Notification of Inflation Adjustments for Civil Money Penalties, 71735-71737 [2019-28053]
Download as PDF
<![CDATA[
71735
Rules and Regulations
Federal Register
Vol. 84, No. 249
Monday, December 30, 2019
This section of the FEDERAL REGISTER
contains regulatory documents having general
applicability and legal effect, most of which
are keyed to and codified in the Code of
Federal Regulations, which is published under
50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by
the Superintendent of Documents.
Good Cause To Dispense With Notice
and Public Procedure
Office of the Comptroller of the
Currency
12 CFR Parts 3, 6, 34, 46, 160, 161, 163,
and 167
[Docket ID OCC–2019–0004]
RIN 1557–AE50
Other Real Estate Owned and
Technical Amendments; Correction
Office of the Comptroller of the
Currency, Treasury.
ACTION: Final rule; correction.
AGENCY:
On October 22, 2019, the
Office of the Comptroller of the
Currency (OCC) published in the
Federal Register a final rule to revise
the other real estate owned rule and
make related technical amendments.
The final rule had an effective date of
December 1, 2019. On November 21,
2019, the OCC published a correction to
that final rule in the Federal Register
amending the final rule’s effective date
to January 1, 2020. This document
corrects and supplements the November
21, 2019, final rule.
DATES: Effective January 1, 2020.
FOR FURTHER INFORMATION CONTACT:
Kevin Korzeniewski, Counsel, or J.
William Binkley, Attorney, Chief
Counsel’s Office, (202) 649–5490; or for
persons who are hearing impaired, TTY,
(202) 649–5597.
SUPPLEMENTARY INFORMATION:
SUMMARY:
khammond on DSKJM1Z7X2PROD with RULES
I. Background
On October 22, 2019, the OCC
published in the Federal Register a final
rule to revise its rule on other real estate
owned (OREO) at 12 CFR part 34,
subpart E, and make related technical
amendments (OREO final rule).1 On
November 21, 2019, the OCC published
a correction to the OREO final rule in
the Federal Register amending the
FR 56369 (Oct. 22, 2019).
VerDate Sep<11>2014
16:33 Dec 27, 2019
The OCC ordinarily publishes a notice
of proposed rulemaking in the Federal
Register to provide for notice and public
procedure before the provisions of a rule
take effect in accordance with section
553(b) of the Administrative Procedure
Act (5 U.S.C. 553(b)). Nevertheless, an
agency can dispense with this notice
and public procedure if it finds, for
good cause, that the notice and public
procedure thereon are impracticable,
unnecessary, or contrary to the public
interest and incorporates a statement of
its findings and reasons in the final rule.
The OCC finds that that there is good
cause to dispense with notice and
public procedure requirements in this
final rule and the November 21, 2019,
final rule because they are unnecessary.
The November 21, 2019, final rule
merely delayed the effective date of the
OREO final rule to January 1, 2020, that
was previously subjected to notice and
public procedure. The delayed effective
date avoids confusion about adopting
different effective dates for national
banks and Federal savings associations.
This final rule merely supplements the
regulatory analyses for the November
21, 2019, final rule. Therefore, the OCC
finds it unnecessary to undertake
further notice and public procedure
with respect to this final rule and the
November 21, 2019, final rule.
Congressional Review Act
Pursuant to the Congressional Review
Act, the Office of Management and
Budget will determine if this final rule
and the November 21,2019, final rule
are not ‘‘major rules,’’ as defined at 5
U.S.C. 804(2). As required by the
Congressional Review Act, the OCC will
submit the final rules and other
appropriate reports to Congress and the
Government Accountability Office for
review.
2 84
Jkt 250001
Dated: December 20, 2019.
Morris R. Morgan,
First Deputy Comptroller, Comptroller of the
Currency.
[FR Doc. 2019–28054 Filed 12–27–19; 8:45 am]
BILLING CODE 4810–33–P
II. Additional Regulatory Analyses
DEPARTMENT OF TREASURY
1 84
OREO final rule’s effective date to
January 1, 2020 (the November 21, 2019,
final rule).2 This document corrects and
supplements the November 21, 2019,
final rule with the additional regulatory
analyses below.
PO 00000
FR 64193 (Nov. 21, 2019).
