(a) Issuance of hearing order. Upon receipt of a timely request
for an informal hearing, the secretary shall promptly issue an order
directing an informal hearing to commence within 30 days of the receipt
of the request. At the request of the institution-affiliated party,
the secretary may order the hearing to commence at a time more than
30 days after the receipt of the request for hearing. The hearing
shall be held in Washington, D.C., or at such other place as may be
designated by the secretary, before presiding officers designated
by the secretary to conduct the hearing. The presiding officers normally
will include representatives from the Board’s Legal Division
and the Division of Banking Supervision and Regulation and from the
appropriate Federal Reserve Bank.
8-087.5
(b) Waiver of oral hearing. A institution-affiliated
party may waive in writing his or her right to an oral hearing and
instead elect to have the matter determined by the Board solely on
the basis of written submissions.
8-087.6
(c) Hearing procedures.
(1) The institution-affiliated party may
appear at the hearing personally, through counsel, or personally with
counsel. The institution-affiliated party shall have the right to
introduce relevant written materials and to present an oral argument.
The institution-affiliated party may introduce oral testimony and
present witnesses only if expressly authorized by the Board or the
secretary. Except as provided in section 263.11, the adjudicative
procedures of the Administrative Procedure Act (5 U.S.C. 554-557)
and of subpart A of this part shall not apply to the informal hearing
ordered under this subpart unless the Board orders that subpart A
of this part applies.
8-087.7
(2) The informal hearing shall be recorded
and a transcript shall be furnished to the institution-affiliated
party upon request and after the 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 the record to be kept open for a reasonable period
following the hearing (normally five business days), during which
time additional submissions to the record may be made. Thereafter,
the record shall be closed.
8-087.8
(d) Authority of presiding officers. In the
course of or in connection with any proceeding under this subpart,
the Board or the presiding officers are authorized to administer oaths
and affirmations; to take or cause to be taken depositions; to issue,
quash, or modify subpoenas and subpoenas duces tecum; and, for the
enforcement thereof, to apply to an appropriate United States district
court. All action relating to depositions and subpoenas shall be in
accordance with the rules provided in sections 263.34 and 263.53.
(e) Recommendation of
presiding officers. The presiding officers shall make a recommendation
to the Board concerning the notice or order of suspension, removal,
or prohibition within 20 calendar days following the close of the
record on the hearing.
