(a) Federal Reserve Banks are
authorized to assess charges for deficiencies at a rate of 1 percentage
point per year above the primary credit rate, as provided in section
201.51(a) of this chapter, in effect for borrowings from the Federal
Reserve Bank on the first day of the calendar month in which the deficiencies
occurred. Charges shall be assessed on the basis of daily average
deficiencies during each maintenance period.
(b)
Reserve Banks may waive the charges for deficiencies based on an evaluation
of the circumstances in each individual case.
(c)
In individual cases, where a federal supervisory authority waives
a liquidity requirement, or waives the penalty for failing to satisfy
a liquidity requirement, the Reserve Bank in the District where the
involved depository institution is located shall waive the reserve requirement
imposed under this part for such depository institution when requested
by the federal supervisory authority involved.
(d) Violations of this part may be subject to assessment of civil
money penalties by the Board under authority of Section 19(1) of the
Federal Reserve Act (12 U.S.C. 505) as implemented in 12 CFR part
263. In addition, the Board and any other federal financial institution
supervisory authority may enforce this part with respect to depository
institutions subject to their jurisdiction under authority conferred
by law to undertake cease and desist proceedings.
