Wis. Admin. Code Department of Financial Institutions DFI-SB 17.18 - Revocation of trust powers
(1) NOTICE OF
INTENT. In addition to the other sanctions available, if, in the opinion of the
division, a savings bank is unlawfully or unsoundly exercising, or has failed
for a period of 5 consecutive years to exercise, the powers granted by this
chapter or otherwise fails to comply with the requirements of this chapter, the
division may issue and serve upon the savings bank a notice of intent to revoke
the authority of the savings bank to exercise the powers granted by this
chapter. The notice shall contain a statement of the facts constituting the
alleged unlawful or unsound exercise of powers, or failure to exercise powers,
or failure to comply with the requirements of this chapter, and shall fix a
time and place at which a hearing will be held to determine whether an order
revoking authority to exercise trust powers should be issued against the
savings bank.
(2) HEARING. A
hearing under sub. (1) shall be conducted as a contested class 2 hearing under
ch. 227, Stats.
(3) REVOCATION
ORDER. Unless the savings bank served under sub. (1) appears at the hearing by
a duly authorized representative, it is deemed to have consented to the
issuance of the revocation order. In the event of consent or if, upon the
record made at the hearing, the division finds that any allegation specified in
the notice of charges has been established, the division may issue and serve
upon the savings bank an order prohibiting it from accepting any new or
additional trust accounts and revoking authority to exercise powers granted by
this chapter except that the order shall permit the savings bank to continue to
service all previously accepted trust accounts pending their expeditious
divestiture or termination.
(4)
EFFECTIVE PERIOD. A revocation order is effective not earlier than the
expiration of 30 days after service of the order upon the savings bank, except
a consent revocation order which is effective at the time specified in the
order, and shall remain effective and enforceable, except to the extent it is
stayed, modified, terminated, or set aside by action of the division or a
reviewing court.
Notes
This section parallels 12 CFR 550.16 and s. DFI-SL 17.18
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