Page:United States Statutes at Large Volume 103 Part 1.djvu/480

 103 STAT. 452 PUBLIC LAW 101-73—AUG. 9, 1989 includes the authority to require such insured credit union or such party to— ' « "(A) make restitution or provide reimbursement, indem- nification, or guarantee against loss if— "(i) such credit union or such party was unjustly enriched in connection with such violation or practice; or "(ii) the violation or practice involved a reckless disregard for the law or any applicable regulations or prior order of the Board; ' "(B) restrict the growth of the institution; "(C) rescind agreements or contracts; "(D) dispose of any loan or asset involved; and "(E) employ qualified officers or employees (who may be subject to approval by the Board at the direction of such Board); and "(F) take such other action as the Board determines to be appropriate. "(4) AUTHORITY TO LIMIT ACTIVITIES.— The authority to issue an order under this subsection or subsection (f) includes the authority to place limitations on the activities or functions of an insured credit union or any institution-affiliated party.". (2) TEMPORARY CEASE AND DESIST AUTHORITY. — Section 206(f) of the Federal Credit Union Act (12 U.S.C. 1786(f)) is amended— (A) by redesignating paragraph (3) as paragraph (4); (B) in paragraph (1)— (i) by striking out "substantial" and inserting in lieu thereof "significant"; (ii) by striking out "seriously" each place such term appears; and (iii) by inserting after the 1st sentence the following new sentence: "Such order may include any require- ment authorized under subsection (e)(3)(B)."; and (C) by inserting after paragraph (2) the following new paragraph: " (3) INCOMPLETE OR INACCURATE RECORDS. — "(A) TEMPORARY ORDER. —If a notice of charges served under subsection (e)(l) specifies, on the basis of particular facts and circumstances, that an insured credit union's books and records are so incomplete or inaccurate that the Board is unable, through the normal supervisory process, to determine the financial condition of that insured credit union or the details or purpose of any transaction or trans- actions that may have a material effect on the financial condition of that insured credit union, the Board may issue a temporary order requiring— "(i) the cessation of any activity or practice which gave rise, whether in whole or in part, to the incom- plete or inaccurate state of the books or records; or "(ii) affirmative action to restore such books or records to a complete and accurate state, until the completion of the proceedings under subsection (e)(D- "(B) EFFECTIVE PERIOD. —Any temporary order issued under subparagraph (A)— "(i) shall become effective upon service; and

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