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Title 12 Part 1075 → §1075.102

Title 12 → Chapter X → Part 1075 → §1075.102

Electronic Code of Federal Regulations e-CFR

Title 12 Part 1075 → §1075.102

e-CFR data is current as of June 20, 2019

Title 12Chapter XPart 1075 → §1075.102


Title 12: Banks and Banking
PART 1075—CONSUMER FINANCIAL CIVIL PENALTY FUND RULE


§1075.102   Fund administrator.

(a) In general. There is established the position of Civil Penalty Fund Administrator (Fund Administrator). The Fund Administrator will report to the Chief Financial Officer. The Chief Financial Officer may, to the extent permitted by applicable law, relieve the Fund Administrator of the duties of that position without notice, without cause, and prior to the naming of a successor Fund Administrator.

(b) Powers and duties. The Fund Administrator will have the powers and duties assigned to that official in this part.

(c) Interpretation of these regulations. (1) On its own initiative or at the Fund Administrator's request, the Civil Penalty Fund Governance Board may advise or direct the Fund Administrator on the administration of the Civil Penalty Fund, including regarding the interpretation of this part and its application to particular facts and circumstances.

(2) The Fund Administrator must follow any written directions that the Civil Penalty Fund Governance Board provides pursuant to paragraph (c)(1) of this section.

(d) Unavailability of the Fund Administrator. If there is no Fund Administrator or if the Fund Administrator is otherwise unavailable, the Chief Financial Officer will perform the functions and duties of the Fund Administrator.