Page:United States Statutes at Large Volume 118.djvu/3782

 118 STAT. 3752 PUBLIC LAW 108–458—DEC. 17, 2004 to define the scope of persons referred to in paragraph (1)(B). ‘‘(B) CONSULTATION REQUIRED.—The Federal banking agencies shall consult with each other for the purpose of assuring that the rules and regulations issued by the agencies under subparagraph (A) are, to the extent possible, consistent, comparable, and practicable, taking into account any differences in the supervisory programs utilized by the agencies for the supervision of depository institutions and depository institution holding companies. ‘‘(5) WAIVER.— ‘‘(A) AGENCY AUTHORITY.—A Federal banking agency may grant a waiver, on a case by case basis, of the restric- tion imposed by this subsection to any officer or employee (including any special Government employee) of that agency, and the Board of Governors of the Federal Reserve System may grant a waiver of the restriction imposed by this subsection to any officer or employee of a Federal reserve bank, if the head of such agency certifies in writing that granting the waiver would not affect the integrity of the supervisory program of the relevant Federal banking agency. ‘‘(B) DEFINITION.—For purposes of this paragraph, the head of an agency is— ‘‘(i) the Comptroller of the Currency, in the case of the Office of the Comptroller of the Currency; ‘‘(ii) the Chairman of the Board of Governors of the Federal Reserve System, in the case of the Board of Governors of the Federal Reserve System; ‘‘(iii) the Chairperson of the Board of Directors, in the case of the Corporation; and ‘‘(iv) the Director of the Office of Thrift Super- vision, in the case of the Office of Thrift Supervision. ‘‘(6) PENALTIES.— ‘‘(A) IN GENERAL.—In addition to any other administra- tive, civil, or criminal remedy or penalty that may other- wise apply, whenever a Federal banking agency determines that a person subject to paragraph (1) has become associ- ated, in the manner described in paragraph (1)(C), with a depository institution, depository institution holding com- pany, or other company for which such agency serves as the appropriate Federal banking agency, the agency shall impose upon such person one or more of the following penalties: ‘‘(i) INDUSTRY-WIDE PROHIBITION ORDER.—The Fed- eral banking agency shall serve a written notice or order in accordance with and subject to the provisions of section 8(e)(4) for written notices or orders under paragraph (1) or (2) of section 8(e), upon such person of the intention of the agency— ‘‘(I) to remove such person from office or to prohibit such person from further participation in the conduct of the affairs of the depository institu- tion, depository institution holding company, or other company for a period of up to 5 years; and ‘‘(II) to prohibit any further participation by such person, in any manner, in the conduct of Notice. VerDate 11-MAY-2000 13:54 Nov 10, 2005 Jkt 029194 PO 00000 Frm 00286 Fmt 6580 Sfmt 6581 C:\STATUTES\2004\29194PT4.001 APPS10 PsN: 29194PT4

