Title 12 — Banks and BankingRelease 119-73not60
§1955 Civil Penalties
Title 12 › Chapter 21— FINANCIAL RECORDKEEPING › § 1955
Summary
The Secretary may fine up to $10,000 for each rule violation that someone does on purpose or by being very careless, and can also fine company partners, officers, or employees who take part. If the fine is not paid, the Secretary can sue in the name of the United States to collect it.
Full Legal Text
Title 12, §1955
Banks and Banking — Source: USLM XML via OLRC
(a)For each willful or grossly negligent violation of any regulation under this chapter, the Secretary may assess upon any person to which the regulation applies, or any person willfully causing a violation of the regulation, and, if such person is a partnership, corporation, or other entity, upon any partner, director, officer, or employee thereof who willfully or through gross negligence participates in the violation, a civil penalty not exceeding $10,000.
(b)In the event of the failure of any person to pay any penalty assessed under this section, a civil action for the recovery thereof may, in the discretion of the Secretary, be brought in the name of the United States.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Amendments
1992—Subsec. (a). Pub. L. 102–550 inserted “or any person willfully causing a violation of the regulation,” after “applies,”. 1988—Subsec. (a). Pub. L. 100–690 inserted “or grossly negligent” after “willful” and “or through gross negligence” after “willfully” and substituted “$10,000” for “$1,000”.
Statutory Notes and Related Subsidiaries
Effective Date
Section effective on first day of seventh calendar month which begins after Oct. 26, 1970, except that the Secretary of the Treasury may, by regulation, provide that this section be effective on any date not earlier than the publication of such
Regulations
in the Federal Register and not later than first day of thirteenth calendar month which begins after Oct. 26, 1970, see section 401(a), (b) of Pub. L. 91–508, set out as a note under section 1951 of this title.
Reference
Citations & Metadata
Citation
12 U.S.C. § 1955
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60