106 STAT. 4050

PUBLIC LAW 102-550-OCT. 28, 1992

"(4) TEMPORARY INSURANCE OF PREVIOUSLY INSURED
DEPOSITS.—Upon termination of the insured status of any State
depository institution pursuant to paragraph (1), the deposits
of such depository institution shall be treated in accordance
with subsection (aX7).

"(5) SUCCESSOR LIABILITY.—This subsection shall not apply
to a successor to the interests of, or a person who acquires,
an insured depository institution that violated a provision of
law described in paragraph (1), if the successor succeeds to
the interests of the violator, or the acquisition is made, in
good faith and not for purposes of evading this subsection
or regulations prescribed under this subsection.

^6) DEFINITION.—The term 'senior executive officer* has
the same meaning as in regulations prescribed under section
32(f)ofthisAct.w.

(2) TECHNICAL AMENDMENT.—Section 8(aX3) of the Federal
Deposit Insurance Act (12 U.S.C. 1818(aX3)) is amended by
inserting "of this subsection or subsection (w)" after
"subparagraph (B)w.

(b) STATE CREDIT UNIONS.—Section 206 of the Federal Credit
Union Act (12 U.S.C. 1786) is amended by adding at the end
the following new subsection:

"(v) TERMINATION OF INSURANCE FOR MONEY LAUNDERING OR
CASH TRANSACTION REPORTING OFFENSES.—
"(1) IN GENERAL.—

"(A) CONVICTION OF TITLE is OFFENSES.—

"(i) DUTY TO NOTIFY.—If an insured State credit
union has been convicted of any criminal offense under
section 1956 or 1957 of title 18, United States Code,
the Attorney General shall provide to the Board a
written notification of the conviction and shall include
a certified copy of the order of conviction from the
court rendering the decision.

"(ii) NOTICE OF TERMINATION.—After written
notification from the Attorney General to the Board
of such a conviction, the Board shall issue to such
insured credit union a notice of its intention to termi-
nate the insured status of the insured credit union
and schedule a hearing on the matter, which shall
be conducted as a termination hearing pursuant to
subsection (b) of this section, except that no period
for correction shall apply to a notice issued under
this subparagraph.

a(B) CONVICTION OF TITLE 31 OFFENSES.—If a credit
union is convicted of any criminal offense under section
5322 of title 31, United States Code, after prior written
notification from the Attorney General, the Board may
initiate proceedings to terminate the insured status of such
credit union in the manner described in subparagraph (A).
"(C) NOTICE TO STATE SUPERVISOR.—The Board shall
simultaneously transmit a copy of any notice under this
paragraph to the appropriate State financial institutions
supervisor.

"(2) FACTORS TO BE CONSIDERED.—In determining whether
to terminate insurance under paragraph (1), the Board shall
take into account the following factors: