Source: https://www.federalregister.gov/documents/2012/05/25/2012-12718/procedural-rules-to-establish-supervisory-authority-over-certain-nonbank-covered-persons-based-on
Timestamp: 2018-07-22 13:15:09
Document Index: 168144250

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Federal Register :: Procedural Rules To Establish Supervisory Authority Over Certain Nonbank Covered Persons Based on Risk Determination
A Proposed Rule by the Consumer Financial Protection Bureau on 05/25/2012
31226-31237 (12 pages)
2012-12718
Section .100 Scope and Purpose
Section 1091.101 Definitions
Section 1091.102 Issuance of Notice of Reasonable Cause
Section 1091.103 Contents of Notice
Section 1091.104 Service of Notice
Section 1091.105 Response
Section 1091.106 Supplemental Oral Response
Section 1091.107 Manner of Filing Papers
Section 1091.108 Recommended Determination
Section 1091.109 Determination by the Director
Section 1091.110 Petition for Termination of Order
Section 1091.111 Construction of Time Limits
Section 1091.112 Change of Time Limits and Effect of Deadlines
Section 1091.113 Voluntary Consent to Bureau's Authority
Section 1091.114 Notice and Response Included in Adjudication Proceeding Otherwise Brought by the Bureau
Section 1091.115 No Limitation on Relief Sought in Civil Action or Administrative Adjudication
https://www.federalregister.gov/d/2012-12718 https://www.federalregister.gov/d/2012-12718
Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) [1] established the Bureau of Consumer Financial Protection (Bureau) on July 21, 2010. One of the Bureau's key responsibilities under the Dodd-Frank Act is the supervision of very large banks, thrifts, and credit unions, and their affiliates,[2] and certain nonbank covered persons.[3]
Under 12 U.S.C. 5514, the Bureau's supervision authority for nonbank covered persons varies by consumer financial product or service market. Specifically, 12 U.S.C. 5514 grants the Bureau authority to supervise nonbank covered persons that offer or provide to consumers: (1) Origination, brokerage, or servicing of residential mortgage loans secured by real estate, and related mortgage loan modification or foreclosure relief services; (2) private education loans; and (3) payday loans.[4] In addition, the Bureau has the authority to supervise any nonbank covered person that it “has reasonable cause to determine, by order, after notice * * * and a reasonable opportunity * * * to respond” that such covered person “is engaging, or has engaged, in conduct that poses risks to consumers with regard to the offering or provision of consumer financial products or services.” [5] The Bureau shall base such reasonable cause on complaints collected by the Bureau under 12 U.S.C. 5493(b)(3), or on information collected from other sources.[6] This Proposal sets forth procedures to implement these risk-based provisions.
The Bureau is authorized to supervise nonbank covered persons subject to 12 U.S.C. 5514 by requiring the submission of reports and conducting examinations to: (1) Assess compliance with the requirements of Federal consumer financial law; (2) obtain information about such persons' activities and compliance systems or procedures; and (3) detect and assess risks to consumers and to markets for consumer financial products and services.[7] The Proposed Rule sets forth only procedures by which the Bureau may make a nonbank covered person subject to its supervisory authority under 12 U.S.C. 5514(a)(1)(C) and would not impose new substantive consumer protection requirements on any nonbank entity. Moreover, nonbank entities are subject to the Bureau's regulatory and enforcement authority and any applicable Federal consumer financial law, regardless of whether they are subject to the Bureau's supervisory authority.
Under the Proposed Rule, a Notice of Reasonable Cause would not constitute a notice of charges for any alleged violation of Federal consumer financial law or other law. The proceedings under the Proposed Rule would be informal and would not constitute an adjudicatory proceeding under section 554 of the Administrative Procedure Act (APA).[8] Appropriately, under the informal process that would be established by the Proposed Rule if made final, no discovery would be permitted, a supplemental oral response would not constitute a hearing on the record, and no witnesses would be permitted to be called as part of a supplemental oral response.
Finally, the Proposed Rule provides that if the Bureau otherwise issues a notice of charges against a person under 12 CFR 1081.200,[9] the Bureau may, in its sole discretion, also provide a notice and opportunity to respond as required by 12 U.S.C. 5514(a)(1)(C) in the notice of charges. In such a circumstance, the procedures set forth in proposed § 1091.101—§ 1091.113 would not apply to the proceedings.