Frm 00001
Fmt 4700
Sfmt 4700
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Parts 19 and 109
Notification of Inflation Adjustments
for Civil Money Penalties
Office of the Comptroller of the
Currency, Treasury.
ACTION: Notification of monetary
penalties 2020.
AGENCY:
The Office of the Comptroller
of the Currency (OCC) is providing
notice of its maximum civil money
penalties as adjusted for inflation. The
inflation adjustments are required to
implement the Federal Civil Penalties
Inflation Adjustment Act of 1990, as
amended by the Federal Civil Penalties
Inflation Adjustment Act Improvements
Act of 2015.
DATES: The adjusted maximum amount
of civil money penalties in this
document are applicable to penalties
assessed on or after January 1, 2020, for
conduct occurring on or after November
2, 2015.
FOR FURTHER INFORMATION CONTACT: Lee
Walzer, Counsel, Chief Counsel’s Office,
(202) 649–5490, or, for persons who are
deaf or hearing impaired, TTY, (202)
649–5597, Office of the Comptroller of
the Currency.
SUPPLEMENTARY INFORMATION: This
document announces changes to the
maximum amount of each civil money
penalty (CMP) within the OCC’s
jurisdiction to administer to account for
inflation pursuant to the Federal Civil
Penalties Inflation Adjustment Act of
1990 (the 1990 Adjustment Act),1 as
amended by the Federal Civil Penalties
Inflation Adjustment Act Improvements
Act of 2015 (the 2015 Adjustment Act).2
Under the 1990 Adjustment Act, as
amended, federal agencies must make
SUMMARY:
1 Public Law 101–410, Oct. 5, 1990, 104 Stat. 890,
codified at 28 U.S.C. 2461 note.
2 Public Law 114–74, Title VII, section 701(b),
Nov. 2, 2015, 129 Stat. 599, codified at 28 U.S.C.
2461 note.
E:\FR\FM\30DER1.SGM
30DER1
71736
Federal Register / Vol. 84, No. 249 / Monday, December 30, 2019 / Rules and Regulations
annual adjustments to the maximum
amount of each CMP the agency
administers. The Office of Management
and Budget (OMB) is required to issue
guidance to federal agencies no later
than December 15 of each year
providing an inflation adjustment
multiplier (i.e., the inflation adjustment
factor agencies must use) applicable to
CMPs assessed in the following year.
The agencies are required to publish
their CMPs, adjusted pursuant to the
multiplier provided by OMB, by January
15 of the applicable year.
To the extent an agency has codified
a CMP amount in its regulations, the
agency would need to update that
amount by regulation. However, if an
agency has codified the formula for
making the CMP adjustments, then
subsequent adjustments can be made
solely by notice.3 In 2018, the OCC
published a final regulation to remove
the CMP amounts from its regulations,
while updating those amounts for
inflation through the notice process.4
On December 16, 2019, the OMB
issued guidance to affected agencies on
implementing the required annual
adjustment, which included the relevant
inflation multiplier.5 The OCC has
applied that multiplier to the maximum
CMPs allowable in 2019 for national
banks and Federal savings associations
as listed in the 2019 CMP notice 6 to
calculate the maximum amount of CMPs
that may be assessed by the OCC in
2020.7 There were no new statutory
CMPs administered by the OCC during
2019.
The following charts provide the
inflation-adjusted CMPs for use
beginning on January 1, 2020, pursuant
to 12 CFR 19.240(b) and 109.103(c)(2)
for conduct occurring on or after
November 2, 2015:
PENALTIES APPLICABLE TO NATIONAL BANKS
Description and tier
(if applicable)
12 U.S.C. 93(b) .....................................................
Violation of Various Provisions of the National Bank Act:
Tier 1 ..........................................................................................................................................
Tier 2 ..........................................................................................................................................
Tier 3 ..........................................................................................................................................
Violation of Reporting Requirements:
Tier 1 ..........................................................................................................................................
Tier 2 ..........................................................................................................................................
Tier 3 ..........................................................................................................................................
Refusal of Affiliate to Cooperate in Examination ..............................................................................
Violation of Various Provisions of the Federal Reserve Act:
Tier 1 ..........................................................................................................................................
Tier 2 ..........................................................................................................................................
Tier 3 ..........................................................................................................................................
