TITLE 18 - CRIMES AND CRIMINAL PROCEDURE
PART I - CRIMES
CHAPTER 31 - EMBEZZLEMENT AND THEFT
HEAD
Sec. 657. Lending, credit and insurance institutions
STATUTE
Whoever, being an officer, agent or employee of or connected in
any capacity with the Federal Deposit Insurance Corporation,
National Credit Union Administration, Office of Thrift Supervision,
the Resolution Trust Corporation, any Federal home loan bank, the
Federal Housing Finance Agency, Farm Credit Administration,
Department of Housing and Urban Development, Federal Crop Insurance
Corporation, the Secretary of Agriculture acting through the
Farmers Home Administration or successor agency, the Rural
Development Administration or successor agency, or the Farm Credit
System Insurance Corporation, a Farm Credit Bank, a bank for
cooperatives or any lending, mortgage, insurance, credit or savings
and loan corporation or association authorized or acting under the
laws of the United States or any institution, other than an insured
bank (as defined in section 656), the accounts of which are insured
by the Federal Deposit Insurance Corporation, or by the National
Credit Union Administration Board or any small business investment
company, or any community development financial institution
receiving financial assistance under the Riegle Community
Development and Regulatory Improvement Act of 1994, and whoever,
being a receiver of any such institution, or agent or employee of
the receiver, embezzles, abstracts, purloins or willfully
misapplies any moneys, funds, credits, securities or other things
of value belonging to such institution, or pledged or otherwise
intrusted to its care, shall be fined not more than $1,000,000 or
imprisoned not more than 30 years, or both; but if the amount or
value embezzled, abstracted, purloined or misapplied does not
exceed $1,000, he shall be fined under this title or imprisoned not
more than one year, or both.
SOURCE
(June 25, 1948, ch. 645, 62 Stat. 729; May 24, 1949, ch. 139, Sec.
11, 63 Stat. 90; July 28, 1956, ch. 773, Sec. 1, 70 Stat. 714; Pub.
L. 85-699, title VII, Sec. 703, Aug. 21, 1958, 72 Stat. 698; Pub.
L. 87-353, Sec. 3(q), Oct. 4, 1961, 75 Stat. 774; Pub. L. 90-19,
Sec. 24(a), May 25, 1967, 81 Stat. 27; Pub. L. 91-468, Sec. 4, Oct.
19, 1970, 84 Stat. 1016; Pub. L. 101-73, title IX, Secs. 961(c),
962(a)(7), (8)(A), Aug. 9, 1989, 103 Stat. 499, 502; Pub. L. 101-
624, title XXIII, Sec. 2303(e), Nov. 28, 1990, 104 Stat. 3981;
Pub. L. 101-647, title XVI, Sec. 1603, title XXV, Secs. 2504(c),
2595(a)(2), Nov. 29, 1990, 104 Stat. 4843, 4861, 4907; Pub. L. 103-
322, title XXXIII, Secs. 330004(6), 330016(1)(H), Sept. 13, 1994,
108 Stat. 2141, 2147; Pub. L. 103-325, title I, Sec. 119(c), Sept.
23, 1994, 108 Stat. 2188; Pub. L. 104-294, title VI, Sec. 606(a),
Oct. 11, 1996, 110 Stat. 3511; Pub. L. 106-78, title VII, Sec. 767,
Oct. 22, 1999, 113 Stat. 1174; Pub. L. 110-289, div. A, title II,
Sec. 1216(c), July 30, 2008, 122 Stat. 2792.)
HISTORICAL AND REVISION NOTES
1948 ACT
Based on sections 1026(b) and 1514(c) of title 7, U.S.C., 1940
ed., Agriculture, and sections 264(u), 984, 1121, 1138d(c), 1311,
1441(c), 1467(c), and 1731(c) of title 12, U.S.C., 1940 ed., Banks
and Banking, and section 616(c) of title 15, U.S.C., 1940 ed.,
Commerce and Trade (Dec. 23, 1913, ch. 6, Sec. 12B(u), as added
June 16, 1933, ch. 89, Sec. 8, 48 Stat. 178; July 17, 1916, ch.
245, Sec. 31, fourth paragraph, 39 Stat. 382; July 17, 1916, ch.
245, Sec. 211(a), as added Mar. 4, 1923, ch. 252, Sec. 2, 42 Stat.
