§ 308.130 Effective date of order and service on bank.
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Title 12 CFR: Banks and Banking › Chapter III: FEDERAL DEPOSIT INSURANCE CORPORATION › Part 308: RULES OF PRACTICE AND PROCEDURE › Subpart G: Rules and Procedures Applicable to Proceedings Relating to Cease-and-Desist Orders › § 308.130: § 308.130 Effective date of order and service on bank.
Text
(a)
Effective date.
A cease-and-desist order issued by the Board of Directors after a hearing, and a cease-and-desist order issued based upon a default, shall become effective at the expiration of 30 days after the service of the order upon the bank or its official. A cease-and-desist order issued upon consent shall become effective at the time specified therein. All cease-and-desist orders shall remain effective and enforceable, except to the extent they are stayed, modified, terminated, or set aside by the Board of Directors or its designee or by a reviewing court.
(b)
Service on banks.
In cases where the bank is not the respondent, the cease-and-desist order shall also be served upon the bank.
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