((a)) ** Issuance for unsafe or unsound practices and violations**
((1)) ** Authority of Director** If, in the opinion of the Director, a regulated entity or any entity-affiliated party is engaging or has engaged, or the Director has reasonable cause to believe that the regulated entity or any entity-affiliated party is about to engage, in an unsafe or unsound practice in conducting the business of the regulated entity or the Office of Finance, or is violating or has violated, or the Director has reasonable cause to believe is about to violate, a law, rule, regulation, or order, or any condition imposed in writing by the Director in connection with the granting of any application or other request by the regulated entity or the Office of Finance or any written agreement entered into with the Director, the Director may issue and serve upon the regulated entity or entity-affiliated party a notice of charges in respect thereof.
((2)) ** Limitation** The Director may not, pursuant to this section, enforce compliance with any housing goal established under subpart 2 of part B of subchapter I of this chapter, with section 4566 or 4567 of this title, with subsection (m) or (n) of , with subsection (e) or (f) of , or with paragraph (5) of .section 1723a of this titlesection 1456 of this titlesection 1430(j) of this title
((b)) ** Issuance for unsatisfactory rating** If a regulated entity receives, in its most recent report of examination, a less-than-satisfactory rating for asset quality, management, earnings, or liquidity, the Director may (if the deficiency is not corrected) deem the regulated entity to be engaging in an unsafe or unsound practice for purposes of subsection (a).
((c)) ** Procedure**
((1)) ** Notice of charges** Each notice of charges under this section shall contain a statement of the facts constituting the alleged practice or violation and shall fix a time and place at which a hearing will be held to determine on the record whether an order to cease and desist from such practice or violation should issue, unless the party served with a notice of charges shall appear at the hearing personally or by a duly authorized representative, the party shall be deemed to have consented to the issuance of the cease and desist order.
((2)) ** Issuance of order** If the Director finds on the record made at such hearing that any practice or violation specified in the notice of charges has been established (or the regulated entity or entity-affiliated party consents pursuant to ), the Director may issue and serve upon the regulated entity, executive officer, director, or entity-affiliated party an order requiring such party to cease and desist from any such practice or violation and to take affirmative action to correct or remedy the conditions resulting from any such practice or violation.section 4633(a)(4) of this title
((d)) ** Affirmative action to correct conditions resulting from violations or activities** The authority under this section and to issue any order requiring a regulated entity, executive officer, director, or entity-affiliated party to take affirmative action to correct or remedy any condition resulting from any practice or violation with respect to which such order is issued includes the authority to require a regulated entity or entity-affiliated party—
((1)) make restitution to, or provide reimbursement, indemnification, or guarantee against loss, if—
((A)) such entity or party or finance facility was unjustly enriched in connection with such practice or violation; or
((B)) the violation or practice involved a reckless disregard for the law or any applicable regulations or prior order of the Director;
((2)) to require a regulated entity to seek restitution, or to obtain reimbursement, indemnification, or guarantee against loss;
((3)) to restrict the growth of the regulated entity;
((4)) to require the regulated entity to dispose of any loan or asset involved;
((5)) to require the regulated entity to rescind agreements or contracts;
((6)) to require the regulated entity to employ qualified officers or employees (who may be subject to approval by the Director at the direction of the Director); and
((7)) to require the regulated entity to take such other action as the Director determines appropriate.
((e)) ** Authority to limit activities** The authority to issue an order under this section or includes the authority to place limitations on the activities or functions of the regulated entity or entity-affiliated party or any executive officer or director of the regulated entity or entity-affiliated party.section 4632 of this title
((f)) ** Effective date** An order under this section shall become effective upon the expiration of the 30-day period beginning on the service of the order upon the regulated entity, finance facility,, executive officer, director, or entity-affiliated party concerned (except in the case of an order issued upon consent, which shall become effective at the time specified therein), and shall remain effective and enforceable as provided in the order, except to the extent that the order is stayed, modified, terminated, or set aside by action of the Director or otherwise, as provided in this subchapter.2