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Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Rules and Regulations
jbell on DSKJLSW7X2PROD with RULES2

the portion of a directive requiring an FDIC-supervised institution to dismiss from office any director or senior executive officer, the FDIC shall issue an order directing an informal hearing to commence no later than 30 days after receipt of the request, unless the Respondent requests a later date. The hearing shall be held in Washington, DC, or at such other place as may be designated by the FDIC, before a presiding officers designated by the FDIC to conduct the hearing.
d Hearing procedures. 1 A
Respondent may appear at the hearing personally or through counsel. A
Respondent shall have the right to introduce relevant written materials and to present oral argument. A Respondent may introduce oral testimony and present witnesses only if expressly authorized by the FDIC or the presiding officers. Neither the provisions of the Administrative Procedure Act governing adjudications required by statute to be determined on the record nor the Uniform Rules of Practice and Procedure in this part apply to an informal hearing under this section unless the FDIC orders that such procedures shall apply.
2 The informal hearing shall be recorded, and a transcript shall be furnished to the Respondent upon request and payment of the cost thereof.
Witnesses need not be sworn, unless specifically requested by a party or the presiding officers. The presiding officers may ask questions of any witness.
3 The presiding officers may order that the hearing be continued for a reasonable period normally five business days following completion of oral testimony or argument to allow additional written submissions to the hearing record.
e Standard for review. A Respondent shall bear the burden of demonstrating that his or her continued employment by or service with the FDIC-supervised institution would materially strengthen
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the FDIC-supervised institutions ability:
1 To become adequately capitalized, to the extent that the directive was issued as a result of the FDIC-supervised institutions capital level or failure to submit or implement a capital restoration plan; and 2 To correct the unsafe or unsound condition or unsafe or unsound practice, to the extent that the directive was issued as a result of classification of the FDIC-supervised institution based on supervisory criteria other than capital, pursuant to section 38g of the FDI Act.
f Recommendation of presiding officers. Within 20 calendar days following the date the hearing and the record on the proceeding are closed, the presiding officers shall make a recommendation to the FDIC concerning the Respondents request for reinstatement with the FDIC-supervised institution.
g Time for decision. Not later than 60 calendar days after the date the record is closed or the date of the response in a case where no hearing was requested, the FDIC shall grant or deny the request for reinstatement and notify the Respondent of the FDICs decision.
If the FDIC denies the request for reinstatement, the FDIC shall set forth in the notification the reasons for the FDICs action.
308.204

Enforcement of directives.

a Judicial remedies. Whenever an FDIC-supervised institution fails to comply with a directive issued under section 38, the FDIC may seek enforcement of the directive in the appropriate United States district court pursuant to section 8i1 of the FDI Act 12 U.S.C. 1818i1.
b Administrative remedies1
Failure to comply with directive.
Pursuant to section 8i2A of the FDI
Act, the FDIC may assess a civil money penalty against any FDIC-supervised institution that violates or otherwise fails to comply with any final directive
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issued under section 38 and against any institution-affiliated party who participates in such violation or noncompliance.
2 Failure to implement capital restoration plan. The failure of an FDICsupervised institution to implement a capital restoration plan required under section 38, or subpart H of part 324 of this chapter, or the failure of a company having control of an FDIC-supervised institution to fulfill a guarantee of a capital restoration plan made pursuant to section 38e2 of the FDI Act shall subject the FDIC-supervised institution to the assessment of civil money penalties pursuant to section 8i2A
of the FDI Act.
c Other enforcement action. In addition to the actions described in paragraphs a and b of this section, the FDIC may seek enforcement of the provisions of section 38 or subpart H of part 324 of this chapter through any other judicial or administrative proceeding authorized by law.
PART 390REGULATIONS
TRANSFERRED FROM THE OFFICE OF
THRIFT SUPERVISION
3. The authority citation for part 390
continues to read as follows:

Authority: 12 U.S.C. 1819.
Subpart Q also issued under 12 U.S.C.
1462; 1462a; 1463; 1464.
Subpart W also issued under 12 U.S.C.
1462a; 1463; 1464; 15 U.S.C. 78c; 78l; 78m;
78n; 78p; 78w.

Subpart YRemoved and Reserved 4. Remove and reserve subpart Y, consisting of 390.450 through 390.459.

Federal Deposit Insurance Corporation.
By order of the Board of Directors.
Dated at Washington, DC, on December 15, 2020.
James P. Sheesley, Assistant Executive Secretary.
FR Doc. 202028455 Filed 2221; 8:45 am BILLING CODE 671401P

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