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CITE

    18 USC Sec. 657                                             01/05/2009

EXPCITE

    TITLE 18 - CRIMES AND CRIMINAL PROCEDURE
    PART I - CRIMES
    CHAPTER 31 - EMBEZZLEMENT AND THEFT

HEAD

    Sec. 657. Lending, credit and insurance institutions

STATUTE

      Whoever, being an officer, agent or employee of or connected in
    any capacity with the Federal Deposit Insurance Corporation,
    National Credit Union Administration, Office of Thrift Supervision,
    the Resolution Trust Corporation, 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, or any community development financial institution
    receiving financial assistance under the Riegle Community
    Development and Regulatory Improvement Act of 1994, and whoever,
    being a receiver of any such institution, or agent or employee of
    the receiver, embezzles, abstracts, purloins or willfully
    misapplies any moneys, funds, credits, securities or other things
    of value belonging to such institution, or pledged or otherwise
    intrusted to its care, shall be fined not more than $1,000,000 or
    imprisoned not more than 30 years, or both; but if the amount or
    value embezzled, abstracted, purloined or misapplied does not
    exceed $1,000, he shall be fined under this title or imprisoned not
    more than one year, or both.

SOURCE

    (June 25, 1948, ch. 645, 62 Stat. 729; May 24, 1949, ch. 139, Sec.
    11, 63 Stat. 90; July 28, 1956, ch. 773, Sec. 1, 70 Stat. 714; Pub.
    L. 85-699, title VII, Sec. 703, Aug. 21, 1958, 72 Stat. 698; Pub.
    L. 87-353, Sec. 3(q), Oct. 4, 1961, 75 Stat. 774; Pub. L. 90-19,
    Sec. 24(a), May 25, 1967, 81 Stat. 27; Pub. L. 91-468, Sec. 4, Oct.
    19, 1970, 84 Stat. 1016; Pub. L. 101-73, title IX, Secs. 961(c),
    962(a)(7), (8)(A), Aug. 9, 1989, 103 Stat. 499, 502; Pub. L. 101-
    624, title XXIII, Sec. 2303(e), Nov. 28, 1990, 104 Stat. 3981;
    Pub. L. 101-647, title XVI, Sec. 1603, title XXV, Secs. 2504(c),
    2595(a)(2), Nov. 29, 1990, 104 Stat. 4843, 4861, 4907; Pub. L. 103-
    322, title XXXIII, Secs. 330004(6), 330016(1)(H), Sept. 13, 1994,
    108 Stat. 2141, 2147; Pub. L. 103-325, title I, Sec. 119(c), Sept.
    23, 1994, 108 Stat. 2188; Pub. L. 104-294, title VI, Sec. 606(a),
    Oct. 11, 1996, 110 Stat. 3511; Pub. L. 106-78, title VII, Sec. 767,
    Oct. 22, 1999, 113 Stat. 1174; Pub. L. 110-289, div. A, title II,
    Sec. 1216(c), July 30, 2008, 122 Stat. 2792.)

HISTORICAL AND REVISION NOTES

                                 1948 ACT
      Based on sections 1026(b) and 1514(c) of title 7, U.S.C., 1940
    ed., Agriculture, and 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 section 616(c) of title 15, U.S.C., 1940 ed.,
    Commerce and Trade (Dec. 23, 1913, ch. 6, Sec. 12B(u), as added
    June 16, 1933, ch. 89, Sec. 8, 48 Stat. 178; July 17, 1916, ch.
    245, Sec. 31, fourth paragraph, 39 Stat. 382; July 17, 1916, ch.
    245, Sec. 211(a), as added Mar. 4, 1923, ch. 252, Sec. 2, 42 Stat.
    1459; Mar. 4, 1923, ch. 252, title II, Sec. 216(a), 42 Stat. 1471;
    Jan. 22, 1932, ch. 8, Sec. 16(c), 47 Stat. 11; July 22, 1932, ch.
    522, Sec. 21(c), 47 Stat. 738; Mar. 27, 1933, Ex. Ord. No. 6084;
    June 13, 1933, ch. 64, Sec. 8(c), 48 Stat. 135; June 16, 1933, ch.
    98, Sec. 64(c), 48 Stat. 268; Jan. 31, 1934, ch. 7, Sec. 13, 48
    Stat. 347; June 27, 1934, ch. 847, Sec. 512(c), 48 Stat. 1265; Aug.
    23, 1935, ch. 614, Sec. 101, 49 Stat. 701; July 22, 1937, ch. 517,
    title IV, Sec. 52(b), 50 Stat. 532; Feb. 16, 1938, ch. 30, title V,
    Sec. 514(c), 52 Stat. 76; Aug. 14, 1946, ch. 964, Sec. 3, 60 Stat.
    1064).
      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.
      These were separated and the embezzlement and misapplication
    provisions of all form the basis of this section, and with one
    exception the remaining provisions of each section forming the
    basis for section 1006 of this title. The sole exception was that
    portion of said section 616(c) of title 15 as to the disclosure of
    information which now forms section 1904 of this title.
      The revised section condenses and simplifies the constituent
    provisions without change of substance except as in this note
    indicated.
      The punishment in each section was the same except that in
    section 1026(b) of title 7, U.S.C., 1940 ed., Agriculture, and
    sections 984, 1121, and 1311 of title 12, U.S.C., 1940 ed., Banks
    and Banking, the maximum fine was $5,000. The revised section
    adopts the $5,000 maximum. (For same penalty covering similar
    offense, see section 656 of this title.)
      The smaller punishment for an offense involving $100 or less was
    added. (See reviser's notes to sections 641-645 of this title.)
      The enumeration of "moneys, funds, credits, securities, or other
    things of value" does not occur in any one of the original sections
    but is an adequate, composite enumeration of the instruments
    mentioned in each.
      References to persons aiding and abetting contained in sections
    984, 1121, 1311 of title 12, U.S.C., 1940 ed., Banks and Banking,
    were omitted as unnecessary, such persons being made principals by
    section 2 of this title.
      The term "receiver" is used in sections 1121 and 1311 of title
    12, U.S.C., 1940 ed., Banks and Banking, with reference to Federal
    intermediate banks and agricultural credit corporations, and is
    undoubtedly embraced in the term "connected in any capacity with,"
    but the phrase "and whoever, being a receiver of any such
    institution" was inserted in this section to obviate all doubt as
    to its comprehensive scope.
      The suggestion has been made that "private examiners" should be
    included. These undoubtedly are covered by the words "connected in
    any capacity with." (See also section 655 of this title.)
      The term "or any department or agency of the United States" was
    inserted in each revised section in order to clarify the sweeping
    provisions against fraudulent acts and to obviate any possibility
    of ambiguity by reason of the omission of specific agencies named
    in the constituent sections. (See section 6 of this title defining
    "department and agency." For other verbal changes and deletions see
    reviser's note under section 656 of this title.)
                         SENATE REVISION AMENDMENT
      Certain words were stricken from the section as being unnecessary
    and inconsistent with other sections of this revision defining
    embezzlement and without changing existing law. See Senate Report
    No. 1620, amendment No. 7, 80th Cong.
                                 1949 ACT
      [Section 11] conforms section 657 of title 18, U.S.C., to
    administrative practice which in turn was modified to comply with
    congressional policy "not to use the Farmers Home Corporation to
    carry out the functions and duties provided for in H.R. 5991
    [Farmers Home Administration Act of 1946] but to vest the authority
    in the Secretary of Agriculture to be administered through the
    Farmers Home Administration as an agency of the Department of
    Agriculture" (H. Rept. No. 2683, to accompany H.R. 5991, 79th
    Cong., 2d sess.).