The Proposed Rule relates solely to agency procedure and practice and, thus, is not subject to the 30-day delayed effective date for substantive rules under section 553(d) of the APA.[10] Although not required, the Proposal provides that the final rule will be effective 30 days after publication in the Federal Register.
Proposed § 1091.100 sets forth the scope and purpose of the Proposed Rule. It states that the part sets forth procedures to implement 12 U.S.C. 5514(a)(1)(C) and to facilitate the supervision of nonbank covered persons under 12 U.S.C. 5514(b)(7).
Proposed § 1091.101 defines terms used in the Proposed Rule. If a term is defined in the Dodd-Frank Act, the Proposal generally incorporates that definition, with clarifications and modifications where necessary. The Bureau seeks comment on each of the definitions set forth in the Proposed Rule and any suggested clarification, modifications, or alternatives.
Consumer financial product or service. The Proposal incorporates the definition of the term “consumer financial product or service” set forth in 12 U.S.C. 5481(5). The Proposal provides that the term “consumer financial product or service” means any financial product or service as defined in 12 U.S.C. 5481(15) that is described in one or more categories under: (a) 12 U.S.C. 5481(15) and is offered or provided for use by consumers primarily for personal, family, or household purposes; or (b) clause (i), (iii), (ix), or (x) of 12 U.S.C. 5481(15)(A) [11] and is delivered, offered, or provided in connection with a consumer financial product or service referred to in (a).
Notice of Reasonable Cause and Notice. The Proposal states that the terms “Notice of Reasonable Cause” and “Notice” mean a Notice issued under § 1091.102.
Respondent. The Proposal states that the term “respondent” means a person who has been issued a Notice of Reasonable Cause by the Deputy under § 1091.102.
Response. The Proposal states that the term “response” means the response to a Notice of Reasonable Cause filed by a respondent with the Assistant Director under § 1091.105.
Proposed § 1091.102 relates to the issuance of a Notice of Reasonable Cause, which initiates the proceedings that culminate in a determination by the Director under § 1091.109 of the Proposed Rule, or a respondent's voluntary consent to supervision by the Bureau. Section 1091.102 provides that the Deputy is authorized to issue a Notice of Reasonable Cause and, consistent with 12 U.S.C. 5514(a)(1)(C), that such Notice shall be based on complaints collected by the Bureau, or on information from other sources.
Proposed § 1091.103 details the required content of a Notice. To ensure that a respondent has a reasonable opportunity to address the substance of a Notice, proposed § 1091.103 provides that a Notice must set forth, among other things, the basis for the assertion that the Bureau may have reasonable cause to determine that a respondent is a nonbank covered person that is engaging, or has engaged, in conduct that poses risks to consumers with regard to the offering or provision of consumer financial products or services.
Under proposed § 1091.103, a Notice must also contain a statement informing a respondent how to file a timely response, and of the required contents of a response. A Notice must also inform a respondent that he or she may request a supplemental oral response, and that a respondent may, in lieu of filing a response, voluntarily consent to the Bureau's supervisory authority under 12 U.S.C. 5514 by filing an executed consent form attached to a Notice served on a respondent. Section 1091.103 further provides that a Notice shall inform a respondent that a failure to respond, as set forth in a Notice, may result in a determination by the Director without further opportunity to respond by the respondent. As set forth in proposed § 1091.103, a Notice must also inform a respondent of the various timelines associated with the process.
Proposed § 1091.104 provides that a Notice shall be served pursuant to methods including electronic transmission (where a respondent has consented), personal service, first class U.S. Mail, or commercial courier or express delivery service. Proposed § 1091.104 further requires that the Deputy submit a copy of a Notice and any attached documents, records or other items to the Assistant Director, who shall proceed as set forth in the Proposal.
The Bureau seeks comment on the proposed requirements relating to the service of a Notice and any suggested modifications or alternatives.
