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12 U.S.C. § 1847 — Penalties
Federal law — U.S. Code and appendices · legal_authorities
**(a) Criminal penalty**
(1) Whoever knowingly violates any provision of this chapter or, being a company, violates any regulation or order issued by the Board under this chapter, shall be imprisoned not more than 1 year, fined not more than $100,000 per day for each day during which the violation continues, or both.
(2) Whoever, with the intent to deceive, defraud, or profit significantly, knowingly violates any provision of this chapter shall be imprisoned not more than 5 years, fined not more than $1,000,000 per day for each day during which the violation continues, or both.
Every officer, director, agent, and employee of a bank holding company shall be subject to the same penalties for false entries in any book, report, or statement of such bank holding company as are applicable to officers, directors, agents, and employees of member banks for false entries in any books, reports, or statements of member banks under [section 1005 of title 18](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title18-section1005&num=0&edition=prelim).
**(b) Civil money penalty**
(1) **Penalty** — Any company which violates, and any individual who participates in a violation of, any provision of this chapter, or any regulation or order issued pursuant thereto, shall forfeit and pay a civil penalty of not more than $25,000 for each day during which such violation continues.
(2) **Assessment; etc.** — Any penalty imposed under paragraph (1) may be assessed and collected by the Board in the manner provided in subparagraphs (E), (F), (G), and (I) of [section 1818(i)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818/i/2&num=0&edition=prelim) for penalties imposed (under such section) and any such assessment shall be subject to
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Source location: Title 12, Chapter 17, § 1847; chapter-017-bank-holding-companies.md
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**(a) Criminal penalty**
(1) Whoever knowingly violates any provision of this chapter or, being a company, violates any regulation or order issued by the Board under this chapter, shall be imprisoned not more than 1 year, fined not more than $100,000 per day for each day during which the violation continues, or both.
(2) Whoever, with the intent to deceive, defraud, or profit significantly, knowingly violates any provision of this chapter shall be imprisoned not more than 5 years, fined not more than $1,000,000 per day for each day during which the violation continues, or both.
Every officer, director, agent, and employee of a bank holding company shall be subject to the same penalties for false entries in any book, report, or statement of such bank holding company as are applicable to officers, directors, agents, and employees of member banks for false entries in any books, reports, or statements of member banks under [section 1005 of title 18](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title18-section1005&num=0&edition=prelim).
**(b) Civil money penalty**
(1) **Penalty** — Any company which violates, and any individual who participates in a violation of, any provision of this chapter, or any regulation or order issued pursuant thereto, shall forfeit and pay a civil penalty of not more than $25,000 for each day during which such violation continues.
(2) **Assessment; etc.** — Any penalty imposed under paragraph (1) may be assessed and collected by the Board in the manner provided in subparagraphs (E), (F), (G), and (I) of [section 1818(i)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818/i/2&num=0&edition=prelim) for penalties imposed (under such section) and any such assessment shall be subject to the provisions of such section.
(3) **Hearing** — The company or other person against whom any penalty is assessed under this subsection shall be afforded an agency hearing if such association or person submits a request for such hearing within 20 days after the issuance of the notice of assessment. [Section 1818(h) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818/h&num=0&edition=prelim) shall apply to any proceeding under this subsection.
(4) **Disbursement** — All penalties collected under authority of this subsection shall be deposited into the Treasury.
(5) **“Violate” defined** — For purposes of this section, the term “violate” includes any action (alone or with another or others) for or toward causing, bringing about, participating in, counseling, or aiding or abetting a violation.
(6) **Regulations** — The Board shall prescribe regulations establishing such procedures as may be necessary to carry out this subsection.
**(c) Notice under this section after separation from service** The resignation, termination of employment or participation, or separation of an institution-affiliated party (within the meaning of [section 1813(u) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/u&num=0&edition=prelim)) with respect to a bank holding company (including a separation caused by the deregistration of such a company) shall not affect the jurisdiction and authority of the Board to issue any notice and proceed under this section against any such party, if such notice is served before the end of the 6-year period beginning on the date such party ceased to be such a party with respect to such holding company (whether such date occurs before, on, or after August 9, 1989).
**(d) Penalty for failure to make reports**
(1) **First tier** — Any company which—
(A) maintains procedures reasonably adapted to avoid any inadvertent error and, unintentionally and as a result of such an error—
(i) fails to make, submit, or publish such reports or information as may be required under this chapter or under regulations prescribed by the Board pursuant to this chapter, within the period of time specified by the Board; or
(ii) submits or publishes any false or misleading report or information; or
(B) 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 company shall have the burden of proving that an error was inadvertent and that a report was inadvertently transmitted or published late.
(2) **Second tier** — Any company which—
(A) fails to make, submit, or publish such reports or information as may be required under this chapter or under regulations prescribed by the Board pursuant to this chapter, within the period of time specified by the Board; or
(B) submits or publishes any false or misleading report or information,
in a manner not described in paragraph (1) 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.