Violation of Change in Bank Control Act:
Tier 1 ..........................................................................................................................................
Tier 2 ..........................................................................................................................................
Tier 3 ..........................................................................................................................................
Violation of Law, Unsafe or Unsound Practice, or Breach of Fiduciary Duty:
Tier 1 ..........................................................................................................................................
Tier 2 ..........................................................................................................................................
Tier 3 ..........................................................................................................................................
Violation of Post-Employment Restrictions:
Per violation ................................................................................................................................
Violation of Withdrawals by Negotiable or Transferable Instrument for Transfers to Third Parties:
Per violation ................................................................................................................................
Violation of the Bank Protection Act .................................................................................................
Violation of Anti-Tying Provisions regarding Correspondent Accounts, Unsafe or Unsound Practices, or Breach of Fiduciary Duty:
Tier 1 ..........................................................................................................................................
Tier 2 ..........................................................................................................................................
Tier 3 ..........................................................................................................................................
Violation of Various Provisions of the International Banking Act (Federal Branches and Agencies)
Violation of Reporting Requirements of the International Banking Act (Federal Branches and
Agencies):
Tier 1 ..........................................................................................................................................
Tier 2 ..........................................................................................................................................
Tier 3 ..........................................................................................................................................
Violation of International Lending Supervision Act ...........................................................................
Violation of Various Provisions of the Securities Act, the Securities Exchange Act, the Investment Company Act, or the Investment Advisers Act:
Tier 1 (natural person)—Per violation ........................................................................................
Tier 1 (other person)—Per violation ...........................................................................................
Tier 2 (natural person)—Per violation ........................................................................................
Tier 2 (other person)—Per violation ...........................................................................................
Tier 3 (natural person)—Per violation ........................................................................................
Tier 3 (other person)—Per violation ...........................................................................................
Violation of Appraisal Independence Requirements:
First violation ..............................................................................................................................
Subsequent violations ................................................................................................................
12 U.S.C. 164 .......................................................
12 U.S.C. 481 .......................................................
12 U.S.C. 504 .......................................................
12 U.S.C. 1817(j)(16) ............................................
12 U.S.C. 1818(i)(2) 3 ...........................................
12 U.S.C. 1820(k)(6)(A)(ii) ....................................
12 U.S.C. 1832(c) .................................................
12 U.S.C. 1884 .....................................................
12 U.S.C. 1972(2)(F) ............................................
12 U.S.C. 3110(a) .................................................
12 U.S.C. 3110(c) .................................................
12 U.S.C. 3909(d)(1) ............................................
15 U.S.C. 78u–2(b) ...............................................
15 U.S.C. 1639e(k) ...............................................
khammond on DSKJM1Z7X2PROD with RULES
Maximum
penalty
amount
(in dollars) 1
U.S. Code citation
3 See OMB Memorandum M–18–03,
‘‘Implementation of the 2018 Annual Adjustment
Pursuant to the Federal Civil Penalties Inflation
Adjustment Act Improvements Act of 2015,’’ at 4,
which permits agencies that have codified the
formula to adjust CMPs for inflation to update the
penalties through a notice rather than a regulation.
VerDate Sep<11>2014
16:33 Dec 27, 2019
Jkt 250001
4 83 FR 1517 (Jan. 12, 2018) (final rule); 83 FR
1657 (Jan. 12, 2018) (2018 CMP Notice).
5 The inflation adjustment multiplier for 2020 is
1.01764. See OMB Memorandum M–20–05,
Implementation of Penalty Inflation Adjustments
for 2020, Pursuant to the Federal Civil Penalties
Inflation Adjustment Act Improvements Act of 2015
(Dec. 16, 2019).
PO 00000
Frm 00002
Fmt 4700
Sfmt 4700
6 See
10,245
51,222
2 2,048,915
4,098
40,979
2 2,048,915
10,245
10,245
51,222
2 2,048,915
10,245
51,222
2 2,048,915
10,245
51,222
2 2,048,915
337,016
2,976
297
10,245
51,222
2 2,048,915
46,825
3,747
37,458
2 1,872,957
2,549
9,639
96,384
96,384
481,920
192,768
963,837
11,767
23,533
83 FR 66599 (Dec. 27, 2018).
assessed for violations occurring prior
to November 2, 2015, will be subject to the
maximum amounts set forth in the OCC’s
regulations in effect prior to the enactment of the
2015 Adjustment Act.
7 Penalties
E:\FR\FM\30DER1.SGM
30DER1
Federal Register / Vol. 84, No. 249 / Monday, December 30, 2019 / Rules and Regulations
71737
PENALTIES APPLICABLE TO NATIONAL BANKS—Continued
Maximum
penalty
amount
(in dollars) 1
U.S. Code citation
Description and tier
(if applicable)
42 U.S.C. 4012a(f)(5) ...........................................
Flood Insurance:
Per violation ................................................................................................................................