Proposed § 1091.105 sets forth the requirements for responding to a Notice of Reasonable Cause. Specifically, § 1091.105 provides that any response must be filed within 20 days of service of a Notice, and the failure to file a timely response shall result in a waiver of a respondent's right to respond, authorize the Assistant Director to issue a recommended determination, and the Director a final determination, on the basis of the Notice. Proposed § 1091.105 further provides that a respondent may respond to a Notice of Reasonable Cause either by contesting that it is a nonbank covered person that is engaging, or has engaged, in conduct that poses risks to consumers with regard to the offering or provision of consumer financial products or services, or by voluntarily consenting to the Bureau's supervisory authority under 12 U.S.C. 5514. Where a respondent wishes to contest the assertions in a Notice, proposed § 1091.105 mandates that the response: (1) Set forth the basis for a respondent's contention that the respondent should not be subject to supervision pursuant to 12 U.S.C. 5514(a)(1)(C); (2) include all records, documents, or other items upon which a respondent relies; and (3) include an affidavit signed by the respondent attesting that the information contained in the response is true, accurate, and without any omission that would cause the response to be materially misleading. The Proposed Rule further provides that documents, records or other items submitted by a respondent with a response shall be deemed confidential supervisory information under 12 CFR 1070.2(i)(1)(iv). In addition, under proposed § 1091.105, if a respondent wishes also to present arguments in a supplemental oral response, the respondent must make such a request in the response. A failure to do so will constitute a waiver of a respondent's opportunity to present a supplemental oral response.
Finally, proposed § 1091.105 states that the failure to timely raise an issue in, or submit records, documents, or other items with, the response constitutes a waiver of a respondent's right to raise the issue, or submit the records, documents, or other items, at any future stage of consideration under this Proposed Rule and in any petition for judicial review. The Bureau intends for the waiver to remove any incentive for a respondent to wait until after filing a response, such as at a supplemental oral response or during judicial review, to raise an argument or present documents or other information for the first time. This will help ensure that the Bureau is aware of all relevant issues upon which a respondent wishes to rely at the earliest opportunity before reaching a determination under this Proposed Rule.
Proposed § 1091.106 provides that a respondent may request a supplemental oral response and sets forth the procedures for the conduct of a supplemental oral response. Under proposed § 1091.106, supplemental oral responses will generally be held via telephone. In the Bureau's view, conducting such oral responses by telephone allows for more flexibility and is less burdensome than conducting an in person response.
Proposed § 1091.106 further provides that the Assistant Director may impose limitations on the conduct of a supplemental oral response and provides a non-exhaustive set of such limitations. The Bureau believes that providing the Assistant Director with authority to impose such limitations will help ensure that a supplemental oral response focuses on a respondent's and Deputy's arguments supporting their respective legal and factual assertions in the matter.
Proposed § 1091.106 further makes clear that no discovery will be permitted, and no witnesses will be called, in connection with a supplemental oral response. This limitation is appropriate given the informal nature of the procedures set forth in this Proposed Rule. The prohibition on discovery and the calling of witnesses in connection with a supplemental oral response also furthers the Bureau's objective of providing a timely and efficient determination process, saving both the Bureau and respondents the time and expenses typically expended on discovery.
Proposed § 1091.106 also prescribes the timing of a supplemental oral response. Specifically, under the proposed section, within 14 days of receiving a respondent's request for a supplemental oral response, the Assistant Director shall serve on a respondent a notice advising of the date, time, and relevant information relating to the conduct of a supplemental oral response, with a copy to the Deputy. To allow a respondent and the Deputy sufficient time to prepare for a supplemental oral response, and to make arrangements to participate, proposed § 1091.106 provides that a supplemental oral response shall be scheduled not less than ten days after the date of such service. Finally, proposed § 1091.106 states that if a respondent fails to participate in a scheduled supplemental oral response, such a failure constitutes a respondent's waiver of the opportunity to present a supplemental oral response.
Proposed § 1091.108 provides that the Assistant Director shall make a recommended determination and submit to the Director either a proposed order that would bring a respondent within the Bureau's supervisory authority under 12 U.S.C. 5514, or a proposed notification containing the determination that a respondent is not subject to the Bureau's supervisory authority under 12 U.S.C. 5514 on the basis of the proceeding. Under proposed § 1091.108, if a respondent has not voluntarily consented to the Bureau's supervisory authority, and has not requested the opportunity to present a supplemental oral response, a recommended determination shall be made not later than 45 days from the receipt of a timely-filed response, or not later than 45 days after the service of a Notice of Reasonable Cause when a respondent fails to file a timely response. If a respondent has requested the opportunity to present a supplemental oral response, a recommended determination shall be made not later than 90 days after the service of a Notice of Reasonable Cause. Proposed § 1091.108 further sets forth the required content of the Assistant Director's recommended determination, and the documents and items that must accompany the recommended determination sent to the Director by the Assistant Director.
