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Title 12 — Banks and BankingRelease 119-73not60

§164 Penalty for Failure to Make Reports

Title 12 › Chapter 2— NATIONAL BANKS › Subchapter X— BANK EXAMINATIONS; REPORTS › § 164

Last updated Apr 3, 2026|Official source

Summary

Banks and savings associations must make, get, send, and publish the reports the Comptroller of the Currency requires under section 161 on time and truthfully. The rule covers accidental mistakes (even if the institution has reasonable procedures), small late filings, and clear failures to file or reports that are false or misleading. If a bank knowingly or recklessly files false or misleading reports, the Comptroller can fine it up to $1,000,000 or 1 percent of the bank’s total assets per day, whichever is less, for each day the error continues. Fines are assessed and collected under the procedures in section 1818, and the bank can request an agency hearing within 20 days after the notice of the penalty.

Full Legal Text

Title 12, §164

Banks and Banking — Source: USLM XML via OLRC

(a)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, 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,
(b)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, within the period of time specified by the Comptroller; or
(2)submits or publishes any false or misleading report or information,
(c)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)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 (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)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 shall apply to any proceeding under this section.

Legislative History

Notes & Related Subsidiaries

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 association which fails to make and transmit any report required under section 161 of this title shall be subject to a penalty of $100 for each day after the periods, respectively, 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 penalties 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 AmendmentAmendment 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 Comptroller 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.

Reference

Citations & Metadata

Citation

12 U.S.C. § 164

Title 12 — Banks and Banking

Last Updated

Apr 3, 2026

Release point: 119-73not60