Source: https://www.law.cornell.edu/cfr/text/12/203.6
Timestamp: 2016-04-30 06:04:43
Document Index: 343222137

Matched Legal Cases: ['art 203', '§ 203', '§ 203', '§ 2801', '§ 2802', '§ 2803', '§ 2804', '§ 2805', '§ 2806', '§ 2807', '§ 2808', '§ 2809', '§ 2810']

12 CFR 203.6 - Enforcement. | US Law | LII / Legal Information Institute
CFR › Title 12 › Chapter II › Subchapter A › Part 203 › Section 203.6 12 CFR 203.6 - Enforcement.
§ 203.6
A violation of the Act or this regulation is subject to administrative sanctions as provided in section 305 of the Act, including the imposition of civil money penalties, where applicable. Compliance is enforced by the agencies listed in section 305(b) of the Act (12 U.S.C. 2804(b).
Bona fide errors.
An error in compiling or recording loan data is not a violation of the act or this regulationif the error was unintentional and occurred despite the maintenance of procedures reasonably adapted to avoid such errors.
An incorrect entry for a census tract number is deemed abona fide error, and is not a violation of the act or this regulation, provided that the institution maintains procedures reasonably adapted to avoid such errors.
If an institution makes a good-faith effort to record all data concerning covered transactions fully and accurately within thirty calendar days after the end of each calendar quarter, and some data are nevertheless inaccurate or incomplete, the error or omission is not a violation of the act or this regulation provided that the institution corrects or completes the information prior to submitting the loan/application register to its regulatory agency.
§ 203.6 Enforcement.
Administrative enforcement. A violation of the Act or this regulation is subject to administrative sanctions as provided in section 305 of the Act, including the imposition of civil money penalties, where applicable. Compliance is enforced by the agencies listed in section 305(b) of the Act (12 U.S.C. 2804(b).
(1) An error in compiling or recording loan data is not a violation of the act or this regulation if the error was unintentional and occurred despite the maintenance of procedures reasonably adapted to avoid such errors.
(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 regulation, provided that the institution maintains procedures reasonably adapted to avoid such errors.
(3) If an institution makes a good-faith effort to record all data concerning covered transactions fully and accurately within thirty calendar days after the end of each calendar quarter, and some data are nevertheless inaccurate or incomplete, the error or omission is not a violation of the act or this regulation provided that the institution corrects or completes the information prior to submitting the loan/application register to its regulatory agency.
This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.United States CodeU.S. Code: Title 12 - BANKS AND BANKING§ 2801 - Congressional findings and declaration of purpose§ 2802 - Definitions§ 2803 - Maintenance of records and public disclosure§ 2804 - Enforcement§ 2805 - Relation to State laws§ 2806 - Compliance improvement methods§ 2807 - Report§ 2808 - Effective date§ 2809 - Compilation of aggregate data§ 2810 - Disclosure by Secretary; commencement, scope, etc.