District of Columbia § 26-551.16 Cease and desist order.

District of Columbia Statutes

§ 26-551.16 — Cease and desist order.

District of Columbia § 26-551.16

Title 26Banks and Other Financial Institutions.

Ch. 5BAdministration of the Banking Code.

Subch. IVInvestigation, Examination, and Enforcement Powers of the Commissioner.

This text of District of Columbia § 26-551.16 (Cease and desist order.) is published on Counsel Stack Legal Research, covering District of Columbia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

D.C. Code § 26-551.16 (2026).

Text

(a)The Commissioner may issue and serve upon the financial institution or its affiliate or subsidiary a final cease and desist order if:

(1)The party served with the notice of charges fails to appear at the hearing called under § 26-551.13 ; or

(2)The record of the hearing held under § 26-551.13 supports a finding that the violation or unsafe and unsound practice specified in the notice of charges has occurred or reasonably likely to occur.

(b)A final cease and desist order may require that a financial institution or a director, officer, trustee, employee, agent, affiliate, or subsidiary of the financial institution:

(1)Cease and desist from the violation or unsafe or unsound practice or from any activity that will or may result in a violation or unsafe or unsound practice;

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(a) The Commissioner may issue and serve upon the financial institution or its affiliate or subsidiary a final cease and desist order if:

(1) The party served with the notice of charges fails to appear at the hearing called under § 26-551.13 ; or

(2) The record of the hearing held under § 26-551.13 supports a finding that the violation or unsafe and unsound practice specified in the notice of charges has occurred or reasonably likely to occur.

(b) A final cease and desist order may require that a financial institution or a director, officer, trustee, employee, agent, affiliate, or subsidiary of the financial institution:

(1) Cease and desist from the violation or unsafe or unsound practice or from any activity that will or may result in a violation or unsafe or unsound practice;

(2) Take affirmative action to correct the violation, unsafe or unsound practice, or condition resulting from the violation or unsafe or unsound practice or to avoid a violation or unsafe or unsound practice; or

(3) Provide indemnification, reimbursement, restitution, or any other relief that the Commissioner determines is appropriate.

(c) A final cease and desist order shall become effective 30 days after the service of the order upon the financial institution or its affiliate or subsidiary; provided, that a final cease and desist order which has been issued upon the consent of the Commissioner and a financial institution or other parties shall become effective upon the date specified in the consent order.

(d) A final cease and desist order shall remain in effect until it is stayed, modified, terminated, or set aside by the Commissioner or a court.

(e) In addition to, or instead of, issuing a final cease and desist order, the Commissioner may enter into an informal enforcement action, such as a supervisory agreement or memorandum of understanding, with the financial institution.