Statements to Congress

The Federal Reserve System, as a primary bank supervisory authority, has a role in the identification of violations of criminal law by bank insiders and in the protection of commercial banks from the effects of illegal or improper insider activity. Criminal misconduct refers to violations or possibl...

Ausführliche Beschreibung

Gespeichert in:
Bibliographische Detailangaben
Veröffentlicht in:Federal reserve bulletin 1984-05, Vol.70 (5), p.423
1. Verfasser: Partee, J Charles
Format: Artikel
Sprache:eng
Schlagworte:
Online-Zugang:Volltext
Tags: Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
Beschreibung
Zusammenfassung:The Federal Reserve System, as a primary bank supervisory authority, has a role in the identification of violations of criminal law by bank insiders and in the protection of commercial banks from the effects of illegal or improper insider activity. Criminal misconduct refers to violations or possible violations of criminal statutes; insider abuse covers a broader range of activities. Once it has evidence suggesting that improper activities could harm the institution or the public, the Fed takes immediate action to stop those activities and to prevent their recurrence. Circumstances indicating a possible violation of a criminal statute are referred to the appropriate law enforcement authority. The primary responsibility, however, must fall on the financial institution to determine whether a prospective employee has the proper qualifications. Bank agencies routinely exchange examination and other supervisory reports in accordance with statutes; public disclosure of supervisory actions could in some cases prove counterproductive.
ISSN:0014-9209
1944-8910