Page:United States Statutes at Large Volume 103 Part 1.djvu/491

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 463 shall forfeit and pay a civil penalty of not more than $5,000 for each day during which such violation continues. "(B) SECOND TIER. —Notwithstanding subparagraph (A), any insured depository institution which, and any institu- tion-affiliated party who— "(i)(1) commits any violation described in any clause of subparagraph (A); "(II) recklessly engages in an unsafe or unsound practice in conducting the affairs of such insured depository institution; or "(III) breaches any fiduciary duty; " (ii) which violation, practice, or breach— "(I) is part of a pattern of misconduct; "(II) causes or is likely to cause more than a minimal loss to such depository institution; or "(III) results in pecuniary gain or other benefit to such party, shall forfeit and pay a civil penalty of not more than $25,000 for each day during which such violation, practice, or breach continues. "(C) THIRD TIER. —Notwithstanding subparagraphs (A) and (B), any insured depository institution which, and any institution-affiliated party who— "(i) knowingly— "(I) commits any violation described in any clause of subparagraph (A); "(II) engages in any unsafe or unsound practice in conducting the affairs of such depository institu- tion; or "(III) breaches any fiduciary duty; and "(ii) knowingly or recklessly causes a substantial loss to such depository institution or a substantial pecu- niary gain or other benefit to such party by reason of such violation, practice, or breach, shall forfeit and pay a civil penalty in an amount not to exceed the applicable maximum amount determined under subparagraph (D) for each day during which such violation, practice, or breach continues, "(D) MAXIMUM AMOUNTS OF PENALTIES FOR ANY VIOLATION DESCRIBED IN SUBPARAGRAPH (c).— The maximum daily amount of any civil penalty which may be assessed pursu- ant to subparagraph (C) for any violation, practice, or breach described in such subparagraph is— "(i) in the case of any person other than an insured depository institution, an amount to not exceed $1,000,000; and "(ii) in the case of any insured depository institution, an amount not to exceed the lesser of— "(I) $1,000,000; or "(II) 1 percent of the total assets of such institu- tion. "(E) ASSESSMENT. — "(i) WRITTEN NOTICE.— Any penalty imposed under subparagraph (A), (B), or (C) may be assessed and col- lected by the appropriate Federal banking agency by written notice.

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