FDIC Law, Regulations, Related Acts
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1000 - Federal Deposit Insurance Act
SEC. 30. CONTRACTS BETWEEN DEPOSITORY INSTITUTIONS AND PERSONS PROVIDING GOODS, PRODUCTS, OR SERVICES.
(a) In General.--An insured depository institution may not enter into a written or oral contract with any person to provide goods, products, or services to or for the benefit of such depository institution if the performance of such contract would adversely affect the safety or soundness of the institution.
[Codified to 12 U.S.C. 1831g(a)]
[Source: Section 2[30(a)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 225 of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 275), effective August 9, 1989]
(b) Rulemaking.--The Corporation shall prescribe such regulations and issue such orders, including definitions consistent with this section, as may be necessary to administer and carry out the purposes of, and prevent evasions of, this section.
[Codified to 12 U.S.C. 1831g(b)]
[Source: Section 2[30(b)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 225 of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 275), effective August 9, 1989]
(c) Enforcement.--Any action taken by any appropriate Federal banking agency under section 8 to enforce compliance on the part of any insured depository institution with the requirements of this section may include a requirement that such institution properly reflect the transaction on its books and records.
[Codified to 12 U.S.C. 1831g(c)]
[Source: Section 2[30(c)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 225 of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 275), effective August 9, 1989]
(d) No Private Right of Action.--This section may not be construed as creating any private right of action.
[Codified to 12 U.S.C. 1831g(d)]
[Source: Section 2[30(d)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 225 of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 275), effective August 9, 1989]
(e) Study.--
[Codified to 12 U.S.C. 1831g(e)]
[Source: Section 2[30(e)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 225 of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 275), effective August 9, 1989; as amended by section 602(a)(59) of title VI of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2291), effective September 23, 1994]