2,226
1 The
maximum penalty amount is per day, unless otherwise indicated.
2 The maximum penalty amount for a national bank is the lesser of this amount or 1 percent of total assets.
3 These amounts also apply to CMPs in statutes that cross-reference 12 U.S.C. 1818, such as 12 U.S.C. 2804, 3108, 3349, 4309, and 4717 and 15 U.S.C. 1607,
1693o, 1681s, 1691c, and 1692l.
PENALTIES APPLICABLE TO FEDERAL SAVINGS ASSOCIATIONS
Maximum
penalty
amount
(in dollars) 1
U.S. Code citation
CMP description
12 U.S.C. 1464(v) .................................................
Reports of Condition:
1st Tier .......................................................................................................................................
2nd Tier ......................................................................................................................................
3rd Tier .......................................................................................................................................
Refusal of Affiliate to Cooperate in Examination ..............................................................................
Late/Inaccurate Reports:
1st Tier .......................................................................................................................................
2nd Tier ......................................................................................................................................
3rd Tier .......................................................................................................................................
Violation of Change in Bank Control Act:
Tier 1 ..........................................................................................................................................
Tier 2 ..........................................................................................................................................
Tier 3 ..........................................................................................................................................
Violation of Law, Unsafe or Unsound Practice, or Breach of Fiduciary Duty:
Tier 1 ..........................................................................................................................................
Tier 2 ..........................................................................................................................................
Tier 3 ..........................................................................................................................................
Violation of Post-Employment Restrictions:
Per violation ................................................................................................................................
Violation of Withdrawals by Negotiable or Transferable Instruments for Transfers to Third Parties:
Per violation ................................................................................................................................
Violation of the Bank Protection Act .................................................................................................
Violation of Provisions regarding Correspondent Accounts, Unsafe or Unsound Practices, or
Breach of Fiduciary Duty:
Tier 1 ..........................................................................................................................................
Tier 2 ..........................................................................................................................................
Tier 3 ..........................................................................................................................................
Violations of Various Provisions of the Securities Act, the Securities Exchange Act, the Investment Company Act, or the Investment Advisers Act:
1st Tier (natural person)—Per violation .....................................................................................
1st Tier (other person)—Per violation ........................................................................................
2nd Tier (natural person)—Per violation ....................................................................................
2nd Tier (other person)—Per violation .......................................................................................
3rd Tier (natural person)—Per violation .....................................................................................
3rd Tier (other person)—Per violation .......................................................................................
Violation of Appraisal Independence Requirements:
First violation ..............................................................................................................................
Subsequent violations ................................................................................................................
Flood Insurance:
Per violation ................................................................................................................................
12 U.S.C. 1467(d) .................................................
12 U.S.C. 1467a(r) ................................................
12 U.S.C. 1817(j)(16) ............................................
12 U.S.C. 1818(i)(2) 3 ...........................................
12 U.S.C. 1820(k)(6)(A)(ii) ....................................
12 U.S.C. 1832(c) .................................................
12 U.S.C. 1884 .....................................................
12 U.S.C. 1972(2)(F) ............................................
15 U.S.C. 78u–2(b) ...............................................
15 U.S.C. 1639e(k) ...............................................
42 U.S.C. 4012a(f)(5) ...........................................
1 The
4,098
40,979
2 2,048,915
10,245
4,098
40,979
2 2,048,915
10,245
51,222
2 2,048,915
10,245
51,222
2 2,048,915
337,016
2,705
297
10,245
51,222
2 2,048,915
9,639
96,384
96,384
481,920
192,768
963,837
11,767
23,533
2,226
khammond on DSKJM1Z7X2PROD with RULES
maximum penalty amount is per day, unless otherwise indicated.
