Removal and prohibition proceedings.

CFR · 2024-01-01 · US · Title 12

(a) (2) (i) That party, officer, or director has, directly or indirectly— (A) Violated— (1) Any law or regulation; (2) Any cease and desist order that has become final; (3) Any condition imposed in writing by the Director in connection with an application, notice, or other request by a regulated entity; or (4) Any written agreement between such regulated entity and the Director; (B) Engaged or participated in any unsafe or unsound practice in connection with any regulated entity or business institution; or (C) Committed or engaged in any act, omission, or practice which constitutes a breach of such party's fiduciary duty; (ii) By reason of such violation, practice, or breach— (A) Such regulated entity or business institution has suffered or likely will suffer financial loss or other damage; or (B) Such party directly or indirectly received financial gain or other benefit; and (iii) The violation, practice, or breach described in subparagraph (i) of this section— (A) Involves personal dishonesty on the part of such party; or (B) Demonstrates willful or continuing disregard by such party for the (3) (b) (i) Determines that such action is necessary for the protection of the regulated entity or the Office of Finance; and (ii) Serves such party with written notice of the order. (2) (3) (c) (2) (3) (4) (i) A party is deemed to have consented to the issuance of an order under paragraph (d); or (ii) Upon the record made at the hearing, the Director finds that any of the grounds speci

official document · source cfr-2024 · id 12:§ 1209.8