12 C.F.R. § 308.163 Notice of suspension, and orders of removal or prohibition.
Title 12 - Banks and Banking
(a) Notice of suspension or prohibition. (1) The Board of Directors or its designee may suspend or prohibit from further participation in the conduct of the affairs of the bank an institution-affiliated party by written notice of suspension or prohibition upon a determination by the Board of Directors or its designee that the grounds for such suspension or prohibition exist. The written notice of suspension or prohibition shall be served upon the institution-affiliated party and the bank. (2) The written notice of suspension shall: (i) Inform the institution-affiliated party that a written request for a hearing, stating the relief desired and grounds therefore, and any supporting evidence, may be filed with the Executive Secretary within 30 days after receipt of the written notice; and (ii) Summarize or cite to the relevant considerations specified in §308.162 of this subpart. (3) The suspension or prohibition shall be effective immediately upon service on the institution-affiliated party, and shall remain in effect until final disposition of the information, indictment, complaint, or until it is terminated by the Board of Directors or its designee under the provisions of §308.164 or otherwise. (b) Order of removal or prohibition. (1) The Board of Directors or its designee may issue an order removing or prohibiting from further participation in the conduct of the affairs of the bank an institution-affiliated party, when a final judgment of conviction not subject to further appellate review is entered against the individual for a crime referred to in §308.161(a)(1) and continued service or participation by such party poses a threat to the interests of the bank's depositors or threatens to impair public confidence in the depository institution. (2) An order of removal or prohibition shall be entered if a judgment of conviction is entered against the individual for a crime described in §308.161(a)(ii). [56 FR 37975, Aug. 9, 1991, as amended at 64 FR 62101, Nov. 16, 1999]
Title 12: Banks and Banking
PART 308—RULES OF PRACTICE AND PROCEDURE
Subpart N—Rules and Procedures Applicable to Proceedings Relating to Suspension, Removal, and Prohibition Where a Felony ls Charged
§ 308.163 Notice of suspension, and orders of removal or prohibition.