Proposed § 1091.109 provides that, not later than 45 days after receipt of the Assistant Director's recommended determination, the Director shall make a final determination by adopting without revision, modifying, or rejecting the Assistant Director's recommended determination. Under the proposed section, the Director shall issue to a respondent, with copies to the Assistant Director and Deputy, an order bringing a respondent within the Bureau's supervisory authority under 12 U.S.C. 5514, or a notification containing the determination that a respondent is not subject to the Bureau's supervisory authority under 12 U.S.C. 5514 on the basis of the proceeding. Proposed § 1091.109 also provides that the Director may rely on the assistance and advice only of decisional employees in reaching a final determination.
Proposed § 1091.110 provides that a respondent may petition the Director for the termination of an order bringing a respondent within the Bureau's supervisory authority under 12 U.S.C. 5514, and sets forth the required contents of such a petition. Under proposed § 1091.110, a respondent may so petition no sooner than two years after the issuance of the order, and no more frequently than annually thereafter, except that in the case of a voluntary consent to supervision, a respondent may not petition for early termination of the supervisory authority period set forth in the consent agreement. A petition is a respondent's opportunity to inform the Bureau of the actions taken and the progress made to reduce risk to consumers after the issuance of an order. A petition should set forth the reasons supporting a respondent's petition for the termination of the order. Under proposed § 1091.110, the Deputy would be permitted to file a response to a petition for termination setting forth the Deputy's recommendation to terminate or modify the order, or to deny the petition, and the reasons supporting such a recommendation within 30 days of her or his receipt of a copy of a petition. Proposed § 1091.110 further provides that within 90 days of a respondent submitting a petition for termination, the Director shall either terminate or modify the order, or deny the petition. This section also specifies the manner in which a petition for termination must be filed.
Proposed § 1091.111 provides common rules for computing time limits, taking into account the effect of weekends and holidays on time periods that are ten days or less. This section also sets forth when filing or service is effective. With regard to time limits for responsive papers, proposed § 1091.111 incorporates a three-day extension for mail service, and a one-day extension for overnight delivery and electronic transmission. A one-day extension for service by electronic transmission reflects that electronic transmissions may result in delays in actual receipt by the person served.
Proposed § 1091.112 provides that requests for the extension of time may be granted in the limited circumstances in which the extension is necessary to prevent substantial prejudice. The Bureau intends for this section to further the Bureau's goal of ensuring the timely conclusion of matters. Accordingly, the section provides that requests for the extension of time are strongly disfavored and may only be granted when a party makes a strong showing that the denial of the request would substantially prejudice the party. Finally, proposed § 1091.112 states that deadlines for action by the Assistant Director or Director established in this Proposed Rule confer no substantive rights on respondents.
Proposed § 1091.113 provides that nothing in the Proposed Rule shall affect a person's ability to voluntarily consent, at any time, to the Bureau's supervisory authority under 12 U.S.C. 5514 as mutually agreed to by the parties. Voluntary consent under this section is an alternative to voluntarily consenting to the Bureau's supervision as provided under proposed § 1091.103(b), which allows a respondent to execute and file a consent agreement form in lieu of filing a written response. Proposed § 1091.113 also provides that a consent agreement that specifies the period during which the person will be subject to the Bureau's supervisory authority precludes such a person from petitioning for the termination of the order under proposed § 1091.110 during the agreed-to supervisory period. Additionally, proposed § 1091.113 provides that a person entering into a consent agreement waives any right to judicial review of that agreement.
Proposed § 1091.114 provides that if the Bureau issues a notice of charges against a person under 12 CFR 1081.200,[12] the Bureau may, in its sole discretion, also provide the notice and opportunity to respond required by 12 U.S.C. 5514(a)(1)(C) in the notice of charges. In such a circumstance, the procedures set forth in proposed § 1091.101-§ 1091.113 would not apply to the proceedings. The Bureau intends to use the administrative adjudication proceedings set forth in 12 CFR 1081.200 to provide notice and a reasonable opportunity to respond as required by 12 U.S.C. 5514(a)(1)(C) only in certain cases where the Bureau has otherwise brought an administrative action against a respondent. The Bureau believes that the flexibility provided by this section would enhance efficiency and reduce burdens to respondents and the Bureau by allowing a determination under 12 U.S.C. 5514(a)(1)(C) and an adjudicative proceeding to be handled in a single forum.
