§4581 — Title 12 Banks and Banking | U.S. Code

Summary

The Director can send a formal notice of charges to an enterprise if the Director finds the enterprise failed to do certain required things. These include failing to file a report required by section 4547 after being given notice and a chance to comment; failing to give information required under subsection (m) or (n) of section 1723a or subsection (e) or (f) of section 1456; or, for the housing goals in sections 4562(a) and 4563(a)(1), failing to file or to follow a housing plan required by section 4566(c). The notice must describe the facts and set a time and place for a hearing to decide if the enterprise must stop the conduct. If the hearing record shows the enterprise did the listed conduct, or the enterprise agrees under section 4582(a)(4), the Director can order the enterprise to file the report under section 4547; file or follow a housing plan that meets section 4566(c) for the housing goals in 4562(a) and 4563(a)(1); or provide the information required under 1723a(m)/(n) or 1456(e)/(f). An order becomes effective 30 days after it is served, unless a consent order says a different start time, and remains in force until it is changed, stayed, ended, or set aside under the rules in this subpart.

Title 12, §4581

Banks and Banking — Source: USLM XML via OLRC

(a)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 11 See References in Text note below. 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)(1)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)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)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