Page:United States Statutes at Large Volume 92 Part 3.djvu/1009

 PUBLIC LAW 95-630—NOV. 10, 1978

92 STAT. 3641

Public Law 95-630 95th Congress An Act To extend the authority for the flexible regulation of interest rates on deposits and accounts in depository institutions.

Nov. 10. 1978 [H.R. 14279]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may Financial be cited as the "Financial Institutions Regulatory and Interest R a t e Institutions Control Act of 1978". Regulatory and Interest Kate TITLE I—SUPERVISORY AUTHORITY OVER f^^g"' ^""^ ""^ DEPOSITORY INSTITUTIONS 12 USC 226 note. SEC. 101. The Federal Reserve Act is amended by redesignating sections 29 and 30 as sections 30 and 31, respectively, and by inserting after section 28 a new section as follows: " SEC. 29. (a) Any member bank which violates or any officer, director, employee, agent, or other person participating in the conduct of the affairs of such member bank who violates any provision of section 22 or 23A of this Act, or any regulation issued pursuant thereto, shall forfeit and pay a civil penalty of not more than $1,000 per day for each day during which such violation continues. The penaltj^ shall be assessed and collected by the Comptroller of the Currency in the case of a national bank, or the B o a r d in the case of a State member bank, by written notice. A s used in this section, the term 'violates' includes without any limitation any action (alone or with another or others) for or toward causing, bringing about, participating in, counseling, or aiding or abetting a violation. " (b) I n determining the amount of the penalty the Comptroller of the Currency or the Board, as the case may be, shall take into account the appropriateness of the penalty with respect to the size of the financial resources and good faith of the member bank or person charged, the gravity of the violation, the history of previous violations, and such other matters as justice may require. " (c) The member bank or person assessed shall be afforded an opportunity for agency hearing, upon request made within ten days after issuance of the notice of assessment. I n such hearing, all issues shall be determined on the record pursuant to section 554 of title 5, United States Code. The agency determination shall be made by final order which may be reviewed only as provided in subsection (d). I f no hearing is requested as herein provided, the assessment shall constitute a final and unappealable order. " (d) Any member bank or person against whom an order imposing a civil money penalty has been entered after agency hearing under this section ma;^ obtain review by the United States court of appeals for the circuit in which the home office of the member bank is located, or the United States Court of Appeals for the District of Columbia Circuit, by filing a notice of appeal in such court within ten days from the date of such order, and simultaneously sending a copy of such notice by registered or certified mail to the Comptroller of the Currency or the Board, as the case may be. The Comptroller of the Currency or the Board, as the case may be, shall promptly certify and file

39-194 O-

-pt. 3

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12 USC 226 note. eivil penalty. 12 USC 504. 12 USC 375, 375a, 375b, 376, 503. 12 USC 371c. Notice. "Violates."

Hearing opportunity.

Review.

eertification.

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