1459; Mar. 4, 1923, ch. 252, title II, Sec. 216(a), 42 Stat. 1471;
Jan. 22, 1932, ch. 8, Sec. 16(c), 47 Stat. 11; July 22, 1932, ch.
522, Sec. 21(c), 47 Stat. 738; Mar. 27, 1933, Ex. Ord. No. 6084;
June 13, 1933, ch. 64, Sec. 8(c), 48 Stat. 135; June 16, 1933, ch.
98, Sec. 64(c), 48 Stat. 268; Jan. 31, 1934, ch. 7, Sec. 13, 48
Stat. 347; June 27, 1934, ch. 847, Sec. 512(c), 48 Stat. 1265; Aug.
23, 1935, ch. 614, Sec. 101, 49 Stat. 701; July 22, 1937, ch. 517,
title IV, Sec. 52(b), 50 Stat. 532; Feb. 16, 1938, ch. 30, title V,
Sec. 514(c), 52 Stat. 76; Aug. 14, 1946, ch. 964, Sec. 3, 60 Stat.
1064).
Each of the eleven sections from which this section was derived
contained similar provisions relating to embezzlement, false
entries, and fraudulent issuance or assignment of obligations with
respect to one or more named agencies or corporations.
These were separated and the embezzlement and misapplication
provisions of all form the basis of this section, and with one
exception the remaining provisions of each section forming the
basis for section 1006 of this title. The sole exception was that
portion of said section 616(c) of title 15 as to the disclosure of
information which now forms section 1904 of this title.
The revised section condenses and simplifies the constituent
provisions without change of substance except as in this note
indicated.
The punishment in each section was the same except that in
section 1026(b) of title 7, U.S.C., 1940 ed., Agriculture, and
sections 984, 1121, and 1311 of title 12, U.S.C., 1940 ed., Banks
and Banking, the maximum fine was $5,000. The revised section
adopts the $5,000 maximum. (For same penalty covering similar
offense, see section 656 of this title.)
The smaller punishment for an offense involving $100 or less was
added. (See reviser's notes to sections 641-645 of this title.)
The enumeration of "moneys, funds, credits, securities, or other
things of value" does not occur in any one of the original sections
but is an adequate, composite enumeration of the instruments
mentioned in each.
References to persons aiding and abetting contained in sections
984, 1121, 1311 of title 12, U.S.C., 1940 ed., Banks and Banking,
were omitted as unnecessary, such persons being made principals by
section 2 of this title.
The term "receiver" is used in sections 1121 and 1311 of title
12, U.S.C., 1940 ed., Banks and Banking, with reference to Federal
intermediate banks and agricultural credit corporations, and is
undoubtedly embraced in the term "connected in any capacity with,"
but the phrase "and whoever, being a receiver of any such
institution" was inserted in this section to obviate all doubt as
to its comprehensive scope.
The suggestion has been made that "private examiners" should be
included. These undoubtedly are covered by the words "connected in
any capacity with." (See also section 655 of this title.)
The term "or any department or agency of the United States" was
inserted in each revised section in order to clarify the sweeping
provisions against fraudulent acts and to obviate any possibility
of ambiguity by reason of the omission of specific agencies named
in the constituent sections. (See section 6 of this title defining
"department and agency." For other verbal changes and deletions see
reviser's note under section 656 of this title.)
SENATE REVISION AMENDMENT
Certain words were stricken from the section as being unnecessary
and inconsistent with other sections of this revision defining
embezzlement and without changing existing law. See Senate Report
No. 1620, amendment No. 7, 80th Cong.
1949 ACT
[Section 11] conforms section 657 of title 18, U.S.C., to
administrative practice which in turn was modified to comply with
congressional policy "not to use the Farmers Home Corporation to
carry out the functions and duties provided for in H.R. 5991
[Farmers Home Administration Act of 1946] but to vest the authority
in the Secretary of Agriculture to be administered through the
Farmers Home Administration as an agency of the Department of
Agriculture" (H. Rept. No. 2683, to accompany H.R. 5991, 79th
Cong., 2d sess.).
REFERENCES IN TEXT
The Riegle Community Development and Regulatory Improvement Act
of 1994, referred to in text, is Pub. L. 103-325, Sept. 23, 1994,
108 Stat. 2160. For complete classification of this Act to the
Code, see Short Title note set out under section 4701 of Title 12,
Banks and Banking, and Tables.
