801. Embezzlement, Abstraction, Purloining or Willful Misapplication—18 U.S.C. §§ 656 and 657

Sections 656 and 657 of Title 18, United States Code, differ mainly in the types of financial institutions to which they apply. 18 U.S.C. §  656 applies to Federal Reserve banks, member banks, national banks and banks the deposits of which are insured by the Federal Deposit Insurance Corporation; 18 U.S.C. § 657, insofar as it concerns the banking industry (it also concerns various governmental and quasi-governmental agencies), applies to financial institutions insured by the Federal Savings and Loan Insurance Corporation (which was statutorily abolished in 1989; now the Office of Thrift Supervision) and the National Credit Union Administration. The following applies to both statutes.

[cited in USAM 9-40.000]