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[¶11,726] In the Matter of Southern Pacific Bank, Los Angeles, California, Docket
No. 00-53k (7-18-00)
Respondent agrees to pay civil money penalty assessed by the FDIC in
the amount of $7,500.
In the Matter of
SOUTHERN PACIFIC BANK
LOS ANGELES, CALIFORNIA
(Insured State Nonmember Bank)
ORDER TO PAY CIVIL MONEY PENALTY
FDIC-00-053k
Southern Pacific Bank, Los Angeles, California
("Respondent") has been advised of the right to receive a NOTICE
OF ASSESSMENT OF CIVIL MONEY PENALTY, FINDINGS OF FACT AND CONCLUSIONS
OF LAW, ORDER TO PAY, AND NOTICE OF HEARING ("NOTICE") issued by
the Federal Deposit Insurance Corporation ("FDIC") detailing the
violations for which a civil money penalty may be assessed against the
Respondent pursuant to section 8(i)(2) of the Federal Deposit Insurance
Act ("Act"), 12 U.S.C. §1818(i)(2), section 305 of the Home
Mortgage Disclosure Act ("HMDA"), 12 U.S.C. §2804, and section
203.6 of Regulation C of the Board of Governors of the Federal Reserve
System, 12 C.F.R. §203.6, and has been further advised of the right
to a hearing on the alleged charges under section 8(i) of the Act,
12 U.S.C. §1818(i), and the FDIC's Rules of Practice and Procedure, 12
C.F.R. Part
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308. Having waived those rights, the Respondent entered
into a STIPULATION AND CONSENT TO THE ISSUANCE OF AN ORDER TO PAY CIVIL
MONEY PENALTY ("AGREEMENT") with a representative of the Legal
Division of the FDIC, whereby solely for the purpose of this proceeding
and without admitting or denying any violations, Respondent consented
and agreed to pay a civil money penalty in the amount of $7,500.00,
related to its inaccurate submission of the application and loan data
for calendar years 1998, 1997, 1995, and 1994 required by HMDA.
The FDIC considered the matter and determined it had reason to believe
that the Respondent has engaged or participated in violations of law or
regulations for which a civil money penalty of Seven Thousand Five
Hundred and no/100 Dollars ($7,500.00) is appropriate to be assessed
against the Respondent pursuant to section 8(i)(2) of the Act, 12
U.S.C. §1818(i)(2).
The FDIC, therefore, accepted the AGREEMENT and issued the following:
ORDER TO PAY CIVIL MONEY PENALTY
IT IS HEREBY ORDERED that Respondent be, and hereby is, assessed a
civil money penalty of $7,500.00 pursuant to section 8(i)(2) of the
Act, 12 U.S.C. §1818(i)(2), the receipt of which is hereby
acknowledged.
Pursuant to delegated authority.
Dated at Washington, D.C., this 18th day of July, 2000.