Before taking any action referred to in subsection (b) of this section, the Director shall provide to the regulated entity written notice of the proposed action, which states the reasons for the proposed action and the information on which the proposed action is based.
The requirements of subsection (a) of this section shall apply to the following actions:
(1)Classification or reclassification of a regulated entity within a particular capital classification under section
4614 of this title.
(2)Any discretionary supervisory action pursuant to section
4615 of this title.
(3)Any discretionary supervisory action pursuant to section
4616 of this title except a decision to appoint a conservator under section
4616(b)(6) of this title.
Notice of classification under paragraph (1) and notice of supervisory actions under paragraph (2) or (3) may be provided together in a single notice under subsection (a) of this section.
(c) Response period
(1) In general
During the 30-day period beginning on the date that a regulated entity is provided notice under subsection (a) of this section of a proposed action, the regulated entity may submit to the Director any information relevant to the action that the regulated entity considers appropriate for consideration by the Director in determining whether to take such action. The Director may, at the discretion of the Director, hold an informal administrative hearing to receive and discuss such information and the proposed determination.
(2) Extended period
The Director may extend the period under paragraph (1) for good cause for not more than 30 additional days.
(3) Shortened period
The Director may shorten the period under paragraph (1) if the Director determines that the condition of the regulated entity so requires or the regulated entity consents.
(4) Failure to respond
The failure of a regulated entity to provide information during the response period under this subsection (as extended or shortened) shall waive any right of the regulated entity to comment on the proposed action of the Director.
(d) Consideration of information and determination
After the expiration of the response period under subsection (c) of this section or upon receipt of information provided during such period by the regulated entity, whichever occurs earlier, the Director shall determine whether to take the action proposed, taking into consideration any relevant information submitted by the regulated entity during the response period. The Director shall provide written notice of a determination to take action and the reasons for such determination to the regulated entity, the Committee on Banking, Finance and Urban Affairs of the House of Representatives, and the Committee on Banking, Housing, and Urban Affairs of the Senate. Such notice shall respond to any information submitted during the response period.
(e) Effective date of actions
An action referred to in subsection (b) of this section shall take effect upon receipt by the regulated entity of notice of the determination of the Director under subsection (d) of this section, unless otherwise provided in such notice.
4616(b)(6) of this title, referred to in subsec. (b)(3), was repealed and a new par. (6) added by Pub. L. 110–289, div. A, title I, § 1144(5)(C), (D),July 30, 2008, 122 Stat. 2733. The new par. (6) does not relate to appointment of a conservator.
2008—Pub. L. 110–289substituted “a regulated entity” for “an enterprise” and “the regulated entity” for “the enterprise” wherever appearing.
Change of Name
Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) ofPub. L. 104–14, set out as a note preceding section
21 of Title
2, The Congress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.