(1) In general. The Director is authorized to issue such regulations and orders,
including regulations and orders relating to capital requirements
for savings and loan holding companies, as the Director deems necessary
or appropriate to enable the Director to administer and carry out
the purposes of this section, and to require compliance therewith
and prevent evasions thereof. In establishing capital regulations
pursuant to this subsection, the appropriate Federal banking agency
shall seek to make such requirements countercyclical so that the amount
of capital required to be maintained by a company increases in times
of economic expansion and decreases in times of economic contraction,
consistent with the safety and soundness of the company.
(2) Investigations. The Director may make such investigations as
the Director deems necessary or appropriate to determine whether the
provisions of this section, and regulations and orders thereunder,
are being and have been complied with by savings and loan holding
companies and subsidiaries and affiliates thereof. For the purpose
of any investigation under this section, the Director may administer
oaths and affirmations, issue subpenas, take evidence, and require
the production of any books, papers, correspondence, memorandums,
or other records which may be relevant or material to the inquiry.
The attendance of witnesses and the production of any such records
may be required from any place in any State. The Director may apply
to the United States district court for the judicial district (or
the United States court in any territory) in which any witness or
company subpenaed resides or carries on business, for enforcement
of any subpena issued pursuant to this paragraph, and such courts
shall have jurisdiction and power to order and require compliance.
(3) Proceedings.
(A) In any proceeding
under subsection (a)(2)(D) of this section or under paragraph (5)
of this subsection, the Director may administer oaths and affirmations,
take or cause to be taken depositions, and issue subpenas. The Director
may make regulations with respect to any such proceedings. The attendance
of witnesses and the production of documents provided for in this
paragraph may be required from any place in any State or in any territory
at any designated place where such proceeding is being conducted.
Any party to such proceedings may apply to the United States District
Court for the District of Columbia, or the United States district
court for the judicial district or the United States court in any
territory in which such proceeding is being conducted, or where the
witness resides or carries on business, for enforcement of any subpena
issued pursuant to this paragraph, and such courts shall have jurisdiction
and power to order and require compliance therewith. Witnesses subpenaed
under this section shall be paid the same fees and mileage that are
paid witnesses in the district courts of the United States.
(B) Any hearing provided
for in subsection
(a)(2)(D) of this section or under paragraph (5)
of this section
* shall be held in the Federal
judicial district or in the territory in which the principal office
of the association or other company is located unless the party afforded
the hearing consents to another place, and shall be conducted in accordance
with the provisions of chapter 5 of title 5.
(4) Injunctions. Whenever it appears to the Director that any person is engaged or
has engaged or is about to engage in any acts or practices which constitute
or will constitute a violation of the provisions of this section or
of any regulation or order thereunder, the Director may bring an action
in the proper United States district court, or the United States court
of any territory or other place subject to the jurisdiction of the
United States, to enjoin such acts or practices, to enforce compliance
with this section or any regulation or order, or to require the divestiture
of any acquisition in violation of this section, or for any combination
of the foregoing, and such courts shall have jurisdiction of such
actions. Upon a proper showing an injunction, decree, restraining
order, order of divestiture, or other appropriate order shall be granted
without bond.
(5) Cease and
desist orders.
(A) Notwithstanding any other provision
of this section, the Director may, whenever the Director has reasonable
cause to believe that the continuation by a savings and loan holding
company of any activity or of ownership or control of any of its noninsured
subsidiaries constitutes a serious risk to the financial safety, soundness,
or stability of a savings and loan holding company’s subsidiary savings
association and is inconsistent with the sound operation of a savings
association or with the purposes of this section or section 1818 of
this title, order the savings and loan holding company or any of its
subsidiaries, after due notice and opportunity for hearing, to terminate
such activities or to terminate (within 120 days or such longer period
as the Director directs in unusual circumstances) its ownership or
control of any such noninsured subsidiary either by sale or by distribution
of the shares of the subsidiary to the shareholders of the savings
and loan holding company. Such distribution shall be pro rata with
respect to all of the shareholders of the distributing savings and
loan holding company, and the holding company shall not make any charge
to its shareholders arising out of such a distribution.
(B) The Director may in
the discretion of the Board apply to the United States district court
within the jurisdiction of which the principal office of the company
is located, for the enforcement of any effective and outstanding order
issued under this section, and such court shall have jurisdiction
and power to order and require compliance therewith. Except as provided
in subsection (j) of this section, no court shall have jurisdiction
to affect by injunction or otherwise the issuance or enforcement of
any notice or order under this section, or to review, modify, suspend,
terminate, or set aside any such notice or order.
[12 USC
1467a. As amended by act of July 21, 2010 (124 Stat. 1615).]