The Proposed Rule relates solely to agency procedure and practice and, thus, is not subject to the notice-and-comment requirements of the APA.[13] Although the Proposed Rule is exempt from these requirements, the Bureau invites comment on all aspects of this notice of proposed rulemaking and on the specific issues upon which comment is solicited elsewhere herein, including on any appropriate modifications or exceptions to the Proposed Rule.
In developing the Proposed Rule, the Bureau has considered the potential benefits, costs, and impacts, and has consulted or offered to consult with the prudential regulators and the Federal Trade Commission, including with regard to consistency with any prudential market, or systemic objectives administered by such agencies.[14]
Under 12 U.S.C. 5514(a)(1)(C), the Bureau has the authority to supervise any nonbank covered person that it “has reasonable cause to determine, by order, after notice * * * and a reasonable opportunity * * * to respond” that such covered person “is engaging, or has engaged, in conduct that poses risks to consumers with regard to the offering or provision of consumer financial products or services.” The Proposed Rule is intended to provide an efficient, expeditious, and fair process to implement 12 U.S.C. 5514(a)(1)(C).[15] Although a rule is not necessary to implement this statutory provision, the Proposed Rule, if adopted, establish a consistent procedure applicable to all affected entities, and provide transparency regarding the applicable process prior to commencement of a proceeding. Absent the Proposed Rule, the public would lack any guidance regarding the Bureau's process under 12 U.S.C. 5514(a)(1)(C). Nonbank covered persons will incur certain costs in considering and responding to a Notice from the Bureau under the rule, but these costs would generally exist in the absence of the rule.
The Regulatory Flexibility Act (RFA), as amended by the Small Business Regulatory Enforcement Fairness Act of 1996, requires each agency to consider the potential impact of its regulations on small entities, including small businesses, small governmental units, and small not-for-profit organizations. The RFA defines a “small business” as a business that meets the size standard developed by the Small Business Administration pursuant to the Small Business Act.[16]
The RFA generally requires an agency to conduct an initial regulatory flexibility analysis (IRFA) and a final regulatory flexibility analysis (FRFA) of any rule subject to notice-and-comment rulemaking requirements, unless the agency certifies that the rule will not have a significant economic impact on a substantial number of small entities. The Bureau also is subject to certain additional procedures under the RFA involving the convening of a panel to consult with small business representatives prior to proposing a rule for which an IRFA is required.[17]
As discussed above in section V, a notice of proposed rulemaking is not required for this rulemaking. The Proposed Rule therefore is not a “rule” as defined by the RFA.[18] Nevertheless, the Bureau opted to issue a notice of proposed rulemaking to receive public comment.
1091.101
1091.102
Issuance of Notice of Reasonable Cause.
1091.104
Supplemental oral response.
1091.107
Manner of filing and serving papers.
1091.108
Recommended determination.
Determination by the Director.
1091.110
Petition for termination of order.
1091.111
1091.112
Change of time limits and effect of deadlines.
1091.113
Voluntary consent to Bureau's authority.
1091.114
Notice and response included in adjudication proceeding otherwise brought by the Bureau.
1091.115
No limitation on relief sought in civil action or administrative adjudication.
Authority: Sections 1022(b)(1), 1024(a)(1)(C), and 1024(b)(7) of Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Pub. L. 111-203 (12 U.S.C. 5512(b)(1), 5514(a)(1)(C), and 5514(b)(7)).
§ 1091.100
§ 1091.101
Notice of Reasonable Cause and Notice mean a Notice issued under § 1091.102.
Respondent means a person who has been issued a Notice of Reasonable Cause under § 1091.102.
Response means the response to a Notice of Reasonable Cause filed by a respondent with the Assistant Director under § 1091.105.
§ 1091.102
(c) Except as provided in § 1091.114, a notice required under 12 U.S.C. 5514(a)(1)(C) shall contain the information set forth in § 1091.103, and be served on respondent as described in § 1091.104.
§ 1091.103
(ii) The written response shall include the elements addressed in § 1091.105(b):
(iii) A respondent may request in its response to a Notice an opportunity to present a supplemental oral response to the Assistant Director as set forth in § 1091.106;
(vi) If a respondent has not requested the opportunity to present a supplemental oral response, the Assistant Director shall, not later than 45 days of receiving a timely-filed response, or not later than 45 days after the service of a Notice of Reasonable Cause when a respondent fails to file a timely response, provide a recommended determination to the Director including either a proposed decision and order subjecting a respondent to the Bureau's supervisory authority pursuant to 12 U.S.C. 5514(a)(1)(C), or a proposed notification that the Bureau has determined not to subject a respondent to the Bureau's supervisory authority at that time, pursuant to § 1091.108.
