Page:United States Statutes at Large Volume 103 Part 1.djvu/512

 103 STAT. 484 PUBLIC LAW 101-73 —AUG. 9, 1989 the safety or soundness of an insured depository institution, such agency may delay the publication of such order for a reasonable time.", (b) ORDERS ISSUED BY NCUA.— Section 206 of the Federal Credit Union Act (12 U.S.C. 1786) is amended by inserting after the subsec- tion added by section 901(b) of this Act the following new subsection: "(s) PUBLIC DISCLOSURE OF FINAL ORDERS. — "(1) IN GENERAL.— The Board shall publish and make avail- able 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). "(2) DELAY OF PUBLICATION UNDER EXCEPTIONAL CIR- CUMSTANCES. —I f the Board makes a determination in writing that the publication of any final order pursuant to paragraph (1) would seriously threaten the safety or soundness of an insured credit union or other federally regulated depository institution, the Board may delay the publication of such order for a reason- SEC. 914. AGENCY DISAPPROVAL OF DIRECTORS AND SENIOR EXECUTIVE OFFICERS OF CERTAIN DEPOSITORY INSTITUTIONS. (a) DEPOSITORY INSTITUTION INSURED BY THE FDIC.—The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended by adding after the section added by section 226 of this Act the following new section: 12 USC 18311. "SEC. 32. AGENCY DISAPPROVAL OF DIRECTORS AND SENIOR EXECUTIVE OFFICERS OF INSURED DEPOSITORY INSTITUTIONS OR DEPOSITORY INSTITUTION HOLDING COMPANIES. "(a) PRIOR NOTICE REQUIRED. —An insured depository institution or depository institution holding company shall notify the appro- priate Federal banking agency of the proposed addition of any individual to the board of directors or the employment of any individual as a senior executive officer of such institution or holding company at least 30 days before such addition or employment becomes effective, if the insured depository institution or depository institution holding company— "(1) has been chartered less than 2 years in the case of an insured depository institution; "(2) has undergone a change in control within the preceding 2 years; or "(3) is not in compliance with the minimum capital require- ment applicable to such institution or is otherwise in a troubled condition, as determined by such agency on the basis of such institution's or holding company's most recent report of condi- tion or report of examination or inspection. "(b) DISAPPROVAL BY AGENCY.—An insured depository institution or depository institution holding company may not add any individ- ual to the board of directors or employ any individual as a senior executive officer if the appropriate Federal banking agency issues a notice of disapproval of such addition or employment before the end of the 30-day period beginning on the date the agency receives notice of the proposed action pursuant to subsection (a). "(c) EXCEPTION IN EXTRAORDINARY CIRCUMSTANCES.—
 * able time.".

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