12 2 STA T . 2 6 6 7PUBLIC LA W 11 0– 2 89—J UL Y3 0 , 2008 ‘ ‘ (A)FIRST TI E R .— ‘‘( i ) ING ENER AL .—A v i olat io ndescr i b ed in p ara -g rap h ( 1 )shallbes u b j ect to a penalt y o f not m ore than $2,0 00 for each day during w hich such violation continues, in any case in which— ‘‘(I) the subject regulated entity maintains procedures reasonably adapted to avoid any inad- vertent error and the violation was unintentional and a result of such an error
or ‘‘(II) the violation was an inadvertent trans- mittal or publication of any report which was mini- mally late. ‘‘(ii) BU R D EN OFP ROOF.—For purposes of this subparagraph, the regulated entity shall have the bur- den of proving that the error was inadvertent or that a report was inadvertently transmitted or published late. ‘‘(B) S E C OND TIER.—A violation described in paragraph (1) shall be subject to a penalty of not more than $20,000 for each day during which such violation continues or such false or misleading information is not corrected, in any case that is not addressed in subparagraph (A) or ( C ). ‘‘(C) TH IRD TIER.—A violation described in paragraph (1) shall be subject to a penalty of not more than $1,000,000 per day for each day during which such violation continues or such false or misleading information is not corrected, in any case in which the subject regulated entity committed such violation k nowingly or with reckless disregard for the accuracy of any such information or report. ‘‘( 3 ) ASSESS M ENTS.—Any penalty imposed under this sub- section shall be in lieu of a penalty under section 13 76 , but shall be assessed and collected by the D irector in the manner provided in section 1376 for penalties imposed under that sec- tion, and any such assessment (including the determination of the amount of the penalty) shall be otherwise subject to the provisions of section 1376. ‘‘( 4 ) H EARING.—A regulated entity against which a penalty is assessed under this section shall be afforded an agency hearing if the regulated entity submits a re q uest for a hearing not later than 20 days after the date of the issuance of the notice of assessment. Section 1374 shall apply to any such proceedings. ’ ’. (b) CONFORMING AMENDMENT.—The Federal Housing E nter- prises Financial Safety and Soundness Act of 1 9 92 (12 U .S.C. 4 5 01 et seq.) is amended by striking sections 1327 and 132 8 . SEC.1 1 05 .E XAMIN E R SAN D ACC OU N T ANTS
AUT H ORIT Y TO CONTRACT F OR RE V IE W SOFRE G U L ATED ENTITIES; OM B UDSMAN. (a) IN G ENERAL.—Section 1317 of the Federal Housing Enter- prises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4517) is amended— (1) in subsection (a), by striking ‘‘enterprise’’ each place that term appears and inserting ‘‘regulated entity’’; (2) in subsection (b)— (A) by inserting ‘‘of a regulated entity’’ after ‘‘under this section’’; and 12USC45 4 7, 454 8.Ap p licab ili ty . De a d li n e.
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