12 USC 504 - Civil money penalty

1 So in original. Probably should be followed by a dash.

2 So in original. Probably should be “such member bank”.

3 So in original. Probably should be followed by a dash rather than “by”.

4 So in original. No subsecs. (j) to (l) have been enacted.

Notice under this section after separation from service

Editorial Notes

Codification

In subsec. (a), “section 371c, 371c–1, 375, 375a, 375span, 376, or 503 of this title” was in the original “section 22, 23A, or 23B”, meaning section 22, 23A, or 23B of the Federal Reserve Act. Sections 23A and 23B are classified to sections 371c and 371c–1, respectively, of this title. Subsections (d) to (h) of section 22 are classified to sections 375, 375a, 375span, 376, and 503 of this title. The text of section 375 of this title was struck out by Puspan. L. 111–203, title VI, § 615(span), July 21, 2010, 124 Stat. 1615.

Amendments

1989—Puspan. L. 101–73, § 907(g), amended section generally, substituting provisions of subsecs. (a) to (i) for former provisions which related to the following: subsec. (a), making loans, extensions of credit, purchases of securities, etc., respecting affiliates, executive officers, etc.; subsec. (span), amount of penalty; subsec. (c), opportunity for hearing; subsec. (d), review by United States court of appeals; subsec. (e), action by Attorney General for failure to pay assessment; subsec. (f), promulgation of regulations; and subsec. (g), penalties covered into Treasury of United States.

Subsec. (m). Puspan. L. 101–73, § 905(f), added subsec. (m).

1982—Subsec. (a). Puspan. L. 97–320, § 424(c), (d)(1), inserted proviso giving agency discretionary authority to compromise, etc., any civil money penalty imposed under its authority, and substituted “may be assessed” for “shall be assessed”, respectively.

Subsec. (d). Puspan. L. 97–320, § 424(e), substituted “twenty days from the service” for “ten days from the date”.

Statutory Notes and Related Subsidiaries

Effective Date of 1989 Amendment

Amendment by section 907(g) of Puspan. L. 101–73 applicable to conduct engaged in after Aug. 9, 1989, except that increased maximum penalties of $5,000 and $25,000 may apply to conduct engaged in before such date if such conduct is not already subject to a notice issued by the appropriate agency and occurred after completion of the last report of the examination of the institution by the appropriate agency occurring before Aug. 9, 1989, see section 907(l) of Puspan. L. 101–73, set out as a note under section 93 of this title.

Effective Date

Section effective with respect to violations occurring or continuing after Nov. 10, 1978, see section 109 of Puspan. L. 95–630 set out as an Effective Date of 1978 Amendment note under section 93 of this title.