@MalikaDulce I saw this from my good friend Carl Collicot. He's the wizard of law OZ, and has read and deciphered all the law books for the last 20 years. He is amazing. If it helps you in any way, great! If you already know it, just disregard. Thank you! I also want to take a minute and thank you for all you do for all of us! Peace and Blessings ✌💖🙏💪 PENALTIES FOR ENTERING IN TO A CONTRACT WITH ANY ONE NOT A “BANK AFFILIATE” ( 12 U.S.C. 371-C, is Limited to “bank affiliates”, 12 U.S.C 375 is limited to a “Bank officer” Unjust enrichment has to be in the form compensatory damages or “restitution of property.” 12 U.S. Code § 504.Civil money penalty https://www.law.cornell.edu/uscode/text/12/504 (a)FIRST TIER Any member bank which, and any institution-affiliated party (within the meaning of section 1813(u) of this title) with respect to such member bank who, violates “any provision” of section 371c, 371c–1, 375, 375a, 375b, 376, or 503 of this title, or any regulation issued pursuant thereto, shall forfeit and pay a civil penalty of not more than $5,000 for each day during which such violation continues. (d)MAXIMUM AMOUNTS OF PENALTIES FOR ANY VIOLATION DESCRIBED IN SUBSECTION (C)The maximum daily amount of any civil penalty which may be assessed pursuant to subsection (c) for any violation, practice, or breach described in such subsection is— (1) in the case of any person other than a member bank, an amount to not exceed $1,000,000; and (2)in the case of a member bank, an amount not to exceed the lesser of— (A) $1,000,000; or (B) 1 percent of the total assets of such member bank. <<<<< Title 12 U.S.C. Section 503, provides a “private right of action” for violating 18 U.S.C. 1005 Banking Fraud, (Unjust enrichment) 12 U.S.C. § 503 expressly creates a private right of action against bank directors or officers for violations of 18 U.S.C. § 1005. See White v. Keely, 814 F.3d 883, 888 (7th Cir. 2016) ("Section 503 of the Federal Reserve Act, meanwhile, creates a private cause of action for any person who has 'sustained [damages] in consequence' of a violation of Section 1005.") 12 U.S. Code § 503.Liability of directors and officers of member banks If the directors or officers of any member bank shall knowingly violate or permit any of the agents, officers, or directors of any member bank to violate any of the provisions of sections 375, 375a, 375b, and 376 of this title or regulations of the board made under authority thereof, or any of the provisions of sections 217, 218, 219, 220, 655, 1005, 1014, 1906, or 1909 of title 18, every director and officer participating in or assenting to such violation shall be held liable in his personal and individual capacity for all damages which the member bank, its shareholders, or any other persons shall have sustained in consequence of such violation.
Posted by Deleted (b49fad40) at 2020-11-20 20:24:29 UTC