12 U.S.C. § 4522 — Public disclosure of final orders and agreements
submitted 34 years ago by Pub. L. 102-550 to r/title-12-BANKS-AND-BANKING · 348 words · no verdicts yet
The Director generally must make specified final orders, agreements, and related records public. The section permits limited delay or sealing and protects congressional access.
(a) The Director* must make public: (1) each written agreement or statement for which the Director may remedy a violation*, and each change or termination of it, unless the Director decides disclosure is against the public interest or would seriously threaten the enterprise’s financial health or security under subsection (c); (2) each final order from an administrative enforcement proceeding started by the Director under subchapter III; and (3) each change or termination of a public final order. (b) Hearings on the record about a Director action or notice of charges must be open to the public unless the Director decides an open hearing is against the public interest. (c) If the Director makes a written finding that disclosure of a final order would seriously threaten the enterprise’s financial health or security, the Director may delay disclosure for a reasonable time. (d) In a subchapter III hearing, the Director may seal a document or part of one if the Director makes a written finding that disclosure is against the public interest. (e) The Director must keep records for at least 6 years of the documents in subsection (a), enforcement agreements, other supervisory actions, and supporting documents connected with an enforcement proceeding started by the Director under subchapter III. (f) This section does not authorize withholding information from Congress or its committees or subcommittees, and does not prohibit disclosure to them.
The Director* shall make available to the public—
any written agreement or other written statement for which a violation* may be redressed by the Director or any modification to or termination thereof, unless the Director, in the Director’s discretion, determines that public disclosure would be contrary to the public interest or determines under subsection (c) that public disclosure would seriously threaten the financial health or security of the enterprise*;
any order that is issued with respect to any administrative enforcement proceeding initiated by the Director under subchapter III and that has become final; and
any modification to or termination of any final order made public pursuant to this subsection.
All hearings on the record with respect to any action of the Director or 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.
If the Director makes a determination in writing that the public disclosure of any final order pursuant to subsection (a) would seriously threaten the financial health or security of the enterprise, the Director may delay the public disclosure of such order for a reasonable time.
The Director may file any document or part thereof under seal in any hearing under subchapter III if the Director determines in writing that disclosure thereof would be contrary to the public interest.
The Director shall keep and maintain a record, for not less than 6 years, of all documents described in subsection (a) and all enforcement agreements and other supervisory actions and supporting documents issued with respect to or in connection with any enforcement proceeding initiated by the Director under subchapter III.
This section may not be construed to authorize the withholding of any information from, or to prohibit the disclosure of any information to, the Congress or any committee or subcommittee thereof.
Source credit: (Pub. L. 102–550, title XIII, § 1319C, Oct. 28, 1992, 106 Stat. 3951.)
- 1992Enacted · Pub. L. 102-550 · 106 Stat. 3951
A history note hasn’t been published yet. The record shows enactment by Pub. L. 102-550 on 1992-10-28.
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