AUTHORITY TO APPOINT CONSERVATOR FOR DEPOSITORY INSTITUTIONS CONVICTED OF MONEY LAUNDERING.

SEC. 1501. AUTHORITY TO APPOINT CONSERVATOR FOR DEPOSITORY INSTITUTIONS CONVICTED OF MONEY LAUNDERING. (a) Insured Depository Institutions.—Section 11(c)(5) of the Federal Deposit Insurance Act (12 U.S.C. 1821(c)(5)) is amended by adding at the end the following new subparagraph: “(M) Money laundering offense.—The Attorney General notifies the appropriate Federal banking agency or the Corporation in writing that the insured depository institution has been found guilty of a criminal offense under section 1956 or 1957 of title 18, United States Code, or section 5322 of title 31, United States Code.”. (b) Insured Credit Unions.—Section 2Q(h)(1) of the Federal Credit Union Act (12 U.S.C. 1786(h)(1)) is amended— (1) by redesignating subparagraphs (C) and (D) as subparagraphs (D) and (E), respectively; and (2) by inserting after subparagraph (B) the following new subparagraph: “(C) the Attorney General notifies the Board in writing that an insured credit union has been found guilty of 106 STAT. 4045 a criminal offense under section 1956 or 1957 of title 18, United States Code, or section 5322 of title 31, United States Code;”. (c) Effective Date.—The amendments made by this section shall take effect on December 20, 1992.