Us Code § 1831g - Contracts between depository institutions and persons providing goods, products, or services
Full text of Us Code United States Code § 1831g — Contracts between depository institutions and persons providing goods, products, or services, with citation guidance and answers to common questions.
§ 1831g. Contracts between depository institutions and persons providing goods, products, or services
(a) In general
An insured depository institution may not enter into a written or oral contract with any person to provide goods, products, or services to or for the benefit of such depository institution if the performance of such contract would adversely affect the safety or soundness of the institution.
(b) Rulemaking
The Corporation shall prescribe such regulations and issue such orders, including definitions consistent with this section, as may be necessary to administer and carry out the purposes of, and prevent evasions of, this section.
(c) Enforcement
Any action taken by any appropriate Federal banking agency under section 1818 of this title to enforce compliance on the part of any insured depository institution with the requirements of this section may include a requirement that such institution properly reflect the transaction on its books and records.
(d) No private right of action
This section may not be construed as creating any private right of action.
(e) Study
(1) In general
The Attorney General and the Comptroller General of the United States shall jointly conduct a study on the extent to which—
(A) insured depository institutions are entering into contracts with vendors under which the vendors agree to purchase stock or assets from insured depository institutions or to invest capital in or make deposits in such institutions; and
(B) if such practices occur, the extent to which such practices are having an anticompetitive effect and should be prohibited.
(2) Report to Congress
Before the end of the 1-year period beginning on August 9, 1989, the Attorney General and the Comptroller General shall submit a report to the Congress on the results of the study conducted pursuant to paragraph (1).
(Sept. 21, 1950, ch. 967, §2[30], as added Pub. L. 101–73, title II, §225, Aug. 9, 1989, 103 Stat. 275; amended Pub. L. 103–325, title VI, §602(a)(59), Sept. 23, 1994, 108 Stat. 2291.)
Editorial Notes
Amendments
1994—Subsec. (e)(1)(A). Pub. L. 103–325 substituted "the vendors" for "venders".
About This Section
12 U.S.C. § 1831g is part of Title 12 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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