12 USC 164 - Penalty for failure to make reports

U.S Code last checked for updates: Nov 22, 2024

§ 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)

(2)

submits or publishes any false or misleading report or information,

in a manner not described in subsection (a) 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

(d)

Assessment; etc.

(e)

Hearing

(R.S. § 5213; Pub. L. 86–230, § 12, Sept. 8, 1959, 73 Stat. 458; Pub. L. 101–73, title IX, § 911(b)(2), Aug. 9, 1989, 103 Stat. 478.)

cite as: 12 USC 164