BANKERS GROUP BATTLES WHITE HOUSE PENALTY PROPOSAL

A trade association representing banks is accusing the Bush administration of overkill in proposing civil fines up to $1 million a day for institutions that recklessly violate regulations. Ed Yingling of the American Bankers Association said the fines would be ``wholly disproportionate'' and would inhibit the ability of banks and savings institutions to get quality managers and directors.

President Bush is proposing a top fine of $25,000 a day for most violations but up to $1 million if the violation was made with reckless disregard for the safety of the institution. Mr. Yingling said the maximum penalty should be set at $2,500.

But at a House Banking subcommittee meeting last week, Joe D. Whitley, acting associate attorney general, told the banking subcommittee that financial institution cases have overloaded the criminal justice system. A survey of FBI field offices showed more than 8,000 pending cases, half of them involving losses of $100,000 or more.

You've read 3 of 3 free articles. Subscribe to continue.
QR Code to BANKERS GROUP BATTLES WHITE HOUSE PENALTY PROPOSAL
Read this article in
https://www.csmonitor.com/1989/0327/afil27d.html
QR Code to Subscription page
Start your subscription today
https://www.csmonitor.com/subscribe
CSM logo

Why is Christian Science in our name?

Our name is about honesty. The Monitor is owned by The Christian Science Church, and we’ve always been transparent about that.

The Church publishes the Monitor because it sees good journalism as vital to progress in the world. Since 1908, we’ve aimed “to injure no man, but to bless all mankind,” as our founder, Mary Baker Eddy, put it.

Here, you’ll find award-winning journalism not driven by commercial influences – a news organization that takes seriously its mission to uplift the world by seeking solutions and finding reasons for credible hope.

Explore values journalism About us