12 CFR 28.24 - Termination of a Federal branch or agency.

§ 28.24 Termination of a Federal branch or agency.
(a) Grounds for termination. The OCC may revoke the authority of a foreign bank to operate a Federal branch or agency if:
(1) The OCC determines that there is reasonable cause to believe that the foreign bank has violated or failed to comply with any of the provisions of the IBA, other applicable Federal laws or regulations, or orders of the OCC;
(2) A conservator is appointed for the foreign bank, or a similar proceeding is initiated in the foreign bank's home country;
(3) One or more grounds for receivership, including insolvency, as specified in12 U.S.C. 3102(j), exists;
(4) One or more grounds for termination, including unsafe and unsound practices, insufficiency or dissipation of assets, concealment of books and records, a money laundering conviction, or other grounds as specified in12 U.S.C. 191, exists; or
(5) The OCC receives a recommendation from the FRB, pursuant to12 U.S.C. 3105(e)(5), that the license of a Federal branch or agency be terminated.
(b) Procedures
(1) Notice and hearing. Except as otherwise provided in this section, the OCC may issue an order to terminate the license of a Federal branch or agency after providing notice to the Federal branch or agency and after providing an opportunity for a hearing.
(2) Procedures for hearing. The OCC shall conduct a hearing under this section pursuant to the OCC's Rules of Practice and Procedure in 12 CFR part 19.
(3) Expedited procedure. The OCC may act without providing an opportunity for a hearing if it determines that expeditious action is necessary in order to protect the public interest. When the OCC finds that it is necessary to act without providing an opportunity for a hearing, the OCC in its sole discretion, may:
(i) Provide the Federal branch or agency with notice of the intended termination order;
(ii) Grant the Federal branch or agency an opportunity to present a written submission opposing issuance of the order; or
(iii) Take any other action designed to provide the Federal branch or agency with notice and an opportunity to present its views concerning the termination order.
[61 FR 19532, May 2, 1996. Redesignated at 68 FR 70700, Dec. 19, 2003]

Title 12 published on 2015-01-01.

No entries appear in the Federal Register after this date, for 12 CFR Part 28.

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.


United States Code
U.S. Code: Title 12 - BANKS AND BANKING

§ 1 - Office of the Comptroller of the Currency

§ 2 - Comptroller of the Currency; appointment; term

§ 3 - Oath of Comptroller

§ 4 - Deputy Comptrollers

§ 4a - Delegation of authority by Comptroller

§ 4b - Deputy Comptroller for the supervision and examination of Federal savings associations

§ 5, 6 - Repealed.

§ 7 - Chief of examining division

§ 8 - Clerks

§ 9 - Additional examiners, clerks, and other employees

§ 9a - Repealed.

§ 10 - Salaries of Deputy Comptrollers, examiners, and other employees as part of bank examination expenses

§ 11 - Interest in national banks

§ 12 - Seal of Comptroller

§ 13 - Rooms for Currency Bureau

§ 14 - Report of Comptroller

§ 15 - Repealed. Aug. 7, 1946, ch. 770,

§ 16 - Funding of Office

§ 24 - Corporate powers of associations

§ 93a - Authority to prescribe rules and regulations

§ 161 - Reports to Comptroller of the Currency

§ 602 - Reports and examinations

§ 1818 - Termination of status as insured depository institution

§ 3101 - Definitions

§ 3102 - Establishment of Federal branches and agencies by foreign bank

§ 3103 - Interstate banking by foreign banks

§ 3104 - Insurance of deposits

§ 3105 - Authority of Federal Reserve System

§ 3106 - Nonbanking activities of foreign banks

§ 3106a - Compliance with State and Federal laws

§ 3107 - Representative offices

§ 3108 - Regulation and enforcement

§ 3109 - Cooperation with foreign supervisors

§ 3110 - Penalties

§ 3111 - Criminal penalty

§ 3901 - Congressional declaration of policy

§ 3902 - Definitions

§ 3903 - Strengthened supervision of international lending

§ 3904 - Reserves

§ 3904a - Additional reserve requirements

§ 3905 - Accounting for fees on international loans

§ 3906 - Collection and disclosure of international lending data

§ 3907 - Capital adequacy

§ 3908 - Foreign loan evaluations

§ 3909 - General authorities

§ 3910 - Audit authority of Government Accountability Office

§ 3911 - Equal representation for Federal Deposit Insurance Corporation and the Office of Thrift Supervision

§ 3912 - Repealed.