Page:United States Statutes at Large Volume 118.djvu/3784

 118 STAT. 3754 PUBLIC LAW 108–458—DEC. 17, 2004 it deems necessary, consult with the Federal banking agen- cies (as defined in section 3 of the Federal Deposit Insur- ance Act) on regulations issued by such agencies in carrying out section 10(k) of the Federal Deposit Insurance Act. ‘‘(4) WAIVER.—The Board may grant a waiver, on a case by case basis, of the restriction imposed by this subsection to any officer or employee (including any special Government employee) of the Administration if the Chairman certifies in writing that granting the waiver would not affect the integrity of the supervisory program of the Administration. ‘‘(5) PENALTIES.— ‘‘(A) IN GENERAL.—In addition to any other administra- tive, civil, or criminal remedy or penalty that may other- wise apply, whenever the Board determines that a person subject to paragraph (1) has become associated, in the manner described in paragraph (1)(C), with an insured credit union, the Board shall impose upon such person one or more of the following penalties: ‘‘(i) INDUSTRY-WIDE PROHIBITION ORDER.—The Board shall serve a written notice or order in accord- ance with and subject to the provisions of subsection (g)(4) for written notices or orders under paragraph (1) or (2) of subsection (g), upon such person of the intention of the Board— ‘‘(I) to remove such person from office or to prohibit such person from further participation in the conduct of the affairs of the insured credit union for a period of up to 5 years; and ‘‘(II) to prohibit any further participation by such person, in any manner, in the conduct of the affairs of any insured credit union for a period of up to 5 years. ‘‘(ii) CIVIL MONETARY PENALTY.—The Board may, in an administrative proceeding or civil action in an appropriate United States district court, impose on such person a civil monetary penalty of not more than $250,000. Any administrative proceeding under this clause shall be conducted in accordance with subsection (k). In lieu of an action by the Board under this clause, the Attorney General of the United States may bring a civil action under this clause in the appropriate United States district court. ‘‘(B) SCOPE OF PROHIBITION ORDER.—Any person subject to an order issued under this subparagraph (A)(i) shall be subject to paragraphs (5) and (7) of subsection (g) in the same manner and to the same extent as a person subject to an order issued under subsection (g).’’. (d) EFFECTIVE DATE.—Notwithstanding any other effective date established pursuant to this Act, subsection (a) shall become effec- tive on the date of enactment of this Act, and the amendments made by subsections (b) and (c) shall become effective at the end of the 12-month period beginning on the date of enactment of this Act, whether or not final regulations are issued in accordance with the amendments made by this section as of that date of enactment. 12 USC 1786 note. Notice. VerDate 11-MAY-2000 13:54 Nov 10, 2005 Jkt 029194 PO 00000 Frm 00288 Fmt 6580 Sfmt 6581 C:\STATUTES\2004\29194PT4.001 APPS10 PsN: 29194PT4

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