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1000 - Federal Deposit Insurance Act
{{4-28-06 p.1371}}
SEC. 30. 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.
[Codified to 12 U.S.C. 1831g(a)]
[Source: Section 2[30(a)] of the Act of September 21, 1950 (Pub.
L. No. 797), effective September 21, 1950, as added by section 225 of
title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat.
275), effective August 9, 1989]
(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.
[Codified to 12 U.S.C. 1831g(b)]
[Source: Section 2[30(b)] of the Act of September 21, 1950 (Pub.
L. No. 797), effective September 21, 1950, as added by section 225 of
title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat.
275), effective August 9, 1989]
(c) ENFORCEMENT.--Any action taken by any appropriate
Federal banking agency under section
8 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.
[Codified to 12 U.S.C. 1831g(c)]
[Source: Section 2[30(c)] of the Act of September 21, 1950 (Pub.
L. No. 797), effective September 21, 1950, as added by section 225 of
title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat.
275), effective August 9, 1989]
(d) NO PRIVATE RIGHT OF ACTION.--This section may not be
construed as creating any private right of action.
[Codified to 12 U.S.C. 1831g(d)]
[Source: Section 2[30(d)] of the Act of September 21, 1950 (Pub.
L. No. 797), effective September 21, 1950, as added by section 225 of
title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat.
275), effective August 9, 1989]
(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 institution 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 the date of the enactment of the Financial
Institutions Reform, Recovery, and Enforcement Act of 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).
[Codified to 12 U.S.C. 1831g(e)]
[Source: Section 2[30(e)] of the Act of September 21,
1950 (Pub. L. No. 797), effective September 21, 1950, as added by
section 225 of title II of the Act of August 9, 1989 (Pub. L. No.
101--73; 103 Stat. 275), effective August 9, 1989; as amended by
section 602(a)(59) of title VI of the Act of September 23, 1994 (Pub.
L. No. 103--325; 108 Stat. 2291), effective September 23, 1994]
[The page following this is 1391.]
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