(a) Penalties under section 10(k) of FDI Act. A senior examiner
of the Federal Reserve who, after leaving the employment of the Federal
Reserve, violates the restrictions set forth in section 264a.3 shall,
in accordance with section 10(k)(6) of the FDI Act, be subject to
one or both of the following penalties:
(1) an order—
(i) removing the individual
from office or prohibiting the individual from further participation
in the affairs of the relevant state member bank, bank holding company,
savings and loan holding company, foreign bank, or other depository
institution or company for a period of up to five years; and
(ii) prohibiting the individual
from participating in the affairs of any insured depository institution
for a period of up to five years; and/or
(2) a civil monetary penalty
of not more than $250,000.
(b) Imposition of penalties. The penalties
described in paragraph (a) of this section shall be imposed by the
appropriate federal banking agency as determined under section 10(k)(6)
of the FDI Act, which may be an agency other than the Federal Reserve.
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(c) Scope of prohibition orders. Any senior examiner who is subject to an order issued under paragraph
(a) of this section shall, as required by section 10(k)(6)(B) of the
FDI Act, be subject to paragraphs (6) and (7) of section 8(e) of the
FDI Act in the same manner and to the same extent as a person subject
to an order issued under section 8(e).
(d) Procedures. The procedures applicable to
actions under paragraph (a) of this section are provided in section
10(k)(6) of the FDI Act.
(e) Other penalties. The penalties set forth
in paragraph (a) of this section are not exclusive, and a senior examiner
who violates the restrictions in section 264a.3 also may be subject
to other administrative, civil, or criminal remedies or penalties
as provided in law.
