Page:United States Statutes at Large Volume 103 Part 1.djvu/502

 103 STAT. 474 PUBLIC LAW 101-73 —AUG. 9, 1989 •-^ "(cc) breaches any fiduciary duty; "(II) which violation, practice, or breach— "(aa) is part of a pattern of misconduct; "(bb) causes or is likely to cause more than a minimal ' loss to such bank; or "(cc) 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. "(iii) THIRD TIER.— Notwithstanding clauses (i) and (ii), any - 'f 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— "(I) knowingly— "(aa) commits any violation described in clause (i); •' "(bb) engages in any unsafe or unsound practice in conducting the affairs of such bank; or "(cc) breaches any fiduciary duty; and "(II) knowingly or recklessly causes a substantial loss to such bank 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 clause (iv) for each day during which such violation, practice, or breach continues. "(iv) MAXIMUM AMOUNTS OF PENALTIES FOR ANY VIOLATION DESCRIBED IN CLAUSE (iii). — The maximum daily amount of any , civil penalty which may be assessed pursuant to clause (iii) for any violation, practice, or breach described in such clause is— "(I) in the case of any person other than a bank, an amount to not exceed $1,000,000; and "(II) in the case of a bank, an amount not to exceed the 1GSS6T* of""" " (aa) $1,000,000; or "(bb) 1 percent of the total Eissets of such bank. "(v) ASSESSMENT; ETC.—Any penalty imposed under clause (i), (ii), or (iii) may be assessed and collected— "(I) in the case of a national bank, by the Comptroller of the Currency; "(II) in the case of a State member bank, by the Board; and "(III) in the case of an insured nonmember State bank, by the Federal Deposit Insurance Corporation, in the manner provided in subparagraphs (E), (F), (G), and (I) of section 8(i)(2) of the Federal Deposit Insurance Act for penalties imposed (under such section) and any such assessment shall be subject to the provisions of such section. "(vi) HEARING. — The bank or other person against whom any penalty is assessed under this subparagraph shall be afforded an agency hearing if such 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 subparagraph. "(vii) DISBURSEMENT. — All penalties collected under authority of this subsection shall be deposited into the Treasury.

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