REFERENCES IN TEXT

      The Riegle Community Development and Regulatory Improvement Act
    of 1994, referred to in text, is Pub. L. 103-325, Sept. 23, 1994,
    108 Stat. 2160. For complete classification of this Act to the
    Code, see Short Title note set out under section 4701 of Title 12,
    Banks and Banking, and Tables.

AMENDMENTS

      2008 - Pub. L. 110-289 substituted "Federal Housing Finance
    Agency" for "Federal Housing Finance Board".
      1999 - Pub. L. 106-78 inserted "or successor agency" after
    "Farmers Home Administration" and after "Rural Development
    Administration".
      1996 - Pub. L. 104-294 substituted "$1,000" for "$100".
      1994 - Pub. L. 103-325 inserted "or any community development
    financial institution receiving financial assistance under the
    Riegle Community Development and Regulatory Improvement Act of
    1994," after "small business investment company,".
      Pub. L. 103-322 struck out "Reconstruction Finance Corporation,"
    before "Federal Deposit Insurance Corporation" and "Farmers' Home
    Corporation," before "the Secretary of Agriculture", and
    substituted "under this title" for "not more than $1,000" before
    "or imprisoned not more than one year, or both".
      1990 - Pub. L. 101-647, Sec. 2595(a)(2), substituted "Office of
    Thrift Supervision, the Resolution Trust Corporation, any Federal
    home loan bank, the Federal Housing Finance Board," 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 the
    intervening amendment by Pub. L. 101-647, Sec. 1603, see below.
      Pub. L. 101-647, Sec. 2504(c), substituted "30" for "20" before
    "years".
      Pub. L. 101-647, Sec. 1603, substituted "the Federal Deposit
    Insurance Corporation" for "the Federal Savings and Loan Insurance
    Corporation".
      Pub. L. 101-624 substituted "Farmers Home Administration, the
    Rural Development Administration" for "Farmers' Home
    Administration".
      1989 - Pub. L. 101-73, Sec. 962(a)(8)(A), substituted "the Farm
    Credit System Insurance Corporation, a Farm Credit Bank, a" for
    "any land bank, intermediate credit bank,".
      Pub. L. 101-73, Sec. 962(a)(7), substituted "National Credit
    Union Administration Board" for "Administrator of the National
    Credit Union Administration".
      Pub. L. 101-73, Sec. 961(c), substituted "$1,000,000" for
    "$5,000" and "20 years" for "five years".
      1970 - Pub. L. 91-468 inserted reference to National Credit Union
    Administration and its Administrator.
      1967 - Pub. L. 90-19 substituted "Department of Housing and Urban
    Development" for "Federal Housing Administration".
      1961 - Pub. L. 87-353 struck out reference to Federal Farm
    Mortgage Corporation.
      1958 - Pub. L. 85-699 inserted reference to any small business
    investment company.
      1956 - Act July 28, 1956, inserted reference to any institution
    the accounts of which are insured by the Federal Savings and Loan
    Insurance Corporation.
      1949 - Act May 24, 1949, inserted reference to Secretary of
    Agriculture acting through the Farmers' Home Administration.

EXCEPTIONS FROM TRANSFER OF FUNCTIONS

      Functions 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, Sec. 1, eff. June 4, 1953, 18 F.R. 3219, 67
    Stat. 633, set out in the Appendix to Title 5, Government
    Organization and Employees.
                   NATIONAL CREDIT UNION ADMINISTRATION
      Establishment as independent agency, membership etc., see section
    1752 et seq. of Title 12, Banks and Banking.
                        FARM CREDIT ADMINISTRATION
      Establishment of Farm Credit Administration as independent
    agency, and other changes in status, functions, etc., see Ex. Ord.
    No. 6084 set out preceding section 2241 of Title 12, Banks and
    Banking. See also section 2001 et seq. of Title 12.
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