Sec. 403. Definition of an institution-affiliated party
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Section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(u) ) is amended— in subsection (u)(4), by striking knowingly and all that follows through the end of the paragraph and inserting participates in the conduct of, the affairs of, or conducts the business of an insured depository institution. ; and by adding at the end the following: The term unsafe or unsound practice means, any action, or lack of action, which is contrary to generally accepted standards of prudent operation, the possible consequences of which, if continued, would be abnormal risk or loss or damage to an institution, its shareholders, or the Deposit Insurance Fund. .
Section 8 of the Federal Deposit Insurance Act ( 12 U.S.C. 1818 ) is amended by adding at the end the following: For purposes of this Act, an independent contractor participates in the conduct of the affairs of, or conducts the business of, an insured depository institution by performing services for the institution. .
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