(a) Administrative
enforcement. A violation of the Act or this part is subject to
administrative sanctions as provided in section 305 of the Act (12
U.S.C. 2804), including the imposition of civil money penalties, where
applicable. Compliance is enforced by the agencies listed in section
305 of the Act.
(b) Bona fide errors.
(1) An error in compiling
or recording data for a covered loan or application is not a violation
of the Act or this part if the error was unintentional and occurred
despite the maintenance of procedures reasonably adapted to avoid
such an error.
(2) An incorrect
entry for a census tract number is deemed a bona fide error,
and is not a violation of the Act or this part, provided that the
financial institution maintains procedures reasonably adapted to avoid
such an error.
(c) Quarterly
recording and reporting.
(1) If a financial institution makes a
good-faith effort to record all data required to be recorded pursuant
to section 1003.4(f) fully and accurately within 30 calendar days
after the end of each calendar quarter, and some data are nevertheless
inaccurate or incomplete, the inaccuracy or omission is not a violation
of the Act or this part provided that the institution corrects or
completes the data prior to submitting its annual loan/application
register pursuant to section 1003.5(a)(1)(i).
(2) If a financial institution required
to comply with section 1003.5(a)(1)(ii) makes a good-faith effort
to report all data required to be reported pursuant to section 1003.5(a)(1)(ii)
fully and accurately within 60 calendar days after the end of each
calendar quarter, and some data are nevertheless inaccurate or incomplete,
the inaccuracy or omission is not a violation of the Act or this part
provided that the institution corrects or completes the data prior
to submitting its annual loan/application register pursuant to section
1003.5(a)(1)(i).
