PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 4051

"(A) The extent to which directors, committee members,
or senior executive officers (as defined by the Board in
regulations which the Board shall prescribe) of the credit
union knew of, or were involved in, the commission of
the money laundering offense of which the credit union
was founcfguilty.

"(B) The extent to which the offense occurred despite
the existence of policies and procedures within the credit
union which were designed to prevent the occurrence of
any such offense.

"(C) The extent to which the credit union has fully
cooperated with law enforcement authorities with respect
to the investigation of the money laundering offense of
which the credit union was found guilty.

W(D) The extent to which the credit union has imple-
mented additional internal controls (since the commission
of the offense of which the credit union was found guilty)
to prevent the occurrence of any other money laundering
offense.

"(E) The extent to which the interest of the local
community in having adequate deposit and credit services
available would be threatened by the termination of insur-
ance.

"(3) NOTICE TO STATE CREDIT UNION SUPERVISOR AND PUB-
LIC.—When the order to terminate insured status initiated
pursuant to this subsection is final, the Board shall—

"(A) notify the commission, board, or authority (if any)
having supervision of the credit union described in para-
graph (1) at least 10 days prior to the effective date of
the order of the termination of the insured status of such
credit union; and

M(B) publish notice of the termination of the insured
status of the credit union.

"(4) TEMPORARY INSURANCE OF PREVIOUSLY INSURED
DEPOSITS.—Upon termination of the insured status of any State
credit union pursuant to paragraph (1), the deposits of such /

credit union shall be treated in accordance with section
206(dX2).

"(5) SUCCESSOR LIABILITY.—This subsection shall not apply
to a successor to the interests of, or a person who acquires,
an insured credit union 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 regula-
tions prescribed under this subsection.".

SEC. 1504. REMOVING PARTIES INVOLVED IN CURRENCY REPORTING
VIOLATIONS.

(a) FDIC-lNSURED INSTITUTIONS.—

(1) VIOLATION OF REPORTING REQUIREMENTS.—Section
8(eX2) of the Federal Deposit Insurance Act (12 U.S.C.
1818(eX2)) is amended to read as follows:
"(2) SPECIFIC VIOLATIONS.—

"(A) IN GENERAL.—Whenever the appropriate Federal
banking agency determines that—

"(i) an institution-affiliated party has committed
a violation of any provision of subchapter II of chapter