INCREASED PENALTY FOR PARTICIPATION BY CONVICTED INDIVIDUALS.

SEC. 910. INCREASED PENALTY FOR PARTICIPATION BY CONVICTED INDIVIDUALS. (a) Banks Insured by the FDIC.—Section 19 of the Federal Deposit Insurance Act (12 U.S.C. 1829) is amended to read as follows: 103 STAT. 478 “SEC. 19. PENALTY FOR UNAUTHORIZED PARTICIPATION BY CONVICTED INDIVIDUAL. “(a) Prohibition.—Except with the prior written consent of the Corporation— “(1) any person who has been convicted of any criminal offense involving dishonesty or a breach of trust may not participate, directly or indirectly, in any manner in the conduct of the affairs of an insured depository institution; and “(2) an insured depository institution may not permit such participation. “(b) Penalty.—Whoever knowingly violates subsection (a) shall be fined not more than $1,000,000 for each day such prohibition is violated or imprisoned for not more than 5 years, or both.”. (b) Credit Unions Insured by the NCUA.—Section 205(d) of the Federal Credit Union Act (12 U.S.C. 1785(d)) is amended to read as follows: “(d) Penalty for Prohibited Participation,— “(1) Prohibition.—Except with the prior written consent of the Board— “(A) any person who has been convicted of any criminal offense involving dishonesty or a breach of trust may not participate, directly or indirectly, in any manner in the conduct of the affairs of an insured credit union; and “(B) an insured credit union may not permit such participation. “(2) Penalty.—Whoever knowingly violates paragraph (1) shall be fined not more than $1,000,000 for each day such prohibition is violated or imprisoned for not more than 5 years, or both.”.