§ 164. — Penalty for failure to make reports.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 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.
