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Can you summarize 18 USC 1006?
FRAUD AND FALSE STATEMENTS > Federal credit institution entries, reports and transactions
Short Summary
This legal provision, outlined in the United States Code under the section on fraud and false statements, pertains to individuals who are officers, agents, employees, or connected in any capacity with various federal credit institutions. The institutions covered include the Federal Deposit Insurance Corporation, National Credit Union Administration, Federal home loan banks, Federal Housing Finance Agency, Farm Credit Administration, Department of Housing and Urban Development, Federal Crop Insurance Corporation, Farmers Home Administration, Rural Development Administration, Farm Credit System Insurance Corporation, Farm Credit Banks, banks for cooperatives, lending, mortgage, insurance, credit, and savings and loan corporations or associations authorized or acting under the laws of the United States, and small business investment companies. The provision prohibits making false entries in books, reports, or statements of these institutions, as well as unauthorized drawing of orders or bills of exchange, making acceptances, issuing or assigning notes, debentures, bonds, obligations, drafts, bills of exchange, mortgages, judgments, or decrees. It also covers participation or receipt of money, profit, property, or benefits through any transaction, loan, commission, contract, or other act of these institutions with the intent to defraud them or any other company, body politic or corporate, or any individual, or to deceive any officer, auditor, examiner, or agent of these institutions or any department or agency of the United States. Violation of this provision can result in a fine of up to $1,000,000 or imprisonment for up to 30 years, or both.
Whom does it apply to?
Officers, agents, employees, or individuals connected with various federal institutions, including the Federal Deposit Insurance Corporation, National Credit Union Administration, Federal home loan banks, Federal Housing Finance Agency, Farm Credit Administration, Department of Housing and Urban Development, Federal Crop Insurance Corporation, Farmers Home Administration, Rural Development Administration, Farm Credit System Insurance Corporation, Farm Credit Banks, banks for cooperatives, lending, mortgage, insurance, credit, and savings and loan corporations or associations authorized or acting under the laws of the United States, and small business investment companies
What does it govern?
Federal credit institution entries, reports and transactions
What are exemptions?
Insured banks whose accounts are insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration Board
What are the Penalties?
A fine of up to $1,000,000 or imprisonment for up to 30 years, or both
Jurisdiction
U.S. Federal Government