2 The maximum penalty amount for a federal savings association is the lesser of this amount or 1 percent of total assets.
3 These amounts also apply to statutes that cross-reference 12 U.S.C. 1818, such as 12 U.S.C. 2804, 3108, 3349, 4309, and 4717 and 15 U.S.C. 1607, 1681s,
1691c, and 1692l.
Dated: December 19, 2019.
Jonathan V. Gould,
Senior Deputy Comptroller and Chief
Counsel, Office of the Comptroller of the
Currency.
[FR Doc. 2019–28053 Filed 12–27–19; 8:45 am]
BILLING CODE 4810–33–P
VerDate Sep<11>2014
16:33 Dec 27, 2019
Jkt 250001
PO 00000
Frm 00003
Fmt 4700
Sfmt 4700
E:\FR\FM\30DER1.SGM
30DER1
]]>Agencies
[Federal Register Volume 84, Number 249 (Monday, December 30, 2019)]
[Rules and Regulations]
[Pages 71735-71737]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-28053]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
12 CFR Parts 19 and 109
Notification of Inflation Adjustments for Civil Money Penalties
AGENCY: Office of the Comptroller of the Currency, Treasury.
ACTION: Notification of monetary penalties 2020.
-----------------------------------------------------------------------
SUMMARY: The Office of the Comptroller of the Currency (OCC) is
providing notice of its maximum civil money penalties as adjusted for
inflation. The inflation adjustments are required to implement the
Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by
the Federal Civil Penalties Inflation Adjustment Act Improvements Act
of 2015.
DATES: The adjusted maximum amount of civil money penalties in this
document are applicable to penalties assessed on or after January 1,
2020, for conduct occurring on or after November 2, 2015.
FOR FURTHER INFORMATION CONTACT: Lee Walzer, Counsel, Chief Counsel's
Office, (202) 649-5490, or, for persons who are deaf or hearing
impaired, TTY, (202) 649-5597, Office of the Comptroller of the
Currency.
SUPPLEMENTARY INFORMATION: This document announces changes to the
maximum amount of each civil money penalty (CMP) within the OCC's
jurisdiction to administer to account for inflation pursuant to the
Federal Civil Penalties Inflation Adjustment Act of 1990 (the 1990
Adjustment Act),\1\ as amended by the Federal Civil Penalties Inflation
Adjustment Act Improvements Act of 2015 (the 2015 Adjustment Act).\2\
Under the 1990 Adjustment Act, as amended, federal agencies must make
[[Page 71736]]
annual adjustments to the maximum amount of each CMP the agency
administers. The Office of Management and Budget (OMB) is required to
issue guidance to federal agencies no later than December 15 of each
year providing an inflation adjustment multiplier (i.e., the inflation
adjustment factor agencies must use) applicable to CMPs assessed in the
following year. The agencies are required to publish their CMPs,
adjusted pursuant to the multiplier provided by OMB, by January 15 of
the applicable year.
---------------------------------------------------------------------------
\1\ Public Law 101-410, Oct. 5, 1990, 104 Stat. 890, codified at
28 U.S.C. 2461 note.
\2\ Public Law 114-74, Title VII, section 701(b), Nov. 2, 2015,
129 Stat. 599, codified at 28 U.S.C. 2461 note.
---------------------------------------------------------------------------
To the extent an agency has codified a CMP amount in its
regulations, the agency would need to update that amount by regulation.
However, if an agency has codified the formula for making the CMP
adjustments, then subsequent adjustments can be made solely by
notice.\3\ In 2018, the OCC published a final regulation to remove the
CMP amounts from its regulations, while updating those amounts for
inflation through the notice process.\4\
---------------------------------------------------------------------------
\3\ See OMB Memorandum M-18-03, ``Implementation of the 2018
Annual Adjustment Pursuant to the Federal Civil Penalties Inflation
Adjustment Act Improvements Act of 2015,'' at 4, which permits
agencies that have codified the formula to adjust CMPs for inflation
to update the penalties through a notice rather than a regulation.
\4\ 83 FR 1517 (Jan. 12, 2018) (final rule); 83 FR 1657 (Jan.
12, 2018) (2018 CMP Notice).
