CHAPTER 19 - SECURITY MEASURES FOR BANKS AND SAVINGS ASSOCIATIONS

Title 12 > CHAPTER 19

Sections (4)

§ 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 .)

§ 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.

§ 1883 Insurance rates; report to Congress

The Federal supervisory agencies shall consult with 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 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 .)