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U.S. Code as of:
01/19/04
Section 1831g. 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.
(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.
(c) Enforcement
Any action taken by any appropriate Federal banking agency under
section 1818 of this title 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.
(d) No private right of action
This section may not be construed as creating any private right
of action.
(e) Study
(1) In general
The Attorney General and the Comptroller General of the United
States shall jointly conduct a study on the extent to which -
(A) insured depository institutions are entering into
contracts with vendors under which the vendors agree to
purchase stock or assets from insured depository institutions
or to invest capital in or make deposits in such institutions;
and
(B) if such practices occur, the extent to which such
practices are having an anticompetitive effect and should be
prohibited.
(2) Report to Congress
Before the end of the 1-year period beginning on August 9,
1989, the Attorney General and the Comptroller General shall
submit a report to the Congress on the results of the study
conducted pursuant to paragraph (1).
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