12 U.S.C. § 4638 — Private rights of action

Page 1723 TITLE 12—BANKS AND BANKING § 4639 ning on the date such entity-affiliated party ceases to be associated with the regulated enti- ty. (Pub. L. 102–550, title XIII, § 1379, formerly § 1377, Oct. 28, 1992, 106 Stat. 3992; renumbered § 1379 and amended Pub. L. 110–289, div. A, title I, §§ 1153(a)(1), 1156(b)(1), 1157, July 30, 2008, 122 Stat. 2770, 2777.) Editorial Notes PRIOR PROVISIONS A prior section 1379 of Pub. L. 102–550 was renumbered section 1379B and is classified to section 4639 of this title. AMENDMENTS 2008—Pub. L. 110–289, § 1157(4), which directed the sub- stitution of ‘‘regulated entity.’’ for ‘‘enterprise.’’ could not be executed because of the prior amendment by Pub. L. 110–289, § 1156(b)(1). See below. Pub. L. 110–289, § 1157(3), which directed the substi- tution of ‘‘entity-affiliated party’’ for ‘‘director or offi- cer’’ wherever appearing, was executed by making the substitution for ‘‘director or executive officer’’ in two places, to reflect the probable intent of Congress. Pub. L. 110–289, § 1157(2), which directed the substi- tution of ‘‘an entity-affiliated party’’ for ‘‘a director or executive officer of an enterprise’’, was executed by making the substitution for ‘‘a director or executive of- ficer of a regulated entity’’, to reflect the probable in- tent of Congress and the prior amendment by Pub. L. 110–289, § 1156(b)(1). See below. Pub. L. 110–289, § 1157(1), substituted ‘‘6-year’’ for ‘‘2- year’’. Pub. L. 110–289, § 1156(b)(1), substituted ‘‘a regulated entity’’ for ‘‘an enterprise’’ and ‘‘the regulated entity’’ for ‘‘the enterprise’’. § 4638. Private rights of action This chapter shall not create any private right of action on behalf of any person against a regu- lated entity, or any director or executive officer of a regulated entity, or impair any existing pri- vate right of action under other applicable law. (Pub. L. 102–550, title XIII, § 1379A, formerly § 1378, Oct. 28, 1992, 106 Stat. 3993; renumbered § 1379A and amended Pub. L. 110–289, div. A, title I, §§ 1153(a)(1), 1156(b)(2), July 30, 2008, 122 Stat. 2770, 2777.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, was in the original ‘‘this title and the amendments made by this title’’, meaning title XIII of Pub. L. 102–550, Oct. 28, 1992, 106 Stat. 3941, which is classified principally to this chap- ter. For complete classification of title XIII to the Code, see Short Title note set out under section 4501 of this title and Tables. PRIOR PROVISIONS A prior section 1379A of Pub. L. 102–550 was renum- bered section 1379C and is classified to section 4640 of this title. AMENDMENTS 2008—Pub. L. 110–289, § 1156(b)(2), which directed sub- stitution of ‘‘a regulated entity’’ for ‘‘an enterprise’’, was executed by making the substitution in two places to reflect the probable intent of Congress. § 4639. Public disclosure of final orders and agreements (a) In general The Director shall make available to the pub- lic— (1) any written agreement or other written statement for which a violation may be re- dressed by the Director or any modification to or termination thereof, unless the Director, in the Director’s discretion, determines that pub- lic disclosure would be contrary to the public interest; (2) any order that is issued with respect to any administrative enforcement proceeding initiated by the Director under this sub- chapter and that has become final in accord- ance with sections 4633 and 4634 of this title; and (3) any modification to or termination of any final order made public pursuant to this subsection. (b) Hearings All hearings on the record with respect to any notice of charges issued by the Director shall be open to the public, unless the Director, in the Director’s discretion, determines that holding an open hearing would be contrary to the public interest. (c) Delay of public disclosure under exceptional circumstances If the Director makes a determination in writ- ing that the public disclosure of any final order pursuant to subsection (a) would seriously threaten the financial health or security of the regulated entity, the Director may delay the public disclosure of such order for a reasonable time. (d) Documents filed under seal in public enforce- ment hearings The Director may file any document or part thereof under seal in any hearing commenced by the Director if the Director determines in writ- ing that disclosure thereof would be contrary to the public interest. (e) Retention of documents The Director shall keep and maintain a record, for not less than 6 years, of all docu- ments described in subsection (a) and all en- forcement agreements and other supervisory ac- tions and supporting documents issued with re- spect to or in connection with any enforcement proceeding initiated by the Director under this subchapter or any other law. (f) Disclosures to Congress This section may not be construed to author- ize the withholding, or to prohibit the disclo- sure, of any information to the Congress or any committee or subcommittee thereof. (Pub. L. 102–550, title XIII, § 1379B, formerly § 1379, Oct. 28, 1992, 106 Stat. 3993; renumbered § 1379B and amended Pub. L. 110–289, div. A, title I, §§ 1153(a)(1), 1156(b)(3), July 30, 2008, 122 Stat. 2770, 2777.)