---------------------------------------------------------------------------
On December 16, 2019, the OMB issued guidance to affected agencies
on implementing the required annual adjustment, which included the
relevant inflation multiplier.\5\ The OCC has applied that multiplier
to the maximum CMPs allowable in 2019 for national banks and Federal
savings associations as listed in the 2019 CMP notice \6\ to calculate
the maximum amount of CMPs that may be assessed by the OCC in 2020.\7\
There were no new statutory CMPs administered by the OCC during 2019.
---------------------------------------------------------------------------
\5\ The inflation adjustment multiplier for 2020 is 1.01764. See
OMB Memorandum M-20-05, Implementation of Penalty Inflation
Adjustments for 2020, Pursuant to the Federal Civil Penalties
Inflation Adjustment Act Improvements Act of 2015 (Dec. 16, 2019).
\6\ See 83 FR 66599 (Dec. 27, 2018).
\7\ Penalties assessed for violations occurring prior to
November 2, 2015, will be subject to the maximum amounts set forth
in the OCC's regulations in effect prior to the enactment of the
2015 Adjustment Act.
---------------------------------------------------------------------------
The following charts provide the inflation-adjusted CMPs for use
beginning on January 1, 2020, pursuant to 12 CFR 19.240(b) and
109.103(c)(2) for conduct occurring on or after November 2, 2015:
Penalties Applicable to National Banks
------------------------------------------------------------------------
Maximum
Description and tier penalty amount
U.S. Code citation (if applicable) (in dollars)
\1\
------------------------------------------------------------------------
12 U.S.C. 93(b)................ Violation of Various
Provisions of the
National Bank Act:
Tier 1.............. 10,245
Tier 2.............. 51,222
Tier 3.............. \2\ 2,048,915
12 U.S.C. 164.................. Violation of Reporting
Requirements:
Tier 1.............. 4,098
Tier 2.............. 40,979
Tier 3.............. \2\ 2,048,915
12 U.S.C. 481.................. Refusal of Affiliate to 10,245
Cooperate in
Examination.
12 U.S.C. 504.................. Violation of Various
Provisions of the
Federal Reserve Act:
Tier 1.............. 10,245
Tier 2.............. 51,222
Tier 3.............. \2\ 2,048,915
12 U.S.C. 1817(j)(16).......... Violation of Change in
Bank Control Act:
Tier 1.............. 10,245
Tier 2.............. 51,222
Tier 3.............. \2\ 2,048,915
12 U.S.C. 1818(i)(2) \3\....... Violation of Law,
Unsafe or Unsound
Practice, or Breach of
Fiduciary Duty:
Tier 1.............. 10,245
Tier 2.............. 51,222
Tier 3.............. \2\ 2,048,915
12 U.S.C. 1820(k)(6)(A)(ii).... Violation of Post-
Employment
Restrictions:
Per violation....... 337,016
12 U.S.C. 1832(c).............. Violation of
Withdrawals by
Negotiable or
Transferable
Instrument for
Transfers to Third
Parties:
Per violation....... 2,976
12 U.S.C. 1884................. Violation of the Bank 297
Protection Act.
12 U.S.C. 1972(2)(F)........... Violation of Anti-Tying
Provisions regarding
Correspondent
Accounts, Unsafe or
Unsound Practices, or
Breach of Fiduciary
Duty:
Tier 1.............. 10,245
Tier 2.............. 51,222
Tier 3.............. \2\ 2,048,915
12 U.S.C. 3110(a).............. Violation of Various 46,825
Provisions of the
International Banking
Act (Federal Branches
and Agencies).
12 U.S.C. 3110(c).............. Violation of Reporting
Requirements of the
International Banking
Act (Federal Branches
and Agencies):
Tier 1.............. 3,747
Tier 2.............. 37,458
Tier 3.............. \2\ 1,872,957
12 U.S.C. 3909(d)(1)........... Violation of 2,549
International Lending
Supervision Act.
15 U.S.C. 78u-2(b)............. Violation of Various
Provisions of the
Securities Act, the
Securities Exchange
Act, the Investment
Company Act, or the
Investment Advisers
Act:
Tier 1 (natural 9,639
person)--Per
violation.
Tier 1 (other 96,384
person)--Per
violation.
Tier 2 (natural 96,384
person)--Per
violation.
Tier 2 (other 481,920
person)--Per
violation.
