Page:United States Statutes at Large Volume 103 Part 1.djvu/511

 PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 483 tor take any enforcement action authorized under section 7(j), this section, or section 18(j) with respect to any savings associa- tion. "(2) AUTHORITY OF BOARD TO ORDER CORPORATION TO TAKE ENFORCEMENT ACTION IF DIRECTOR OF OFFICE OF THRIFT SUPER- VISION FAILS TO FOLLOW RECOMMENDATION.— If the Director fails to take the recommended action or to provide an acceptable plan for addressing the concerns of the Corporation as set forth in its recommendation before the close of the 60-day period beginning on the date of the receipt of the formal recommenda- tion from the Corporation, the Board of Directors may order the Corporation to take such action if the Board determines that— "(A) the association is in an unsafe or unsound condition; or "(B) failure to take the recommended action will result in continuance of unsafe or unsound practices in conducting the business of the savings association. "(3) EFFECT OF EXIGENT CIRCUMSTANCES.— "(A) AUTHORITY TO ACT. —Notwithstanding paragraphs (1) and (2), the Board of Directors may order the Corporation to exercise its authority, without regard to the time period set forth, in exigent circumstances after notifying the Director. "(B) AGREEMENT ON EXIGENT CIRCUMSTANCES. — The Cor- poration shall, by agreement with the Director, set forth those exigent circumstances in which the Corporation may act without regard to the time period set forth above. "(4) REQUESTS FOR FORMAL ACTIONS AND INVESTIGATIONS.— "(A) SUBMISSION OF REQUESTS. —The regional offices of the Office of Thrift Supervision shall concurrently submit all requests for formal investigations or enforcement actions to both the Director and the Corporation. "(B) DIRECTOR REQUIRED TO REPORT ON REQUESTS. —The Director shall report semiannually to the Corporation the status or disposition of all such requests, including the reasons for the Director's decision to either approve or deny all such requests. "(5) NONDELEGATION. —Any decisions by the Board of Direc- tors to order actions described in this subsection shall not be delegated.". SEC. 913. PUBLIC DISCLOSURE OF ENFORCEMENT ACTIONS REQUIRED. (a) ORDERS ISSUED BY APPROPRIATE FEDERAL BANKING AGENCIES.— Section 8 of the Federal Deposit Insurance Act is amended by adding after the subsection added by section 912 of this Act the following new subsection: "(u) PuBuc DISCLOSURE OF FINAL ORDERS. — "(1) IN GENERAL.—The appropriate Federal banking agency shall publish and make available to the public— •( "(A) any final order issued with respect to any adminis- trative enforcement proceeding initiated by such agency under this section or any other provision of law; and "(B) any modification to or termination of any final order described in subparagraph (A) of this paragraph. "(2) DELAY OP PUBLICATION UNDER EXCEPTIONAL CIR- CUMSTANCES. —I f the appropriate Federal banking agency makes a determination in writing that the publication of any final order pursuant to paragraph (1) would seriously threaten ^

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