12 U.S.C. § 4586 — Public disclosure of final orders and agreements
submitted 34 years ago by Pub. L. 102-550 to r/title-12-BANKS-AND-BANKING · 346 words · no verdicts yet
This section addresses public disclosure of final orders and agreements. It sets the rules and duties stated in the section.
(a) The Director* must make public written agreements and statements whose violations the Director can remedy, and changes or endings of them, unless the Director, in the Secretary’s discretion, finds disclosure contrary to the public interest or finds under (c) that it would seriously threaten the enterprise’s financial health or security. The Director must also make public final orders in its administrative enforcement proceedings and changes or endings of those orders. (b) Hearings on the Director’s charge notices are public unless the Director, in the Secretary’s discretion, finds an open hearing contrary to the public interest. (c) If the Director writes that disclosure of a final order would seriously threaten the enterprise’s financial soundness, the Director may delay disclosure for a reasonable time. (d) The Director may seal a document or part of one if written findings say disclosure would be contrary to the public interest. (e) For at least six years, the Director must keep records of the public documents, enforcement agreements, supervisory actions, and supporting documents connected to enforcement proceedings. (f) This section does not allow withholding information from Congress or bar disclosure to Congress or its committees.
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 Secretary’s 1 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 this subpart and that has become final in accordance with sections 4582 and 4583 of this title; and
any modification to or termination of any final order made public pursuant to this subsection.
All hearings with respect to any notice of charges issued by the Director shall be open to the public, unless the Director, in the Secretary’s 1 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 soundness 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 this subpart 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 this subpart.
This section may not be construed to authorize the withholding, 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, § 1346, Oct. 28, 1992, 106 Stat. 3968; Pub. L. 110–289, div. A, title I, § 1130(e)(3)(C), July 30, 2008, 122 Stat. 2711.)
- 1992Enacted · Pub. L. 102-550 · 106 Stat. 3968
- 2008Amended · Pub. L. 110-289 · 122 Stat. 2711
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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