§ 1467. — Examination fees.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1467]
TITLE 12--BANKS AND BANKING
CHAPTER 12--SAVINGS ASSOCIATIONS
Sec. 1467. Examination fees
(a) Examination of savings associations
The cost of conducting examinations of savings associations pursuant
to section 1464(d) of this title shall be assessed by the Director
against each such savings association as the Director deems necessary or
appropriate.
(b) Examination of affiliates
The cost of conducting examinations of affiliates of savings
associations pursuant to this chapter may be assessed by the Director
against each affiliate that is examined as the Director deems necessary
or appropriate.
(c) Assessment against association in case of affiliate's refusal to pay
(1) In general
Subject to paragraph (2), if any affiliate of any savings
association--
(A) refuses to pay any assessment under subsection (b) of
this section; or
(B) fails to pay any such assessment before the end of the
60-day period beginning on the date of the assessment,
the Director may assess such cost against, and collect such cost
from, such savings association.
(2) Affiliate of more than 1 savings association
If any affiliate referred to in paragraph (1) is an affiliate of
more than 1 savings association, the assessment with respect to the
affiliate against, and collected from, any affiliated savings
association in such proportions as the Director may prescribe.
(d) Civil money penalty for affiliate's refusal to cooperate
(1) Penalty imposed
If any affiliate of any savings association--
(A) refuses to permit any examiner appointed by the Director
to make an examination; or
(B) refuses to provide any information required to be
disclosed in the course of any examination,
the savings association shall forfeit and pay a civil penalty of not
more than $5,000 for each day that any such refusal continues.
(2) Assessment and collection
Any penalty imposed under paragraph (1) shall be assessed and
collected by the Director, in the manner provided in section 8(i)(2)
of the Federal Deposit Insurance Act [12 U.S.C. 1818(i)(2)].
(e) Regulations
Only the Director may prescribe regulations with respect to--
(1) the computation of, and the assessment for, the cost of
conducting examinations pursuant to this section; and
(2) the collection and use of such assessments and any fees
under this section.
Such regulations may establish formulas to determine a fee or schedule
of fees to cover the costs of examinations and also to cover the cost of
processing applications, filings, notices, and requests for approvals by
the Director or the Director's designee.
(f) Collection through FDIC or Federal home loan banks
The Corporation or the Federal home loan banks shall, upon request
of and by agreement with the Director, collect fees and assessments on
behalf of the Director and be reimbursed for the actual cost of
collection.
(g) Costs of other examinations
(1) Examination of fiduciary activities
In addition to any assessment imposed pursuant to subsection (a)
of this section, the cost of conducting examinations of fiduciary
activities of savings associations which exercise fiduciary powers
(including savings associations or similar institutions in the
District of Columbia) shall be assessed by the Director against such
savings associations (or similar institutions).
(2) Examinations in excess of 2 per calendar year
If any savings association or affiliate of a savings association
is examined by the Director, or the Corporation, as the case may be,
more than 2 times in any calendar year, the cost of conducting such
additional examinations shall be assessed, in addition to any
assessment imposed pursuant to subsection (a) of this section, by
the Director or the Corporation, as the case may be, against such
savings association or affiliate.
(h) Additional information
Any savings association and any affiliate of any savings association
shall provide the Director with access to any information or report with
respect to any examination made by any public regulatory authority and
furnish any additional information with respect thereto as the Director
may require.
(i) Treatment of examination assessments
(1) Deposits
Amounts received by the Director from assessments under this
section (other than an assessment under subsection (d)(2) of this
section) or section 1467a(b)(4) of this title may be deposited in
the manner provided in section 5234 of the Revised Statutes [12
U.S.C. 192] with respect to assessments by the Comptroller of the
Currency.
(2) Assessments are not Government funds
The amounts received by the Director from any assessment under
this section shall not be construed to be Government or public funds
or appropriated money.
(3) Assessments are not subject to apportionment of funds
Notwithstanding any other provision of law, the amounts received
by the Director from any assessment under this section shall not be
subject to apportionment for the purpose of chapter 15 of title 31
or under any other authority.
(j) Processing fee
The Director may, in the Director's sole discretion, assess against
any person that submits to the Director an application, filing, notice,
or request a fee to cover the cost of processing such submission.
(k) Fees for examinations and supervisory activities
The Director may assess against institutions for which the Director
is the appropriate Federal banking agency, as defined in section 3 of
the Federal Deposit Insurance Act [12 U.S.C. 1813], fees to fund the
direct and indirect expenses of the Office as the Director deems
necessary or appropriate. The fees may be imposed more frequently than
annually at the discretion of the Director.
(l) Working capital
The Director is authorized to impose fees and assessments pursuant
to subsections (a), (b), (e), and (k) of this section, in excess of
actual expenses for any given year, to permit the Director to maintain a
working capital fund. The Director shall remit to the payors of such
fees and assessments any funds collected in excess of what he deems
necessary to maintain such working capital fund.
(m) Use of funds
The Director is authorized to use the combined resources retained
through fees and assessments imposed pursuant to this section to pay all
direct and indirect salary and administrative expenses of the Office,
including contracts and purchases of property and services, and the
direct and indirect expenses of the examinations and supervisory
activities of the Office.
(June 13, 1933, ch. 64, Sec. 9, as added Pub. L. 100-86, title IV,
Sec. 402(a), Aug. 10, 1987, 101 Stat. 605; amended Pub. L. 101-73, title
III, Sec. 301, Aug. 9, 1989, 103 Stat. 316; Pub. L. 102-242, title I,
Sec. 114(c), Dec. 19, 1991, 105 Stat. 2248.)
