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Title 12Chapter IISubchapter APart 263 → Subpart C


Title 12: Banks and Banking
PART 263—RULES OF PRACTICE FOR HEARINGS


Subpart C—Rules and Procedures for Assessment and Collection of Civil Money Penalties


Contents
§263.60   Scope.
§263.61   Opportunity for informal proceeding.
§263.62   Relevant considerations for assessment of civil penalty.
§263.63   Assessment order.
§263.64   Payment of civil penalty.
§263.65   Civil money penalty inflation adjustments.

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§263.60   Scope.

The Uniform Rules set forth in subpart A of this part shall govern the procedures for assessment of civil money penalties, except as otherwise provided in this subpart.

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§263.61   Opportunity for informal proceeding.

In the sole discretion of the Board's General Counsel, the General Counsel may, prior to the issuance by the Board of a notice of assessment of civil penalty, advise the affected person that the issuance of a notice of assessment of civil penalty is being considered and the reasons and authority for the proposed assessment. The General Counsel may provide the person an opportunity to present written materials or request a conference with members of the Board's staff to show that the penalty should not be assessed or, if assessed, should be reduced in amount.

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§263.62   Relevant considerations for assessment of civil penalty.

In determining the amount of the penalty to be assessed, the Board shall take into account the appropriateness of the penalty with respect to the financial resources and good faith of the person charged, the gravity of the misconduct, the history of previous misconduct, the economic benefit derived by the person from the misconduct, and such other matters as justice may require.

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§263.63   Assessment order.

(a) In the event of consent to an assessment by the person concerned, or if, upon the record made at an administrative hearing, the Board finds that the grounds for having assessed the penalty have been established, the Board may issue a final order of assessment of civil penalty. In its final order, the Board may modify the amount of the penalty specified in the notice of assessment.

(b) An assessment order is effective immediately upon issuance, or upon such other date as may be specified therein, and shall remain effective and enforceable until it is stayed, modified, terminated, or set aside by action of the Board or a reviewing court.

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§263.64   Payment of civil penalty.

(a) The date designated in the notice of assessment for payment of the civil penalty will normally be 60 days from the issuance of the notice. If, however, the Board finds in a specific case that the purposes of the authorizing statute would be better served if the 60-day period is changed, the Board may shorten or lengthen the period or make the civil penalty payable immediately upon receipt of the notice of assessment. If a timely request for a formal hearing to challenge an assessment of civil penalty is filed, payment of the penalty shall not be required unless and until the Board issues a final order of assessment following the hearing. If an assessment order is issued, it will specify the date by which the civil penalty should be paid or collected.

(b) Checks in payment of civil penalties should be made payable to the “Board of Governors of the Federal Reserve System.” Upon collection, the Board shall forward the amount of the penalty to the Treasury of the United States.

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§263.65   Civil money penalty inflation adjustments.

(a) Inflation adjustments. In accordance with the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, which further amended the Federal Civil Penalties Inflation Adjustment Act of 1990, the Board has set forth in paragraph (b) of this section the adjusted maximum amounts for each civil money penalty provided by law within the Board's jurisdiction. The authorizing statutes contain the complete provisions under which the Board may seek a civil money penalty. The adjusted civil money penalties apply only to penalties assessed on or after January 14, 2020, whose associated violations occurred on or after November 2, 2015.

(b) Maximum civil money penalties. The maximum (or, in the cases of 12 U.S.C. 334 and 1832(c), fixed) civil money penalties as set forth in the referenced statutory sections are set forth in the table in this paragraph (b).

Table 1 to Paragraph (b)

StatuteAdjusted civil money penalty
12 U.S.C. 324:
Inadvertently late or misleading reports, inter alia$4,098
Other late or misleading reports, inter alia40,979
Knowingly or reckless false or misleading reports, inter alia2,048,915
12 U.S.C. 334297
12 U.S.C. 374a297
12 U.S.C. 504:
First Tier10,245
Second Tier51,222
Third Tier2,048,915
12 U.S.C. 505:
First Tier10,245
Second Tier51,222
Third Tier2,048,915
12 U.S.C. 1464(v)(4)4,098
12 U.S.C. 1464(v)(5)40,979
12 U.S.C. 1464(v)(6)2,048,915
12 U.S.C. 1467a(i)(2)51,222
12 U.S.C. 1467a(i)(3)51,222
12 U.S.C. 1467a(r):
First Tier4,098
Second Tier40,979
Third Tier2,048,915
12 U.S.C. 1817(j)(16):
First Tier10,245
Second Tier51,222
Third Tier2,048,915
12 U.S.C. 1818(i)(2):
First Tier10,245
Second Tier51,222
Third Tier2,048,915
12 U.S.C. 1820(k)(6)(A)(ii)337,016
12 U.S.C. 1832(c)2,976
12 U.S.C. 1847(b)51,222
12 U.S.C. 1847(d):
First Tier4,098
Second Tier40,979
Third Tier2,048,915
12 U.S.C. 1884297
12 U.S.C. 1972(2)(F):
First Tier10,245
Second Tier51,222
Third Tier2,048,915
12 U.S.C. 3110(a)46,825
12 U.S.C. 3110(c):
First Tier3,747
Second Tier37,458
Third Tier1,872,957
12 U.S.C. 3909(d)2,549
15 U.S.C. 78u-2(b)(1):
For a natural person9,639
For any other person96,384
15 U.S.C. 78u-2(b)(2):
For a natural person96,384
For any other person481,920
15 U.S.C. 78u-2(b)(3):
For a natural person192,768
For any other person963,837
15 U.S.C. 1639e(k)(1)11,767
15 U.S.C. 1639e(k)(2)23,533
42 U.S.C. 4012a(f)(5)2,226

[85 FR 2007, Jan. 14, 2020]

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