Ask Reggi Your Question Now
Can you summarize 12 USC Chapter 19?
BANKS AND BANKING > SECURITY MEASURES FOR BANKS AND SAVINGS ASSOCIATIONS
Short Summary
The provided legal document content pertains to the security measures for banks and savings associations. It requires each bank or savings association to comply with minimum standards for the installation, maintenance, and operation of security devices and procedures. These measures should be reasonable in cost and aimed at discouraging robberies, burglaries, and larcenies, as well as assisting in the identification and apprehension of individuals committing such acts. The rules for these security measures must be established by the Federal supervisory agencies within six months from July 7, 1968. The rules will also specify the time limits within which banks and savings associations must comply with the standards. The Federal supervisory agencies are required to consult with insurers providing insurance protection against losses resulting from robberies, burglaries, and larcenies committed against financial institutions, as well as State agencies responsible for supervising or regulating such insurers. The purpose of these consultations is to determine the feasibility and desirability of premium rate differentials based on the installation, maintenance, and operation of security devices and procedures. The results of these consultations must be reported to Congress within two years from July 7, 1968. Any bank or savings association that violates a rule established under this chapter may be subject to a civil penalty not exceeding $100 for each day of the violation.
Whom does it apply to?
Banks and savings associations
What does it govern?
Security measures for banks and savings associations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
A civil penalty not exceeding $100 for each day of violation
Jurisdiction
U.S. Federal Government