Prior Provisions
A prior section 1467, acts June 13, 1933, ch. 64, Sec. 8, 48 Stat.
134; Apr. 27, 1934, ch. 168, Sec. 12, 48 Stat. 647; May 28, 1935, ch.
150, Secs. 20, 21, 49 Stat. 298, related to penalties, prior to repeal
by act June 25, 1948, ch. 645, Sec. 21, 62 Stat. 862, eff. Sept. 1,
1948. See sections 223, 433, 493, 657, 1006, and 1014 of Title 18,
Crimes and Criminal Procedure.
A prior section 9 of act June 13, 1933, was renumbered section 11
and is classified to section 1468 of this title.
Amendments
1991--Subsec. (a). Pub. L. 102-242, Sec. 114(c)(1), added subsec.
(a) and struck out former subsec. (a) which read as follows: ``The cost
of conducting examinations of savings associations pursuant to section
1464(d) of this title shall be assessed by the Director against each
such savings association in proportion to the assets or resources of the
savings association.''
Subsec. (b). Pub. L. 102-242, Sec. 114(c)(1), added subsec. (b) and
struck out former subsec. (b) which read as follows: ``The cost of
conducting examinations of affiliates of savings associations pursuant
to this chapter may be assessed by the Director against each affiliate
which is examined in proportion to the assets or resources held by the
affiliate on the date of any such examination.''
Subsec. (k). Pub. L. 102-242, Sec. 114(c)(2), amended subsec. (k)
generally. Prior to amendment, subsec. (k) read as follows: ``The
Director may assess against institutions for which the Director is the
appropriate Federal banking agency, within the meaning of section 3 of
the Federal Deposit Insurance Act, fees to fund the direct and indirect
expenses of the Office. Such fees shall be imposed in proportion of the
assets or resources of the institutions. The fees may be imposed more
frequently than annually at the discretion of the Director. The annual
rate of such fees shall be the same for all institutions subject to such
fees.''
1989--Pub. L. 101-73 amended section generally, substituting
subsecs. (a) to (m) relating to examination fees for former subsecs. (a)
to (f) relating to accounting principles and other standards and
requirements.
Effective Date of 1989 Amendment
Amendment by Pub. L. 101-73 relating to civil penalties applicable
with respect to violations committed and activities engaged in after
Aug. 9, 1989, except that the increased maximum civil penalties of
$5,000 and $25,000 per violation or per day may apply to such violations
or activities committed or engaged in before such date with respect to
an institution if such violations or activities (1) are not already
subject to a notice issued by the appropriate Federal banking agency or
the Board (initiating an administrative proceeding); and (2) occurred
after the completion of the last report of examination of the
institution by the appropriate Federal banking agency (as defined in
section 1813 of this title) occurring before Aug. 9, 1989, see section
305(c) of Pub. L. 101-73, set out as a note under section 1461 of this
title.
Submission of Proposed Regulations to Congress
Section 402(c) of Pub. L. 100-86 provided that: ``Not later than the
end of the 90-day period beginning on the date of the enactment of this
Act [Aug. 10, 1987]--
``(1) the Federal Home Loan Bank Board shall submit a copy of
the proposed regulations required to be prescribed under the
amendment made by subsection (a) [enacting this section] to the
Congress; and
``(2) the Federal Savings and Loan Insurance Corporation shall
submit a copy of the proposed regulations required to be prescribed
under the amendment made by subsection (b) [enacting section 1730h
of this title] to the Congress.''
Effective Date of Regulations
Section 402(d) of Pub. L. 100-86 provided that:
``(1) In general.--Except as provided in paragraph (2), any
regulation required to be prescribed under the amendment made by
subsections (a) and (b) [enacting sections 1467 and 1730h of this title]
shall be implemented not later than the end of the 150-day period
beginning on the date of the enactment of this Act [Aug. 10, 1987].
``(2) Uniform gaap accounting standards.--
``(A) In general.--Except as provided in subparagraph (B), the
regulations required to be prescribed pursuant to subsection (b) of
the amendments made by subsections (a) and (b) of this section shall
take effect on December 31, 1987.
``(B) Compliance at a later date.--If any association or insured
institution demonstrates to the satisfaction of the Home Loan Bank
Board or the Federal Savings and Loan Insurance Corporation, as the
case may be, that it is not feasible for such association or
institution to achieve compliance with the regulations referred to
in subparagraph (A) by the date contained in such subparagraph, the
Board or Corporation may approve a plan submitted by an association
or insured institution which allows such association or institution
to comply with such regulations at a later date to the extent such
later date is the earlier of--
``(i) the date by which, in the determination of the Board
or Corporation, it is feasible for such association or insured
institution to achieve compliance with such regulations; or
``(ii) December 31, 1993.''
Sunset and Savings Provision
Subsec. (a)(2), (3), (5) ceases to be effective on date that notice
of completion of all net new borrowing by Financing Corporation is
published in Federal Register [Mar. 30, 1992, 57 F.R. 10763], with such
termination not to be construed to affect or limit any authority of
Federal Home Loan Bank Board or Federal Savings and Loan Insurance
Corporation to prescribe any regulation or engage in any activity with
respect to any association or insured institution under any other
provision of law, see section 416 of Pub. L. 100-86, set out as a note
under section 1441 of this title.
Section Referred to in Other Sections
This section is referred to in section 1817 of this title.
