12 U.S.C. § 165 — Omitted

Page 61 TITLE 12—BANKS AND BANKING § 177a 1 So in original. Probably should be ‘‘section’’. (1) fails to make, obtain, transmit, or pub- lish any report or information required by the Comptroller of the Currency under section 161 of this title, within the period of time speci- fied by the Comptroller; or (2) submits or publishes any false or mis- leading 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 dis- regard for the accuracy of any information or report described in subsection (b) submits or publishes any false or misleading report or in- formation, the Comptroller may assess a pen- alty 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 informa- tion 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 pro- vided in subparagraphs (E), (F), (G), and (I) of section 1818(i)(2) of this title (for penalties im- posed under such section) and any such assess- ment (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 1 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 shall apply to any proceeding under this section. (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.) Editorial Notes CODIFICATION R.S. § 5213 derived from act Mar. 3, 1869, ch. 130, §§ 1, 2, 15 Stat. 326, 327. AMENDMENTS 1989—Pub. L. 101–73 amended section generally. Prior to amendment, section read as follows: ‘‘Every associa- tion which fails to make and transmit any report re- quired under section 161 of this title shall be subject to a penalty of $100 for each day after the periods, respec- tively, therein mentioned, that it delays to make and transmit its report. Whenever any association delays or refuses to pay the penalty herein imposed, after it has been assessed by the Comptroller of the Currency, the amount thereof may be retained by the Treasurer of the United States, upon the order of the Comptroller of the Currency, out of the interest, as it may become due to the association, on the bonds deposited with him to secure circulation. All sums of money collected for pen- alties under this section shall be paid into the Treasury of the United States.’’ 1959—Pub. L. 86–230 substituted ‘‘section 161 of this title’’ for ‘‘either section 161 or 163 of this title’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1989 AMENDMENT Amendment by Pub. L. 101–73 applicable with respect to reports filed or required to be filed after Aug. 9, 1989, see section 911(i) of Pub. L. 101–73, set out as a note under section 161 of this title. Executive Documents EXCEPTION AS TO TRANSFER OF FUNCTIONS Functions vested by any provision of law in Comp- troller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under section 1 of this title. § 165. Omitted Editorial Notes CODIFICATION Section, R.S. § 5241, related to limitation of visitorial powers. See section 484 of this title. SUBCHAPTER XI—MISCELLANEOUS PROVI- SIONS REGARDING UNITED STATES BONDS IN RELATION TO NATIONAL BANKS §§ 168 to 177. Repealed. Pub. L. 103–325, title VI, § 602(e)(24)–(31), (f)(4)(D), (5)(A), Sept. 23, 1994, 108 Stat. 2292, 2293 Section 168, R.S. § 5160, authorized associations to take up bonds upon returning circulating notes to Comptroller of the Currency. Section 169, R.S. § 5161, related to exchange of United States coupon bonds for registered bonds. Section 170, R.S. § 5162; Aug. 23, 1935, ch. 614, § 313, 49 Stat. 711, related to manner of making transfers of bonds. Section 171, R.S. § 5163, related to establishment of registry of transferred bonds by Comptroller of the Cur- rency. Section 172, R.S. § 5164, required Comptroller of the Currency to notify national banking associations of transfers from its accounts. Section 173, R.S. § 5165, related to examination of reg- istry and bonds by Comptroller of the Currency and Treasurer of United States. Section 174, R.S. § 5166, related to annual examination of bonds by national banking associations. Section 175, R.S. § 5167, related to custody of bonds and collection of interest. Section 176, acts June 20, 1874, ch. 343, § 4, 18 Stat. 124; June 21, 1917, ch. 32, § 9, 40 Stat. 239, provided that asso- ciations desiring to withdraw circulating notes could, upon deposit of money with Treasurer of United States, withdraw bonds on deposit with Treasurer for security of such notes. Section 177, acts July 12, 1882, ch. 290, § 8, 22 Stat. 164; Mar. 14, 1900, ch. 41, § 12, 31 Stat. 49; June 21, 1917, ch. 32, § 9, 40 Stat. 239, related to amount of bonds banks were required to keep on deposit with Treasurer of United States, as security for circulating notes, and au- thorized banks having deposits in excess of such amount to reduce, or retire in full, their circulation by depositing lawful money. § 177a. Funds available for cost of transporting and redeeming national and Federal Reserve bank notes The cost of transporting and redeeming out- standing national bank notes and Federal Re-