PRIA, Government Policy, Made Personal

Summary

The Director can issue a notice of charges against an enterprise (the company) when the company fails to do certain required things. Those include not filing the report required under section 4547 after the Director gave notice, a chance to comment, and a final decision; not giving information required under 1723a(m) or (n) or 1456(e) or (f); or, for the housing goals in 4562(a) and 4563(a)(1), failing to file a housing plan under 4566(c) on time or failing to follow an approved housing plan. The notice must say the facts behind the charge and set a time and place for a hearing. If the Director finds the charge true at that hearing, or the company agrees, the Director may order the company to file the report, file or follow the housing plan, or provide the required information. The order becomes effective 30 days after it is served unless it says otherwise for consent orders, and it stays in force until it is changed, paused, ended, or overturned as allowed.

Title 12, §4581

Banks and Banking, Source: USLM XML via OLRC

(a)Grounds for issuance

The Director may issue and serve a notice of charges under this section upon an enterprise if the Director determines that—

(1)the enterprise has failed to submit a report under section 4547 of this title, following a notice of such failure, an opportunity for comment by the enterprise, and a final determination by the Director;

(2)the enterprise has failed to submit the information required under subsection (m) or (n) of section 1723a of this title, or subsection (e) or (f) of section 1456 of this title;

(3)solely with respect to the housing goals established under section 4562(a) and 4563(a)(1) of this title, the enterprise has failed to submit a housing plan that complies with section 4566(c) of this title within the applicable period; or

(4)solely with respect to the housing goals established under section 4562(a) and 4563(a)(1) of this title, the enterprise has failed to comply with a housing plan under section 4566(c) of this title.

(b)Procedure

(1)Notice of charges

Each notice of charges issued under this section shall contain a statement of the facts constituting the alleged conduct and shall fix a time and place at which a hearing will be held to determine on the record whether an order to cease and desist from such conduct should issue.

(2)Issuance of order

If the Director finds on the record made at a hearing described in paragraph (1) that any conduct specified in the notice of charges has been established (or the enterprise consents pursuant to section 4582(a)(4) of this title), the Director may issue and serve upon the enterprise an order requiring the enterprise to—

(A)submit a report under section 4547 1 of this title;

(B)solely with respect to the housing goals established under section 4562(a) and 4563(a)(1) of this title, submit a housing plan in compliance with section 4566(c) of this title;

(C)solely with respect to the housing goals established under section 4562(a) and 4563(a)(1) of this title, comply with the housing plan in compliance with section 4566(c) of this title; or

(D)provide the information required under subsection (m) or (n) of section 1723a of this title, or subsection (e) or (f) of section 1456 of this title.

(c)Effective date

An order under this section shall become effective upon the expiration of the 30-day period beginning on the date of service of the order upon the enterprise (except in the case of an order issued upon consent, which shall become effective at the time specified therein), and shall remain effective and enforceable as provided in the order, except to the extent that the order is stayed, modified, terminated, or set aside by action of the Director or otherwise, as provided in this subpart.

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 4547 of this title, referred to in subsecs. (a)(1) and (b)(2)(A), was repealed by Pub. L. 110–289, div. A, title I, § 1104(b), July 30, 2008, 122 Stat. 2667.

Prior Provisions

A prior section 4581, Pub. L. 102–550, title XIII, § 1341, Oct. 28, 1992, 106 Stat. 3964, related to cease-and-desist proceedings, prior to repeal by Pub. L. 110–289, div. A, title I, § 1130(c)(1), July 30, 2008, 122 Stat. 2708.

§4581 Cease and Desist Proceedings