12 U.S.C. § 1816 — Factors to be considered

Page 982 TITLE 12—BANKS AND BANKING § 1816 Act of 1956 (12 U.S.C. 1843(k))) and, if applicable, from the ownership or control of one or more insured deposi- tory institutions, represent less than 15 percent of the consolidated annual gross revenues of the company.’’ [For definitions of terms used in section 602 of Pub. L. 111–203, set out above, see section 5301 of this title.] § 1816. Factors to be considered The factors that are required, under section 1814 of this title, to be considered in connection with, and enumerated in, any certificate issued pursuant to section 1814 of this title and that are required, under section 1815 of this title, to be considered by the Board of Directors in con- nection with any determination by such Board pursuant to section 1815 of this title are the fol- lowing: (1) The financial history and condition of the depository institution. (2) The adequacy of the depository institu- tion’s capital structure. (3) The future earnings prospects of the de- pository institution. (4) The general character and fitness of the management of the depository institution. (5) The risk presented by such depository in- stitution to the Deposit Insurance Fund. (6) The convenience and needs of the commu- nity to be served by such depository institu- tion. (7) Whether the depository institution’s cor- porate powers are consistent with the purposes of this chapter. (Sept. 21, 1950, ch. 967, § 2[6], 64 Stat. 876; Pub. L. 101–73, title II, § 207, Aug. 9, 1989, 103 Stat. 206; Pub. L. 104–208, div. A, title II, § 2704(d)(14)(F), Sept. 30, 1996, 110 Stat. 3009–491; Pub. L. 109–171, title II, § 2102(b), Feb. 8, 2006, 120 Stat. 9; Pub. L. 109–173, § 8(a)(7), Feb. 15, 2006, 119 Stat. 3611.) Editorial Notes PRIOR PROVISIONS Section is derived from subsec. (g) of former section 264 of this title. See Codification note set out under section 1811 of this title. AMENDMENTS 2006—Par. (5). Pub. L. 109–173 substituted ‘‘Deposit In- surance Fund’’ for ‘‘Bank Insurance Fund or the Sav- ings Association Insurance Fund’’. Pub. L. 109–171 repealed Pub. L. 104–208, § 2704(d)(14)(F). See 1996 Amendment note below. 1996—Par. (5). Pub. L. 104–208, § 2704(d)(14)(F), which directed substitution of ‘‘Deposit Insurance Fund’’ for ‘‘Bank Insurance Fund or the Savings Association In- surance Fund’’, was repealed by Pub. L. 109–171. See Ef- fective Date of 1996 Amendment note below and 2006 Amendment note above. 1989—Pub. L. 101–73 amended section generally. Prior to amendment, section read as follows: ‘‘The factors to be enumerated in the certificate required under section 1814 of this title and to be considered by the Board of Directors under section 1815 of this title shall be the following: The financial history and condition of the bank, the adequacy of its capital structure, its future earnings prospects, the general character of its man- agement, the convenience and needs of the community to be served by the bank, and whether or not its cor- porate powers are consistent with the purposes of this chapter.’’ Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2006 AMENDMENT Amendment by Pub. L. 109–173 effective Mar. 31, 2006, see section 8(b) of Pub. L. 109–173, set out as a note under section 1813 of this title. Amendment by Pub. L. 109–171 effective no later than the first day of the first calendar quarter that begins after the end of the 90-day period beginning Feb. 8, 2006, see section 2102(c) of Pub. L. 109–171, set out as a Merger of BIF and SAIF note under section 1821 of this title. EFFECTIVE DATE OF 1996 AMENDMENT Amendment by Pub. L. 104–208 effective Jan. 1, 1999, if no insured depository institution is a savings asso- ciation on that date, see section 2704(c) of Pub. L. 104–208, formerly set out as a note under section 1821 of this title. § 1817. Assessments (a) Reports of condition; access to reports (1) Each insured State nonmember bank and each foreign bank having an insured branch which is not a Federal branch shall make to the Corporation reports of condition which shall be in such form and shall contain such information as the Board of Directors may require. Such re- ports shall be made to the Corporation on the dates selected as provided in paragraph (3) of this subsection and the deposit liabilities shall be reported therein in accordance with and pur- suant to paragraphs (4) and (5) of this sub- section. The Board of Directors may call for ad- ditional reports of condition on dates to be fixed by it and may call for such other reports as the Board may from time to time require. Any such bank which (A) maintains procedures reasonably adapted to avoid any inadvertent error and, un- intentionally and as a result of such an error, fails to make or publish any report required under this paragraph, within the period of time specified by the Corporation, or submits or pub- lishes any false or misleading report or informa- tion, or (B) inadvertently transmits or publishes any report which is minimally late, shall be sub- ject 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. Such bank shall have the burden of proving that an error was inadvertent and that a report was inadvertently transmitted or published late. Any such bank which fails to make or publish any report required under this paragraph, within the period of time specified by the Corporation, or submits or publishes any false or misleading report or information, in a manner not described in the 2nd preceding sentence 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. Notwithstanding the preceding sentence, if any such bank knowingly or with reckless disregard for the accuracy of any information or report described in such sentence submits or publishes any false or misleading report or information, the Corporation may assess a penalty of not more than $1,000,000 or 1 percent of total assets of such bank, whichever is less, per day for each day during which such failure continues or such false or misleading information is not corrected. Any penalty imposed under any of the 4 pre- ceding sentences shall be assessed and collected