Page:United States Statutes at Large Volume 103 Part 1.djvu/497

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 469 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 depository institution, an amount to not exceed $1,000,000; and "(ii) in the case of a 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; 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 depository institution or other person against whom any penalty is assessed under this paragraph shall be afforded an agency hearing if such institution or other person submits a request for such hear- ing within 20 days after the issuance of the notice of assessment. Section 8(h) shall apply to any proceeding under this paragraph. " (G) DISBURSEMENT. — All penalties collected under authority of this paragraph shall be deposited into the Treasury.". (e) NATIONAL BANKS.—Section 5239(b) of the Revised Statutes (12 U.S.C. 93(b)) is amended to read as follows: "(b) CIVIL MONEY PENALTY.— "(1) FIRST TIER.—Any national banking Eissociation which, and any institution-affiliated party (within the meaning of section 3(u) of the Federal Deposit Insurance Act) with respect to such association who, violates any provision of this title or any of the provisions of the first section of the Act of September 28, 1962, (76 Stat. 668; 12 U.S.C. 92a), or any regulation issued pursuant thereto, shall forfeit and pay a civil penalty of not more than $5,000 for each day during which such violation continues. " (2) SECOND TIER. — Notwithstanding paragraph (1), any na- tional banking association which, and any institution-affiliated party (within the meaning of section 3(u) of the Federal Deposit Insurance Act) with respect to such association who, commits any violation described in paragraph (1) which— "(A)(i) commits any violation described in any paragraph (1); "(ii) recklessly engages in an unsafe or unsound practice in conducting the affairs of such association; or "(iii) breaches any fiduciary duty; "(B) 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 association; 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.

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