American Honda Motor Co. broke out its checkbook on Thursday and agreed to pay out a total of $70 million in penalties from federal regulators.

The automaker and the U.S. Department of Transportation’s National Highway Traffic Safety Administration announced that the OEM entered into an agreement to resolve the government's inquiry into Honda's early warning reporting as required by the Transportation Recall Enhancement, Accountability and Documentation (TREAD) Act.

As part of the consent order, Honda said it will pay a $70 million civil penalty and continue to implement a series of corrective measures among other requirements.

"We have resolved this matter and will move forward to build on the important actions Honda has already taken to address our past shortcomings in early warning reporting," said Rick Schostek, executive vice president of Honda North America. "We continue to fully cooperate with NHTSA to achieve greater transparency and to further enhance our reporting practices."

In order to ensure full compliance with its early warning reporting obligations, Honda insisted it has already started taking steps to correct the errors responsible for the violations.

The automaker is in the process of initiating new training regimens, changing internal reporting policy, making staffing and organizational changes, and enhancing oversight of its early warning reporting process.

The settlement agreement follows Honda’s November response to a special order issued by NHTSA early that month. That order was prompted by Honda’s disclosure to NHTSA of preliminary findings from a third-party audit Honda commissioned in September in response to inadequately addressed discrepancies in the company's early warning reporting.

In responding to the special order, as previously disclosed, Honda identified under-reporting of written claims or notices of injuries or deaths over the past decade due to errors related to data entry, computer coding, regulatory interpretation, and other errors in warranty and property damage claims reporting.

"Honda and all of the automakers have a safety responsibility they must live up to — no excuses,” said U.S. Transportation Secretary Anthony Foxx.

“Last year alone, we issued more fines than in NHTSA's entire history. These fines reflect the tough stance we will take against those who violate the law and fail to do their part in the mission to keep Americans safe on the road,” Foxx continued.

NHTSA’s investigation into Honda’s safety reporting found that the automaker failed to submit early warning reports (EWR reports) identifying potential or actual safety issues.

Officials indicated the first civil penalty is a result of Honda’s failure to report 1,729 death and injury claims to NHTSA between 2003 and 2014. They added the second civil penalty is due to the manufacturer's failure to report certain warranty claims and claims under customer satisfaction campaigns throughout the same time period.

NHTSA noted additional details are available in the audit report prepared for Honda by Bowman and Brooke and in Honda's Response to NHTSA’s Special Order addressing the violations.

Federal law requires manufacturers to submit comprehensive EWR reports of potential safety concerns to the NHTSA. These quarterly reports include:

— Production information
— Incidents involving a death or injury
— Aggregate data on property damage claims
— Consumer complaints
— Warranty claims
— Field reports and copies of field reports involving specified vehicle components, a fire, or a rollover.

NHTSA administrator Mark Rosekind explained the data are then used to investigate whether safety defects or defect trends exist and warrant further action, including possible recalls.

“Today’s announcement sends a very clear message to the entire industry that manufacturers have responsibility for the complete and timely reporting of this critical safety information,” Rosekind said.

“The actions we are requiring will push Honda to significantly raise the bar on the effectiveness of its EWR reporting program. Our ongoing oversight will ensure compliance and determine if there is cause for additional actions,” he went on to say.

In addition to civil penalties, Honda has been ordered to comply with NHTSA oversight requirements under a consent order. It requires that Honda develop written procedures for compliance with EWR requirements, train appropriate personnel on at least an annual basis, and complete two third-party audits of the automaker's compliance with its reporting obligations.

The consent order also requires Honda to provide NHTSA's Early Warning Division with information regarding the 1,729 unreported death and injury incidents and the warranty claims, so that the agency can analyze these incidents for potential safety concerns and take appropriate action to protect America's driving public.

While 2014 was a record year for civil penalties, NHTSA acknowledged the fines are limited by a Congressionally-established $35-million cap, the amount Honda will pay for each of the two series of violations.

The White House’s four-year reauthorization bill — the GROW AMERICA Act — proposes to increase the limit to $300 million. President Obama’s proposal also seeks additional authority to aid NHTSA in its efforts to force recalls.

In 2014 alone, NHTSA issued more than $126 million in civil penalties, exceeding the total amount collected by the agency during its 43-year history. Those penalties included:

— Honda: $70 million for failing to both submit early warning reports and warranty claims.

— Gwinnett Place Nissan: $110,000 for failing to perform recall remedy in new motor vehicles prior to sale and delivery.

— Ferrari S.p.A. and Ferrari North America: $3.5 million for failing to submit early warning reports.

— Chapman Chevrolet: $50,000 for failing to perform recall remedy in new vehicles prior to sale and delivery.

— Hyundai Motor America: $17.35 million for the failure to issue a recall in a timely manner.

— General Motors: $35 million for the failure to issue a recall in a timely manner.

— General Motors: $441,000 for failing to fully respond to special order by due date.

— Prevost, a division of Volvo Group Canada; Volvo Industrial de Mexico S.A. de C.V.; and Prevost Car (U.S.): $250,000, the second of six annual installments of a total of $1.5 million in civil penalties for untimely recalls and untimely submission of early warning reports, and technical service bulletins (TSBs).

— Southern Honda Powersports and Big Red Powersports: $25,000, the second of five annual installments of a total of $125,000 in civil penalties, for the sale of unrepaired, recalled vehicles.