12 U.S.C. § 4581 — Cease and desist proceedings

Page 1684 TITLE 12—BANKS AND BANKING § 4581 1 See References in Text note below. (ii) selection shall be based upon specific criteria, including a prioritization of fund- ing based upon— (I) the ability to use such funds to gen- erate additional investments; (II) affordable housing need (taking into account the distinct needs of dif- ferent regions of the country); and (III) ability to obligate amounts and undertake activities so funded in a time- ly manner. (Pub. L. 102–550, title XIII, § 1339, as added Pub. L. 110–289, div. A, title I, § 1131(b), July 30, 2008, 122 Stat. 2723.) SUBPART 3—ENFORCEMENT § 4581. Cease and desist proceedings (a) Grounds for issuance 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 re- port under section 4547 1 of this title, following a notice of such failure, an opportunity for comment by the enterprise, and a final deter- mination by the Director; (2) the enterprise has failed to submit the in- formation 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 sections 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 applica- ble period; or (4) solely with respect to the housing goals established under sections 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) Procedure (1) Notice of charges Each notice of charges issued under this sec- tion 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) Issuance of order 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 enter- prise 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 sections 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 sections 4562(a) and 4563(a)(1) of this title, comply with the hous- ing 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) Effective date An order under this section shall become effec- tive upon the expiration of the 30-day period be- ginning on the date of service of the order upon the enterprise (except in the case of an order issued upon consent, which shall become effec- tive at the time specified therein), and shall re- main effective and enforceable as provided in the order, except to the extent that the order is stayed, modified, terminated, or set aside by ac- tion of the Director or otherwise, as provided in this subpart. (Pub. L. 102–550, title XIII, § 1341, as added Pub. L. 110–289, div. A, title I, § 1130(c)(2), July 30, 2008, 122 Stat. 2708.) 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. § 4582. Hearings (a) Requirements (1) Venue and record Any hearing under section 4581 or 4585 of this title shall be held on the record and in the Dis- trict of Columbia. (2) Timing Any such hearing shall be fixed for a date not earlier than 30 days nor later than 60 days after service of the notice of charges under section 4581(b)(1) of this title or determination to impose a penalty under section 4585(c)(1) of this title, unless an earlier or a later date is set by the hearing officer at the request of the enterprise served. (3) Procedure Any such hearing shall be conducted in ac- cordance with chapter 5 of title 5. (4) Failure to appear If the enterprise served fails to appear at the hearing through a duly authorized representa- tive, such enterprise shall be deemed to have consented to the issuance of the cease-and-de- sist order or the imposition of the penalty for which the hearing is held. (b) Issuance of order (1) In general After any such hearing, and within 90 days after the enterprise has been notified that the