Page:United States Statutes at Large Volume 103 Part 1.djvu/493

 PUBLIC LAW 101-73-AUG. 9, 1989 103 STAT. 465 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 credit union which, and any institution-affili- ^^ ated party who— "(i)(I) 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 credit union; 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 credit union; 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 credit union which, and any institu- ^ tion-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 credit union; or "(III) breaches any fiduciary duty; and "(ii) knowingly or recklessly causes a substantial loss to such credit union or a substantial pecuniary 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 credit union, an amount to not exceed $1,000,000; and "(ii) in the case of any insured credit union, an amount not to exceed the lesser of— " (I) $1,000,000; or "(II) 1 percent of the total assets of such credit union. "(E) ASSESSMENT. — "(i) WRITTEN NOTICE. —Any penalty imposed under subparagraph (A), (B), or (C) may be assessed and col- lected by the Board by written notice. "(ii) FINALITY OF ASSESSMENT. —I f, with respect to any assessment under clause (i), a hearing is not requested pursuant to subparagraph (H) within the period of time

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