Failure to Comply with Report of Examination

Section 1075 Section 1075.1540  Failure to Comply with Report of Examination If the Director determines that a savings bank has failed to comply with recommendations made in or as the result of a report of examination within 45 days after the date the report is transmitted, then he or she may poll the savings bank's officers and board of directors personally concerning his or her recommendations, and, absent convincing or compelling changes of information, market conditions or financial condition of the savings bank, he or she shall summarily issue a temporary suspension in writing to officers and organization directors who refused or prevented taking the recommended steps. The suspension shall bar the specified individual until the Order is modified or vacated by the Director.