Page:United States Statutes at Large Volume 103 Part 1.djvu/501

 PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 473 benefit to such party by reason of such violation, practice, or breach, shall forfeit and pay a civil pensilty in an amount not to exceed the applicable maximum amount determined under paragraph (4) for each day during which such violation, practice, or breach continues. "(4) MAXIMUM AMOUNTS OF PENALTIES FOR ANY VIOLATION DESCRIBED IN PARAGRAPH (3).— The maximum daily amount of any civil penalty which may be gissessed pursuant to paragraph (3) for any violation, practice, or breach described in such paragraph is— "(A) in the case of any person other than a member bgink, an amount not to exceed $1,000,000; and "(B) in the case of a member bank, an amount not to exceed the lesser of— " (i) $1,000,000; or "(ii) 1 percent of the total assets of such member bank. "(5) ASSESSMENT; ETC.—Any penalty imposed under paragraph (1), (2), or (3) may be Eissessed and collected 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 im- posed (under such section) and any such assessment shall be subject to the provisions of such section. "(6) HEARING. — The member bank or other person against whom any penalty is assessed under this subsection shall be afforded an agency hearing if such member bank or person submits a request for such hearing within 20 days after the issuance of the notice of assessment. Section 8(h) of the Federal Deposit Insurance Act shall apply to any proceeding under this subsection. "(7) DISBURSEMENT. —A ll penalties collected under authority of this subsection shall be deposited into the Treasury. "(8) VIOLATE DEFINED.— For purposes of this section, the term 'violate' includes any action (alone or with another or others) for or toward causing, bringing about, participating in, counsel- ing, or aiding or abetting a violation. (9) REGULATIONS.—The Board shall prescribe regulations establishing such procedures as may be necessary to carry out this subsection.", (i) BANKS.—Section 106(b)(2)(F) of the Bank Holding Company Act Amendments of 1970 (12 U.S.C. 1972(2)(F)) is amended to read as follows: "(F) CIVIL MONEY PENALTY. — "(i) FIRST TIER.—Any bank which, and any institution-affili- ated party (within the meaning of section 3(u) of the Federal Deposit Insurance Act) with respect to such bank who, violates any provision of this paragraph shall forfeit and pay a civil penalty of not more than $5,000 for each day during which such violation continues. "(ii) SECOND TIER. — Notwithstanding clause (i), any bank which, and any institution-affiliated party (within the meaning of section 3(u) of the Federal Deposit Insurance Act) with respect to such bank who— "(IXaa) commits any violation described in clause (i); "(bb) recklessly engages in an unsafe or unsound practice in conducting the affairs of such bank; or

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