(3) **Third tier** — Notwithstanding paragraph (2), if any company knowingly or with reckless disregard for the accuracy of any information or report described in paragraph (2) submits or publishes any false or misleading report or information, the Board may, in its discretion, assess a penalty of not more than $1,000,000 or 1 percent of total assets of such company, whichever is less, per day for each day during which such failure continues or such false or misleading information is not corrected.
(4) **Assessment; etc.** — Any penalty imposed under paragraph (1), (2), or (3) shall be assessed and collected by the Board in the manner provided in subsection (b) (for penalties imposed under such subsection) and any such assessment (including the determination of the amount of the penalty) shall be subject to the provisions of such subsection.
(5) **Hearing** — Any company against which any penalty is assessed under this subsection shall be afforded an agency hearing if such company submits a request for such hearing within 20 days after the issuance of the notice of assessment. [Section 1818(h) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818/h&num=0&edition=prelim) shall apply to any proceeding under this subsection.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** This section applies, according to the provisions thereof, in every case of adjudication required by statute to be determined on the record after opportunity for an agency hearing, except to the extent that there is involved—
(1) a matter subject to a subsequent trial of the law and the facts de novo in a court;
(2) the selection or tenure of an employee, except a 11 So in original. administrative law judge appointed under [section 3105 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section3105&num=0&edition=prelim);
(3) proceedings in which decisions rest solely on inspections, tests, or elections;
(4) the conduct of military or foreign affairs functions;
(5) cases in which an agency is acting as an agent for a court; or
(6) the certification of worker representatives.
**(b)** Persons entitled to notice of an agency hearing shall be timely informed of—
(1) the time, place, and nature of the hearing;
(2) the legal authority and jurisdiction under which the hearing is to be held; and
(3) the matters of fact and law asserted.
When private persons are the moving parties, other parties to the proceeding shall give prompt notice of issues controverted in fact or law; and in other instances agencies may by rule require responsive pleading. In fixing the time and place for hearings, due regard shall be had for the convenience and necessity of the parties or their representatives.
**(c)** The agency shall give all interested parties opportunity for—
(1) the submission and consideration of facts, arguments, offers of settlement, or proposals of adjustment when time, the nature of the proceeding, and the public interest permit; and
(2) to the extent that the parties are unable so to determine a controversy by consent, heari
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Federal law — U.S. Code and appendices · legal_authorities
Whoever, being an officer, director, agent or employee of any Federal Reserve bank, member bank, depository institution holding company, national bank, insured bank, branch or agency of a foreign bank, or organization operating under section 25 or section 25(a) 11 See References in Text note below. of the Federal Reserve Act, without authority from the directors of such bank, branch, agency, or organization or company, issues or puts in circulation any notes of such bank, branch, agency, or organization or company; or
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Federal law — U.S. Code and appendices · legal_authorities
Any party aggrieved by an order of the Board under this chapter may obtain a review of such order in the United States Court of Appeals within any circuit wherein such party has its principal place of business or in the Court of Appeals in the District of Columbia, by filing in the court, within thirty days after the entry of the Board’s order, a petition praying that the order of the Board be set aside. A copy of such petition shall be forthwith transmitted to the Board by the clerk of the court, and thereupon the Board shall file in the court the record made before the Board, as provided in [section 2112 of title 28](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title28-section2112&num=0&edition=prelim). Upon the filing of such petition the court shall have the jurisdiction to affirm, set aside, or modify the order of the Board and to require the Board to take such action with regard to the matter under review as the court deems proper. The findings of the Board as to the facts, if supported by substantial evidence, shall be conclusive.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Forfeiture of franchise; personal liability of directors** If the directors of any national banking association shall knowingly violate, or knowingly permit any of the officers, agents, or servants of the association to violate any of the provisions of title 62 of the Revised Statutes, all the rights, privileges, and franchises of the association shall be thereby forfeited. Such violation shall, however, be determined and adjudged by a proper district or Territorial court of the United States in a suit brought for that purpose by the Comptroller of the Currency, in his own name, before the association shall be declared dissolved. And in cases of such violation, every director who participated in or assented to the same shall be held liable in his personal and individual capacity for all damages which the association, its shareholders, or any other person, shall have sustained in consequence of such violation.
**(b) Civil money penalty**
(1) **First tier** — Any national banking association which, and any institution-affiliated party (within the meaning of [section 1813(u) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/u&num=0&edition=prelim)) with respect to such association who, violates any provision of title 62 of the Revised Statutes or any of the provisions of [section 92a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section92a&num=0&edition=prelim), or any regulation issued pursuant thereto, shall forfeit and pay a civil penalty of not more than $5,000 for each day during which such violation continues.
