BANK FRAUD IS A SPECIALIZED type of criminal deception that involves customers, employees of the bank, or others who knowingly execute, or attempt execute a scheme to obtain money, funds, credits, assets, securities, or other property owned by, or under the custody or control of, a federally chartered or insured financial institution by means of false or fraudulent pretenses, representations, or promises.

A federally chartered or insured financial institution is a bank with deposits insured by the Federal Deposit Insurance Corporation (FDIC), or a credit union with accounts insured by the National Credit Union Administration Board, or a federal home loan bank.

On October 12, 1984, President Ronald Reagan signed into law the Comprehensive Crime Control Act of 1984. It was designed to fill an obvious gap ...

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