§ 1091.104
§ 1091.105
(3) Any request to present a supplemental oral response must be included in the response. A respondent's failure to request to present a supplemental oral response shall constitute the respondent's waiver of the opportunity to present a supplemental oral response.
(4) A response shall include an affidavit or declaration, made by the individual respondent if a natural person, or, if a corporate or other entity that is not a natural person, by an officer, managing or general member or partner authorized to represent the respondent, affirming that the response is true and accurate and does not contain any omissions that would cause the response to be materially misleading.
(5) Notwithstanding any other provisions of this paragraph, a respondent may respond by voluntarily consenting to the Bureau's authority to supervise the respondent under 12 U.S.C. 5514 by completing and executing the consent agreement form provided to the respondent with a Notice of Reasonable Cause in accordance with § 1091.103(b).
(c) Default. Failure of a respondent to file a response within the time period set forth in paragraph (a) of this section shall constitute a waiver of the respondent's right to respond, and shall, based on the Notice, authorize the Assistant Director, without further notice to the respondent, to issue a proposed decision and order as provided in § 1091.108(c)(1) and the Director to issue a decision and order as provided in § 1091.109(a)(1).
§ 1091.106
(a) A respondent may request in a response under § 1091.105 the opportunity to present to the Assistant Director a supplemental oral response in support of a respondent's assertion that the respondent is not a nonbank covered person that is engaging, or has engaged, in conduct that poses risks to consumers with regard to the offering or provision of consumer financial products or services.
(e) The notice of supplemental oral response shall be served on a respondent pursuant to § 1091.107.
§ 1091.107
Unless otherwise specified by the Assistant Director or Director, a respondent shall file the response and any other paper with the Executive Secretary at the mailing or electronic address provided by the Bureau, and the Assistant Director and Director shall serve any paper, other than a Notice as set forth in § 1091.104, on a respondent, by:
§ 1091.108
(2) A proposed notification that a respondent should not be subjected to the Bureau's supervisory authority under 12 U.S.C. 5514(a)(1)(C) based on the proceedings. Such a notification shall have no precedential effect and shall not prevent the issuance of another Notice of Reasonable Cause pursuant to either § 1091.102, or the procedures set forth in § 1091.114, at any time, or from issuance of a decision and order subjecting a respondent to the Bureau's authority pursuant to either of those sections.
§ 1091.109
(2) A notification that the Director has determined that the respondent is not subject to the Bureau's supervisory authority under 12 U.S.C. 5514(a)(1)(C) as a result of the proceedings. Such notification shall have no precedential effect and shall not prevent the issuance of another Notice of Reasonable Cause pursuant to either § 1091.102, or the procedures set forth in § 1091.114, at any time, or the issuance of an order subjecting the respondent to the Bureau's authority pursuant to either of those sections.
(e) Any item required to be served on a respondent under this section shall be served pursuant to § 1091.107.
§ 1091.110
(a) Any person subject to an order issued pursuant to § 1091.109(a)(1) may, no sooner than two years after issuance of such an order and no more frequently than annually thereafter, petition the Director for termination of the order.
(1) The Director shall serve the written decision on a petition for termination of order on a respondent pursuant to § 1091.107.
(f) Any item required to be served on a petitioner in this section shall be served pursuant to § 1091.107.
§ 1091.111
§ 1091.112
§ 1091.113
(b) The consent agreement of any person, pursuant to paragraph (a) of this section, that specifies the duration of time that such person will be subject to the Bureau's authority under 12 U.S.C. 5514 shall not be eligible for a petition for termination of order pursuant to § 1091.110, and a respondent entering into a consent agreement waives any right to judicial review of such consent agreement.
§ 1091.114
(a) Notwithstanding sections § 1091.102 through § 1091.104, the Bureau may, in its sole discretion, provide the notice and opportunity to respond required by 12 U.S.C. 5514(a)(1)(C) in a notice of charges otherwise brought by the Bureau pursuant to 12 CFR 1081.200 and the adjudication proceedings pursuant to that part.
(c) If the Bureau proceeds pursuant to paragraph (a) of this section, the provisions of § 1091.100 through § 1091.113 will be inapplicable to such proceeding. If the Bureau proceeds pursuant to this part, then the provisions of 12 CFR part 1081 shall be inapplicable to such proceedings.
§ 1091.115