Page:United States Statutes at Large Volume 103 Part 1.djvu/485

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 457 (e) EFFECTIVE DATE.—The amendments made by this section shall 12 USC 1786 apply with respect to violations committed and activities engaged in ^°^- after the date of the enactment of this Act. SEC. 904. INDUSTRYWIDE APPLICATION OF REMOVAL, SUSPENSION, AND PROHIBITION ORDERS. (a) DEPOSITORY INSTITUTIONS INSURED BY THE FDIC. —Section 8(e) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)) is amended by inserting after the paragraph added by section 903(a)(3) of this Act the following new paragraph: " (7) INDUSTRYWIDE PROHIBITION. — "(A) IN GENERAL.— Except as provided in subparagraph (B), any person who, pursuant to an order issued under this subsection or subsection (g), has been removed or suspended from office in an insured depository institution or prohib- ited from participating in the conduct of the affairs of an insured depository institution may not, while such order is in effect, continue or commence to hold any office in, or participate in any manner in the conduct of the affairs of— "(i) any insured depository institution; "(ii) any institution treated as an insured bank under subsection (b)(3) or (b)(4), or as a savings association under subsection (b)(8); "(iii) any insured credit union under the Federal Credit Union Act; "(iv) any institution chartered under the Farm Credit Act of 1971; "(v) any appropriate Federal depository institution regulatory agency; "(vi) the Federal Housing Finance Board and any Federal home loan bank; and "(vii) the Resolution Trust Corporation. "(B) EXCEPTION IF AGENCY PROVIDES WRITTEN CONSENT.— If, on or after the date an order is issued under this subsection which removes or suspends from office any institution-affiliated party or prohibits such party from participating in the conduct of the affairs of an insured depository institution, such party receives the written con- sent of— "(i) the Eigency that issued such order; and "(ii) the appropriate Federal financial institutions regulatory agency of the institution described in any .c' clause of subparagraph (A) with respect to which such party proposes to become an institution-affiliated party, subparagraph (A) shall, to the extent of such consent, cease to apply to such party with respect to the institution de- scribed in each written consent. Any agency that grants Reports, such a written consent shall report such action to the Public Corporation and publicly disclose such consent. information. " (C) VIOLATION OF PARAGRAPH TREATED AS VIOLATION OF ORDER. —Any violation of subparagraph (A) by any person who is subject to an order described in such subparagraph shall be treated as a violation of the order. "(D) APPROPRIATE FEDERAL FINANCIAL INSTITUTIONS REGU- LATORY AGENCY DEFINED.—For purposes of this paragraph

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