INDUSTRYWIDE APPLICATION OF REMOVAL, SUSPENSION. AND PROHIBITION ORDERS.

SEC. 904. INDUSTRYWIDE APPLICATION OF REMOVAL, SUSPENSION. AND PROHIBITION ORDERS. (a) Depository Institutions Insured by the FDIC.—Section 8(e) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)) is amended by inserting after the paragraph added by section 903(a)(3) of this Act the following new paragraph: “(7) Industrywide Prohibition.— “(A) In general.—Except as provided in subparagraph (B), any person who, pursuant to an order issued under this subsection or subsection (g), has been removed or suspended from office in an insured depository institution or prohibited from participating in the conduct of the affairs of an insured depository institution may not, while such order is in effect, continue or commence to hold any office in, or participate in any manner in the conduct of the affairs of— “(i) any insured depository institution; “(ii) any institution treated as an insured bank under subsection (b)(3) or (b)(4), or as a savings association under subsection (b)(8); “(iii) any insured credit union under the Federal Credit Union Act; “(iv) any institution chartered under the Farm Credit Act of 1971; “(v) any appropriate Federal depository institution regulatory agency; “(vi) the Federal Housing Finance Board and any Federal home loan bank; and “(vii) the Resolution Trust Corporation. “(B) Exception if agency provides written consent.—If, on or after the date an order is issued under this subsection which removes or suspends from office any institution-affiliated party or prohibits such party from participating in the conduct of the affairs of an insured depository institution, such party receives the written consent of— “(i) the agency that issued such order; and “(ii) the appropriate Federal financial institutions regulatory agency of the institution described in any clause of subparagraph (A) with respect to which such party proposes to become an institution-affiliated party, subparagraph (A) shall, to the extent of such consent, cease to apply to such party with respect to the institution described in each written consent. Any agency that grants such a written consent shall report such action to the Corporation and publicly disclose such consent. “(C) Violation of paragraph treated as violation of order.—Any violation of subparagraph (A) by any person who is subject to an order described in such subparagraph shall be treated as a violation of the order. “(D) Appropriate federal financial institutions regulatory agency defined.—For purposes of this paragraph 103 STAT. 458and subsection (j), the term “appropriate Federal financial institutions regulatory agency” means— “(i) the appropriate Federal banking agency, in the case of an insured depository institution; “(ii) the Farm Credit Administration, in the case of an institution chartered under the Farm Credit Act of 1971; “(iii) the National Credit Union Administration Board, in the case of an insured credit union (as defined in section 101(7) of the Federal Credit Union Act); “(iv) the Secretary of the Treasury, in the case of the Federal Housing Finance Board and any Federal home loan bank; and “(v) the Oversight Board, in the case of the Resolution Trust Corporation. “(E) Consultation between agencies.—The agencies referred to in clauses (i) and (ii) of subparagraph (B) shall consult with each other before providing any written consent described in subparagraph (B). “(F) Applicability.—This paragraph shall only apply to a person who is an individual, unless the appropriate Federal banking agency specifically finds that it should apply to a corporation, firm, or other business enterprise.”. (b) Credit Unions Insured by the NCUA.—Section 206(g)(7) of the Federal Credit Union Act (12 U.S.C. 1786(g)(7)) is amended to read as follows: “(7) Industrywide Prohibition.— “(A) In general.—Except as provided in subparagraph (B), any person who, pursuant to an order issued under this subsection or subsection (i), has been removed or suspended from office in an insured credit union or prohibited from participating in the conduct of the affairs of an insured credit union may not, while such order is in effect, continue or commence to hold any office in, or participate in any manner in the conduct of the affairs of— “(i) any insured depository institution; “(ii) any institution treated as an insured bank under paragraph (3) or (4) of section 8(b) of the Federal Deposit Insurance Act, or as a savings association under section 8(h)(8) of such Act; “(iii) any insured credit union; “(iv) any institution chartered under the Farm Credit Act of 1971; “(v) any appropriate Federal depository institution regulatory agency; “(vi) the Federal Housing Finance Board and any Federal home loan bank; and “(vii) the Resolution Trust Corporation. “(B) Exception if agency provides written consent.—If, on or after the date an order is issued under this subsection which removes or suspends from office any institution-affiliated party or prohibits such party from participating in the conduct of the affairs of an insured credit union, such party receives the written consent of— “(i) the Board; and “(ii) the appropriate Federal financial institutions regulatory agency of the institution described in any 103 STAT. 459clause of subparagraph (A) with respect to which such party proposes to become an institution-affiliated party, subparagraph (A) shall, to the extent of such consent, cease to apply to such party with respect to the institution described in each written consent. If any person receives such a written consent from the Board, the Board shall publicly disclose such consent. If the agency referred to in clause (ii) grants such a written consent, such agency shall report such action to the Board and publicly disclose such consent. “(C) Violation of paragraph treated as violation of order.—Any violation of subparagraph (A) by any person who is subject to an order described in such subparagraph shall be treated as a violation of the order. “(D) Appropriate federal financial institutions regulatory agency defined.—For purposes of this paragraph and subsection (1), the term “appropriate Federal financial institutions regulatory agency” means— “(i) the appropriate Federal banking agency, as provided in section 3(q) of the Federal Deposit Insurance Act; “(ii) the Farm Credit Administration, in the case of an institution chartered under the Farm Credit Act of 1971; “(iii) the National Credit Union Administration Board, in the case of an insured credit union (as defined in section 101(7) of the Federal Credit Union Act); “(iv) the Secretary of the Treasury, in the case of the Federal Housing Finance Board and any Federal home loan bank; and “(v) the Oversight Board, in the case of the Resolution Trust Corporation. “(E) Consultation between agencies.—The agencies referred to in clauses (i) and (ii) of subparagraph (B) shall consult with each other before providing any written consent described in subparagraph (B). “(F) Applicability.—This paragraph shall only apply to a person who is an individual, unless the Board specifically finds that it should apply to a corporation, firm, or other business enterprise.”.