AMENDMENTS
2008 - Pub. L. 110-289 substituted "Federal Housing Finance
Agency" for "Federal Housing Finance Board".
1999 - Pub. L. 106-78 inserted "or successor agency" after
"Farmers Home Administration" and after "Rural Development
Administration".
1996 - Pub. L. 104-294 substituted "$1,000" for "$100".
1994 - Pub. L. 103-325 inserted "or any community development
financial institution receiving financial assistance under the
Riegle Community Development and Regulatory Improvement Act of
1994," after "small business investment company,".
Pub. L. 103-322 struck out "Reconstruction Finance Corporation,"
before "Federal Deposit Insurance Corporation" and "Farmers' Home
Corporation," before "the Secretary of Agriculture", and
substituted "under this title" for "not more than $1,000" before
"or imprisoned not more than one year, or both".
1990 - Pub. L. 101-647, Sec. 2595(a)(2), substituted "Office of
Thrift Supervision, the Resolution Trust Corporation, any Federal
home loan bank, the Federal Housing Finance Board," for "Home
Owners' Loan Corporation,", and directed substitution of
"institution, other than an insured bank (as defined in section
656), the accounts of which are insured by the Federal Deposit
Insurance Corporation" for "institution the accounts of which are
insured by the Federal Savings and Loan Insurance Corporation"
which was executed by making the substitution for "institution the
accounts of which are insured by the Federal Deposit Insurance
Corporation" to reflect the probable intent of Congress and the
intervening amendment by Pub. L. 101-647, Sec. 1603, see below.
Pub. L. 101-647, Sec. 2504(c), substituted "30" for "20" before
"years".
Pub. L. 101-647, Sec. 1603, substituted "the Federal Deposit
Insurance Corporation" for "the Federal Savings and Loan Insurance
Corporation".
Pub. L. 101-624 substituted "Farmers Home Administration, the
Rural Development Administration" for "Farmers' Home
Administration".
1989 - Pub. L. 101-73, Sec. 962(a)(8)(A), substituted "the Farm
Credit System Insurance Corporation, a Farm Credit Bank, a" for
"any land bank, intermediate credit bank,".
Pub. L. 101-73, Sec. 962(a)(7), substituted "National Credit
Union Administration Board" for "Administrator of the National
Credit Union Administration".
Pub. L. 101-73, Sec. 961(c), substituted "$1,000,000" for
"$5,000" and "20 years" for "five years".
1970 - Pub. L. 91-468 inserted reference to National Credit Union
Administration and its Administrator.
1967 - Pub. L. 90-19 substituted "Department of Housing and Urban
Development" for "Federal Housing Administration".
1961 - Pub. L. 87-353 struck out reference to Federal Farm
Mortgage Corporation.
1958 - Pub. L. 85-699 inserted reference to any small business
investment company.
1956 - Act July 28, 1956, inserted reference to any institution
the accounts of which are insured by the Federal Savings and Loan
Insurance Corporation.
1949 - Act May 24, 1949, inserted reference to Secretary of
Agriculture acting through the Farmers' Home Administration.
EXCEPTIONS FROM TRANSFER OF FUNCTIONS
Functions of corporations of Department of Agriculture; boards of
directors and officers of such corporations; Advisory Board of
Commodity Credit Corporation; and Farm Credit Administration or any
agency, officer, or entity of, under, or subject to supervision of
said Administration excepted from functions of officers, agencies,
and employees transferred to Secretary of Agriculture by Reorg.
Plan No. 2 of 1953, Sec. 1, eff. June 4, 1953, 18 F.R. 3219, 67
Stat. 633, set out in the Appendix to Title 5, Government
Organization and Employees.
NATIONAL CREDIT UNION ADMINISTRATION
Establishment as independent agency, membership etc., see section
1752 et seq. of Title 12, Banks and Banking.
FARM CREDIT ADMINISTRATION
Establishment of Farm Credit Administration as independent
agency, and other changes in status, functions, etc., see Ex. Ord.
No. 6084 set out preceding section 2241 of Title 12, Banks and
Banking. See also section 2001 et seq. of Title 12.
Transactional Records Access
Clearinghouse, Syracuse University
Copyright 2010