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12 U.S.C. § 164 — Penalty for failure to make reports

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 164 — Penalty for failure to make reports

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Stable record: federal_law:legal_authorities:record_usc_6f446c1c3eab517a115f772a
Source file: Laws/federal/codes/united-states-code/title-12/section-164-penalty-for-failure-to-make-reports--fa538f2ed4.md
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Source location: Title 12, Chapter 2, § 164; chapter-002-national-banks.md

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**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section161&num=0&edition=prelim), 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section161&num=0&edition=prelim), 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) 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), if any association knowingly or with reckless disregard for the accuracy of any information or report described in subsection (b) 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) 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](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 (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 11 So in original. Probably should be “section”. 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818/h&num=0&edition=prelim) shall apply to any proceeding under this section.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1 — Office of the Comptroller of the Currency

**(a) Office of the Comptroller of the Currency established** There is established in the Department of the Treasury a bureau to be known as the “Office of the Comptroller of the Currency” which is charged with assuring the safety and soundness of, and compliance with laws and regulations, fair access to financial services, and fair treatment of customers by, the institutions and other persons subject to its jurisdiction. **(b) Comptroller of the Currency** (1) **In general** — The chief officer of the Office of the Comptroller of the Currency shall be known as the Comptroller of the Currency. The Comptroller of the Currency shall perform the duties of the Comptroller of the Currency under the general direction of the Secretary of the Treasury. The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Comptroller of the Currency, and may not intervene in any matter or proceeding before the Comptroller of the Currency (including agency enforcement actions), unless otherwise specifically provided by law. (2) **Additional authority** — The Comptroller of the Currency shall have the same authority with respect to functions transferred to the Comptroller of the Currency under the Enhancing Financial Institution Safety and Soundness Act of 2010 as was vested in the Director of the Office of Thrift Supervision on the transfer date, as defined in section 311 of that Act [[12 U.S.C. 5411](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5411&num=0&edition=prelim)].

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 161 — Reports to Comptroller of the Currency

**(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

12 U.S.C. § 164 — Penalty for failure to make reports

Page 60 TITLE 12—BANKS AND BANKING § 162 § 27, 48 Stat. 191; Pub. L. 86–230, §§ 11, 22(b), Sept. 8, 1959, 73 Stat. 458, 466; Pub. L. 86–671, § 5, July 14, 1960, 74 Stat. 551; Pub. L. 89–485, § 13(d), July 1, 1966, 80 Stat. 243; Pub. L. 101–73, title IX, § 911(b)(1), Aug. 9, 1989, 103 Stat. 478; Pub. L. 103–325, title III, § 308(a), Sept. 23, 1994, 108 Stat. 2218.) Editorial Notes REFERENCES IN TEXT The Federal Deposit Insurance Act, referred to in subsec. (a), is act Sept. 21, 1950, ch. 967, § 2, 64 Stat. 873, which is classified generally to chapter 16 (§ 1811 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1811 of this title and Tables. CODIFICATION R.S. § 5211 derived from act June 3, 1864, ch. 106, § 34, 13 Stat. 109, which was the National Bank Act, and act Mar. 3, 1869, ch. 130, § 1, 15 Stat. 326. See section 38 of this title. AMENDMENTS 1994—Subsec. (a). Pub. L. 103–325, § 308(a)(1), struck out before period at end of fifth sentence ‘‘; and the statement of resources and liabilities in the same form in which it is made to the Comptroller shall be pub- lished in a newspaper published in the place where such association is established, or if there is no newspaper in the place, then in the one published nearest thereto in the same county, at the expense of the association, and such proof of publication shall be furnished as may be required by the Comptroller’’. Subsec. (c). Pub. L. 103–325, § 308(a)(2), struck out after third sentence ‘‘The reports of such affiliates shall be published by the association under the same conditions as govern its own condition reports.’’ 1989—Subsec. (a). Pub. L. 101–73, § 911(b)(1)(A), in fifth sentence substituted ‘‘within the per

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