Page:United States Statutes at Large Volume 103 Part 1.djvu/499

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 471 "SEC. 29. CIVIL MONEY PENALTY. "(a) FIRST TIER.— Any member bank which, and any institution- affiliated party (within the meaning of section 3(u) of the Federal Deposit Insurance Act) with respect to such member bank who, violates any provision of section 22, 23A, or 23B, 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 contin- ues. "(b) SECOND TIER. —Notwithstanding subsection (a), any member bank which, and any institution-affiliated party (within the mean- ing of section 3(u) of the Federal Deposit Insurance Act) with respect to such member bank who "(1)(A) commits any violation described in subsection (a); "(B) recklessly engages in an unsafe or unsound practice in conducting the affairs of such member bank; or "(C) breaches any fiduciary duty; "(2) which violation, practice, or breach— "(A) is part of a pattern of misconduct; "(B) causes or is likely to cause more than a minimal loss to such member bank; or "(C) 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 subsections (a) and (b), any member bank which, and any institution-affiliated party (within the meaning of section 3(u) of the Federal Deposit Insurance Act) with respect to such member bank who— "(1) knowingly— "(A) commits any violation described in subsection (a); "(B) engages in any unsafe or unsound practice in conducting the affairs of such credit union; or ^ "(C) breaches any fiduciary duty; and "(2) 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 subsection (d) for each day during which such violation, practice, or breach continues. "(d) MAXIMUM AMOUNTS OF PENALTIES FOR ANY VIOLATION DE- SCRIBED IN SUBSECTION (C).—The msiximum daily amount of any civil penalty which may be assessed pursuant to subsection (c) for any violation, practice, or breach described in such subsection is— "(1) in the case of any person other than a member bank, an amount to not exceed $1,000,000; and "(2) in the case of a member bank, an amount not to exceed the lesser of— x "(A) $1,000,000; or "(B) 1 percent of the total assets of such member bank. "(e) ASSESSMENT; ETC.—Any penalty imposed under subsection (a), (b), or (c) shall be assessed and collected by "(1) in the case of a national bank, by the Comptroller of the Currency; and "(2) in the csise of a State member bank, by the Board, in the manner provided in subparagraphs (E), (F), (G), and (I) of section 8(i)(2) of the Federal Deposit Insurance Act for penalties

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