FDIC Law, Regulations, Related Acts
5000 - Statements of Policy
INTERAGENCY NOTIFICATION AND COORDINATION OF ENFORCEMENT ACTIONS BY THE FEDERAL BANKING REGULATORY AGENCIES
Any federal banking regulatory agency that proposes to take a formal enforcement action against any federally regulated financial institution or any institution-affiliated party shall notify in writing the other federal banking regulatory agencies and, where appropriate, a state supervisory authority prior to or at the initiation of such action. For the purposes of interagency notification, an enforcement action is initiated when the appropriate responsible agency official, or group of officials, determines that formal enforcement action should be taken. All notifications to other federal banking regulatory agencies shall be made to a designated contact person or persons as specified by each agency.
When there is an affiliation or other inter-institutional relationship, any federal banking regulatory agency that proposes to take an informal enforcement action against any federally regulated financial institution or institution-affiliated party shall notify in writing the other appropriate federal banking regulatory agencies and, where appropriate, a state supervisory authority prior to or at the initiation of such action.
In the event that complementary action (e.g., action involving a bank and its parent holding company, or a U.S. branch or agency and a foreign bank) is considered appropriate by two or more federal banking regulatory agencies, the preparation, processing, presentation, service, and follow-up of the enforcement action shall be coordinated by the agencies directly involved.
The purpose of these procedures is to encourage notification to appropriate federal and state bank regulatory authorities at the earliest practicable date. These procedures are not intended to preclude or forestall any federal banking regulatory agency from initiating an enforcement action alone and on a timely basis against an institution or institution-affiliated party for which it has primary supervisory jurisdiction.
[Source: 62 Fed. Reg. 7783, February 20, 1997]