§ 11001

Affirmative action to correct conditions resulting from violations of law, regulations, or orders or from practices. The Commissioner is hereby granted authority to issue orders under this Act that require a savings bank or an institution-affiliated party to take affirmative action to correct any conditions resulting from any violations or practices cited with respect to the order. The order may require the savings bank or the institution-affiliated party to: (1) Make restitution or provide reimbursement, indemnification, or guarantees for or against losses if: (A) the savings bank or the institution affiliated party was unjustly enriched or received direct or indirect personal benefit in connection with the violation or practice; or (B) the violation or practice involved a reckless disregard for applicable laws, regulations, or written agreements or written orders of the Commissioner or other appropriate regulator. (2) Restrict the savings bank's growth or institute appropriate operating restrictions. (3) Dispose of any loan or asset involved. (4) Rescind agreements or contracts. (5) Submit candidates for future directors, employees, or officers to the Commissioner for approval. (6) Take any other actions the Commissioner deems necessary.

Legislative History

(Source: P.A. 86-1213.)