6.2-1312 - (Effective October 1, 2010) Cease and desist orders; right to hearing. - Virginia Statutes

§ 6.2-1312. (Effective October 1, 2010) Cease and desist orders; right tohearing.

A. The Commission may issue and serve upon a credit union an order to ceaseand desist from one or more unsafe or unsound practices or violations if, inthe opinion of the Commission, a credit union (i) is engaging or has engaged,or there is reasonable cause to believe is about to engage, in an unsafe orunsound practice; or (ii) is violating or has violated, or there isreasonable cause to believe is about to violate, this chapter or any otherapplicable law, regulation, or order. An order to cease and desist shallcontain a statement of the facts constituting the alleged violations orunsafe or unsound practices, and the order may require, in terms that may bemandatory or otherwise, a credit union, its officers, directors, employees,or agents to cease and desist from such practices or violations. The ordershall specify the effective date thereof and shall contain a notice to thecredit union of its right to a hearing on such order in accordance with theCommission's Rules.

B. If an unsafe or unsound practice or violation specified in the order tocease and desist, or any continuation thereof, is likely to prejudice theinterest of the members of the credit union, the Commission may issue anorder effective immediately. An order to cease and desist shall remain ineffect until it is withdrawn or terminated by the Commission after a hearingon the matter. A request for hearing under this section shall be givenexpeditious treatment on the docket of the Commission, and the Commissionneed not allow for 10 days' notice to the parties.

(1990, c. 373, § 6.1-225.7; 2010, c. 794.)