110–289, § 1216(c), substituted “Federal Housing Finance Agency” for “Federal Housing Finance Board”.

Pub. L. 107–10015 U.S.C. 6622001— inserted “, as defined in section 103 of the Small Business Investment Act of 1958 (), or the Small Business Administration in connection with any provision of that Act” after “small business investment company”.

Pub. L. 106–781999— inserted “or successor agency” after “Farmers Home Administration” and after “Rural Development Administration”.

Pub. L. 104–2941996—, §§ 602(b), 607(d), struck out “Reconstruction Finance Corporation,” before “Farm Credit Administration”, “Farmers’ Home Corporation,” before “the Secretary of Agriculture”, and “of the National Agricultural Credit Corporation,” before “a Federal land bank” and inserted at end “The term ‘State-chartered credit union’ includes a credit union chartered under the laws of a State of the United States, the District of Columbia, or any commonwealth, territory, or possession of the United States.”

Pub. L. 104–294, § 605(b)Pub. L. 101–73, § 961(h)(1), amended directory language of . See 1989 Amendment note below.

Pub. L. 104–294, § 604(b)(22)Pub. L. 103–322, § 330002(d), amended directory language of . See 1994 Amendment note below.

Pub. L. 103–3541994— inserted “or a company the Corporation reinsures” after “Federal Crop Insurance Corporation”.

Pub. L. 103–322, § 330008(8), inserted comma after “National Credit Union Administration Board”.

Pub. L. 103–322, § 330002(d)Pub. L. 104–294, § 604(b)(22), as amended by , struck out a comma after “National Agricultural Credit Corporation,” and after “section 25(a) of the Federal Reserve Act,”.

Pub. L. 101–647, § 2597(i)1990—, inserted “a branch or agency of a foreign bank (as such terms are defined in paragraphs (1) and (3) of section 1(b) of the International Banking Act of 1978), or an organization operating under section 25 or section 25(a) of the Federal Reserve Act,” after “or the National Credit Union Administration Board”.

Pub. L. 101–647, § 2595(a)(5), substituted “the Office of Thrift Supervision, any Federal home loan bank, the Federal Housing Finance Board,” for “the Federal Home Loan Bank System,” and inserted a comma after “Resolution Trust Corporation”.

Pub. L. 101–647, § 2504(g), substituted “30” for “20” before “years”.

Pub. L. 101–624 substituted “Farmers Home Administration, the Rural Development Administration” for “Farmers’ Home Administration”.

Pub. L. 101–73, § 962(a)(8)(B)(i)1989—, substituted “any Farm Credit Bank, production credit association, agricultural credit association, bank for cooperatives, or any division, officer, or employee thereof” for “any Federal intermediate credit bank, or any division, officer, or employee thereof, or of any corporation organized under sections 1131–1134m of Title 12”.

Pub. L. 101–73, § 962(a)(8)(B)(ii), substituted “Farm Credit System Insurance Corporation” for “Federal Savings and Loan Insurance Corporation”.

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(h)(2), (3), (5), (6), struck out “the Federal Savings and Loan Insurance Corporation, any bank the deposits of which are insured by” after “the accounts of which are insured by”, struck out “any member of” before “the Federal Home Loan Bank System”, and substituted “$1,000,000” for “$5,000” and “20 years” for “two years”.

Pub. L. 101–73, § 961(h)(1)Pub. L. 104–294, § 605(b), as amended by , struck out “a Federal Home Loan Bank, the Federal Home Loan Bank Board, the Home Owners’ Loan Corporation, a Federal Savings and Loan Association” after “National Agricultural Credit Corporation,”.

Pub. L. 101–73, § 961(h)(4), which directed the insertion of “the Resolution Trust Corporation” after “Federal Deposit Insurance Corporation,” was executed by making the insertion after the second appearance of “Federal Deposit Insurance Corporation,” as the probable intent of Congress.

Pub. L. 97–2971982— struck out “a joint-stock land bank,” after “a Federal land bank,”.

Pub. L. 91–6091970— extended criminal penalty for fraud or false statements to influence any institution the accounts of which are insured by the Federal Savings and Loan Insurance Corporation, any bank the deposits of which are insured by the Federal Deposit Insurance Corporation, any member of the Federal Home Loan Bank System, the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, or the Administrator of the National Credit Union Administration.

Pub. L. 91–468 substituted “a Federal credit union, or an insured State-chartered credit union” for “or a Federal credit union”.

Pub. L. 88–3531964— inserted reference to Federal credit unions.

Pub. L. 87–3531961— struck out reference to Federal Farm Mortgage Corporation.

Pub. L. 86–1681959— substituted “Federal land bank association” for “National farm loan association”.

Pub. L. 85–6991958— inserted reference to small business investment companies.

July 26, 19561956—Act , struck out reference to corporations in which a Production Credit Corporation holds stock.

May 24, 19491949—Act , inserted reference to 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.

Effective Date of 1996 Amendment

section 604(b)(22) of Pub. L. 104–294Sept. 13, 1994section 604(d) of Pub. L. 104–294section 13 of this titleAmendment by effective , see , set out as a note under .

Pub. L. 104–294, title VI, § 605(b)Oct. 11, 1996110 Stat. 3509section 961(h) of Pub. L. 101–73Pub. L. 101–73Aug. 9, 1989, , , provided that the amendment by that section to was effective on the date of enactment of , which was approved .

Effective Date of 1994 Amendment

Pub. L. 103–354Oct. 13, 19947 U.S.C. 1501Oct. 13, 1994section 120 of Pub. L. 103–354section 1502 of Title 7Amendment by effective , and applicable to provision of crop insurance under Federal Crop Insurance Act ( et seq.) beginning with 1995 crop year, with such Act, as in effect on the day before , to continue to apply with respect to 1994 crop year, see , set out as a note under , Agriculture.

Effective Date of 1959 Amendment

Pub. L. 86–168Dec. 31, 1959section 104(k) of Pub. L. 86–168Amendment by effective , see .

Effective Date of 1956 Amendment

July 26, 1956Jan. 1, 1957section 1027 of Title 12Amendment by act , effective , see section 202(a) of that act, set out as an Effective Date note under , Banks and Banking.

National Credit Union Administration

Establishment as independent agency, membership, etc., see section 1752 et seq. of Title 12, Banks and Banking.

Executive Documents

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.