Page:United States Statutes at Large Volume 103 Part 1.djvu/496

 103 STAT. 468 PUBLIC LAW 101-73 —AUG. 9, 1989 r hearing if such nonmember insured bank, savings associa- tion, or other person submits a request for such hearing within 20 days after the issuance of the notice of assess- ment. Section 8(h) shall apply to any proceeding under this paragraph. "(G) DISBURSEMENT. — Al l penalties collected under authority of this paragraph shall be deposited into the Treasury. "(5) REGULATIONS.—The appropriate Federal banking agency shall prescribe regulations establishing such procedures as may be necessary to carry out paragraph (4).". (d) CHANGE IN CONTROL OF DEPOSITORY INSTITUTION.—Section 7(j)(16) of the Federal Deposit Insurance Act (12 U.S.C. 18170')(16)) is amended to read as follows: " (16) CIVIL MONEY PENALTY. — "(A) FIRST TIER.—Any person who violates any provision of this subsection, or any regulation or order issued by the appropriate Federal banking agency under this subsection, 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 person 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 a 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 institution; or "(III) results in pecuniary gain or other benefit ' to such person, 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 person 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 a depository institu- tion; or "(III) breaches any fiduciary duty; and "(ii) knowingly or recklessly causes a substantial loss V to such institution or a substantial pecuniary gain or other benefit to such person 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-

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