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Each depositor insured to at least $250,000 per insured bank

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2000 - Rules and Regulations


Subpart K—Procedures Applicable to Investigations Pursuant to Section 10(c) of the FDIA

§ 308.144  Scope.

The procedures of this subpart shall be followed when an investigation is instituted and conducted in connection with any open or failed insured depository institution, any institutions making application to become insured depository institutions, and affiliates thereof, or with other types of investigations to determine compliance with applicable law and regulations, pursuant to section 10(c) of the FDIA (12 U.S.C. 1820(c)). The Uniform Rules and subpart B of the Local Rules shall not apply to investigations under this subpart.

[Codified to 12 C.F.R. § 308.144]

§ 308.145  Conduct of investigation.

An investigation conducted pursuant to section 10(c) of the FDIA shall be initiated only upon issuance of an order by the Board of Directors; or by the General Counsel, the Director of the Division of Supervision, the Director of the Division of Depositor and Asset Services, or their respective designees as set forth at § 303.272 of this chapter. The order shall indicate the purpose of the investigation and designate FDIC's representative(s) to direct the conduct of the investigation. Upon application and for good cause shown, the persons who issue the order of investigation may limit, quash, modify, or withdraw it. Upon the conclusion of the investigation, an order of termination of the investigation shall be issued by the persons issuing the order of investigation.

[Codified to 12 C.F.R. § 308.145]

[Section 308.145 amended at 60 Fed. Reg. 31384, June 15, 1995, effective June 18, 1995; 64 Fed. Reg. 62100, November 16, 1999]

§ 308.146  Powers of person conducting investigation.

The person designated to conduct a section 10(c) investigation shall have the power, among other things, to administer oaths and affirmations, to take and preserve testimony under oath, to issue subpoenas and subpoenas duces tecum and to apply for their enforcement to the United States District Court for the judicial district or the United States court in any territory in which the main office of the bank, institution, or affiliate is located or in which the witness resides or conducts business. The person conducting the investigation may obtain the assistance of counsel or others from both within and outside the FDIC. The persons who issue the order of investigation may limit, quash, or modify any subpoena or subpoena duces tecum, upon application and for good cause shown. The person conducting an investigation may report to the Board of Directors any instance where any attorney has been guilty of contemptuous conduct. The Board of Directors, upon motion of the person conducting the investigation, or on its own motion, may make a finding of contempt and may then summarily suspend, without a hearing, any attorney representing a witness from further participation in the investigation.

[Codified to 12 C.F.R. § 308.146]

§ 308.147  Investigations confidential.

Investigations conducted pursuant to section 10(c) shall be confidential. Information and documents obtained by the FDIC in the course of such investigations shall not be disclosed, except as provided in Part 309 of this chapter and as otherwise required by law.

[Codified to 12 C.F.R. § 308.147]

§ 308.148  Rights of witnesses.

In an investigation pursuant to section 10(c):

(a)  Any person compelled or requested to furnish testimony, documentary evidence, or other investigation, shall upon request be shown and provided with a copy of the order initiating the proceeding;

(b)  Any person compelled or requested to provide testimony as a witness or to furnish documentary evidence may be represented by a counsel who meets the requirements of § 308.6 of the Uniform Rules. That counsel may be present and may:

(1)  Advise the witness before, during, and after such testimony;

(2)  Briefly question the witness at the conclusion of such testimony for clarification purposes; and

(3)  Make summary notes during such testimony solely for the use and benefit of the witness;

(c)  All persons testifying shall be sequestered. Such persons and their counsel shall not be present during the testimony of any other person, unless permitted in the discretion of the person conducting the investigation;

(d)  In cases of a perceived or actual conflict of interest arising out of an attorney's or law firm's representation of multiple witnesses, the person conducting the investigation may require the attorney to comply with the provisions of § 308.8 of the Uniform Rules; and

(e)  Witness fees shall be paid in accordance with § 308.14 of the Uniform Rules.

[Codified to 12 C.F.R. § 308.148]

[Section 308.148 amended at 64 Fed. Reg. 62100, November 16, 1999]

§ 308.149  Service of subpoena.

Service of a subpoena shall be accomplished in accordance with § 308.11 of the Uniform Rules.

[Codified to 12 C.F.R. § 308.149]

§ 308.150  Transcripts.

(a)  General rule.  Transcripts of testimony, if any, in an investigation pursuant to section 10(c) shall be recorded by an official reporter, or by any other person or means designated by the person conducting the investigation. A witness may, solely for the use and benefit of the witness, obtain a copy of the transcript of his or her testimony at the conclusion of the investigation or, at the discretion of the person conducting the investigation, at an earlier time, provided the transcript is available. The witness requesting a copy of his or her testimony shall bear the cost thereof.

(b)  Subscription by witness.  The transcript of testimony shall be subscribed by the witness, unless the person conducting the investigation and the witness, by stipulation, have waived the signing, or the witness is ill, cannot be found, or has refused to sign. If the transcript of the testimony is not subscribed to by the witness, the official reporter taking the testimony shall certify that the transcript is a true and complete transcript of the testimony.

[Codified to 12 C.F.R. § 308.150]


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