Tier 3 (natural 192,768
person)--Per
violation.
Tier 3 (other 963,837
person)--Per
violation.
15 U.S.C. 1639e(k)............. Violation of Appraisal
Independence
Requirements:
First violation..... 11,767
Subsequent 23,533
violations.
[[Page 71737]]
42 U.S.C. 4012a(f)(5).......... Flood Insurance:
Per violation....... 2,226
------------------------------------------------------------------------
\1\ The maximum penalty amount is per day, unless otherwise indicated.
\2\ The maximum penalty amount for a national bank is the lesser of this
amount or 1 percent of total assets.
\3\ These amounts also apply to CMPs in statutes that cross-reference 12
U.S.C. 1818, such as 12 U.S.C. 2804, 3108, 3349, 4309, and 4717 and 15
U.S.C. 1607, 1693o, 1681s, 1691c, and 1692l.
Penalties Applicable to Federal Savings Associations
------------------------------------------------------------------------
Maximum
penalty amount
U.S. Code citation CMP description (in dollars)
\1\
------------------------------------------------------------------------
12 U.S.C. 1464(v).............. Reports of Condition:
1st Tier............ 4,098
2nd Tier............ 40,979
3rd Tier............ \2\ 2,048,915
12 U.S.C. 1467(d).............. Refusal of Affiliate to 10,245
Cooperate in
Examination.
12 U.S.C. 1467a(r)............. Late/Inaccurate
Reports:
1st Tier............ 4,098
2nd Tier............ 40,979
3rd Tier............ \2\ 2,048,915
12 U.S.C. 1817(j)(16).......... Violation of Change in
Bank Control Act:
Tier 1.............. 10,245
Tier 2.............. 51,222
Tier 3.............. \2\ 2,048,915
12 U.S.C. 1818(i)(2) \3\....... Violation of Law,
Unsafe or Unsound
Practice, or Breach of
Fiduciary Duty:
Tier 1.............. 10,245
Tier 2.............. 51,222
Tier 3.............. \2\ 2,048,915
12 U.S.C. 1820(k)(6)(A)(ii).... Violation of Post-
Employment
Restrictions:
Per violation....... 337,016
12 U.S.C. 1832(c).............. Violation of
Withdrawals by
Negotiable or
Transferable
Instruments for
Transfers to Third
Parties:
Per violation....... 2,705
12 U.S.C. 1884................. Violation of the Bank 297
Protection Act.
12 U.S.C. 1972(2)(F)........... Violation of Provisions
regarding
Correspondent
Accounts, Unsafe or
Unsound Practices, or
Breach of Fiduciary
Duty:
Tier 1.............. 10,245
Tier 2.............. 51,222
Tier 3.............. \2\ 2,048,915
15 U.S.C. 78u-2(b)............. Violations of Various
Provisions of the
Securities Act, the
Securities Exchange
Act, the Investment
Company Act, or the
Investment Advisers
Act:
1st Tier (natural 9,639
person)--Per
violation.
1st Tier (other 96,384
person)--Per
violation.
2nd Tier (natural 96,384
person)--Per
violation.
2nd Tier (other 481,920
person)--Per
violation.
3rd Tier (natural 192,768
person)--Per
violation.
3rd Tier (other 963,837
person)--Per
violation.
15 U.S.C. 1639e(k)............. Violation of Appraisal
Independence
Requirements:
First violation..... 11,767
Subsequent 23,533
violations.
42 U.S.C. 4012a(f)(5).......... Flood Insurance:
Per violation....... 2,226
------------------------------------------------------------------------
\1\ The maximum penalty amount is per day, unless otherwise indicated.
\2\ The maximum penalty amount for a federal savings association is the
lesser of this amount or 1 percent of total assets.
\3\ These amounts also apply to statutes that cross-reference 12 U.S.C.
1818, such as 12 U.S.C. 2804, 3108, 3349, 4309, and 4717 and 15 U.S.C.
1607, 1681s, 1691c, and 1692l.
Dated: December 19, 2019.
Jonathan V. Gould,
Senior Deputy Comptroller and Chief Counsel, Office of the Comptroller
of the Currency.
[FR Doc. 2019-28053 Filed 12-27-19; 8:45 am]
BILLING CODE 4810-33-P
