                                 CODE OF VIRGINIA

CEASE AND DESIST ORDERS; RIGHT TO HEARING (§ 6.2-1312)

A. The Commission may issue and serve upon a credit union an order to cease and
desist from one or more unsafe or unsound practices or violations if, in the
opinion of the Commission, a credit union (i) is engaging or has engaged, or
there is reasonable cause to believe is about to engage, in an unsafe or unsound
practice; or (ii) is violating or has violated, or there is reasonable cause to
believe is about to violate, this chapter or any other applicable law,
regulation, or order. An order to cease and desist shall contain a statement of
the facts constituting the alleged violations or unsafe or unsound practices,
and the order may require, in terms that may be mandatory or otherwise, a credit
union, its officers, directors, employees, or agents to cease and desist from
such practices or violations. The order shall specify the effective date thereof
and shall contain a notice to the credit union of its right to a hearing on such
order in accordance with the Commission&#8217;s Rules.

B. If an unsafe or unsound practice or violation specified in the order to cease
and desist, or any continuation thereof, is likely to prejudice the interest of
the members of the credit union, the Commission may issue an order effective
immediately. An order to cease and desist shall remain in effect until it is
withdrawn or terminated by the Commission after a hearing on the matter. A
request for hearing under this section shall be given expeditious treatment on
the docket of the Commission, and the Commission need not allow for 10
days&#8217; notice to the parties.

HISTORY: 1990, c. 373, § 6.1-225.7; 2010, c. 794.