(2) **Second tier** — Notwithstanding paragraph (1), any national banking association which, and any institution-affiliated party (within the meaning of [section 1813(u
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Reports of condition; form; contents; date of making; publication** Every association shall make reports of condition to the Comptroller of the Currency in accordance with the Federal Deposit Insurance Act [[12 U.S.C. 1811](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1811&num=0&edition=prelim) et seq.]. The Comptroller of the Currency may call for additional reports of condition, in such form and containing such information as he may prescribe, on dates to be fixed by him, and may call for special reports from any particular association whenever in his judgment the same are necessary for his use in the performance of his supervisory duties. Each report of condition shall contain a declaration by the president, a vice president, the cashier, or by any other officer designated by the board of directors of the bank to make such declaration, that the report is true and correct to the best of his knowledge and belief. The correctness of the report of condition shall be attested by the signatures of at least three of the directors of the bank other than the officer making such declaration, with the declaration that the report has been examined by them and to the best of their knowledge and belief is true and correct. Each report shall exhibit in detail and under appropriate heads the resources and liabilities of the association at the close of business on any past day specified by the Comptroller, and shall be transmitted to the Comptroller within the period of time specified by the Comptroller. Special reports called for by the Comptroller need contain only such information as is specified by the Comptroller in his request therefor, and publication of such reports need be made only if directed by the Comptroller.
**(b) Payment of divide
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Registration requirements; notice to regulatory agencies; manner of registration; exemption from registration requirements**
(1)
(A) It shall be unlawful for any government securities broker or government securities dealer (other than a registered broker or dealer or a financial institution) to make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce or attempt to induce the purchase or sale of, any government security unless such government securities broker or government securities dealer is registered in accordance with paragraph (2) of this subsection.
(B)
(i) It shall be unlawful for any government securities broker or government securities dealer that is a registered broker or dealer or a financial institution to make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce or attempt to induce the purchase or sale of, any government security unless such government securities broker or government securities dealer has filed with the appropriate regulatory agency written notice that it is a government securities broker or government securities dealer. When such a government securities broker or government securities dealer ceases to act as such it shall file with the appropriate regulatory agency a written notice that it is no longer acting as a government securities broker or government securities dealer.
(ii) Such notices shall be in such form and contain such information concerning a government securities broker or government securities dealer that is a financial institution and any persons associated with such government securities broker or government securities dealer as the Board of Governors of the Federal Reserve S
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Rules and regulations**
(1) Every national securities exchange, member thereof, broker or dealer who transacts a business in securities through the medium of any such member, registered securities association, registered broker or dealer, registered municipal securities dealer municipal advisor,,11 So in original. registered securities information processor, registered transfer agent, nationally recognized statistical rating organization, and registered clearing agency and the Municipal Securities Rulemaking Board shall make and keep for prescribed periods such records, furnish such copies thereof, and make and disseminate such reports as the Commission, by rule, prescribes as necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of this chapter. Any report that a nationally recognized statistical rating organization is required by Commission rules under this paragraph to make and disseminate to the Commission shall be deemed furnished to the Commission.
(2) Every registered clearing agency shall also make and keep for prescribed periods such records, furnish such copies thereof, and make and disseminate such reports, as the appropriate regulatory agency for such clearing agency, by rule, prescribes as necessary or appropriate for the safeguarding of securities and funds in the custody or control of such clearing agency or for which it is responsible.
(3) Every registered transfer agent shall also make and keep for prescribed periods such records, furnish such copies thereof, and make such reports as the appropriate regulatory agency for such transfer agent, by rule, prescribes as necessary or appropriate in furtherance of the purposes of [section 78q–1 of this title](https://uscode.house.
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Federal law — U.S. Code and appendices · legal_authorities
Page 1252
TITLE 12—BANKS AND BANKING
§ 1845
Act of 1966, at the election of the bank holding com-
pany—’’ along with subpar. (A) designation and ‘‘order’’
for ‘‘Financial Institutions Supervisory Act of 1966,
order’’ and ‘‘shareholders of the bank holding company;
or’’ along with subpar. (B) for ‘‘shareholders of the
bank holding company.’’, designated second sentence as
concluding provisions, and substituted ‘‘The distribu-
tion referred to in subparagraph (A)’’ for ‘‘Such dis-
tribution’’.
Subsec. (g). Pub. L. 106–102, § 112(a), added subsec. (g).
1978—Subsec. (e). Pub. L. 95–630, § 105(a), added subsec.
(e).
Subsec. (f). Pub. L. 95–630, § 106(b), added subsec. (f).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2010 AMENDMENT
Amendment by section 354(3) of Pub. L. 111–203 effec-
tive on the transfer date, see section 351 of Pub. L.
111–203, set out as a note under section 906 of Title 2,
The Congress.
Amendment by section 604(a)–(c)(1) of Pub. L. 111–203
effective on the transfer date, see section 604(j) of Pub.
L. 111–203, set out as a note under section 1462 of this
title.
Amendment by section 616(a) of Pub. L. 111–203 effec-
tive on the transfer date, see section 616(e) of Pub. L.
111–203, set out as a note under section 1467a of this
title.
EFFECTIVE DATE OF 1999 AMENDMENT
Amendment by Pub. L. 106–102 effective 120 days after
Nov. 12, 1999, see section 161 of Pub. L. 106–102, set out
as a note under section 24 of this title.
EFFECTIVE DATE OF 1978 AMENDMENT
Amendment by Pub. L. 95–630 effective on expiration
of 120 days after Nov. 10, 1978, see section 2101 of Pub.
L. 95–630, set out as an Effective Date note under sec-
tion 375b of this title.
TERMINATION OF REPORTING REQUIREMENTS
For termination, effective May 15, 2000,
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