Title 12Banks and BankingRelease 119-73

§4582 Hearings

Title 12 › Chapter CHAPTER 46— - GOVERNMENT SPONSORED ENTERPRISES › Subchapter SUBCHAPTER I— - SUPERVISION AND REGULATION OF ENTERPRISES › Part Part B— - Additional Authorities of the Director › Subpart subpart 3— - enforcement › § 4582

Last updated Apr 6, 2026|Official source

Summary

Hearings about charges or penalties must be held on the record in the District of Columbia. They must be scheduled no sooner than 30 days and no later than 60 days after the notice is served, unless the enterprise asks for a different date and the hearing officer agrees. The hearings follow the procedures in chapter 5 of title 5. If the enterprise does not appear with an authorized representative, it is treated as agreeing to the cease‑and‑desist order or the penalty. After the hearing, when the case goes to the Director, the Director must issue a written decision with the facts and any orders within 90 days and serve them on the enterprise. Court review is only allowed as section 4583 provides. If no timely review is filed, and until the official record is filed as that section requires, the Director may change, end, or cancel an order with proper notice; once the record is filed, the Director may do so only with the court’s permission.

Full Legal Text

Title 12, §4582

Banks and Banking — Source: USLM XML via OLRC

(a)(1)Any hearing under section 4581 or 4585 of this title shall be held on the record and in the District of Columbia.
(2)Any such hearing shall be fixed for a date not earlier than 30 days nor later than 60 days after service of the notice of charges under section 4581(b)(1) of this title or determination to impose a penalty under section 4585(c)(1) of this title, unless an earlier or a later date is set by the hearing officer at the request of the enterprise served.
(3)Any such hearing shall be conducted in accordance with chapter 5 of title 5.
(4)If the enterprise served fails to appear at the hearing through a duly authorized representative, such enterprise shall be deemed to have consented to the issuance of the cease-and-desist order or the imposition of the penalty for which the hearing is held.
(b)(1)After any such hearing, and within 90 days after the enterprise has been notified that the case has been submitted to the Director for final decision, the Director shall render the decision (which shall include findings of fact upon which the decision is predicated) and shall issue and serve upon the enterprise an order or orders consistent with the provisions of this subpart.
(2)Judicial review of any such order shall be exclusively as provided in section 4583 of this title. Unless such a petition for review is timely filed as provided in section 4583 of this title, and thereafter until the record in the proceeding has been filed as so provided, the Director may at any time, modify, terminate, or set aside any such order, upon such notice and in such manner as the Director considers proper. Upon such filing of the record, the Director may modify, terminate, or set aside any such order with permission of the court.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

2008—Subsec. (b). Pub. L. 110–289 substituted “Director” for “Secretary” wherever appearing.

Reference

Citations & Metadata

Citation

12 U.S.C. § 4582

Title 12Banks and Banking

Last Updated

Apr 6, 2026

Release point: 119-73