34 USC 41501 – Financial institutions fraud task forces
(a) Establishment
The Attorney General shall establish such financial institutions fraud task forces as the Attorney General deems appropriate to ensure that adequate resources are made available to investigate and prosecute crimes in or against financial institutions and to recover the proceeds of unlawful activities from persons who have committed fraud or have engaged in other criminal activity in or against the financial services industry.
(b) Supervision
Terms Used In 34 USC 41501
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Fraud: Intentional deception resulting in injury to another.
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
The Attorney General shall determine how each task force shall be supervised and may provide for the supervision of any task force by the Special Counsel.
(c) Senior interagency group
(1) Establishment
The Attorney General shall establish a senior interagency group to assist in identifying the most significant financial institution fraud cases and in allocating investigative and prosecutorial resources where they are most needed.
(2) Membership
The senior interagency group shall be chaired by the Special Counsel and shall include senior officials from—
(A) the Department of Justice, including representatives of the Federal Bureau of Investigation, the Advisory Committee of United States Attorneys, and other relevant entities;
(B) the Department of the Treasury;
(C) the Federal Deposit Insurance Corporation;
(D) the Office of the Comptroller of the Currency;
(E) the Board of Governors of the Federal Reserve System; and
(F) the National Credit Union Administration.
(3) Duties
This senior interagency group shall enhance interagency coordination and assist in accelerating the investigations and prosecution of financial institutions fraud.