PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 481 any penalty is assessed under this subsection shall be afforded an agency hearing if such bank submits a request for such hearing within 20 days after the issuance of the notice of assessment. Section 8(h) of the Federal Deposit Insurance Act shall apply to any proceed- ing under this paragraph.". (e) AMENDMENT RELATING TO BANK HOLDING COMPANIES. —Section 8 of the Bank Holding Company Act of 1956 (12 U.S.C. 1847) is amended by adding after the subsection added by section 905(i) of this Act the following new subsection: " (d) PENALTY FOR FAILURE TO MAKE REPORTS. — "(1) FIRST TIER.—Any company which— "(A) maintains procedures reasonably adapted to avoid any inadvertent error and, unintentionally and as a result of such an error— "(i) fails to make, submit, or publish such reports or information as may be required under this Act or under regulations prescribed by the Board pursuant to 1 this Act, within the period of time specified by the Board; or "(ii) submits or publishes.any false or misleading report or information; or "(B) inadvertently transmits or publishes any report which is minimally late, shall be subject to a penalty of not more than $2,000 for each day during which such failure continues or such false or mis- leading information is not corrected. The company shall have the burden of proving that an error was inadvertent and that a report was inadvertently transmitted or published late. (2) SECOND TIER.—Any company which— "(A) fails to make, submit, or publish such reports or information as may be required under this Act or under regulations prescribed by the Board pursuant to this Act, within the period of time specified by the Board; or "(B) submits or publishes any false or misleading report or information, in a manner not described in paragraph (1) 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. "(3) THIRD TIER. —Notwithstanding paragraph (2), if any com- , pany knowingly or with reckless disregard for the accuracy of any information or report described in paragraph (2) submits or publishes any false or misleading report or information, the Board may, in its discretion, assess a penalty of not more than - $1,000,000 or 1 percent of total assets of such company, which- ever is less, per day for each day during which such failure continues or such false or misleading information is not cor- rected. "(4) ASSESSMENT; ETC.—Any penalty imposed under paragraph (1), (2), or (3) shall be assessed and collected by the Board in the manner provided in subsection (b) (for penalties imposed under such subsection) and any such assessment (including the deter- mination of the amount of the penalty) shall be subject to the provisions of such subsection. "(5) HEARING.— Any company against which any penalty is assessed under this subsection shall be afforded an agency hearing if such company submits a request for such hearing
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