Page:United States Statutes at Large Volume 82.djvu/337

This page needs to be proofread.
[82 STAT. 295]
[82 STAT. 295]
PUBLIC LAW 90-000—MMMM. DD, 1968

82 STAT. ]

PUBLIC LAW 90-389-JULY 7, 1968

295

with respect to Federal Reserve banks and State b a n t s which are members of the Federal Reserve System, (8) The Federal Deposit Insurance Corporation with respect to State banks which are not members of the Federal Reserve System but the deposits of which are insured by the Federal Deposit Insurance Corporation, and (4) The Federal Home Loan Bank Board with respect to Federal savings and loan associations, and institutions the accounts of which are insured by the Federal Savings and Ijoan Insurance Corporation. SEC. 3. (a) Within six months from the date of this Act, each T

-

^

i

i

-

i n

1

1

i i ' i *

security measures.

i^ederal supervisory agency shall promulgate rules establishing minimum standards with which each bank or savings and loan 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) The rules shall establish the time limits within which banks and savings and loan associations shall comply with the standards and shall require the submission of periodic reports with respect to the installation, maintenance, and operation of security devices and procedures. SEC. 4. The Federal supervisory agencies shall consult with insurance rates. (1) insurers furnishing insurance protection against losses resulting from robberies, burglaries, and larcenies committed against financial institutions referred to in section 2, and (2) 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 Report to conto the Congress the results of their consultations pursuant to this sec- ^""^^^ tion not later than two years after the date of enactment of this Act. SEC. 5. A bank or savings and loan association which violates a Penalty. rule promulgated pursuant to this Act shall be subject to a civil penalty which shall not exceed $100 for each day of the violation. SEC. 6. Subsection (c) of section 406 of the National Housing Act is psLi^c'a^'Suamended by inserting " (1) " after " (c) " and by adding at the end ment asTJc°eiver. thereof the following: 48 Stat. 1259. " (2) In the event the Federal Home I ^ a n Bank Board determines— ^^ ^^^ ^^^^ "(,A) that (i) a conservator, receiver, or other legal custodian (whether or not the Corporation) has been or is hereafter appointed for an insured institution which is not a Federal savings and loan association other than by the Board (whether or not such institution is in default) and that the appointment of such conservator, receiver, or custodian, or any combination thereof, has been outstanding for a period of at least fifteen consecutive days, or (ii) an insured institution (other than a Federal savings and loan association) has been closed by or under the laws of any State; "(1^) that one or more of the grounds specified in pjiragraph (6)(A) of section 5(d) of the Home Owners' I » a n Act of 1933, fo u ^^ 14(54 and

  • e

12 f s^- 1028 existed with respect to such institution at the time a conservator, note. receiver, or other legal custodian was appointed, or at the time such institution was closed, or exists thereafter during the appointment of the conserval or, receiver, or other legal custodian or while the institution is closed; and

96-600 O - 69 - 22