Sec. 301. Annual certification by executive officers and directors of the board
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Each executive officer and director of the board of a national bank or a Federal savings association affiliated with a global systemically important bank holding company, or the branch, representative office, or agency of a foreign bank that is federally licensed and affiliated with a global systemically important bank holding company shall certify and submit a written attestation, at least on an annual basis to the appropriate Federal banking agency, the Consumer Bureau, and any relevant Federal law enforcement agency that they have regularly reviewed the institution’s lines of business and conducted due diligence to ensure that— the institution has established and maintained internal risk controls to identify significant deficiencies and weaknesses in its compliance with all applicable Federal consumer protection laws; the institution has promptly disclosed all known violations of applicable Federal consumer protection laws to the Consumer Bureau and the appropriate Federal banking agency; the institution is taking all reasonable steps to correct any identified deficiencies and weaknesses in its compliance with all applicable Federal consumer protection laws based on a review of all regulatory examination results received in prior years; and the institution is in substantial compliance with all applicable Federal consumer protection laws.
The Consumer Bureau, in consultation with the relevant Federal and State regulator and law enforcement agencies, shall issue final guidance on the content, form, and method of delivery of the annual certification required under subsection
(a)within 6 months of the date of the enactment of this Act. Any individual who certifies and submits an attestation described under subsection
(a)that contains a false statement— if done knowingly, shall be fined not more than $1,000,000 or imprisoned not more than 10 years, or both; or if done intentionally, shall be fined not more than $5,000,000 or imprisoned not more than 20 years or both. Any individual who fails to certify and submit a required attestation described under subsection (a), shall be fined not more than $1,000,000 or imprisoned not more than 10 years or both.