Page:United States Statutes at Large Volume 103 Part 1.djvu/495

 PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 467 "(i)(I) commits any violation described in any clause of subparagraph (A); "(ID recklessly engages in an unsafe or unsound practice in conducting the affairs of such bank or association, as the case may be; or "(III) breaches any fiduciary duty; "(ii) which violation, practice, or breach— "(I) is part of a pattern of misconduct; "(II) results in more than a minimal loss to such bank or association, as the case may be; or "(III) causes or is likely to cause 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 nonmember insured bank or savings associa- tion 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 bank or associa- tion; or "(III) breaches any fiduciary duty; and 1 "(ii) knowingly or recklessly causes a substantial loss to such bank or association 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 a nonmember insured bank or savings association, an amount to not exceed $1,000,000; and "(ii) in the case of any nonmember insured bank or savings association, an amount not to exceed the lesser of— " (I) $1,000,000; or "(II) 1 percent of the total assets of such bank or association. "(E) ASSESSMENT; ETC. — Any penalty imposed under subparagraph (A), (B), or (C) shall be assessed and collected by the appropriate Federal banking agency in the manner provided in subparagraphs (E), (F), (G), and (I) of section 8(i)(2) for penalties imposed (under such section) and any such assessment shall be subject to the provisions of such section. "(F) HEARING. —The nonmember insured bank, savings association, or other person against whom any penalty is assessed under this paragraph shall be afforded an agency ••V

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