(a) An independent public accountant
or accounting firm may not perform audit services for banking organizations
if the accountant or firm:
(1) Is subject to a final order of removal,
suspension, or debarment (other than a limited-scope order) issued
by the Federal Deposit Insurance Corporation, the Office of the Comptroller
of the Currency, or the Office of Thrift Supervision under section
36 of the FDIA;
(2)
Is subject to a temporary suspension or permanent revocation of registration
or a temporary or permanent suspension or bar from further association
with any registered public accounting firm issued by the Public Company
Accounting Oversight Board or the Securities and Exchange Commission
under section 105(c)(4)(A) or (B) of the Sarbanes-Oxley Act of 2002
(15 U.S.C. 7215(c)(4)(A) or (B)); or
(3) Is subject to an order of suspension
or denial of the privilege of appearing or practicing before the Securities
and Exchange Commission.
(b) Upon written request, the Board, for good cause shown, may grant
written permission to such accountant or firm to perform audit services
for banking organizations. The request shall contain a concise statement
of the action requested. The Board may require the applicant to submit
additional information.
