
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC164]

 
                       TITLE 12--BANKS AND BANKING
 
                        CHAPTER 2--NATIONAL BANKS
 
                SUBCHAPTER X--BANK EXAMINATIONS; REPORTS
 
Sec. 164. Penalty for failure to make reports


(a) First tier

    Any association which--
        (1) maintains procedures reasonably adapted to avoid any 
    inadvertent error and, unintentionally and as a result of such an 
    error--
            (A) fails to make, obtain, transmit, or publish any report 
        or information required by the Comptroller of the Currency under 
        section 161 of this title, within the period of time specified 
        by the Comptroller; or
            (B) submits or publishes any false or misleading report or 
        information; or

        (2) inadvertently transmits or publishes any report which is 
    minimally late,

shall be subject to a penalty of not more than $2,000 for each day 
during which such failure continues or such false or misleading 
information is not corrected. The association shall have the burden of 
proving that an error was inadvertent and that a report was 
inadvertently transmitted or published late.

(b) Second tier

    Any association which--
        (1) fails to make, obtain, transmit, or publish any report or 
    information required by the Comptroller of the Currency under 
    section 161 of this title, within the period of time specified by 
    the Comptroller; or
        (2) submits or publishes any false or misleading report or 
    information,

in a manner not described in subsection (a) of this section shall be 
subject to a penalty of not more than $20,000 for each day during which 
such failure continues or such false or misleading information is not 
corrected.

(c) Third tier

    Notwithstanding subsections (a) and (b) of this section, if any 
association knowingly or with reckless disregard for the accuracy of any 
information or report described in subsection (b) of this section 
submits or publishes any false or misleading report or information, the 
Comptroller may assess a penalty of not more than $1,000,000 or 1 
percent of total assets of the association, whichever is less, per day 
for each day during which such failure continues or such false or 
misleading information is not corrected.

(d) Assessment; etc.

    Any penalty imposed under subsection (a), (b), or (c) of this 
section shall be assessed and collected by the Comptroller of the 
Currency in the manner provided in subparagraphs (E), (F), (G), and (I) 
of section 1818(i)(2) of this title (for penalties imposed under such 
section) and any such assessment (including the determination of the 
amount of the penalty) shall be subject to the provisions of such 
section.

(e) Hearing

    Any association against which any penalty is assessed under this 
subsection \1\ shall be afforded an agency hearing if such association 
submits a request for such hearing within 20 days after the issuance of 
the notice of assessment. Section 1818(h) of this title shall apply to 
any proceeding under this section.
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    \1\ So in original. Probably should be ``section''.
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(R.S. Sec. 5213; Pub. L. 86-230, Sec. 12, Sept. 8, 1959, 73 Stat. 458; 
Pub. L. 101-73, title IX, Sec. 911(b)(2), Aug. 9, 1989, 103 Stat. 478.)

                          Codification

    R.S. Sec. 5213 derived from act Mar. 3, 1869, ch. 130, Secs. 1, 2, 
15 Stat. 326, 327.


                               Amendments

    1989--Pub. L. 101-73 amended section generally. Prior to amendment, 
section read as follows: ``Every association which fails to make and 
transmit any report required under section 161 of this title shall be 
subject to a penalty of $100 for each day after the periods, 
respectively, therein mentioned, that it delays to make and transmit its 
report. Whenever any association delays or refuses to pay the penalty 
herein imposed, after it has been assessed by the Comptroller of the 
Currency, the amount thereof may be retained by the Treasurer of the 
United States, upon the order of the Comptroller of the Currency, out of 
the interest, as it may become due to the association, on the bonds 
deposited with him to secure circulation. All sums of money collected 
for penalties under this section shall be paid into the Treasury of the 
United States.''
    1959--Pub. L. 86-230 substituted ``section 161 of this title'' for 
``either section 161 or 163 of this title''.


                    Effective Date of 1989 Amendment

    Amendment by Pub. L. 101-73 applicable with respect to reports filed 
or required to be filed after Aug. 9, 1989, see section 911(i) of Pub. 
L. 101-73, set out as a note under section 161 of this title.

                  Exception as to Transfer of Functions

    Functions vested by any provision of law in Comptroller of the 
Currency, referred to in this section, not included in transfer of 
functions to Secretary of the Treasury, see note set out under section 1 
of this title.

                  Section Referred to in Other Sections

    This section is referred to in section 1831k of this title.
