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(a) 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).
(b) Bona fide errors. (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.
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